BISYS said that its previously reported adjustment of $24.7 million ($15.5 million net of tax) to commissions receivable in its Life Insurance division will be increased to approximately $70 million to $80 million (approximately $44 million to $50 million net of tax) in the quarter ended March 31.
BISYS has also determined that the adjustment requires a restatement of its financial results for each of the fiscal years ended June 30, 2003, 2002 and 2001, as well as its interim results for fiscal 2004, to reflect the impact of the adjustment of the adjustment on each of the periods presented. Given this additional information, BISYS filed a Form 12b-25 with the SEC today advising that the Company intends to file its Form 10-Q for the quarterly period ended March 31, 2004, on May 24, 2004.as soon as practicable.
According to Jim Fox, BISYS’ executive vice president and CFO, “The adjustment to commissions receivable in our Life Insurance division is larger than we had previously anticipated, and after further analysis requires that we restate our previously reported results to appropriately reflect the impact of the adjustment on prior periods.
“We look forward to presenting our restated historical financial results as soon as practicable, and expect the substantial majority of the final adjustment, including the $24.7 million previously reported in our third quarter of 2004 to relate to fiscal years prior to 2003,” Fox said.
Russ Fradin, BISYS’ president and CEO, added, “We continue to believe that we are taking the actions necessary to position our Life Insurance business for future growth, and we continue to expect our Life Insurance results to improve in fiscal year 2005.
“This adjustment to our commissions receivable portfolio has no impact on our current guidance, nor on our belief in the future opportunity of our Life Insurance business. We continue to expect that our net income for our fiscal fourth quarter will be in the range of $0.16 to $0.18 per share, excluding restructuring, impairment, and other charges,” Fradin said.