- Conference Call, Webcast and Archived Replay Planned -
NEW YORK, April 26 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
outsourcing solutions for the financial services sector, today provided a
business update for its fiscal third quarter.
BISYS President and CEO, Russell Fradin, said: "In light of the ongoing
audit committee investigation we disclosed on April 19, we are unable to
provide detailed financial results at this time. We can report, however, that
assuming that the matters being considered in the audit committee
investigation are determined not to have a material impact on the Company's
current financial results, BISYS' financial results were generally in line
with our expectations and consistent with our stated objectives for fiscal
2005 again this quarter. Our Investment Services and Insurance Services groups
continued to generate internal revenue growth this quarter compared to the
same quarter last fiscal year, while margins were stronger sequentially for
both these groups. Although internal revenue in our Information Services group
declined as the result of an acquisition-related client loss we experienced
last year, the business performed well and consistent with our expectations.
We also continued to generate solid cash flow in each of our businesses.
"While we are generally pleased with the operating results of our three
business groups, our corporate expenses continue to run at an elevated level,
due principally to expenses associated with the ongoing SEC investigations in
our fund services business and of matters relating to the restatement of our
prior period results we completed in fiscal 2004. We expect this elevated
level of expenditure to continue in the near term."
As previously announced, the Company will host a conference call and
webcast to discuss its fiscal third quarter business update. The webcast can
be accessed on the "Investor Relations" tab of BISYS' Web site at
http://www.bisys.com .
The webcast of the conference call, which will be hosted by Russell
Fradin, President and CEO, and James Fox, Executive Vice President and CFO,
will begin at 8:30 a.m. EDT on Wednesday, April 27, 2005. Those wishing to
listen to the discussion are asked to log on five minutes prior to the
scheduled start time. An archive of the presentation will be available on the
BISYS Web site beginning at approximately 12:00 p.m. EDT on Wednesday, April
27, 2005.
Management's prepared presentation for the conference call, which will
include an update of all the Company's lines of business, as well as
significant investing and financing activity that has occurred since its last
conference call, will also be available on BISYS' website prior to the
webcast.
About BISYS
The BISYS Group, Inc. (NYSE: BSG) provides outsourcing solutions that
enable investment firms, insurance companies, and banks to more efficiently
serve their customers, grow their businesses, and respond to evolving
regulatory requirements. Its Investment Services group provides administration
and distribution services for mutual funds, hedge funds, private equity funds,
retirement plans and other investment products. Through its Insurance Services
group, BISYS is the nation's largest independent wholesale distributor of life
insurance and a leading independent wholesale distributor of commercial
property/casualty insurance, long-term care, disability, and annuity products.
BISYS' Information Services group provides industry-leading information
processing, imaging, and back-office services to banks, insurance companies
and corporate clients. Headquartered in New York, BISYS generates more than
$1 billion in annual revenues worldwide. Additional information is available
at http://www.bisys.com .
Except for the historical information contained herein, the matters
discussed in the press release are forward-looking statements within the
meaning of the safe-harbor provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially, including
but not limited to economic, competitive, governmental and technological
factors affecting the Company's operations, markets, services and related
products, prices and other factors discussed in the Company's periodic filings
with the Securities and Exchange Commission. These documents can be accessed
on the Company's website at http://www.bisys.com under the "Investor
Relations" tab. Forward-looking statements are only predictions, not
guarantees of performance, and speak only as of the date they are made. The
Company disclaims any obligation to update or amend these statements in light
of new information, future events or otherwise.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
Company News On-Call:
http://www.prnewswire.com/comp/851938.html
CONTACT:
Daniel Briggs, Vice President, Finance and
Investor Relations, The BISYS Group, Inc., +1-212-907-6134
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