BISYS continues to defy the gloom enveloping much of the securities industry, reporting record results for the year ended June 30. “We are extremely pleased with the strategic and financial results of our fourth quarter and fiscal year 2002, which marks the 13th consecutive year that BISYS has generated record revenue and record operating earnings,” says Lynn Mangum, BISYS’s chairman and chief executive officer.
BISYS reported net income of $115.9 million or $0.94 per diluted share for the year ended June 30, 2002, as compared to net income of $85.1 million or $0.71 per diluted share for the year ended June 30, 2001. Actual results for the year ended June 30, 2002 and 2001 include restructuring charges of $4.0 million or $0.03 per diluted share net of tax, and $2.6 million or $0.02 per diluted share net of tax, respectively, related to the integration, consolidation, and relocation of certain business operations, primarily as a result of acquisition activity.
Excluding restructuring charges and goodwill amortization, pro forma net income for the year ended June 30, 2002 was $119.8 million or $0.97 per diluted share, as compared to pro forma net income of $95.8 million or $0.79 per diluted share for the same period last year, an increase in EPS of 23 percent. BISYS’ annual revenue increased to $865.7 million, up 23 percent over fiscal 2001 revenue of $701.8 million.
In the fourth quarter, BISYS reported net income of $37.3 million or $0.30 per diluted share, as compared to net income of $28.7 million or $0.23 per diluted share for the same period in fiscal 2001. Excluding goodwill amortization, pro forma net income for the quarter ended June 30, 2001 was $30.9 million or $0.25 per diluted share. On a pro forma basis, diluted earnings per share increased 20 percent for the fiscal fourth quarter ended June 30, 2002, as compared to the same period last year. Revenue for the fiscal fourth quarter increased to $238.7 million, up 23 percent from $194.7 million in the same period last year.