BISYS(R) Files Q3 2006 Form 10-Q and Provides Investor Update
30 8월 2006 - 9:30PM
Business Wire
BISYS, a leading provider of outsourcing solutions for the
financial services sector, today filed its Q3 fiscal 2006 Form 10-Q
for the period ended March 31, 2006. The Company earned $236.2
million in net income (including a $203.7 million gain on the sale
of its Information Services segment) based on revenues of $211.7
million, compared to a net loss of $66.4 million based on $212.4
million of revenue for the same quarter of fiscal year 2005. The
Company earned $30.2 million in pretax operating earnings in Q3
fiscal 2006 compared to $5.1 million for the same quarter of fiscal
year 2005, exclusive of discontinued operations. The improved
results were primarily driven by fluctuations in litigation and
regulatory settlement costs. In Q3 fiscal 2006, BISYS' legal costs
and regulatory settlements netted to an expense offset of $8.1
million due to the receipt of a $9.0 million insurance recovery,
while in the same period of the previous year it recorded $19.4
million of litigation and regulatory settlement costs. Q3 2006 also
included $2.3 million in restructuring and other related costs
associated with the move of our corporate headquarters, and $1.8
million of investigation fees and severance compared to Q3 2005. In
addition, Q3 fiscal 2005 revenues were reduced by a $9.7 million
disgorgement adjustment that flowed through to the bottom line; it
is part of the Company's proposed settlement offer made to the SEC
to resolve an outstanding investigation. FAS123R was adopted for
fiscal 2006 reporting and, as a result, $0.7 million of stock
option expense was included in Q3 fiscal 2006 results. On the
segment level, Q3 revenues were higher year-on-year in the
Insurance Services segment, though operating earnings were lower
due to greater headcount related costs and first year sales
commissions. In Investment Services, both revenue and operating
earnings were lower, due in large measure to the performance of the
Fund Services business. BISYS reported net income of $271.9 million
on revenues of $624.7 million for Q3 YTD fiscal 2006, compared to a
net loss of $18.3 million on revenues of $635.3 million for Q3 YTD
fiscal 2005. The Company earned $72.2 million in pretax operating
earnings for Q3 YTD fiscal 2006 versus $55.9 million for the same
period of the prior year, exclusive of discontinued operations. The
primary difference between periods related to the insurance
recovery received in Q3 fiscal 2006 and legal and regulatory costs.
These items totaled ($0.6) million in Q3 YTD 2006, compared to
$20.6 million in Q3 YTD 2005. Q3 YTD fiscal 2006 investigation
fees, restructuring and other charges, and severance of $8.7
million are up $3.0 million compared to Q3 YTD 2005. As noted
earlier, fiscal 2005 revenues were also reduced by a $9.7 million
disgorgement adjustment that flowed through to the bottom line. Q3
YTD fiscal 2006 included $2.2 million of stock option expense based
on adoption of FAS123R, while the same period of the prior year did
not. Revenue for full year fiscal 2006 is expected to be down
approximately 1% year-over-year, with low single-digit growth of
the Insurance Segment offset by the low single-digit decline in the
Investment Services segment. Margins for the Investment Services
and Insurance Services segments are expected to be about 12% and in
the mid-20's, respectively, for full year fiscal 2006. On a GAAP
basis, the Company currently expects to earn between $2.41 and
$2.43 in earnings per share, due in large part to discontinued
operations, which accounts for approximately $1.94 of the earnings
per share. Earnings per share for continuing operations is expected
to be between $0.47 to $0.49. "We are pleased to complete the Q3
2006 10Q and provide investors with more current financials," said
Bruce Dalziel, CFO. "We are working hard to complete all the
necessary Sarbanes-Oxley work to release the 2006 10K as quickly as
possible, and we look forward to a successful 2007." The Company
announced that it is likely that the 10K will be delayed a month or
more beyond the required filing date of September 13, 2006. The
Company will host a conference call to discuss the first nine
months of fiscal 2006 on Wednesday, August 30, 2006. A live Web
cast of the call will be made available on the Company's website
via the investor relations tab on www.bisys.com. Additionally, a
transcript of the call will be available via the investor relations
tab. About BISYS The BISYS Group, Inc. (NYSE:BSG) provides
outsourcing solutions that enable investment firms and insurance
companies to more efficiently serve their customers, grow their
businesses, and respond to evolving regulatory requirements. Its
Investment Services group provides administration and distribution
services for mutual funds, hedge funds, private equity funds,
retirement plans, separately managed accounts, and other investment
products. Through its Insurance Services group, BISYS is the
nation's largest independent wholesale distributor of life
insurance and a leading independent wholesale distributor of
commercial property/casualty insurance, long-term care, disability,
and annuity products. Additional information is available at
www.bisys.com. Except for the historical information contained
herein, the matters discussed in the press release are
forward-looking statements within the meaning of the safe-harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
reasonable expectations and are subject to certain assumptions,
risks, uncertainties and changes in circumstances due to future
events as well as changes in economic, competitive, regulatory
and/or technological factors affecting BISYS' business, including,
without limitation, the ongoing government investigations and
litigations involving The Company. More detailed information about
risk factors that could cause actual results to differ materially
are noted in BISYS' periodic filings with the Securities and
Exchange Commission. These documents can be accessed on BISYS'
website at www.bisys.com under the "Investor Relations" tab.
Forward-looking statements are only predictions, not guarantees of
performance, and speak only as of the date they are made. BISYS
disclaims any obligation to update or amend these statements in
light of new information, future events or otherwise.
Bisys (NYSE:BSG)
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