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Monday, May 22, 2006

Bisys Gives Abbreviated Quarterly Update

by: Marie Glancy

Having completed the financial restatements it began last year, outsourcing provider Bisys Group is now focused on its outstanding fiscal 2006 quarterly reports, and aims to complete these filings by the end of June. A business update for the first nine months of fiscal 2006, presented Monday morning, did not provide detailed financial results so that efforts can be concentrated on the delayed reports.

Since the firm's last business update in February, Bisys has sold its Information Services business and filed Form 10-K for fiscal 2005, thereby completing the restatement of three years' worth of financial results that followed from internal examinations and an SEC probe.

Company president and CEO Russell Fradin projected that fiscal 2006 earnings will be lower than those of 2005 because of the sale of the Information Services business, with higher margins in Insurance Services not quite offsetting lower margins in Investment Services. While business is growing on the Alternative Investment Services side, results for Bisys Fund Services have been hit by client losses.

The company expects to improve performance in the Fund Services and Retirement sectors moving into fiscal 2007, but warned litigation and corporate expenses will remain high until SEC investigations and security litigation issues are concluded. 

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