Open Solutions Reports StrongQuarter

July 23, 2004, 1:00 a.m. EDT 1 Min Read

GLASTONBURY, Ct. - (07/23/04) -- Open Solutions Inc. reported netincome of $3.1 million, or 16 cents a share, for its secondquarter, up from just $800,000, or zero cents a share, for the sameperiod last year, on the strength of a 60% rise in revenues, to$21.8 million. Eearnings for the first six months of the yearclimbed to $6.1 million, or eight cents a share, up from just$900,000, or zero cents a share, for the first half last year.Second quarter highlights included new contracts of $22.5 million,compared to $11.8 million in the second quarter last year;completion of the acquisition of EastPoint Technologies LLC, acommunity bank core processor; and a stock offering that raised$33.5 million in new capital. The company also announced theacquisition of re: Member Data Services just days after completionof the second quarter.

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