Attention Business/Financial Editors:
Open Text Reports Fourth Quarter and Fiscal Year-End 2008 Financial Results
WATERLOO, ON, Aug. 19 /CNW/ - 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, 2008. (1)
Total revenue for the fourth quarter was $200.3 million, up 14% compared
to $175.2 million for the same period in the prior fiscal year. License
revenue in the fourth quarter was $68.2 million, up 15% compared to
$59.2 million in the fourth quarter of the prior fiscal year.
Adjusted net income in the quarter was $33.3 million or $0.63 per share
on a diluted basis, up 25% compared to $26.7 million or $0.52 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
$27.3 million or $0.51 per share on a diluted basis, compared to $8.2 million
or $0.16 per share on a diluted basis for the same period in the prior fiscal
year. (2)
Total revenue for fiscal year 2008 was $725.5 million, up 22% compared to
$595.7 million for the previous fiscal year. License revenue for fiscal year
2008 was $219.1 million, up 20% compared to $182.5 million in the previous
fiscal year.
Adjusted net income for fiscal year 2008 was $107.0 million, or $2.03 per
share on a diluted basis, up 44% compared to adjusted net income for the
previous fiscal year of $74.3 million, or $1.46 per share on a diluted basis.
Net income for fiscal year 2008 in accordance with US GAAP was $53.0 million,
or $1.01 per share on a diluted basis, compared to the prior fiscal year's net
income of $21.7 million, or $0.43 per share on a diluted basis. (2)
Operating cash flow in the fourth quarter of fiscal 2008 was
$44.6 million, compared to $28.5 million in the fourth quarter of the prior
fiscal year. For the full 2008 fiscal year, Open Text generated $166.0 million
in operating cash flow compared to $110.9 million in fiscal 2007.
The cash, cash equivalents and short-term investments balance as of June
30, 2008 was $254.9 million. Accounts receivable as of June 30, 2008, totaled
$134.4 million, compared to $128.8 million as of June 30, 2007, and Days Sales
Outstanding (DSO) was 60 days in the fourth quarter of fiscal 2008, compared
to 66 days in the fourth quarter of fiscal 2007.
"I am very pleased with our performance in the quarter and for the full
fiscal year," said John Shackleton, President and Chief Executive Officer of
Open Text. "We have achieved our goal of strong license growth, record
profitability and exemplary cash flow accumulation. As we enter into fiscal
2009, we remain confident in our momentum and look forward to continued growth
in the coming year."
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 August 19, 2008 at 5:00 p.m. ET
to discuss the final financial results of its fourth quarter and fiscal
year-end 2008.
<<
Date: Tuesday, August 19, 2008
Time: 5:00 p.m. ET/2:00 p.m. PT
Length: 60 minutes
Where: 416-640-1907
>>
Please dial-in approximately 10 minutes before the teleconference is
scheduled to begin. A replay of the call will be available beginning
August 19, 2008 at 7:00 p.m. ET through 11:59 p.m. on September 2, 2008 and
can be accessed by dialing 416-640-1917 and using pass code 21276674 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/wa-event.html?id=6789650.
About Open Text
Open Text(TM) is the world's largest independent provider of Enterprise
Content Management software. The company's solutions manage information for
all types of business, compliance and industry requirements in large
companies, government agencies and professional service firms. Open Text
supports approximately 46,000 customers in 114 countries and 12 languages. For
more information about Open Text, visit www.opentext.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995
This press release contains forward-looking statements, including
statements about the financial conditions, and results of operations and
earnings for Open Text Corporation ("Open Text" or "the Company").
Forward-looking statements in this press release are not promises or
guarantees of future performance and are subject to risks and uncertainties
that could cause the Company's actual results to differ materially from those
anticipated. The Company cautions you not to place undue reliance upon any
such forward-looking statements, which speak only as of the date made. The
results included in this press release are unaudited and therefore are deemed
to be forward-looking statements. Factors that may cause actual results or
earnings to differ materially from such forward-looking statements include,
among others, the following: (i) the future performance, financial and
otherwise, of Open Text; (ii) the ability of Open Text to bring new products
to market and to increase sales; (iii) the strength of the Company's product
development pipeline; (iv) the Company's growth and profitability prospects;
(v) the estimated size and growth prospects of the ECM market; (vi) the
Company's competitive position in the ECM market and its ability to take
advantage of future opportunities in this market; (vii) the benefits of the
Company's products to be realized by customers; and (viii) the demand for the
Company's product and the extent of deployment of the Company's products in
the ECM marketplace. Forward-looking statements may also include, without
limitation, any statement relating to future events, conditions or
circumstances. The risks and uncertainties that may affect forward-looking
statements include, but are not limited to: (i) integration of acquisitions
and related restructuring efforts, including the quantum of restructuring
charges and the timing thereof; (ii) the possibility that the Company may be
unable to meet its future reporting requirements under the Securities Exchange
Act of 1934, as amended, and the rules promulgated thereunder; (iii) the risks
associated with bringing new products to market; (iv) fluctuations in currency
exchange rates; (v) delays in the purchasing decisions of the Company's
customers; (vi) the competition the Company faces in its industry and/or
marketplace; (vii) the possibility of technical, logistical or planning issues
in connection with the deployment of the Company's products or services;
(viii) the continuous commitment of the Company's customers; (ix) demand for
the Company's products; and (10) other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission (SEC), including
the Company's Annual Report on Form 10-K for the year ended June 30, 2007.
