OpenLink Reports First Quarter Results
Operating Revenue Continues Its Upward Track
MITCHEL FIELD, NY, May 24, 2002 /PRNewswire/ — OpenLink, an industry leader in energy and financial trading and risk management software solutions, continued its growth trend, surpassing prior benchmarks in the first quarter of 2002 with a 72% increase in revenue over historical highs for the same quarter in 2001. For the three months ending March 31, 2002, OpenLink reported quarterly revenues of $14.9 million and pre-tax profits of $2.6 million. License fees and software maintenance accounted for 62% of OpenLink's total first quarter 2002 revenue.
Leveraging OpenLink's standard implementation models, new clients such as Zurich Capital Markets, as well as existing clients seeking broader use like Deutsche Bank and RWE Trading Americas, have completed accelerated implementations of Endur™ and Findur™. This ability to quickly get clients up and running on the most sophisticated trading and risk management solution has added to the company's success.
"We have significantly reduced the time between installation and 'go live' by building standard, market-based, best-practice implementation models," said Coleman Fung, OpenLink's founder and CEO. "Examples of these include North American natural gas, UK power, central banking, interest rate derivative trading, and other banking models. We have focused attention here while continuing to provide open, flexible, and adaptive future-proof solutions that can be tailored to meet unique or proprietary requirements. We have proven that we can develop and support the most advanced solutions demanded by the top-tier energy and financial firms while delivering accelerated and effective implementations."
"Even in the current challenging market environment, we continue to meet our revenue targets without compromising our solutions or service," added Kevin Hesselbirg, OpenLink's COO/CFO. "We have maintained a heavy investment in our products, forward-looking technologies, and consulting services, while offering expanded market coverage and streamlined implementations. This is what sets us apart from our competitors. While the future is always difficult to predict, OpenLink is best positioned to adapt and take further advantage of market opportunities."
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.