Open Text Corporation Posts Record Results
Company Continues to Execute On Profitable Growth Strategy
WATERLOO, Ontario, Canada--(BUSINESS WIRE)--Oct. 26, 1998--Open Text Corporation (NASDAQ:OTEXF - news), (TSE:OTC - news), the worldwide leader of intranet-based collaborative knowledge management application software, today announced record revenues for its first quarter ended September 30, 1998.(1)
Net income for the first quarter was US$2.3 million, which is $0.11 per share (diluted) compared to a net loss of $1.5 million, or a loss of $0.08 per share, for the year-earlier quarter.
For the eleventh consecutive quarter, Open Text reported the highest quarterly total revenues in the company's history. Total revenues for the quarter were US$17.3 million up 124 percent from $7.7 million for the year-earlier period. License revenues for the quarter ended September 30, 1998 were $9.5 million, up 115% compared to $4.4 million for the first quarter of fiscal 1998.
''We continue to execute on our profitable growth strategy resulting in another quarter of strong financial performance,'' said Tom Jenkins, Chief Executive Officer of Open Text Corporation. ''We have moved into a solid, profitable growth position, today reporting our fourth consecutive quarter of profits while maintaining strong growth momentum.''
''We continue to enjoy a leadership position in the enterprise knowledge management market, with customer adoption of Livelink at its all time high,'' added Jenkins. ''We are also proceeding well with the
acquisition of Information Dimensions Inc., which is now our Livelink BASIS division, and are pleased with the addition of this group to the overall performance of the company.''
New accounts contributing to Open Text's first-quarter revenues included Eastman Chemical, AT&T Canada, Textron, Diebold, and the Ford Foundation. Existing accounts contributing to revenues included
Molson Breweries, Caterpillar, Boeing, US Post Office, Philip Morris, the US Navy and many others. Open Text also signed its second major subscription service licensing agreement for Livelink, adding
General Electric Information Services this quarter. Similar to Hewlett Packard's agreement with Open Text that was announced last quarter, General Electric Information Services will host and sell Livelink to
their existing customer base.
''The addition of new enterprise accounts, expanded use of Livelink within current customer locations and maturation of the subscription service, further reinforces the value Livelink delivers in providing
enterprise-wide knowledge management solutions that help the world's largest corporations get their work done,'' added Jenkins.
Come on... this stock should be going somewhere it's already been...
How about $20??
chris |
