BISYS today revised earnings guidance for its current September 30 fiscal quarter.
For the fiscal first quarter ending September 30, BISYS anticipates reporting earnings per diluted share of $0.20 before restructuring charges as compared to $0.19 per diluted share for the same period in fiscal 2002, up 5 percent.
In addition, BISYS has finalized the calculation of its previously announced restructuring charge. This charge will be $0.06 per share, net of tax.
Finally, BISYS also announced that its Board of Directors has authorized a new stock buy-back program of up to $100 million of its outstanding stock. Purchases will occur from time-to-time in the open market to offset the possible dilutive effect of shares to be issued under employee benefit plans, for possible use in future acquisitions and for other general corporate purposes. This new program supersedes the share purchase program previously authorized by the Board of Directors. Under the former program, BISYS has purchased 4,254,000 shares of its common stock at a total purchase price of approximately $70 million.