A company that sells support services to financial services companies says it will earn less in fiscal year 2007 than securities analysts have predicted.
BISYS Group Inc., Roseland, N.J., also reports that Russell Fradin, the company’s chief executive officer, is taking a new job.
BISYS has a fiscal calendar set up so that fiscal year 2006 ended June 30.
Because of accounting problems, the company has not yet completed its Form 10-Q quarterly financial report for the third quarter of its 2006 fiscal year, and Fradin’s departure may delay efforts to get the CEO certification needed to file the company’s 2006 Form 10-K annual financial report on a timely basis, the company says.
“The company intends to provide additional information concerning the results for the full fiscal year ended June 30, 2006, following the publication of its [third quarter financial report],” the company says.
“Given the present circumstances, [BISYS] expects that its fiscal year 2007 earnings per share results will be substantially below the current mean First Call consensus estimate for fiscal year 2007 earnings per share,” the company says.