- Finalizes Adjustments in Life Insurance Division -
- Live Webcast and Archived Replay Planned -
NEW YORK, June 16 /PRNewswire-FirstCall/ -- BISYS, a leading provider of
business process outsourcing solutions for the financial services sector,
today announced that it has filed its Form 10-Q for the period ended March 31,
2004.
The company had previously announced that it would be making an adjustment
to its commissions receivable portfolio within its Life Insurance Services
Division. The filing reflects the final adjustment of $80.0 million, at the
high end of the range previously announced, to reduce this commissions
receivable portfolio. In addition, the filing also includes an adjustment of
$21.0 million to goodwill and deferred taxes related to acquisition accounting
within its Life Insurance Division, and a $2.6 million adjustment to
commissions payable. For a complete description of the adjustments and
related information, please refer to the Company's Form 10-Q.
The company will provide a live simulcast and replay of its conference
call to discuss matters addressed in the Form 10-Q. Russell P. Fradin,
president and chief executive officer of BISYS; and James L. Fox, executive
vice president and chief financial officer of BISYS will host the call.
The live webcast of the call will begin at 9:00 a.m. EDT on Friday, June
18, 2004, and can be accessed on the home page or the "Investor Relations" tab
of BISYS' Web site at http://www.bisys.com. Those interested in listening to
the presentation should logon five minutes prior to the scheduled start time.
An archived replay of the presentation will be available shortly after the
live presentation, which also can be accessed on the "Investor Relations" tab
of BISYS' Web site at http://www.bisys.com.
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
350 certification and continuing education training courses, and a
sophisticated suite of products and services that automates 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
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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