BISYS, a property-casualty insurance outsourcing firm, said aninternal investigation resulting from questions about itsaccounting will result in a restatement of earnings going back to2002.

BISYS said its restatement would reduce reported revenues,operating earnings, and net income in quarterly and annual periodsprior to fiscal 2004. It would "modestly" increase previouslyreported revenues, operating earnings and net income in fiscal year2004 and the first two fiscal quarters of 2005. Cash flows are notexpected to be affected.

"We are committed to ensuring that this restatement will provideclosure on these issues and will enable us to focus on serving ourcustomers and growing our business in fiscal 2006 and beyond," saidRuss Fradin, president and chief executive officer of BISYS, in astatement, adding that the company is "disappointed" in therestatement.

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