OSI Reports Profit Jump From $100,000 to $3 Million in First Quarter

GLASTONBURY, Conn. – Open Solutions Inc.’s well publicized contract lands are translating into black ink for the e-commerce and core processing technologies provider. The company, which trades on the Nasdaq as OPEN, said first quarter 2004 revenues were $21 million, a 70% jump from the $12.3 million reported in the first three months of 2003. Net income, meanwhile, was $3 million, or 16 cents per share, compared with $100,000, or 1 cent per share, in the year-ago quarter. Highlights of the first quarter also included completing the acquisition of Maxxar Corp., the interactive voice solutions provider, and migrating five credit unions from the FiTECH platform OSI had acquired to the company’s relational database enterprise data processing suite, The Complete Credit Union Solution. “We remain optimistic about our future and focused on providing what we believe is a robust suite of open and flexible technology and service solutions that enable financial institutions to add products and services more easily, serve all channels consistently, make use of real-time market information and better compete in today’s ever changing market,” said Louis Hernandez Jr., OSI’s chairman and CEO.