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Friday, May 12, 2006|
Bisys Plays Catch-Up in Results Reporting
The knock-on effect of last year's audit continues for Bisys Group. On Thursday the company lodged a notification of late filing with the SEC, stating that it cannot reasonably produce its report for the period ended March 31, 2006 by May 17, the extended deadline for large cap companies.
The filing, signed by chief financial officer Bruce Dalziel, explained that the delay was caused by the protracted process of restating previous statements for the fiscal years ended in June 2003 and 2004, and for the first and second fiscal quarters of 2005. Work on these restatements caused an ongoing backlog for Bisys Group, and only on April 26 did the company complete its report for the fiscal year ended on June 30, 2005. Reports for the quarters ended March 31, 2005, September 30, 2005 and December 31, 2005 are still pending.
"The Company is endeavoring to complete these reports as soon as is practicable," the filing stated, projecting that the results for the quarter ended March 31, 2005 will be ready "in the next few days." That quarterly statement should register the impact of the company's restated results for earlier quarters, the narrative explained.
In late 2004, Bisys disclosed that it was cooperating with an SEC investigation into payment arrangements made between the firm and certain mutual fund companies. Expenses associated with this investigation, as well as SEC and internal accounting investigations that led to the restatements, impaired the firm's ability to meet reporting deadlines, officials said in August 2005.
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