Forward-looking statements are based on management's beliefs and opinions at
the time the statements are made, and the Company does not undertake any
obligation to update forward-looking statements should circumstances or
management's beliefs or opinions change.
<<
Notes
(1) Based on comparison of historical revenue figures publicly
disseminated by companies in the Enterprise Content Management
("ECM") sector. All dollar amounts in this press release are in US
Dollars unless otherwise indicated.
(2) In addition to these GAAP and adjusted results the Company has
provided financial information that adds back maintenance revenue
eliminated due to the impact of purchase accounting entries on
deferred revenue and the impact of interest expense. Management
believes that the furnishing of these adjustments provides a
consistent basis for comparison between quarters and help to more
accurately reflect Open Text's underlying operating results.
Three months ended
June 30, 2008
Adjusted Income $ 33.3
Net Interest Expense 0.7
Income tax effect (0.2)
-------------------
Non-GAAP net income $ 33.8
-------------------
-------------------
Adjusted EPS Diluted $ 0.63
Non GAAP Adjustments (net of tax)
- Interest 0.01
-------------------
Non-GAAP EPS $ 0.64
-------------------
-------------------
Twelve months ended
June 30, 2008
GAAP Revenue $ 725.5
Maintenance revenue adjustment for purchase
accounting 1.6
-------------------
Non-GAAP revenue $ 727.1
-------------------
-------------------
Adjusted Income $ 107.0
Maintenance revenue adjustment for purchase
accounting 1.6
Net Interest Expense 22.9
Income tax effect (7.4)
-------------------
Non-GAAP net income $ 124.1
-------------------
-------------------
Adjusted EPS Diluted $ 2.03
Non GAAP Adjustments (net of tax)
- Maintenance 0.02
- Interest 0.30
-------------------
Non-GAAP EPS $ 2.35
-------------------
-------------------
(3) Use of US Non-GAAP financial measures
In addition to reporting financial results in accordance with US
GAAP, the Company provides certain non-US GAAP financial measures
that are not in accordance with US GAAP. These non-US GAAP financial
measures have certain limitations in that they do not have a
standardized meaning and thus the Company's definition may be
different from similar non-US GAAP financial measures used by other
companies and/or analysts and may differ from period to period. Thus
it may be more difficult to compare the Company's financial
performance to that of other companies. However, the Company's
management compensates for these limitations by providing the
relevant disclosure of the items excluded in the calculation of
adjusted net income and adjusted EPS both in its reconciliation to
the US GAAP financial measures of net income and EPS and its
consolidated financial statements, all of which should be considered
when evaluating the Company's results. The Company uses the financial
measures adjusted EPS and adjusted net income to supplement the
information provided in its consolidated financial statements, which
are presented in accordance with US GAAP. The presentation of
adjusted net income and adjusted EPS is not meant to be a substitute
for net income or net income per share presented in accordance with
US GAAP, but rather should be evaluated in conjunction with and as a
supplement to such US GAAP measures. Open Text strongly encourages
investors to review its financial information in its entirety and not
to rely on a single financial measure. The Company therefore believes
that despite these limitations, it is appropriate to supplement the
disclosure of the US GAAP measures with certain non-US GAAP measures
for the reasons set forth below. Adjusted net income and adjusted EPS
are calculated as net income or net income per share on a diluted
basis, excluding, where applicable, the amortization of acquired
intangible assets, other income (loss), share-based compensation, and
restructuring, all net of tax. The Company's management believes that
the presentation of adjusted net income and adjusted EPS provides
useful information to investors because it excludes non-operational
charges. The use of the term "non-operational charge" is defined by
the Company as those that do not impact operating decisions taken by
the Company's management and is based upon the way the Company's
management evaluates the performance of the Company's business for
use in the Company's internal reports. In the course of such
evaluation and for the purpose of making operating decisions, the
Company's management excludes certain items from its analysis, such
as amortization of acquired intangibles, restructuring costs, other
income/expense and the taxation impact of these items. These items
are excluded based upon the manner in which management evaluates the
business of the Company and are not excluded in the sense that they
may be used under US GAAP. The Company believes the provision of
supplemental non-US GAAP measures allows investors to evaluate the
operational and financial performance of the Company's core business
using the same evaluation measures that management uses, and is
therefore a useful indication of Open Text's performance or expected
