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Reiterates New Strategy to Capitalize on Market Opportunities
Recommends Shareholders Reject Tactics by Small Hedge Fund; Dissident Director Candidates Appear to Possess No Relevant Experience in CSP's Two Primary Segments
BILLERICA, Mass., Feb. 6, 2013 (GLOBE NEWSWIRE) --
CSP Inc. (Nasdaq:CSPI), a provider of IT solutions, systems integration services and dense cluster computing systems, has sent a letter to shareholders urging them to vote for the CSP's Board of Directors.
Dear Fellow CSP Stockholder:
We are requesting your vote for CSP's Board of Directors, for the 2013 Annual Meeting of Stockholders, which has been scheduled for Tuesday, February 12th. There has been a delay in the finalization of your Company's proxy materials, so the time until the annual meeting is extremely short.
PLEASE SIGN, DATE AND RETURN THE ENCLOSED PROXY CARD TODAY, TO HELP ASSURE THE PRESENCE OF A QUORUM, SO THAT CSP's ANNUAL MEETING OF STOCKHOLDERS CAN BE HELD WITHOUT ANY FURTHER DELAY.
Under the leadership of our new President and Chief Executive Officer, Victor Dellovo, CSP Inc. concluded an excellent 2012 Fiscal year, with strong results in the fourth quarter:
- Revenue increased 35% to $22.3 million for Q4 and grew 15% to $84.8 million for Fiscal 2012
- Net income was $4.9 million for our 4th quarter, compared with a net loss of $92 thousand a year ago; Full year net income increased 1690% to $6.6 million from $369 thousand in fiscal 2011
- CSP's cash position increased by $4.6 million during fiscal 2012, to $20.5 million
- CSP's stock price appreciated by more than 40% during fiscal 2012
- Over the past 12 months, your Board of Directors has declared three special dividends that totaled to 42 cents per share.
We are executing on a new strategy to capitalize on many opportunities that we see in our markets, including the cross selling of our Systems segment multi-computers with our Services and Systems Integration software and services, to become a more effective end-to-end supplier.