BISYS(R) Reports Record Fiscal Third Quarter Results; EPS of $0.41, Revenues up 22%

Apr 19, 2001, 01:00 ET from The BISYS Group, Inc.

    LITTLE FALLS, N.J., April 19 /PRNewswire/ -- The BISYS Group, Inc.,
 reported record revenues, record earnings, and record earnings per share today
 for the fiscal third quarter ended March 31, 2001.
     For the fiscal third quarter, BISYS reported net income of $24,655,000 or
 $0.41 per diluted share, as compared to $19,987,000 or $0.35 per diluted share
 for the comparable fiscal 2000 quarter.  Revenues for the period increased to
 $177,359,000, up 22% from revenues of $145,657,000 for the same period last
 year.
     For the nine months, BISYS reported net income of $56,469,000 or $0.94 per
 diluted share, compared to net income of $47,196,000 or $0.83 per diluted
 share for the nine months ended March 31, 2000. Results for the first nine
 months of fiscal 2001 included a one-time write-off of $2.6 million or $0.04
 per diluted share, net of tax, directly related to the acquisitions of
 Pictorial, Inc. and Ascensus Insurance Services.  Excluding one-time charges,
 net income for the nine months ended March 31, 2001, would have been
 $59,037,000 or $0.98 per diluted share.  BISYS' nine-month revenues grew to
 $507,103,000, up 22% over fiscal 2000 nine month revenues of $416,014,000.
     According to Lynn Mangum, BISYS' chairman and CEO, "We are extremely
 pleased with our fiscal third quarter.  We generated record revenues, record
 earnings, and record cash flow during a generally unfavorable economic
 environment.  This performance demonstrates the strength of BISYS' businesses
 in providing essential core services for financial institutions."
 
     About BISYS
     The BISYS Group, Inc. (Nasdaq:   BSYS), headquartered in Little Falls, N.J.,
 supports more than 15,000 financial institutions and corporate clients through
 three integrated business units.  Its Investment Services Group administers
 and distributes more than 120 families of mutual funds with approximately
 1,100 portfolios, provides retirement plan services to more than 10,000
 companies in partnership with 25 of the nation's leading bank and investment
 management companies, and offers regulatory consulting services.  The
 Insurance and Education Services Group provides distribution solutions for
 annuities and life, long-term care, disability, and special risk insurance
 products; offers certification and continuing education training for insurance
 and investment professionals; and provides licensing-related software products
 and services.  BISYS' Information Services Group provides information
 processing and check imaging solutions to approximately 1,000 financial
 institutions.
 
     Except for the historical information contained herein, the matters
 discussed in the press release are forward-looking statements within the
 meaning of the safe-harbor provisions of the Private Securities Litigation
 Reform Act of 1995.  These forward-looking statements are subject to risks and
 uncertainties that may cause actual results to differ materially, including
 but not limited to economic, competitive, governmental and technological
 factors affecting the Company's operations, markets, services and related
 products, prices and other factors discussed in the Company's periodic filings
 with the Securities and Exchange Commission.
 
 
                             THE BISYS GROUP, INC.
                      SUMMARY CONSOLIDATED FINANCIAL DATA
                                  (Unaudited)
                     (In thousands, except per share data)
 
                                     THREE MONTHS ENDED    NINE MONTHS ENDED
                                           MARCH 31,            MARCH 31,
 
     Statement of Operations Data:      2001      2000        2001      2000
 
     Revenues                       $177,359  $145,657    $507,103  $416,014
 
     Operating cost and expenses:
       Service and operating          98,276    80,313     292,574   241,432
       General and administrative     21,576    19,147      65,509    57,901
       Selling and conversion          7,851     7,145      23,212    20,403
       Research and development        2,650     3,318       8,823     9,187
       Amortization of intangible
        assets                         5,120     2,886      14,639     8,520
       Merger expenses and other
        charges                           --        --       4,245        --
 
     Operating earnings               41,886    32,848      98,101    78,571
 
     Interest income (expense), net   (1,133)      185      (4,763)     (562)
 
     Income before income taxes       40,753    33,033      93,338    78,009
 
     Income taxes                     16,098    13,046      36,869    30,813
 
     Net income                      $24,655   $19,987     $56,469   $47,196
 
 
     Basic earnings per share          $0.43     $0.36 *     $0.99     $0.86 *
 
     Diluted earnings per share        $0.41     $0.35 *     $0.94     $0.83 *
 
     Weighted average shares
      outstanding                     57,368    55,282 *    56,966    54,712 *
 
     Weighted average equivalent
      shares outstanding              60,323    57,342 *    59,776    56,768 *
 
     * Restated for September 2000 two-for-one stock split effected in the form
       of a dividend.
 
