Quantcast
The MFWire
Manage Email Alerts | Sponsorships | About MFWire | Who We Are

Subscribe to MFWire.com's News Alerts [click]

Rating:BISYS Quarterly Report Shows What Buyers Are Getting Not Rated 2.4 Email Routing List Email & Route  Print Print
Friday, May 11, 2007

BISYS Quarterly Report Shows What Buyers Are Getting

Reported by Marie Glancy

While it anticipates a shareholder vote on its May 1 agreement to sell to Citibank, The BISYS Group has released its results for the third quarter of fiscal 2007. In an SEC filing Thursday, the company revealed it has suffered client attrition in its Fund Services division but also brought in new business and increased sales to existing clients elsewhere. "Key client losses and the reduction of certain fees to existing clients" hurt Fund Services revenues, but asset growth bringing higher 12B-1 revenues helped counterbalance these losses.

Revenues in BISYS Investment Services overall climbed 11.2 percent year-to-year for the quarter and 7.4 percent year-to-year for the year to date, with a total of $474 million in revenues for the first nine months of fiscal 2007. Corporate expenses were up in fiscal 2007 to date -- 16.9 percent over the first three months of 2006 -- a difference management attributes primarily to a company-wide retention bonus program.

Looking ahead -- as Citibank surely is -- BISYS leaders predicted slightly lower margins than in fiscal 2006, and modest increases in internal revenue growth. The Citibank deal itself, they said, has put the brakes on new business revenue growth -- thanks to a strategic alternative review process associated with the agreement.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE

2.4
 Do You Recommend This Story?



GO TO: MFWire
Return to Top
 News Archives
2018: Q4Q3Q2Q1
2017: Q4Q3Q2Q1
2016: Q4Q3Q2Q1
2015: Q4Q3Q2Q1
2014: Q4Q3Q2Q1
2013: Q4Q3Q2Q1
2012: Q4Q3Q2Q1
2011: Q4Q3Q2Q1
2010: Q4Q3Q2Q1
2009: Q4Q3Q2Q1
2008: Q4Q3Q2Q1
2007: Q4Q3Q2Q1
2006: Q4Q3Q2Q1
2005: Q4Q3Q2Q1
2004: Q4Q3Q2Q1
2003: Q4Q3Q2Q1
2002: Q4Q3Q2Q1
 Subscribe via RSS:
Raw XML
Add to My Yahoo!
follow us in feedly




©All rights reserved to InvestmentWires, Inc. 1997-2018
14 Wall Street | 20th Floor | New York, NY 10005 | P: 212-331-8968 | F: 212-331-8998
Privacy Policy :: Terms of Use