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EAST HANOVER, N.J. November 17, 2009 -- Conversion Services International, Inc. (CSI, OTCBB: CVNS), a premier
professional services firm focused on delivering business intelligence and business process optimization solutions
to Global 2000 organizations and other businesses, has announced its financial results for the three and nine months
ended September 30, 2009.
Conversion Services International, Inc., (“CSI”) reported its net income for the three months ended September 30,
2009 of $1.3 million. Net income attributable to common stockholders was $1.2 million, or $0.01 per share. In the
third quarter of 2008, the Company reported a net loss of $4.2 million and a loss of $4.4 million, or $0.04 per
share, attributable to common stockholders.
Revenues for the third quarter of 2009 were $8.1 million, representing an increase of $3.1 million, or 61.7%, from
$5.0 million reported in the same period a year ago. Gross profit for the current quarter of $2.9 million, or 36.6%
of revenues, increased by $1.6 million as compared to gross profit of $1.3 million, or 25.7% of revenues for the
three months ended September 30, 2008.
For the nine months ended September 30, 2009, revenues were $17.7 million, which represents a $3.4 million, or
23.8%, increase from $14.3 million in the comparable prior year period. Gross profit for the nine months
year-to-date in the current year of $4.7 million, or 26.3% of revenues, increased by $1.4 million as compared to
gross profit of $3.3 million, or 23.2% of revenues, during the prior year period.
CSI reported a net loss for the nine month period ended September 30, 2009 of $0.4 million and a loss of $0.9
million, or $0.01 per share, attributable to common stockholders. For the nine month period ended September 30,
2008, the Company reported a net loss of $8.4 million and a loss of $8.9 million, or $0.08 per share, attributable
to common stockholders. On a fully diluted, per share basis, the loss in the first nine months of 2009 was $0.01 per
share versus a loss of $0.08 per share for the same period in 2008.
Lori Cohen, president and chief executive officer of CSI, stated, “We have focused our efforts in 2009 on generating
more profitable business, and reducing or eliminating low margin business, which is illustrated by the 3.1% point
increase in our gross profit percentage for the nine month period ended September 30, 2009, as compared to the prior
year period. Our improved financial results in 2009 have allowed us to strengthen our company by reducing our debt
and improving our balance sheet. Although we are pleased with our results so far this year, we must strive to
maintain this positive trend and our efforts to continue to be profitable, further strengthen our balance sheet and,
importantly, increase shareholder value.”
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