Acquisition Binge Boosts OpenSolutions
GLASTONBURY, Ct. - (03/03/05) -- Open Solutions Inc. said Wednesdaythe year-long acquisition spree that transformed it into one of theleading credit union outsourcers pushed it into the black for thefirst time. Acquisitions of Maxxar Corp., re: Member Data Services,Eastpoint Technologies, Omega Systems and Datawest Solutions ofCanada helped the company report a 76% surge in fourth quarterincome, and a 68% increase in fiscal year revenues. Net income forthe fourth quarter was $14.5 million, or 70 cents a share, comparedto a loss of $364,000 for the fourth quarter in 2003. For the yearnet income was $25.1 million, or $1.25 a share, compared to a lossof $31.5 million for 2003. All of the 2003 losses were related toconversion of debt to equity after the company's initial publicoffering. The company benefited in the fourth quarter in 2004 by aone-time tax benefit of $8.7 million.