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Open Text Reports Third Quarter Fiscal 2008 Financial Results

  • 01 May, 2008 16:48

<p>Sydney - 1 May 2008 - Open Text™ Corporation (NASDAQ:OTEX) (TSX:OTC), a leading provider of Enterprise Content Management (ECM) software, has announced unaudited financial results for its third quarter that ended March 31, 2008.</p>
<p>Total revenue for the third quarter was US$178.8 million, up 15% compared to US$156.1 million for the same period in the prior fiscal year. License revenue in the third quarter was US$51.5 million, up 20% compared to US$43.0 million in the third quarter of the prior fiscal year.</p>
<p>Adjusted net income in the quarter was US$25.4 million or US$0.48 per share on a diluted basis, up 45% compared to US$17.5 million or US$0.34 per share on a diluted basis for the same period in the prior fiscal year. Net income in accordance with U.S. generally accepted accounting principles (“US GAAP”) was US$7.3 million or US$0.14 per share on a diluted basis, up 87% compared to US$3.9 million or US$0.08 per share on a diluted basis for the same period in the prior fiscal year.</p>
<p>Operating cash flow in the third quarter of fiscal 2008 was US$50 million, up 22% compared to US$41 million in the third quarter of the prior fiscal year and up 28% compared to US$39 million in the previous quarter.</p>
<p>"I am very pleased with our performance in the quarter, generating strong cash flow from operations and meeting our profitability targets," said John Shackleton, President and CEO of Open Text. "We are experiencing continued strength in our European sales."</p>
<p>The cash, cash equivalents and short-term investments balance as of March 31, 2008 was US$215.8 million compared to US$150.0 million at June 30, 2007. Accounts receivable as of March 31, 2008, totaled US$135.7 million, compared to US$128.8 million as of June 30, 2007, and Days Sales Outstanding (DSO) was 68 days at the end of the third quarter of fiscal 2008, compared to 66 days at June 30, 2007.</p>
<p>"With the success of Hummingbird evident, we are focusing on new solutions like Enterprise Connect," said John Shackleton. "This enables workers to utilise their business environment to access content from across the enterprise including our competitor’s repositories as well as from major enterprise ERP applications such as SAP."</p>
<p>About Open Text
Open Text™ is the world's largest independent provider of Enterprise Content Management software. The company's solutions manage information for all types of business, compliance and industry requirements in large companies, government agencies and professional service firms. Open Text supports approximately 46,000 customers in 114 countries and 12 languages. For more information about Open Text, visit www.opentext.com.</p>

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