BISYS has reported net income of $20.0 million for the quarter ended 31 December 20003, 30% below the comparable period in 2002.
The results for the fiscal second quarter of 2004 include restructuring charges of $1.4 million associated with the reorganization announced in September 2003 – notably the abandonment of its ambitions to build a mutual fund administration business in Europe. Excluding restructuring charges, pro forma net income was $21.4 million.
Revenue for the quarter was $263.3 million, an increase of 13 percent from $233.1 million in the same period last year. Net cash provided by operating activities was $58.8 million, an increase of more than 29% from $45.4 million in the same period last year.