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BISYS Files 10-Q

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A company that sells support services to life insurers and other financial services companies say it is closer to getting its financial reports up-to-date.

BISYS Group Inc., Roseland, N.J., says it now has filed its Form 10-Q financial report for the quarter that ended March 31.

BISYS, which has a fiscal year that starts July 1, calls that quarter its third quarter. Accounting problems led it to delay the filing of the third-quarter 10-Q.

The company now is reporting $236 million in net income for the third fiscal quarter on $212 million in revenue, compared with a net loss of $66 million on $212 million in revenue for the third fiscal quarter of 2005.

BISYS recorded a $204 million gain during the latest quarter in connection with the sale of its information services unit.

Insurance services revenue was up, but investment services revenue was down because of a drop at the fund services business, BISYS says.

The company says it hopes to complete its fiscal year 2006 Form 10-K annual report soon but may have to file it a month or more beyond the Sept. 13 filing deadline.