CIMdata PLM Industry Summary Online Archive
7 February 2008
Financial News
Open Text Reports Second Quarter Fiscal 2008 Financial Results
Open Text™ 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.
Please see note (2) below for a reconciliation of non-US GAAP based financial measures used in this press release, to US GAAP based financial measures.
Teleconference Call
Open Text will host a conference call on February 7, 2008 at 5:00 p.m. ET to discuss the final financial results for its second quarter. A replay of the call will be available beginning February 7, 2008 at 7:00 p.m. ET through 11:59 p.m. on February 21, 2008 and can be accessed by dialing 416-640-1917 and using pass code 21258637 followed by the number sign. For more information or to listen to the call via Web cast, please use the following link: http://www.opentext.com/events/event.html?id=6643048
For financial details visit http://www.opentext.com/news/pr.html?id=2003
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