Bisys completes financial restatements

Source: Bisys

The BISYS Group, Inc. (NYSE: BSG), a leading provider of outsourcing solutions for the financial services sector, today announced that it has completed the restatement of its consolidated financial statements and filed its Annual Report on Form 10-K for fiscal year 2005 with the Securities and Exchange Commission (SEC).

The adjustments that were reflected in the restatement reduced consolidated stockholders' equity as of December 31, 2004 by 8.2%, which is in line with our previous estimate of between 8% and 8.5%.

As the Form 10-K has now been filed, BISYS is able to move forward with its delayed 2005 Annual Meeting of Stockholders, now scheduled for June 13, 2006, at a time and place to be announced in the Company's notice and proxy statement. Stockholders of record at the close of business on May 4, 2006 (the record date established by the Company), will be entitled to vote at the Annual Meeting or any adjournment thereof. The Company estimates that it will begin to mail proxy materials for the 2005 Annual Meeting on or about May 10, 2006.

With the restatement process concluded, the Company and its external auditors will now focus on completing the remaining delayed SEC filings that were dependent upon the completion of the restatement. The Company is in the process of preparing its Quarterly Report on Form 10-Q for the third quarter ended March 31, 2005 and anticipates filing this report shortly. The Company is also commencing preparation of its Quarterly Reports on Form 10-Q for the first, second and third quarters of fiscal 2006 and expects these reports to be filed by the end of June 2006. The Company will continue to refrain from the consideration of any share repurchase activity until it is current with its SEC filings. The Company plans to hold a business update call to discuss recent performance in May.

"We are pleased to have the restatement process behind us and are eager to focus our full attention on growing our business and creating value for our stockholders. We want to extend thanks to the many BISYS employees who worked diligently to bring this process to a close," stated Russ Fradin, BISYS' president and chief executive officer.

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