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.
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