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BISYS Reports Lower Insurance Services Profits

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NU Online News Service, Jan. 22, 2004, 12:21 p.m. EST – Insurance and education services unit profits fell during the fourth quarter of 2003 at BISYS Group Inc., New York.[@@]

BISYS, a company that sells support services to insurance companies and other financial services companies, is reporting $20 million in net income for the fourth quarter on $263 million in revenue, compared with $28.7 million in net income on $233 million in revenue for the fourth quarter of 2002.

Revenue at the insurance and education services unit increased to $68.4 million during the quarter, from $58.8 million, but operating profits dropped to $13.4 million, from $23.7 million.