NU Online News Service, Aug. 11, 2004, 10:35 a.m. EDT
The BISYS Group Inc. reports lower income but higher revenues for its fiscal 4th quarter and fiscal year ended June 30, 2004.[@@]
For the fiscal fourth quarter, BISYS, New York, reports net income of $18 million, down from $31 million for the same period in fiscal 2003. Revenue for the quarter was just over $267 million, up from more than $247 million in the same period last year.
For the fiscal year, the company had net income of around $64 million on revenues of more than $1 billion, compared to $98 million in net income on $934 million the year before.
BISYS, a provider of business automation outsourcing to financial services companies, blames part of the income decline on restructuring charges, largely a result of recent acquisitions.
Its information services group was also affected by the loss of a large, unnamed client in the quarter ended March 31, says Russ Fradin, company president and chief executive.
Fradin also noted disappointing results from the company’s Life Insurance Services division but says the company is “continuing to take the actions necessary to position the division for future growth.”