Business News
Open Text Reports Third Quarter Fiscal 2010 Financial Results
Friday 30. April 2010 - Open Text(TM) Corporation (NASDAQ:OTEX) (TSX:OTC), today announced unaudited financial results for its third quarter ended March 31, 2010. (1)
Total revenue for the third quarter of Fiscal 2010 was $212.8 million, up 11% compared to $192.0 million for the same period in the prior fiscal year. License revenue in the third quarter was $49.5 million, down 5% compared to $51.9 million for the same period in the prior fiscal year.
Adjusted net income in the quarter was $40.3 million or $0.70 per share on a diluted basis, up 28% compared to $31.4 million or $0.59 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 $13.1 million or $0.23 per share on a diluted basis, compared to $22.0 million or $0.41 per share on a diluted basis for the same period in the prior fiscal year. (2)
The cash and cash equivalents balance as of March 31, 2010 was $321.3 million, compared to $275.8 million as of June 30, 2009. During the nine months ended March 31, 2010, the net cash paid for the Vignette acquisition was $90.6 million. Net accounts receivable as of March 31, 2010, totaled $122.6 million, compared to $115.8 million as of June 30, 2009, and Days Sales Outstanding (DSO) remained stable at 52 days in both the third quarter of Fiscal 2010, and in the same period in the prior fiscal year. Operating cash flow in the third quarter of Fiscal 2010 was $78.0 million.
“I am pleased that we maintained our margin targets and met our profit goals”, said John Shackleton, President and Chief Executive Officer of Open Text. “We experienced greater seasonality than in previous years, however I’m confident that Fiscal 2010 is tracking to plan. With the addition of Nstein’s analytics-based search technology and a number of new product releases, we are delivering additional powerful solutions that will help our customers gain greater value from their content.”