Introduction
Communications Systems Inc. (JCS) was once a favorite here on Seeking Alpha due to its high dividend and decades-long dividend payout history. As a maker of some of the more low-tech IT products such as network switches, converters, connectors, and cabling, CSI has always operated in a brutal, low-margin business. However, they were able to build a stable cash-flowing competitive position throughout the '90s and '00s through the combination of a reputation for product quality and strong customer relationships with major network carriers and the federal government.
Unfortunately for dividend investors who