Computer Services Inc. (CSVI) Tuesday reported an increase in profit for the first quarter, driven mainly by a double-digit growth in revenues backed by the acquisition of HEIT Consulting Inc. last year.
The Paducah, Kentucky-based company's first-quarter net profit was $5.87 million or $0.40 per share, compared to $5.63 million or $0.38 per share last year.
Total revenues for the quarter grew 18.6 percent to $47.96 million from $40.43 million in the prior-year quarter.
Chief Executive Steven Powless said, "CSI's growth in revenues and net income highlights the continued demand for our processing services and the contribution from HEIT Consulting Inc. that we acquired in September 2011."
During the first quarter, the company repurchased 19 thousand shares under its existing stock repurchase authorizations. The company had about $3.6 million available under existing stock purchase authorizations outstanding as of May 31.
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