CSP Inc. to Institute Quarterly Dividend
BILLERICA, Mass., March 4, 2013 (GLOBE NEWSWIRE) -- CSP Inc. (CSPI), a provider of IT solutions, systems integration services and dense cluster computing systems, today announced that the Company's Board of Directors has voted to institute a quarterly dividend of $0.03 per share, beginning with the second quarter of fiscal 2013. On a quarterly basis the Board will set the record date and the payment date for each distribution of the quarterly dividend. The Board also will continue to evaluate the ability to pay a special annual dividend on a yearly basis.
"The decision to institute a quarterly dividend to our shareholders reflects the continued strength of our business and the board's commitment to building shareholder value," said President and Chief Executive Officer Victor Dellovo. "We are pleased to have moved from a potential annual special dividend to the commitment of a quarterly dividend as well as the potential for an annual dividend. We look forward to continuing to leverage our strong cash position to grow our company while rewarding shareholders."
About CSP Inc.
Based in Billerica, Massachusetts and founded in 1968, CSP Inc. and its subsidiaries develop and market best-of-breed IT solutions, systems integration services, and high-performance computer systems. CSP's Systems segment includes the MultiComputer Division, which supplies high-performance Linux cluster systems for a broad array of defense applications, including radar, sonar and surveillance signal processing. The Company's MODCOMP Inc. subsidiary, also part of its Service and Systems Integration segment founded in 1970, is a leading provider of IT solutions and systems integration services for complex IT environments. MODCOMP works with third parties to develop cutting edge solutions in the global IT markets and has offices in the U.S., U.K. and Germany. More information about CSP is available on the company's website at www.cspi.com . To learn more about MODCOMP, Inc., consult www.modcomp.com .
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The Company wishes to take advantage of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking under the Act. Such forward-looking statements may include, but are not limited to, those relating to the Company's intent to issue a quarterly dividend. The Company cautions that numerous factors could cause actual results to differ materially from forward-looking statements made by the Company. Such risks include general economic conditions, market factors, competitive factors and pricing pressures, and others described in the Company's filings with the SEC. Please refer to the section on forward-looking statements included in the Company's filings with the Securities and Exchange Commission.
CONTACT: Gary Levine Chief Financial Officer CSP Inc. Tel: 978.663.7598 ext. 1200 Fax: 978.663.0150
Source: CSP Inc. 2013 GlobeNewswire, Inc.