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BISYS Reports Loss For Quarter

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The BISYS Group Inc. reported net income of $232.2 million on revenues of $842.9 million for fiscal 2006, compared to a net income of $6.1 million on revenues of $851.3 million for fiscal 2005.

For the fourth quarter, BISYS, Roseland, N.J., reported a GAAP after-tax net loss of $39.7 million on revenues of $218.2 million, compared to net income of $24.4 million on $216 million in revenues for the same quarter of FY 2005.

The company says its fourth-quarter results were impaired by a need to set aside $66.5 million in reserves for the pending settlement of a class action and related lawsuit, on top of reserving $25.1 million for the proposed settlement with the SEC of past financial restatements.

BISYS serves as administrator for investment firms and insurance companies. It also is an independent wholesale distributor of life, long term care and disability insurance and annuity products, along with a line of property/casualty products.


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