|[April 17, 2012]
Open Solutions Operating Momentum Continues
GLASTONBURY, Conn. --(Business Wire)--
Solutions Inc.®, the leading provider of collaborative enterprise
technology to community-based financial institutions worldwide, today
provided guidance regarding its financial performance for the first
quarter ended March 31, 2012.
First Quarter Performance
Sales bookings increased 26% year-over-year, a continuation of a trend
that began in the second quarter of 2011. We expect adjusted revenues
for the first quarter will exceed the same period last year by
approximately 5%. Adjusted EBITDA, the measure that our investors use to
evaluate our performance, is expected to exceed the year ago period by
approximately 25% with the associated Adjusted EBITDA margin to be at or
above historical highs.
Commenting on the first quarter performance, John W. Frederick,
Executive Vice President and Chief Financial Officer said, "This
combination of revenue and earnings growth as well as above-market
bookings growth demonstrates both the power of Open Solutions' radically
different enterprise technology platform and the effects of our leaner,
more directed cost structure focused around service."
Open Solutions Inc.
Open Solutions Inc.® helps community-based financial institutions around
the world enrich their local economies by providing innovative
technologies and insights that enable them to operate more profitably,
efficiently and collaboratively.
Industry pioneers, Open Solutions revolutionized enterprise technology
with DNA™, the first open, relationship-centered core banking platform
built for global collaboration. This radically different approach to
enterprise technology enables banks and credit unions around the world
to leverage the power of community through DNAappstore™, the first-ever
collaborative marketplace for user-created core enhancements.
Extending the power of DNA further, Open Solutions offers a full range
of complementary payments, item processing, distributed capture,
internet banking, mobile banking, CRM, business intelligence, loan
origination, financial accounting, account analysis, wealth management,
digital document, interactive voice response, and hardware solutions,
plus independent industry insight and guidance from Raddon Financial
For more information about Open Solutions, visit Open Solutions at www.opensolutions.com.
You can also fan Open Solutions on http://www.facebook.com/opensolutionsinc
or follow Open. Solutions via Twitter (News - Alert) @OpenSolutionsCC.
Open Solutions Inc.® is a registered trademark of Open
Solutions Inc. All other company and product names may be trademarks of
their respective owners. Copyright 2012 Open Solutions Inc. All rights
Safe Harbor Statement
Any statement in this press release that is not a statement of
historical fact may be deemed to be a forward-looking statement. These
statements include forecasted growth in Open Solutions. Other
forward-looking statements include those regarding Open Solutions'
business outlook for 2012 and beyond and statements containing words
such as anticipate, believe, plan, estimate, target, expect, seek,
intend and other similar words that signify forward-looking statements.
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