BISYS Reports Higher 2nd Quarter Net Income

NU Online News Service, July 31, 5:35 p.m. – The BISYS Group Inc., New York, is reporting $37 million in net income for the second quarter on $239 million in revenue, up from $29 million in net income on $195 million in revenue for the second quarter of 2001.

BISYS, a company that handles training and back-office operations for financial-services companies, says operating profits and revenues were up at its investment services unit as well as at its insurance and education services and information services units.

Accounts receivable have increased to $197 million at the end of the second quarter, up from $148 million a year earlier, and the amount of cash and cash equivalents on hand fell o $78 million, from $159 million.