Open Text triples profit in Q3

WATERLOO – Open Text Corp. continues to turn in strong numbers despite the weak economy, tripling Q3 net profits to $22.0 million ($0.41 per OpenTex102X25.JPGshare) on a diluted basis, compared to $7.3 million ($0.14 per share) for the same period in the prior fiscal year. The enterprise software maker also lifted revenue by 7%, to $192 million from $178.8 million in the third quarter of 2008. Licence revenue remained relatively even, inching up $400,000 from $51.5 million. “Compliance based solutions continue to lead our sales initiatives, and we are experiencing renewed demand for the classic ECM solutions that improve business processes and efficiencies, to achieve rapid return-on-investment for our customers," says CEO John Shackleton. “In the current economic environment we are focused on the bottom line and remain committed to meeting our profitability targets while generating strong cash flow from operations.” Click here for the full financial report.

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