In light of the pending restatement of historical financial results, BISYS is not providing detailed financial results at the present time. The Company's Audit Committee has essentially completed its extensive internal review of the accounting issues and the Company believes that the restatement process will be finished in the coming weeks. While the restatement is not complete, BISYS announced that its financial results for the first six months of fiscal 2006 were lower than management's expectations. While the bulk of its businesses performed well, the results were not enough to offset a shortfall in the Company's Fund Services business. In addition, corporate expenses continued to run at an elevated level.

The Investment Services group made progress on a number of fronts. Alternative Investments continued its growth and good margins. Retirement Services showed steady growth with improved margins. The Fund Services business is dealing with a difficult industry environment and the previously announced client losses, which caused overall Investment Services growth to be modestly negative with lower margins.

Insurance Services continued to generate positive internal revenue growth in each of the quarters in the first half of fiscal 2006, while margins were also stronger for this group compared to the same period in fiscal 2005. The Information Services group, which will be reported as a discontinued operation, also performed well. Assuming that restatement is completed on the current timeline, the Company expects to close the sale of Information Services on or about February 28, 2006.

BISYS President and CEO, Russell Fradin, said: "Although the first six months of fiscal 2006 have been challenging, most of our businesses are performing well and we are taking the steps necessary to be successful in fiscal 2007 and beyond."