Headlines:
Bisys Plans Report; Stock Rises
Shares of Bisys Group Inc. climbed after it said it will release results this month for its fiscal third quarter, which ended March 31.
Russell P. Fradin, its departing president and chief executive, also said he will remain with the Roseland, N.J., company long enough to certify the results.
Bisys disclosed last week that it had retained Bear, Stearns & Co. to explore its strategic alternatives, after Mr. Fradin decided to take a job after Labor Day as the chairman and CEO of Hewitt Associates Inc., a human resources company.
Mr. Fradin assured analysts on a conference call Tuesday that there is not "any other shoe about to drop" at Bisys.
"I was presented a great opportunity to run a bigger company in an industry where I have a good bit of expertise," he said.
Before joining Bisys in February 2004, Mr. Fradin had spent seven years at Automatic Data Processing Inc. He had held several jobs there, including president of its global employer services group. Before joining ADP he had spent 18 years at the management consulting firm McKinsey & Co.
Another factor in the stock increase: Matrix USA LLC of New York said Tuesday that it had upgraded Bisys' stock to "hold," from "sell," primarily because a recent decline had brought the shares down to a fair price.
Bisys' stock rose 3.94% Wednesday, to $10.30 a share. It fell 22.3% Friday, to $9.26, after the company announced Mr. Fradin's departure plan and two analysts downgraded the stock.
Loss Climbs for US Dataworks
Higher transaction volume boosted revenue at US Dataworks Inc., but its quarterly loss increased.
The Houston payment processing software vendor said Monday that revenue for its fiscal first quarter, which ended June 30, rose 12.5% from a year earlier, to $1.2 million. Its net loss more than doubled, to $1.6 million, or 5 cents a share.
US Dataworks said it signed up several new customers in the quarter, including Online Resources Corp., Bank of Oklahoma, and a "significant financial transaction processor."
Charles E. Ramey, the vendor's chairman and chief executive, said in a press release that the contracts are "beginning to take hold," and that its revenue rose "as a result of both new and past customers increasing their utilization of our software."
