WATERLOO - Open Text(TM) Corporation announced unaudited financial results for its second quarter, ending December 31, 2008. (1)

Total revenue for the second quarter was $207.7 million, up 14% compared to $182.5 million for the same period in the prior fiscal year. License revenue in the second quarter was $64.9 million, up 18% compared to $55.2 million for the same period in the prior fiscal year.

Adjusted net income for the second quarter was $34.0 million or $0.64 per share on a diluted basis, up 30% compared to $26.2 million or $0.50 per share on a diluted basis, for the same period in the prior fiscal year. Net income for the second quarter, in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), was $0.8 million or $0.01 per share on a diluted basis, compared to $10.7 million or $0.20 per share on a diluted basis, for the same period in the prior fiscal year. (3)

Total cash and cash equivalents, as of December 31, 2008 was $172.9 million compared to $254.9 million as of June 30, 2008. Accounts receivable as of December 31, 2008, totaled $126.8 million, compared to $134.4 million as of June 30, 2008, and Days Sales Outstanding (DSO) was 53 days at the end of the second quarter of Fiscal 2009, compared to 60 days at June 30, 2008. "We are seeing consistent customer demand for compliance based solutions across all verticals, as well as demand for solutions that streamline customer functions," said John Shackleton, Chief Executive Officer of Open Text. "We are pleased with our progress this quarter, we're executing well on a global basis, the Captaris integration is on schedule and our focus on the bottom line continues to drive our strong results."

Please see notes (2) and (3) below for a reconciliation of non-U.S. GAAP based financial measures used in this press release, to U.S. GAAP based financial measures.