Computer Services Inc., a Paducah, Ky., provider of core processing and item processing services, has expanded an ongoing stock purchase plan.
On Thursday, Computer Services said that its board had authorized spending $5 million to repurchase more of its shares. In March it announced another $5 million authorization; $1.5 million remains available under that plan.
Since March 2004, Computer Services has spent $18.5 million purchasing its own stock.
"We believe CSI's stock represents an excellent investment at recent values," Steven A. Powless, the company's president and chief executive, said in a press release. "The board's authorization to purchase additional shares also highlights our confidence in the future of CSI."
By midday Thursday shares of Computer Services had risen 0.47% from Wednesday's close, to $32.35. In July the stock hit a 52-week high of $42.
