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BISYS Gives Financial Update

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NU Online News Service, April 27, 2005, 4:10 p.m. EDT

An audit committee investigation continues to hold up release of financial results at BISYS Group Inc.[@@]

But executives at the New York financial services support company say the company’s investment services and insurance services operations continue to run smoothly and generate a solid flow of cash.

Corporate expenses are high because of the cost of dealing with questions about past financial statements and with a review by the U.S. Securities and Exchange Commission of its mutual fund marketing compensation arrangements, according to BISYS President Russell Fradin.


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