Last May, shareholders of Bisys Group (NYSE:BSG) got some scary news: restatement of its financials and a delay of the filing of its quarterly report. The stock dropped from $14.10 to $12.97 on the news.

While the announcement indicated sloppiness with operations, Bisys was certainly not a house of cards. Through savvy acquisitions, the firm has transformed itself into a leader in outsourced services to more than 22,000 domestic and international financial institutions, including biggies such as American Express (NYSE:AXP), Bank of America (NYSE:BAC), and J.P. Morgan Chase (NYSE:JPM). Services include administration for hedge funds and mutual funds, compliance training, and analytical research.

Yesterday, Bisys reported its quarterly earnings. The company posted net income of $18 million compared with $31 million in the same period a year ago. Revenues increased 8% to $267.2 million. Cash flow was strong at $65.1 million.

Bisys is still experiencing problems with its Insurance and Education Services. However, the company is setting forth efforts to reverse the trend.

And some more good news: The company completed its restatement and now is current with its reporting requirements. Thus, the company can now focus all its energies on its business.

Fool contributor Tom Taulli is the author of The EDGAR Online Guide to Decoding Financial Statements. He does not own shares in any stocks mentioned.