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2nd Quarter Results
Open Text Reports Second Quarter Fiscal 2008 Financial Results
WATERLOO Open Text(TM) Corporation announced unaudited financial results for its second quarter that ended December 31, 2007.(1)
Total revenue for the second quarter was $182.5 million, up 12% compared
to $163.3 million for the same period in the prior fiscal year and up 11%
compared to $164.0 million in the previous quarter. License revenue in the
second quarter was $55.2 million, up 7% compared to $51.4 million in the
second quarter of the prior fiscal year and up 25% compared to $44.3 million
in the previous quarter.
Adjusted net income in the quarter was $26.2 million or $0.50 per share
on a diluted basis, up 46% compared to $18.0 million or $0.35 per share on a
diluted basis for the same period in the prior fiscal year and up 19% compared
to $22.1 million or $0.43 per share on a diluted basis in the previous
quarter. Net income in accordance with U.S. generally accepted accounting
principles ("US GAAP") was $10.7 million or $0.20 per share on a diluted
basis, up 365% compared to $2.3 million or $0.04 per share on a diluted basis
for the same period in the prior fiscal year and up 37% compared to
$7.8 million or $0.15 per share on a diluted basis in the previous quarter.(2)
Operating cash flow in the second quarter of fiscal 2008 was
$39.3 million, up 25% compared to $31.4 million in the second quarter of the
prior fiscal year and up 22% compared to $32.2 million in the previous
quarter.
"I am very pleased with our performance in the quarter," said John
Shackleton, President and Chief Executive Officer of Open Text. "We have grown
license revenue while maintaining our profitability targets and generating
strong operating cash flow. Sales in the quarter were led by the
telecommunications, energy and government sectors and our strategic partner
programs with SAP, Microsoft, Oracle and Accenture continue to gain traction."
The cash, cash equivalents and short-term investments balance as of
December 31, 2007 was $159.7 million compared to $150.0 million at June 30,
2007. Accounts receivable as of December 31, 2007, totaled $120.6 million,
compared to $128.8 million as of June 30, 2007, and Days Sales Outstanding
(DSO) was 60 days at the end of the second quarter of fiscal 2008, compared to
66 days at June 30, 2007.
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