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Quarterly Report
Open Text Reports Fourth Quarter and Fiscal Year-End 2008 Financial Results
WATERLOO, ON - Open Text(TM) Corporation, announced unaudited financial results for its fourth quarter and fiscal year ended June 30, 2008. (1)
Total revenue for the fourth quarter was $200.3 million, up 14% compared
to $175.2 million for the same period in the prior fiscal year. License
revenue in the fourth quarter was $68.2 million, up 15% compared to
$59.2 million in the fourth quarter of the prior fiscal year.
Adjusted net income in the quarter was $33.3 million or $0.63 per share
on a diluted basis, up 25% compared to $26.7 million or $0.52 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
$27.3 million or $0.51 per share on a diluted basis, compared to $8.2 million
or $0.16 per share on a diluted basis for the same period in the prior fiscal
year. (2)
Total revenue for fiscal year 2008 was $725.5 million, up 22% compared to
$595.7 million for the previous fiscal year. License revenue for fiscal year
2008 was $219.1 million, up 20% compared to $182.5 million in the previous
fiscal year.
Adjusted net income for fiscal year 2008 was $107.0 million, or $2.03 per
share on a diluted basis, up 44% compared to adjusted net income for the
previous fiscal year of $74.3 million, or $1.46 per share on a diluted basis.
Net income for fiscal year 2008 in accordance with US GAAP was $53.0 million,
or $1.01 per share on a diluted basis, compared to the prior fiscal year's net
income of $21.7 million, or $0.43 per share on a diluted basis. (2)
Operating cash flow in the fourth quarter of fiscal 2008 was
$44.6 million, compared to $28.5 million in the fourth quarter of the prior
fiscal year. For the full 2008 fiscal year, Open Text generated $166.0 million
in operating cash flow compared to $110.9 million in fiscal 2007.
The cash, cash equivalents and short-term investments balance as of June
30, 2008 was $254.9 million. Accounts receivable as of June 30, 2008, totaled
$134.4 million, compared to $128.8 million as of June 30, 2007, and Days Sales
Outstanding (DSO) was 60 days in the fourth quarter of fiscal 2008, compared
to 66 days in the fourth quarter of fiscal 2007.
"I am very pleased with our performance in the quarter and for the full
fiscal year," said John Shackleton, President and Chief Executive Officer of
Open Text. "We have achieved our goal of strong license growth, record
profitability and exemplary cash flow accumulation. As we enter into fiscal
2009, we remain confident in our momentum and look forward to continued growth
in the coming year."
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