News
OpenLink Announces Third Quarter Results
Revenues Rise, While Company Positions for Future
MITCHELL FIELD, NY, December 16, 2002 — OpenLink, an industry leader in energy and financial trading and risk management software solutions, today released earnings for the third quarter of 2002. For the three months ended September 30, 2002, OpenLink reported quarterly revenues of $16.1 million, an increase of 16% over revenue of $13.9 million for the same period in 2001. License fees and software maintenance accounted for 67% of this quarter's total, and pre-tax profits rose to $3.8 million, up from $2.4 million.
Total revenue for the first nine months of 2002 was $48.9 million, a 39% increase over the previous year's figure, while year-to-date pre-tax profits of $12.2 million were recorded.
"The softness we have recently faced within our traditional product lines has presented us with the opportunity to shift resources and explore previously untapped markets," said Coleman Fung, OpenLink's founder and CEO. "Recent strategic staff appointments, ongoing research, and core development initiatives will allow us to capitalize on what will be a different trading and risk management software landscape by the end of 2003."
"OpenLink's growth has continued its upward track despite the IT spending constrictions that we have witnessed within the global markets we serve," added Kevin Hesselbirg, COO/CFO. "While we have remained focused on client deliverables, we have set plans in motion that will position OpenLink to take advantage of rebounding market segments when and where they occur."
About OpenLink
Founded in 1992, OpenLink is a leading provider of trading, risk management, and operations software solutions. The company's Adaptive, Dynamic, and Integration-enabling (ADI) Framework-based solutions support the most rigorous business requirements of firms trading in energy, interest rate derivatives, fixed income securities, foreign exchange, money markets, metals, and soft commodities. OpenLink's global client base includes Banco de Mexico, Bank of America, Bank for International Settlements, Bank of Canada, Bank of Scotland Treasury PLC, Bridgeline Holdings, Deutsche Bank, Edison International, Enbridge, Mirant, Nexen, Shell, and Vattenfall Europe Trading. Headquartered in Long Island, New York, and with offices in London, Houston, New York City, Berlin, Sydney, São Paulo, and Tokyo, OpenLink employs more than 270 professionals worldwide.
Marketing and Communications
OpenLink
Phone: +1 516 833 4509