 
                             THE BISYS GROUP, INC.
                      SUMMARY CONSOLIDATED FINANCIAL DATA
                                  (Unaudited)
                     (In thousands, except per share data)
 
 
                                        THREE MONTHS ENDED   NINE MONTHS ENDED
                                              MARCH 31,           MARCH 31,
 
     Business Segment Data:                 2001      2000      2001      2000
 
     Revenues:
       Information Services              $46,088   $46,332  $130,027  $130,492
       Investment Services                89,027    76,142   259,643   221,723
       Insurance and Education Services   42,244    23,183   117,433    63,799
         Total                          $177,359  $145,657  $507,103  $416,014
 
     Operating earnings (loss)**:
       Information Services              $12,215   $12,610   $31,601   $30,065
       Investment Services                16,412    14,846    41,244    37,070
       Insurance and Education Services   17,435     8,742    42,005    21,063
       Corporate                          (4,176)   (3,350)  (12,504)   (9,627)
         Total                           $41,886   $32,848  $102,346   $78,571
 
     ** Excludes the impact of merger-related expenses and other charges.
 
 
                                       MARCH 31,  JUNE 30,
     Balance Sheet Data:                    2001      2000
 
     Cash and cash equivalents          $256,517   $70,177
     Accounts receivable, net            134,761   108,579
     Total assets                        904,028   601,051
     Short-term borrowings                    --   115,000
     Long-term debt                      300,000        --
     Stockholders' equity                462,237   361,641
 
 

SOURCE The BISYS Group, Inc.
    LITTLE FALLS, N.J., April 19 /PRNewswire/ -- The BISYS Group, Inc.,
 reported record revenues, record earnings, and record earnings per share today
 for the fiscal third quarter ended March 31, 2001.
     For the fiscal third quarter, BISYS reported net income of $24,655,000 or
 $0.41 per diluted share, as compared to $19,987,000 or $0.35 per diluted share
 for the comparable fiscal 2000 quarter.  Revenues for the period increased to
 $177,359,000, up 22% from revenues of $145,657,000 for the same period last
 year.
     For the nine months, BISYS reported net income of $56,469,000 or $0.94 per
 diluted share, compared to net income of $47,196,000 or $0.83 per diluted
 share for the nine months ended March 31, 2000. Results for the first nine
 months of fiscal 2001 included a one-time write-off of $2.6 million or $0.04
 per diluted share, net of tax, directly related to the acquisitions of
 Pictorial, Inc. and Ascensus Insurance Services.  Excluding one-time charges,
 net income for the nine months ended March 31, 2001, would have been
 $59,037,000 or $0.98 per diluted share.  BISYS' nine-month revenues grew to
 $507,103,000, up 22% over fiscal 2000 nine month revenues of $416,014,000.
     According to Lynn Mangum, BISYS' chairman and CEO, "We are extremely
 pleased with our fiscal third quarter.  We generated record revenues, record
 earnings, and record cash flow during a generally unfavorable economic
 environment.  This performance demonstrates the strength of BISYS' businesses
 in providing essential core services for financial institutions."
 
     About BISYS
     The BISYS Group, Inc. (Nasdaq:   BSYS), headquartered in Little Falls, N.J.,
 supports more than 15,000 financial institutions and corporate clients through
 three integrated business units.  Its Investment Services Group administers
 and distributes more than 120 families of mutual funds with approximately
 1,100 portfolios, provides retirement plan services to more than 10,000
 companies in partnership with 25 of the nation's leading bank and investment
 management companies, and offers regulatory consulting services.  The
 Insurance and Education Services Group provides distribution solutions for
 annuities and life, long-term care, disability, and special risk insurance
 products; offers certification and continuing education training for insurance
 and investment professionals; and provides licensing-related software products
 and services.  BISYS' Information Services Group provides information
 processing and check imaging solutions to approximately 1,000 financial
 institutions.
 
