- Files Form 12b-25 Extension to File Third Quarter 10-Q -
NEW YORK, May 18 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today clarified its May 17, 2004 press release that provided an update on its
fiscal third quarter results and announced that the Company will be restating
results of certain prior periods.
According to Jim Fox, BISYS' executive vice president and CFO, "While we
continue to believe that the final adjustment will be in the range of $70 to
$80 million, we currently estimate the required adjustment to commissions
receivable in our Life Insurance division to be approximately $72 million.
Based on this estimate, we do not expect the adjustment to have any material
impact on our reported operating results for fiscal year 2004, except that the
commissions receivable adjustment of $24.7 million previously reported for our
third fiscal quarter of 2004 will be included in the restatement of prior
periods."
Russ Fradin, BISYS' present and CEO, added, "We are reaffirming that this
adjustment to our commissions receivable portfolio of our Life Insurance
business has no impact on our current guidance, nor on our belief in the
future opportunity of this business. We continue to expect that our net
income for our fiscal fourth quarter will be in the range of $0.16 to $0.18
per share, excluding restructuring, impairment, and other charges. We also
believe that we are taking the actions necessary to position our Life
Insurance business for future growth, and we continue to expect the financial
results of our Life Insurance business to improve in fiscal year 2005."
The Company also announced that it has filed a Form 12b-25 with the SEC
today extending the period of time to file its 10-Q for the quarterly period
ended March 31, 2004 to May 24, 2004.
Mr. Fox, stated, "Although we are making every effort, together with our
independent auditors, to be in a position to file the 10-Q by May 24, 2004,
the filing may be further delayed for the necessary reviews to be completed to
enable the Company to accurately present results for all periods presented."
About BISYS
The BISYS Group, Inc. (NYSE: BSG), headquartered in New York City,
provides business process outsourcing solutions that enable investment firms,
insurance companies, and banks to capitalize on convergence by entering new
segments of the financial services industry. BISYS currently supports more
than 22,000 domestic and international financial institutions and corporate
clients through three business units. Its Investment Services group provides
administration and distribution services for approximately 380 clients,
representing more than 2,200 mutual funds, hedge funds, private equity funds,
and other alternative investment products with approximately $750 billion in
assets under administration. BISYS' largest group also provides retirement
services to more than 18,000 companies in partnership with 40 of the nation's
leading banks and investment management companies, and offers analytical
research and competitive information through its Financial Research
Corporation (FRC) subsidiary. Through its Insurance and Education Services
group, BISYS is the nation's largest independent distributor of life insurance
and the premier provider of the support services required to sell traditional
and variable life, long-term care, disability, and annuity products. BISYS is
also the nation's second largest independent wholesale distributor of
commercial property/casualty insurance. This group complements its insurance
distribution services with a comprehensive compliance management solution that
supports insurance and investment firms and professionals with approximately
390 certification and continuing education training courses, and a
sophisticated suite of products and services that automate the entire
licensing process. BISYS' Information Services group supports approximately
1,450 banks, insurance companies, and corporations with industry-leading
information processing and imaging solutions, turnkey asset retention
solutions, and specialized corporate banking solutions. 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.
SOURCE The BISYS Group, Inc.
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Related links:
http://www.bisys.com
CONTACT:
Daniel Briggs, Vice President Finance and
Investor Relations, The BISYS Group, Inc., +1-212-907-6134
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