Conversion Services International Reports 4th Quarter and Full Year 2009 Results

EAST HANOVER, N.J., April 13 /PRNewswire-FirstCall/ -- Conversion Services International, Inc. (CSI, OTC Bulletin Board: 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 twelve months ended December 31, 2009.

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Conversion Services International, Inc. ("CSI") reported its net income for the three months ended December, 2009 of $0.5 million. Net income attributable to common stockholders was $0.3 million, or $0.00 per share. In the fourth quarter of 2008, the Company reported a net loss of $2.1 million and a loss of $2.2 million, or $0.02 per share attributable to common stockholders.

Revenues for the fourth quarter of 2009 were $6.5 million, representing an increase of $1.1 million, or 19.3%, from $5.4 million reported in the same period a year ago. Gross profit for the quarter of $2.2 million, or 33.6% of revenues, increased by $0.6 million as compared to gross profit of $1.6 million, or 29.1% of revenues for the three months ended December 31, 2008.

For the twelve months ended December, 2009, revenues were $24.2 million, which represents a $4.5 million, or 22.5%, increase from $19.7 million in the comparable prior year period. Gross profit for the twelve months year-to-date in 2009 of $6.8 million, or 28.3% of revenues, increased by $1.9 million as compared to gross profit of $4.9 million, or 24.8% of revenues, during the prior year period.

CSI reported net income for the twelve month period ended December 31, 2009 of $31,956 and a loss of $0.5 million, or $0.00 per share attributable to common stockholders. For the twelve month period ended December 31, 2008, the Company reported a net loss of $10.5 million and a loss of $11.1 million, or $0.10 per share attributable to common stockholders.

Lori Cohen, president and chief executive officer of CSI, stated, "We focused our 2009 efforts on generating more profitable business, and reducing or eliminating low margin business, which is illustrated by the 3.5% point increase in our gross profit percentage (from 24.8% in 2008 to 28.3% in 2009) for the year ended December 31, 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 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."

About Conversion Services International, Inc.

Conversion Services International, Inc. (CSI, OTC Bulletin Board: CVNS) is a leading provider of professional services focusing on strategic consulting, data warehousing, business intelligence and business process reengineering, as well as integration and information technology management solutions. CSI offers an array of products and services to help companies define, develop, and implement the warehousing and strategic use of both enterprise-wide and specific categories of strategic data. CSI's customers include ADP, AmerisourceBergen Specialty Group, Coach, Commerzbank, Goldman Sachs, Liberty Mutual, Merck, Morgan Stanley, New York Independent System Operators, Nikon USA, Northeast Utilities and Pfizer. Information about CSI can be found on the web at http://www.csiwhq.com or by calling its corporate headquarters at 888-CSI-5036.

Note on Forward-Looking Statements

Except for the historical information contained herein, this press release contains, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such statements may include, without limitation, statements with respect to CSI's plans, objectives, expectations and intentions and other statements identified by words such as "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans" or similar expressions. These statements are based upon the current beliefs and expectations of CSI's management and are subject to significant risks and uncertainties, the ability to maintain revenue growth, the ability to locate and acquire other businesses and to successfully integrate such acquisitions, the ability to decrease operating expenses, and those detailed in CSI's filings with the Securities and Exchange Commission. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond CSI's control). CSI undertakes no obligation to update publicly any forward-looking statements.

SOURCE Conversion Services International, Inc.