BISYS' wholesale division reported a slight up-tick in its insurance services revenue for the quarter as the company reversed a loss in net income and settled problems over questionable accounting.
For the three months ending March 31, net income was up $302.6 million, going from a loss of $66.4 million, or 56 cents a share, to $236.2 million, or $1.98 a share. Revenues dropped less than 1 percent, or $654,000, going from $212.4 million to $211.7 million.
The Roseland, N.J.-based information and financial services company said BISYS wholesale, which is a major distributor of wholesale property-casualty insurance, along with life, long-term care, disability and annuity products, reported revenues increased more than $1 million, or 2 percent, from $61 million to $62 million for the three months ending June 30, according to a Securities & Exchange Commission filing.
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