Bank systems stocks mainly drifted lower last week, despite the continued bull market for technology issues overall.
Friday's news from the Labor Department said that civilian unemployment rose 0.3% in April, to 5.8%, quickly put the brakes on the stock and bond markets.
Bisys Group Inc., the outsourcer and investment servicer, last week announced a net loss for the quarter that ended March 31, the third of its fiscal year.
Costs associated with its acquisition of Concord Holding Corp., a mutual fund administrator, were largely responsible. The deal was accounted for as a pooling of interests. As a result Bisys, which is based in Little Falls, N.J., reported a loss of $15.5 million, or 69 cents per share, compared with earnings of $5.2 million, or 25 cents per share, for the comparable fiscal 1994 quarter.
Revenues were up 10%, to $49.1 million.
"Excluding one-time factors, we're pleased with our year-to-year revenue and earnings growth," said Lynn J. Mangum, Bisys' chairman and chief executive officer.
Bisys officials also announced last week that they had signed a definitive agreement to acquire Document Solutions Inc., a leading supplier of check imaging systems to community banks. Owners of privately held Document Solutions, based in Birmingham, Ala., will receive Bisys stock worth $38 million, officials said.
Bisys' common stock closed at $19 a share Friday, down TK for the week.
Another provider of investment support and processing services, SEI Corp., reported slightly higher revenues and earnings for the first quarter of 1995.
Officials at Wayne, Pa.-based SEI said first-quarter net income was $4.9 million, up from $4.4 million a year earlier. Revenues totaled $64.7 million, versus $63.7 million in the 1994 quarter.
SEI's stock closed at $20.75 a share, up TK for the week.
Portland, Ore.-based CFI ProServices Inc. announced Thursday that it had signed an technical and co-marketing agreement with a division of financial outsourcer Fiserv Inc.
Under the terms of the agreement, CFI and the Southwest region of Fiserv's savings and community bank group, in Beaumont, Tex., will co- develop data communications links between Fiserv's computer systems and three CFI software products.
The products are CFI's LaserPro loan processing system, Deposit Pro operations system, and Personal Branch home banking system.
Fiserv will aid in the marketing these products to its service-bureau clients in Texas, Louisiana, Oklahoma, Arkansas, and parts of Colorado, CFI officials said.