performance of recurring operations and facilitates period-to-period
comparison of operating performance. As a result, the Company
considers it appropriate and reasonable to provide, in addition to US
GAAP measures, supplementary non-US GAAP financial measures that
exclude certain items from the presentation of its financial results
in this press release. The following charts provide reconciliation
(unaudited) of US GAAP based financial measures to non-US GAAP based
financial measures referred to in this press release:
Reconciliation (unaudited) of US GAAP based Net Income to Adjusted
--------------------------------------------------------------------
Net Income (in millions of US dollars) for the quarters ended
--------------------------------------------------------------------
June 30, 2008 and 2007:
-----------------------
Three months ended Three months ended
June 30, 2008 June 30, 2007
GAAP based "Net Income" $ 27.3 $ 8.2
Special Charges/(recovery) (0.3) 7.7
Amortization of intangibles 18.4 18.0
Other (Income)/Expense (11.3) (1.1)
Share-based compensation 1.0 1.5
Tax Impact on Above (1.8) (7.6)
Non-GAAP based "Adjusted Net Income" $ 33.3 $ 26.7
Reconciliation (unaudited) of US GAAP based EPS to non-US GAAP based
--------------------------------------------------------------------
EPS (calculated on a diluted basis) for the quarters ended
--------------------------------------------------------------------
June 30, 2008 and 2007:
-----------------------
Three months ended Three months ended
June 30, 2008 June 30, 2007
GAAP based "Net Income" $ 0.51 $ 0.16
Special Charges/(recovery) (0.01) 0.15
Amortization of intangibles 0.35 0.35
Other (Income)/Expense (0.21) (0.02)
Share-based compensation 0.02 0.03
Tax Impact on Above (0.03) (0.15)
Non-GAAP based "Adjusted Net Income" $ 0.63 $ 0.52
Reconciliation (unaudited) of US GAAP based Net Income to Adjusted
--------------------------------------------------------------------
Net Income (in millions of US dollars) for the fiscal years ended
--------------------------------------------------------------------
June 30, 2008 and 2007:
-----------------------
Twelve Twelve
months ended months ended
June 30, 2008 June 30, 2007
GAAP based "Net Income" $ 53.0 $ 21.7
Special Charges/(recovery) (0.4) 12.9
Amortization of intangibles 72.3 60.8
Other (Income)/Expense 1.0 (1.8)
Share-based compensation 3.8 5.4
Tax Impact on Above (22.7) (24.7)
Non-GAAP based "Adjusted Net Income" $ 107.0 $ 74.3
Reconciliation (unaudited) of US GAAP based EPS to non-US GAAP based
--------------------------------------------------------------------
EPS (calculated on a diluted basis) for the fiscal years ended
--------------------------------------------------------------------
June 30, 2008 and 2007:
-----------------------
Twelve Twelve
months ended months ended
June 30, 2008 June 30, 2007
GAAP based "Net Income" $ 1.01 $ 0.43
Special Charges/(recovery) (0.01) 0.25
Amortization of intangibles 1.37 1.19
Other (Income)/Expense 0.02 (0.03)
Share-based compensation 0.07 0.11
Tax Impact on Above (0.43) (0.49)
Non-GAAP based "Adjusted Net Income" $ 2.03 $ 1.46
OPEN TEXT CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. Dollars, except share data)
June 30,
-------------------------
2008 2007
------------ ------------
(unaudited) (audited)
ASSETS
Current assets:
Cash and cash equivalents.................... $ 254,916 $ 149,979
Accounts receivable trade, net of allowance
for doubtful accounts of $3,974 as of
June 30, 2008 and $2,089 as of June 30,
2007........................................ 134,396 128,781
Income taxes recoverable..................... 48,310 31,060
Prepaid expenses and other current assets.... 10,544 10,368
Deferred tax assets.......................... 13,455 30,248
------------ ------------
Total current assets....................... 461,621 350,436
Capital assets................................. 43,582 43,614
Goodwill....................................... 564,648 528,312
Acquired intangible assets..................... 281,824 343,324
Deferred tax assets............................ 59,881 42,078
Other assets................................... 10,491 9,524
Long-term income taxes recoverable............. 30,348 9,557
------------ ------------
$ 1,452,395 $ 1,326,845
------------ ------------
------------ ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities..... $ 99,035 $ 100,211
Current portion of long-term debt............ 3,486 4,048
Deferred revenues............................ 176,967 143,097
Income taxes payable......................... 43,202 33,705
Deferred tax liabilities..................... 4,876 1,601
------------ ------------
Total current liabilities.................. 327,566 282,662
Long-term liabilities:
Accrued liabilities.......................... 20,513 22,516
Long-term debt............................... 304,301 366,765
Deferred revenues............................ 2,573 3,840
Long-term income taxes payable............... 42,697 -
Deferred tax liabilities..................... 109,912 120,019
------------ ------------
Total long-term liabilities................ 479,996 513,140
Minority interest.............................. 8,672 6,975
Shareholders' equity:
