The BISYS Group today reported net income for its fiscal fourth quarter ending June 30 of $37.3 million, or 30 cents a share, a 30% increase from net income of $28.7 million, or 23 cents a share, in the fourth quarter of last year. Revenue for the quarter was $238.7, an increase of 23% from $194.7 in the period a year earlier.
For BISYS full 2002 fiscal year, the company reported net income of $119.8 million, or 97 cents a share, up 25% from net income of $95.8 million, or 79 cents a share, in fiscal 2001.
This is the 13 th consecutive year that BISYS has increased its revenue and earnings, said Lynn Mangum¸ chairman and chief executive officer of the firm. "We are extremely pleased with the strategic and financial results of our fourth quarter and fiscal year 2002," Mangum said.
BISYS supports more than 20,000 financial institutions around the globe and provides administration and distribution for more than 1,800 mutual funds, hedge funds, private equity funds and other alternative investment products with $560 billion in assets.