Acquisitions Boost OpenSolutions
GLASTONBURY, Ct. - (04/28/05) -- A half-dozen corporate acquisitionsover the past year helped increase first quarter revenues for OpenSolutions Inc. by 80%, but a similar 80% rise in expenses producedflat earnings growth for the period. As a result, net income was $3million, or 14 cents a share, for the period, virtually the same asthe first quarter last year. The first quarter was highlighted bythe completion of OSI's acquisition of data processor CGI's USServices to Credit Unions, the company's seventh acquisition of thepast two years, and the completion of a $144 million debt offering.And just after the close of the first quarter OSI completed theacquisition of SOSystems, a provider of in-house data processingfor credit unions. Separately, OSI announced Thursday it plans tobuy back as much as $10 million of its shares over the next 12months.