News
OpenLink Reports Second Quarter Results
Growth Continues Despite Challenging Environments
MITCHELL FIELD, NY, September 16, 2002 — OpenLink, an industry leader in energy and financial trading and risk management software solutions, today announced earnings for the second quarter of 2002. Revenue for the three months ended June 30, 2002 was $17.8 million, an increase of 41% over revenue of $12.6 million for the same period in 2001. License fees and software maintenance accounted for 68% of this quarter's total, and pre-tax profits rose to $5.8 million, up from $2.8 million.
Total revenue for the first six months of 2002 was $32.8 million, a 54% increase over the previous years' highs, while year-to-date pre-tax profits of $8.3 million were recorded.
"While we continue to face a challenging and difficult business environment, our solid business model of market diversification and organic growth continues to hold up extremely well," said Coleman Fung, OpenLink's founder and CEO. "This foundation, in combination with our continued investment in strategic areas, will further distance OpenLink from our competitors as the leading provider of value-added, optimal products and services for trading, risk management and operations professionals."
"Our unique client listing of global financial institutions, energy firms, central banks, regional banks, and others has always been one of our competitive strengths, as it provides clients with enhanced functionality through leveraged development efforts," added Kevin Hesselbirg, OpenLink's COO/CFO. "It has now proven to be a business advantage as well, as this diversity limits the risk associated with a concentration of users within a single market. Although our growth will be moderate for the remainder of 2002 and through the beginning of 2003, we remain cautiously optimistic in light of our recent investment efforts in future product development and client support."
About OpenLink
OpenLink is a leading provider of financial trading and risk management software solutions. The company's Adaptive, Dynamic, and Integration-enabling (ADI) Framework-based solutions support the most rigorous risk management requirements of firms trading in interest rate derivatives, fixed income securities, foreign exchange, money markets, energy, metals and soft commodities. OpenLink's global client base includes Bank for International Settlements, Bank of Canada, Deutsche Bank, Duke, EnCana, Equiva Services LLC, Mobil UK, Mirant, Nexen, Shell Trading, Vattenfall Europe Trading GmbH, Westdeutsche Landesbank (West LB) and Zurich Capital Markets. Headquartered on Long Island, NY, OpenLink employs more than 280 professionals worldwide at offices in London, Houston, New York City, and Berlin.
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OpenLink
Phone: +1 516 833 4509
