Bisys replaces CFO Jim Fox with Bruce Dalziel

Source: Bisys

BISYS, a leading provider of outsourcing solutions for the financial services sector, today provided a business update for its fiscal fourth quarter.

Russell Fradin, BISYS President and CEO, reported, "In light of the pending restatement of our financial results which we announced on July 25th, we are not providing detailed financial results at this time. We can report, however, that excluding the potential impact of the pending restatement, BISYS' financial results were generally in line with our expectations and consistent with our stated objectives for the final quarter of the fiscal year.

"Our Investment Services and Insurance Services groups each continued to generate internal revenue growth and to expand their operating margin compared to the quarter a year ago. Our Information Services group performed well and consistent with our expectations. Information Services internal revenue was mildly negative compared to the quarter a year ago, as we completed the anniversary of a client loss which occurred in fiscal year 2004. We also continue to generate solid cash flow in each of our businesses.

"While we remain generally pleased with the operating results of our three business groups, our corporate expenses have continued to run at an elevated level, due principally to expenses associated with the ongoing SEC investigation in our fund services business and the additional SEC and internal investigations related to our accounting. While we anticipate an elevated level of expenditure to continue in the near term, we do expect these expenses to decrease from the level we experienced in our fiscal fourth quarter."

The Company also announced that Bruce Dalziel has joined BISYS as Executive Vice President and Chief Financial Officer. Mr. Dalziel brings over 20 years of financial experience to BISYS, most recently serving as Chief Financial Officer of DoubleClick, Inc. Previously, he served for over fourteen years in various financial and operating roles at Prudential Insurance Company of America, including Chief Financial Officer for Prudential's International Insurance division, and Corporate Vice President of Planning and Analysis.

In addition, the Company has announced that Jim Fox has resigned his positions as Executive Vice President and Chief Financial Officer. Mr. Fox has agreed to remain with the Company during a period of transition.

Mr. Fradin added, "We welcome Bruce to BISYS, and look forward to his contributions. In addition, we thank Jim for his valuable contributions over the last two years and for his continued assistance during this transition period. We wish him well in his future endeavors."

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