BISYS today reported the results of its fiscal first quarter, ended September 30, 2002.
For the fiscal first quarter, BISYS reported net income of $16.8 million or $0.14 per diluted share, as compared to net income of $18.9 million or $0.15 per diluted share for the same period in fiscal 2002. Actual results for the fiscal first quarters of 2003 and 2002 include restructuring charges of $7.5 million or $0.06 per diluted share net of tax, and $4.0 million or $0.03 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, pro forma net income was $24.3 million or $0.20 per diluted share for the fiscal 2003 first quarter, as compared to $22.9 million or $0.19 per diluted share for the comparable fiscal 2002 quarter.
Revenue for the fiscal first quarter 2003 increased to $227.3 million, up 16 percent from $196.5 million in the same period last year.