CSP INC /MA/ — Director's Dealing 2004

May 6, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CSP INC /MA/ (CSPI)
CIK: 0000356037
Period of Report: 2004-01-14

Reporting Person: JAMES C SHELTON (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-14	Common Stock	M	1000	$3.84	Acquired	3700	Direct
2004-04-30	Common Stock	J	200	$5	Acquired	3900	Direct

Footnotes

F1: Exercise of Stock Option

F2: Distribution of shares to Board Member