BISYS(R) Files Q3 Fiscal Year 2007 Form 10-Q
2007年5月11日 - 5:39AM
ビジネスワイヤ(英語)
BISYS, a leading provider of outsourcing solutions for the
financial services industry, today filed its quarterly report on
Form 10-Q for the third quarter of fiscal 2007 ended March 31,
2007. Consolidated revenues for the quarter grew 9.4% year-on-year,
to $231.6 million from $211.7 million a year ago. Year-to-date for
the first nine months of fiscal 2007, revenues have grown 6.4%, to
$664.4 million from $624.7 million for same period last year.
Pre-tax income from continuing operations for Q3 fiscal 2007
declined from $29.1 million to $23.9 million year-on-year, due
primarily to the effect of $9.0 million in insurance recoveries
received in Q3 fiscal 2006, which reduced litigation and regulatory
expenses in the prior period. Income from continuing operations was
similarly affected, and totaled $16.8 million versus $20.0 million
in the prior year. Third quarter included $4.1 million relating to
the strategic alternatives process and other legal expenses. In Q3
fiscal 2006, corporate expenses included $4.5 million of
restructuring and other charges associated with moving the
Company�s corporate headquarters to New Jersey, and professional
fees and severance associated with the Company�s restatement
process, but these were offset by the $9.0 million insurance
recoverable discussed above. Year-to-date fiscal 2007, the Company
reported income from continuing operations of $64.8 million
compared to $63.7 million for the same period of fiscal year 2006.
Year-to-date fiscal 2006 included $10.3 million of net excess
corporate expenses, primarily related to the strategic alternatives
process, offset by insurance recoveries received, versus $6.7
million in net excess corporate expense in the prior year.
Investment Services� Q3 revenue increase of 11.2% year-on-year was
all organic and driven largely by the continued strong growth in
the Alternative Investment Services business. Operating earnings
for the segment improved almost 20% year-on-year and margins
improved from 11.5% to 12.2%, despite lower earnings in the Fund
Services business. Revenues for the Insurance Services segment
increased 4.9% for the quarter compared to last year, aided by
acquisitions. Organic revenues were down 0.7%, with growth in Life
Insurance more than offset by a decline in Commercial Insurance.
Insurance Services operating earnings for the quarter were down
10.8% compared to last year. BISYS recently announced an agreement
to be acquired by Citi with Citi simultaneously selling the
Insurance Services segment and Retirement Services business to the
private equity firm JC Flowers, and provided a business update. The
Company will provide additional information about the proposed
transaction in proxy materials expected to be filed in the coming
weeks. Accordingly, the Company is not hosting an additional
investor call at this time. Bruce Dalziel, Executive Vice President
and Chief Financial Officer, commented, �Filing our third quarter
fiscal 2007 report today with the SEC is another step forward for
BISYS. Looking ahead, we remain committed to meeting the needs of
our customers and growing our businesses while bringing our
agreement with Citi to shareholder vote as soon as possible.� 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. The
Form 10-Q report and additional information is available on the
Company�s website at www.bisys.com under the Investor Relations
tab. Investors may also request a paper copy of the filing by
calling the Company�s Investor Relations department at (973)
461-2500 or by writing to The BISYS Group, Attention: Investor
Relations, 105 Eisenhower Parkway, Roseland, New Jersey 07068.
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 impact of the Company�s proposed merger with
Citibank N.A, and the outcome of pending and future 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, including its Annual Report on
Form 10-K for the year ended June 30, 2006 and quarterly report on
Form 10-Q for the quarter ended March 31, 2007. 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.
ADDITIONAL INFORMATION AND WHERE TO FIND IT This release may be
deemed to be soliciting material in respect of the proposed merger
of BISYS and Citibank N.A. In connection with the proposed merger
and required stockholder approval, BISYS will file with the
Securities and Exchange Commission (the "SEC") a proxy statement.
The proxy statement will be mailed to BISYS stockholders and will
contain information about BISYS, the proposed merger and related
matters. STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT
CAREFULLY WHEN IT IS AVAILABLE, AS IT WILL CONTAIN IMPORTANT
INFORMATION THAT STOCKHOLDERS SHOULD CONSIDER BEFORE MAKING A
DECISION ABOUT THE MERGER. In addition to receiving the proxy
statement from BISYS by mail, stockholders will be able to obtain
the proxy statement, as well as other filings containing
information about BISYS, without charge, from the SEC's website
(http://www.sec.gov) or, without charge, from BISYS at
www.bisys.com. PARTICIPANTS IN SOLICITATION BISYS and its directors
and executive officers and certain other members of management may
be deemed to be participants in the solicitation of proxies in
connection with the merger. Information concerning BISYS'
participants is set forth in BISYS� Annual Report on Form 10-K for
the fiscal year ended June 30, 2006, which was filed with the SEC
on December 18, 2006. Additional information regarding the
interests of participants of BISYS in the solicitation of proxies
in connection with the merger will be included in the proxy
statement to be filed with the SEC. BISYS� press releases and other
Company information are available at BISYS� website located at
www.bisys.com.
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