NEW YORK, Sept. 24 /PRNewswire-FirstCall/ -- The BISYS Group, Inc.
(NYSE: BSG), a leading provider of business process outsourcing solutions for
the financial services sector, today updated its earnings guidance for its
current September quarter and its fiscal year ending June 30, 2004.
For the fiscal quarter ending September 30, BISYS anticipates reporting
earnings per diluted share of $0.15, before restructuring and other charges,
which is seven cents per share lower than its previous guidance and five cents
per share lower than that reported for its September 2002 quarter.
This reduction in anticipated earnings is due primarily to lower than
anticipated revenue from its life insurance business, and to a lesser extent
continued softness in its education services division, and some delay in new
client installations in its retirement services business.
The Company also announced that, absent an improvement in general market
conditions that accelerates the internal growth of its life insurance and
education services revenues and/or an acceleration of new business signings in
its Investment Services group, earnings per diluted share for its fiscal year
ending June 30, 2004, before restructuring charges, is likely to be in the
range of $0.80 to $0.85.
Dennis Sheehan, president and CEO, stated, "Internal growth for the
current quarter in our business overall will not meet the expectations we
communicated at the beginning of the quarter, primarily due to lower than
expected revenues in our life insurance business. We are implementing a
number of initiatives in our life insurance business to return to long-term
growth and enhanced profitability."
The Company announced that it anticipates taking a charge related to the
integration, consolidation and reorganization of certain business operations,
particularly in its European fund services business and Insurance and
Education Services group. More guidance on the charge will be provided on the
Web cast conference call scheduled for 8:30 a.m. on Thursday, September 25,
2003.
The Company also announced that a live simulcast and replay of its
earnings guidance conference call to be held at 8:30 a.m., EDT on Thursday,
September 25, 2003, will be available over the Internet. The live Web cast
and archived replay may be accessed on the home page through the "Investor
Relations" tab of the Company's Web site at http://www.bisys.com. Click on the
"Earnings Guidance Web cast." Those wishing to listen to the discussion are
asked to logon five minutes prior to the scheduled start time. An archive of
the call will be available on the BISYS Web site approximately two hours after
the call ends.
Management's prepared presentation, including any additional financial and
statistical information, will be available on BISYS' Web site prior to the Web
cast. The additional information also can be accessed from the "Investor
Relations" tab of the http://www.bisys.com home page.
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 20,000 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 more than $650 billion in
assets. BISYS' largest group also provides retirement services to more than
15,000 companies in partnership with 40 of the nation's leading banks and
investment management companies, and offers analytical research and
competitive intelligence 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, annuity, long-term care, and disability products. BISYS is also the
nation's third largest independent wholesaler of commercial lines of
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 more than 225
certification and continuing education training courses, and a sophisticated
suite of products and services that automates the entire licensing process.
BISYS' Information Services group provides information processing and imaging
solutions to more than 1,150 financial institutions. This group also supports
more than 120 insurance companies with a suite of asset retention solutions,
and provides complete program management for corporate-sponsored cash
management accounts. 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:
Dennis R. Sheehan, President and Chief
Executive Officer of The BISYS Group, Inc., +1-212-907-6081
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