Open Text(TM) Corporation (NASDAQ:OTEX) (TSX:OTC), a leading provider of Enterprise Content Management (ECM) software, today announced unaudited financial results for its fourth quarter and fiscal year ended June 30, 2009. (1)
Total revenue for the fourth quarter was $203.4 million, up 2% compared to $200.3 million for the same period in the prior fiscal year. License revenue in the fourth quarter was $63.0 million, down 8% compared to $68.2 million in the fourth quarter of the prior fiscal year.
Adjusted net income in the quarter was $39.2 million or $0.73 per share on a diluted basis, up 18% compared to $33.3 million or $0.63 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 $19.5 million or $0.36 per share on a diluted basis, compared to $27.3 million or $0.51 per share on a diluted basis for the same period in the prior fiscal year. (2)
Total revenue for fiscal year 2009 was $785.7 million, up 8% compared to $725.5 million for the previous fiscal year. License revenue for fiscal year 2009 was $229.8 million, up 5% compared to $219.1 million in the previous fiscal year.
Adjusted net income for fiscal year 2009 was $132.8 million, or $2.49 per share on a diluted basis, up 24% compared to adjusted net income for the previous fiscal year of $107.0 million, or $2.03 per share on a diluted basis. Net income for fiscal year 2009 in accordance with US GAAP was $56.9 million, or $1.07 per share on a diluted basis, compared to the prior fiscal year’s net income of $53.0 million, or $1.01 per share on a diluted basis.
Operating cash flow in the fourth quarter of fiscal 2009 was $38.6 million, compared to $44.6 million in the fourth quarter of the prior fiscal year. For the full 2009 fiscal year, Open Text generated $176.2 million in operating cash flow compared to $166.0 million in fiscal 2008.
The cash and cash equivalents balance as of June 30, 2009 was $275.8 million. Accounts receivable as of June 30, 2009, totaled $115.8 million, compared to $134.4 million as of June 30, 2008, and Days Sales Outstanding (DSO) was 51 days in the fourth quarter of fiscal 2009, compared to 60 days in the fourth quarter of fiscal 2008.
“I am pleased that we achieved our bottom line target in this quarter and grew adjusted earnings by 24% for the year in this difficult economic environment,” said John Shackleton, President and Chief Executive Officer of Open Text. “Driven by demand for compliance based solutions I remain confident in our future prospects.”
On July 21, 2009 Open Text announced that it had completed the acquisition of all of the issued and outstanding shares of Vignette Corporation.
“With the acquisition of Vignette we solidify our ECM market leadership. We have gained a great customer base and enterprise-level technology that enhances our ECM suite,” said Mr. Shackleton. “We are pleased with how the acquisition is progressing and to date the integration is tracking to plan.”
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Open Text is the world’s largest independent supplier of ECM (Enterprise Content Management) solutions. Its solutions are intended for information management and meet all business and professional requirements and demands for adhering to regulations in the world’s largest companies, state institutes and other companies offering services. Open Text supports around 46,000 customers and millions of users in 114 countries and 12 languages. You can get more information about Open Text by visiting www.opentext.com.
IXTENT s.r.o. represents Enterprise Content Management technology in the Czech Republic, Slovakia, Poland, and Romania and is one of the largest suppliers of archival systems, DMS and WCM technologies on the markets of Central and Eastern Europe. It offers services for the management of electronic and “paper” documents, their content (Document Management System – DMS, Content Management System – CMS, Business Process Management – BPM, Web Content Management – WCM, Email Management, etc.), technology of intelligent optical text recognition and its digitisation (OCR/ICR), archiving of data and documents on the internet and business information systems, consultancy services connected with implementing these systems and implementation of complex instalments of these solutions. You can find more information about the company on www.ixtent.com.