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BISYS Reports Higher Fourth-Quarter Net Income

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NU Online News Service, Jan. 22, 4:43 p.m. – The BISYS Group Inc., New York, is reporting $26 million in net income for the fourth quarter of 2001 on $210 million in revenue, up from $18 million in net income on $168 million in revenue for the fourth quarter of 2000.

Operating earnings increased to $46 million, from $33 million.

BISYS sells administrative support services for the insurance, banking and investment industries. It also sells training services.

The education services and insurance support services units recorded faster growth than the other units, but the investment services unit shows signs of recovering from the recent slump in the investment industry, BISYS says.