GLASTONBURY, Conn. – Last year was a good one for Open Solutions Inc. In addition to earning headlines for strategic acquisitions, big contract wins and a successful IPO, the financial services core technology provider made money. OSI reported pro forma net income of $2.9 million for the fourth quarter of 2003 and $4.8 million for all of 2003, compared with net income of $600,000 for the year-ago quarter and a net loss of $2.9 million for 2002. The earnings came on revenue for $63.8 million for 2003, up 44% from the $44.3 million in 2003 revenues, OSI said. Last year's black ink is just the beginning, the company's senior executive said. "We believe that we remain at the early stages of a wholesale shift away from older, proprietary `layered-on' legacy-based system applications to the types of open, flexible relational technologies that our company provides . which should lead to more demand for our solutions," said Louis Hernandez Jr., OSI's chairman and CEO.
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