     Except for the historical information contained herein, the matters
 discussed in the press release are forward-looking statements within the
 meaning of the safe-harbor provisions of the Private Securities Litigation
 Reform Act of 1995.  These forward-looking statements are subject to risks and
 uncertainties that may cause actual results to differ materially, including
 but not limited to economic, competitive, governmental and technological
 factors affecting the Company's operations, markets, services and related
 products, prices and other factors discussed in the Company's periodic filings
 with the Securities and Exchange Commission.
 
 
                             THE BISYS GROUP, INC.
                      SUMMARY CONSOLIDATED FINANCIAL DATA
                                  (Unaudited)
                     (In thousands, except per share data)
 
                                     THREE MONTHS ENDED    NINE MONTHS ENDED
                                           MARCH 31,            MARCH 31,
 
     Statement of Operations Data:      2001      2000        2001      2000
 
     Revenues                       $177,359  $145,657    $507,103  $416,014
 
     Operating cost and expenses:
       Service and operating          98,276    80,313     292,574   241,432
       General and administrative     21,576    19,147      65,509    57,901
       Selling and conversion          7,851     7,145      23,212    20,403
       Research and development        2,650     3,318       8,823     9,187
       Amortization of intangible
        assets                         5,120     2,886      14,639     8,520
       Merger expenses and other
        charges                           --        --       4,245        --
 
     Operating earnings               41,886    32,848      98,101    78,571
 
     Interest income (expense), net   (1,133)      185      (4,763)     (562)
 
     Income before income taxes       40,753    33,033      93,338    78,009
 
     Income taxes                     16,098    13,046      36,869    30,813
 
     Net income                      $24,655   $19,987     $56,469   $47,196
 
 
     Basic earnings per share          $0.43     $0.36 *     $0.99     $0.86 *
 
     Diluted earnings per share        $0.41     $0.35 *     $0.94     $0.83 *
 
     Weighted average shares
      outstanding                     57,368    55,282 *    56,966    54,712 *
 
     Weighted average equivalent
      shares outstanding              60,323    57,342 *    59,776    56,768 *
 
     * Restated for September 2000 two-for-one stock split effected in the form
       of a dividend.
 
 
                             THE BISYS GROUP, INC.
                      SUMMARY CONSOLIDATED FINANCIAL DATA
                                  (Unaudited)
                     (In thousands, except per share data)
 
 
                                        THREE MONTHS ENDED   NINE MONTHS ENDED
                                              MARCH 31,           MARCH 31,
 
     Business Segment Data:                 2001      2000      2001      2000
 
     Revenues:
       Information Services              $46,088   $46,332  $130,027  $130,492
       Investment Services                89,027    76,142   259,643   221,723
       Insurance and Education Services   42,244    23,183   117,433    63,799
         Total                          $177,359  $145,657  $507,103  $416,014
 
     Operating earnings (loss)**:
       Information Services              $12,215   $12,610   $31,601   $30,065
       Investment Services                16,412    14,846    41,244    37,070
       Insurance and Education Services   17,435     8,742    42,005    21,063
       Corporate                          (4,176)   (3,350)  (12,504)   (9,627)
         Total                           $41,886   $32,848  $102,346   $78,571
 
     ** Excludes the impact of merger-related expenses and other charges.
 
 
                                       MARCH 31,  JUNE 30,
     Balance Sheet Data:                    2001      2000
 
     Cash and cash equivalents          $256,517   $70,177
     Accounts receivable, net            134,761   108,579
     Total assets                        904,028   601,051
     Short-term borrowings                    --   115,000
     Long-term debt                      300,000        --
     Stockholders' equity                462,237   361,641
 
 SOURCE  The BISYS Group, Inc.

RELATED LINKS

http://www.bisys.com