| May
20, 2003
FOR IMMEDIATE RELEASE
Open Solutions Announces
33 Percent Revenue Growth, Positive
Cash Earnings from Operations and
Positive Net Income in First Quarter
2003
Financial Services Technology
Company Continues Breakthrough Performance-
GLASTONBURY, Conn., May 20, 2003
- Open Solutions Inc.® (OSI),
a provider of integrated enabling
technologies, including enterprise
core data processing,
CRM/business intelligence tools, financial
accounting, Internet-based
e-financial solutions, imaging and
other delivery systems for financial
institutions, announced another breakthrough
quarter. Open Solutions' first
quarter revenues represented a 33
percent revenue growth over the same
period of 2002. In addition, Open
Solutions once again recorded positive
cash earnings from operations (EBITDA)
and net income for the quarter. This
follows record year 2002 revenues
of $44.4 million.
"Open Solutions continues to
perform exceedingly well in the face
of a very
challenging economic environment,"
said Open Solutions Chairman and CEO,
Louis Hernandez, Jr. "Our company's
strong first quarter continues to
challenge the current trend in the
industry, and we continue to see strong
sales activity, financial momentum
and a very strong pipeline. Industry
response to our full suite of market-driven
technology products, service and
innovative client-focused solutions
continues to be impressive. Our mission
remains to continually provide the
financial services market place with
the
types of innovative solutions that
enable financial institutions to provide
superior service and better compete
in a rapidly changing environment."
During the first quarter of 2003,
Open Solutions signed 58 new agreements
across all its business units (which
also include Sound Software,
e-Solutions, fti/Financial Technologies
and imagic Systems.) It broadened
its technology offerings through the
launch of new products, system features
and services and expanded its professional
services offerings.
Additionally, the company announced
the availability of version 4.5 of
its
comprehensive Internet banking and
cash management solution, e-Commerce
Banker(tm).
Open Solutions' Technology Outsourcing
Center also continued to thrive, add
additional clients and offer core,
Internet-based products and other
delivery services in an outsourcing
mode. Additionally, the company
remained focus on providing superior
client service and training.
Other notable events during the quarter
included the signing of new clients,
long-term renewals of existing clients
and the completion of several
installations across all business
lines. In the first quarter of 2003,
the
company announced the completion of
the highly successful core data
processing implementation for the
$4.5 billion asset Boeing Employees'
Credit Union (BECU) which was part
of the largest technology conversion
in
credit union history.
"Open Solutions' continued success
quarter after quarter and our remarkable
growth in the marketplace is a direct
reflection of the company's business
model and the dedication of our employees,"
Hernandez said. "Our first
quarter results clearly illustrate
Open Solutions' capacity for creativity
and innovation when it comes to developing,
implementing, supporting and
delivering market-focused solutions.
Based on the momentum we continue
to
build, the quality of our new client
wins, prospect pipeline, our
contractually committed backlog being
at an all time high, and our overall
product offerings, Open Solutions
is well positioned to achieve our
goals
for the year."
About Open Solutions
Open Solutions Inc. (OSI) offers a
fully featured strategic product platform
that integrates core data processing
applications, built on a single centralized
Oracle(r) relational database, with
Internet banking, cash management,
electronic commerce, CRM/business
intelligence, financial accounting
tools, imaging and loan origination
solutions. OSI's full suite of products
and services allows banks, savings
institutions and credit unions to
better compete in today's aggressive
financial services marketplace, expand
and tap their trusted financial relationships,
client affinity, community presence
and personalized service.
For more information about Open Solutions,
or its financial product line, contact
Mickey Goldwasser
Phone: 860.652.3153
fax: 860.652.3156
mgoldwasser@opensolutions.com
www.opensolutions.com |
