Open Solutions Reports Gains

Register now

GLASTONBURY, Ct. - (10/22/04) -- Diversified credit union outsourcerOpen Solutions Inc. reported third quarter earnings advanced to$4.5 million, or 21 cents a share, up from $800,000, or zero centsa share, for the third quarter last year, as the company continuedto grow, nine months after going public. Revenues rose 63% to $28.3million for the quarter, fueled by the company's recentacquisitions of re: Member Data Services, Inc. and Omega Systems.In addition, the company said Thursday its planned acquisition ofCanada's Datawest Solutions Inc., was approved by Datawest'sshareholders. Through the first three quarters of the year OpenSolutions reported a 64% increase in revenues to $71.1 million, and$10.6 million in net income, up from $1.7 million for the sameperiod last year.

For reprint and licensing requests for this article, click here.