CSP INC /MA/ — Director's Dealing 2004

May 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CSP INC /MA/ (CSPI)
CIK: 0000356037
Period of Report: 2004-04-30

Reporting Person: Lupinetti Alexander R (CEO,President,Chairman)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-04-30	Common Stock	I	3270	$4.58	Acquired	14955	Direct

Footnotes

F1: Purchase of stock from employee stock purchase plan