BISYS Files 10-Q

February 05, 2007 at 12:27 PM

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A financial services support company is getting closer to bringing its accounting up to date.

BISYS Group Inc., Roseland, N.J., says it has filed a Form 10-Q quarterly report for the first quarter of its 2007 fiscal year, which ended Sept. 30, 2006, with the U.S. Securities and Exchange Commission.

BISYS has been having trouble filing quarterly reports for recent quarters because of concerns about how to apply financial reporting rules, company executives say.

The company hopes to file a report for the quarter ending Dec. 31, 2006, in mid-March, and then to have its filings be "truly current," executives say.

In the new 10-Q, BISYS is reporting $14 million in net income for the quarter ending Sept. 30, 2006, on $211 million in revenue, up from $13 million in net income on $206 million in revenue for the comparable quarter in calendar year 2005.

Acquisitions helped increase insurance services revenue, BISYS says.

BISYS Chairman Bob Casale notes in the earnings release that the company is "progressing" with its "review of strategic alternatives."

"When this effort reaches its conclusion, we will announce the outcome and host an analyst call," Casale says in the statement. "We thank our investors for their patience as we complete this important process for the company."

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