BISYS, a provider of business process outsourcing solutions for the financial services sector, reported the results of its fiscal first quarter, which ended September 30, 2003.
For the fiscal first quarter, BISYS reported net income of $4.8 million or $0.04 per diluted share, as compared to net income of $16.8 million or $0.14 per diluted share for the same period in fiscal 2003. Actual results for the fiscal first quarter of 2004 include restructuring, impairment, and other charges of $0.11 per diluted share or $13.1 million, including a net tax charge of $0.5 million, primarily related to the integration, consolidation, and reorganization of certain business operations, particularly in the Company’s European Fund Services division and the Insurance and Education Services group.
Actual results for the fiscal first quarter of 2003 include restructuring charges of $0.06 per diluted share or $7.5 million, net of a tax benefit of $4.5 million, related to the integration, consolidation, and relocation of certain business operations, primarily as a result of acquisition activity.
Revenue for the fiscal first quarter 2004 increased to $237.4 million, up four percent from $227.3 million in the same period last year.
Excluding restructuring, impairment, and other charges, pro forma net income was $17.9 million or $0.15 per diluted share for the fiscal 2004 first quarter, as compared to $24.3 million or $0.20 per diluted share for the comparable fiscal 2003 quarter.