OSI says third quarter saw record results

GLASTONBURY, Conn. – Integrated technologies provider Open Solutions Inc. said that it had a record third quarter, with revenues increasing 34% over the year-ago period and up 61% for the first nine months of 2002. The company signed 38 new contracts during the quarter, as well, and recorded positive cash earnings from operations (EBITDA) for the period, according to Louis Hernandez, CEO and chairman of the privately held corporation. “Open Solutions continues to achieve strong performance across all company lines in the face of a highly competitive and challenging economic environment,” Hernandez said in Wednesday’s announcement. In an interview with Credit Union Times recently, Hernandez said he expected OSI revenues to reach about $45 million for the year, up from $27 million the year before. The company has about 1,500 clients, including 200 core processing relationships and Hernandez said that about 60% of its current prospects are credit unions. The OSI platform is built on an Oracle relational database and integrates core processing with Internet banking, financial accounting, imaging, cash management, electronic commerce and lending origination solutions.