Profits Rise At Open Solutions
GLASTONBURY, Ct. -- Open Solutions Inc. on Tuesday reported strong financials for its second quarter, with net income of $4.1 million, or 19 cents a share, up 7% from the second quarter last year. Revenues more than doubled to $107.1 million, stoked by last year's acquisition of the Bisys Information Services Group. The second quarter highlights included the company's expansion internationally with a contract with the City of Bridgetown Co-operative CU, in Bridgeton, Barbados; the signing of processing contracts with $1.6 billion Eastman CU, and Canada's $900 million G&F Financial Group credit union; and the addition of processing services for Health Savings Accounts, Corporate Money Management Accounts and Customer Asset Accounts. For the first six months of the year, Open Solutions reported a doubling of revenues to $173.8 million, and a 29% rise in net income to $8.8 million, or 40 cents a share, compared to the first half last year.