Integration Costs Weigh On OpenSolutions

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GLASTONBURY, Ct. - (03/01/06) -- Open Solutions Inc. reported Tuesdaythat rising costs due to its acquisitions spree of the past twoyears pushed down net income by almost 50% for its fourth quarterto just $7.9 million, or 34 cents a share, compared to the samequarter in 2004, even while revenues were rising by 65% to $59.7million. For the year, revenues also climbed significantly, by 81%to $193.8 million, but soaring expenses cut net income by 26%compared to 2004, to $18.6 million, or 85 cents a share. OpenSolutions said expenses for its fourth quarter rose 52% and for thefull year by 73%, as the company integrated recent acquisitions ofCGI's US Services To Credit Unions, SOSystems, Financial DataSolutions and COWWW Software.

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