Open Solutions Inc., Glastonbury
Glastonbury-based Open Solutions Inc., a provider of integrated enabling technologies for financial institutions across the United States, Canada and international markets, recently reported financial results for the three months and nine months ended Sept. 30, 2006.
Revenues for the third quarter of 2006 increased 118 percent to $107.3 million, from $49.2 million for the third quarter of 2005. Revenues for the nine months ended Sept. 30, 2006, increased 110 percent to $281.1 million, from $134 million for the same period of the prior year. Generally accepted accounting principles, or GAAP, net income per diluted share for the third quarter of 2006 decreased 6 percent to 17 cents per diluted share, from 18 cents per diluted share for the third quarter of 2005. GAAP net income per diluted share for the nine months ended Sept. 30, 2006, increased 14 percent to 57 cents per diluted share, from 50 cents per diluted share for the same period of the prior year.
GAAP net income per diluted share was impacted during the third quarter by an increase in contracts signed with license revenues that are required to be recognized in future service periods as well as an increase in transaction-related costs that were expensed. In addition, the effective tax rate for the company increased to 44 percent for the three months ended Sept. 30, 2006, from 38 percent for the same period of the prior year, due primarily to the company’s inability to deduct certain stock compensation expense for incentive stock options under Financial Accounting Standard (FAS) 123R in this quarter.
Fiserv Promotes Hulnick
Robert Hulnick has been promoted to the position of senior vice president and general manager of field services for Fiserv Lending Solutions’ appraisal and Realtor-based valuation operations in Rocky Hill.
Hulnick joined Fiserv as senior vice president of strategic projects. In his new role, he will re-engineer the company’s Realtor valuations and appraisal product lines. Fiserv is undergoing major expansion in valuation services. Hulnick’s new role will be to help the company consolidate and leverage several national service platforms into a more streamlined and integrated service for Fiserv Lending Solutions.
Hulnick brings more than 30 years of experience in real estate, vendor management, title operations, law and valuation services to the position. Most recently he was a vice president/director of valuation at GMAC HomeConnects. He has held a number of executive operating posts at GE Mortgage and Fairbanks Capital, where he created of one of the mortgage industry’s premier broker’s price opinion (BPO) services.
“Robert understands this industry from the bottom up,” said Walter Morgan, executive vice president of Fiserv Lending’s Fulfillment Services Division. “In over three decades in this business, he has held almost all facets of responsibility in managing core process, technology and human resources. In addition, he has mastered and pioneered key content areas of title, settlement and property valuation. A lawyer and Realtor by education and trade, he started out in his own realty, law, tax and title practices.”
“We are very pleased with Robert’s decision to join Fiserv Lending Solutions,” said Lee Howlett, division president and chief operating officer of Fiserv Lending Solutions. “We hope to use Robert’s creativity and experience to provide a best of breed valuation products for our clients.”
Hulnick received his Master of Laws degree in taxation from Temple University School of Law, his juris doctorate from Delaware Law School of Widener University and his Bachelor of Business Administration degree from Temple University.
