Computer Services Inc (OTC:CSVI)

Fourth quarter consolidated revenues rose to $41.8 million compared with $41.5 million for the fourth quarter ended February 28, 2009. Processing revenues were $29.1 million in the fourth quarter of fiscal 2010 and included $275,000 in early termination fees compared with $31.4 million in the fourth quarter of last year that included $4.8 million in similar fees. Excluding the one-time fees related to early contract terminations, processing revenues were up 8.2% and other revenues were up 25.5% compared with the fourth quarter of last year. The growth in revenues benefited from the MSI acquisition and higher software sales compared with the fourth quarter of 2009.

"We had solid growth in revenues and net income in the fourth quarter when you exclude the one-time early contract termination fees," continued Mr. Powless. "The growth in our processing revenues benefited from sales to new customers, cross-sales to existing customers, higher transaction-based revenue and the MSI acquisition. We are particularly pleased with the contribution from MSI in its first full quarter of operations as part of CSI. We made progress in integrating MSI to build our cross-sales and believe it will be a solid contributor to our continued growth in fiscal 2011."