NU Online News Service, May 18, 2004, 4:30 p.m. EDT – BISYS Group Inc., New York, says it will have to restate results for “certain prior periods” because of changes in the way it accounts for life insurance commissions receivable.[@@]
The final adjustment could be as high as $80 million, according to BISYS executives.
BISYS is “taking the actions necessary to position our life insurance business for future growth,” says Russ Fradin, the company’s president.
BISYS also says it is asking securities regulators for more time to file its Form 10-Q for the first quarter of the calendar year.