BISYS says it has completed the restatement of its consolidated financial statements and filed its Annual Report on Form 10-K for fiscal year 2005 with the Securities and Exchange Commission (SEC).
The company explains that the adjustments that were reflected in the re-statement reduced consolidated stockholders’ equity as of December 31, 2004 by 8.2%, which it says is in line with a previous estimate of between 8% and 8.5%.
With Form 10-K now filed, BISYS can move forward with its delayed 2005 AGM. It will take place on 13 June 2006. The record date for voting is 4 May 2006.
BISYs adds that, with the re-statement process over, the company and its external auditors will now focus on completing the remaining delayed SEC filings that were dependent upon the completion of the restatement.
The company is in the process of preparing its Quarterly Report on Form 10-Q for the third quarter ended March 31, 2005 and anticipates filing this report shortly. The Company is also commencing preparation of its Quarterly Reports on Form 10-Q for the first, second and third quarters of fiscal 2006 and expects these reports to be filed by the end of June 2006. The company will continue to refrain from the consideration of any share re-purchase activity until it is current with its SEC filings. The company plans to hold a business update call to discuss recent performance in May.
“We are pleased to have the restatement process behind us and are eager to focus our full attention on growing our business and creating value for our stockholders. We want to extend thanks to the many BISYS employees who worked diligently to bring this process to a close,” says Russ Fradin, BISYS’s president and chief executive officer.