Share capital
51,151,666 and 50,180,118 Common Shares
issued and outstanding at June 30, 2008
and June 30, 2007, respectively;
Authorized Common Shares: unlimited....... 438,471 426,188
Additional paid-in capital................... 39,330 35,311
Accumulated other comprehensive income....... 110,819 68,034
Retained earnings (deficit).................. 47,541 (5,465)
------------ ------------
Total shareholders' equity..................... 636,161 524,068
------------ ------------
$ 1,452,395 $ 1,326,845
------------ ------------
------------ ------------
OPEN TEXT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands of U.S. Dollars, except share and per share data)
Year ended June 30,
-------------------------------------
2008 2007 2006
----------- ------------ ------------
(unaudited) (audited) (audited)
Revenues:
License.......................... $ 219,103 $ 182,507 $ 122,520
Customer support................. 363,580 287,570 183,878
Service.......................... 142,849 125,587 103,164
----------- ------------ ------------
Total revenues................. 725,532 595,664 409,562
----------- ------------ ------------
Cost of revenues:
License.......................... 15,415 13,652 11,196
Customer support................. 58,764 46,433 28,908
Service.......................... 117,037 105,955 83,469
Amortization of acquired
technology intangible assets.... 41,515 36,206 18,900
----------- ------------ ------------
Total cost of revenues......... 232,731 202,246 142,473
----------- ------------ ------------
492,801 393,418 267,089
----------- ------------ ------------
Operating expenses:
Research and development......... 105,894 79,102 58,469
Sales and marketing.............. 174,185 150,958 104,225
General and administrative....... 69,985 61,092 44,960
Depreciation..................... 12,017 13,846 11,103
Amortization of acquired
intangible assets............... 30,759 24,586 9,199
Special charges (recoveries)..... (418) 12,908 26,182
----------- ------------ ------------
Total operating expenses....... 392,422 342,492 254,138
----------- ------------ ------------
Income from operations............. 100,379 50,926 12,951
----------- ------------ ------------
Other income (expense), net........ (1,023) 1,742 (4,788)
Interest income (expense), net..... (22,859) (20,282) 1,487
----------- ------------ ------------
Income before income taxes......... 76,497 32,386 9,650
Provision for income taxes......... 22,993 10,334 4,093
----------- ------------ ------------
Net income before minority
interest.......................... 53,504 22,052 5,557
Minority interest.................. 498 392 579
----------- ------------ ------------
Net income for the year............ $ 53,006 $ 21,660 $ 4,978
----------- ------------ ------------
----------- ------------ ------------
Net income per share - basic....... $ 1.04 $ 0.44 $ 0.10
----------- ------------ ------------
----------- ------------ ------------
Net income per share - diluted..... $ 1.01 $ 0.43 $ 0.10
----------- ------------ ------------
----------- ------------ ------------
Weighted average number of Common
Shares outstanding - basic........ 50,779,530 49,392,845 48,666,139
----------- ------------ ------------
----------- ------------ ------------
Weighted average number of Common
Shares outstanding - diluted...... 52,604,115 50,907,897 49,949,593
----------- ------------ ------------
----------- ------------ ------------
OPEN TEXT CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(In thousands of U.S. dollars, except per share data)
(Unaudited)
Three months ended June 30,
-------------------------
2008 2007
------------ ------------
Revenues:
License...................................... $ 68,151 $ 59,225
Customer support............................. 95,056 82,218
Service...................................... 37,062 33,753
------------ ------------
Total revenues............................. 200,269 175,196
Cost of revenues:
License...................................... 4,119 4,015
Customer support............................. 17,683 14,356
Service...................................... 30,485 28,505
Amortization of acquired technology-based
intangible assets........................... 10,615 10,531
------------ ------------
Total cost of revenues..................... 62,902 57,407
------------ ------------
137,367 117,789
------------ ------------
Operating expenses:
Research and development..................... 28,527 21,113
Sales and marketing.......................... 51,966 43,193
General and administrative................... 17,752 18,452
Depreciation................................. 2,372 3,321
Amortization of acquired customer-based
intangible assets........................... 7,753 7,439
Special charges (recoveries)................. (296) 7,655
------------ ------------
Total operating expenses................... 108,074 101,173
------------ ------------
Income from operations......................... 29,293 16,616
Other income (expense), net.................... 11,318 1,138
Interest income (expense), net................. (736) (5,612)
------------ ------------
Income before income taxes..................... 39,875 12,142
Provision for (recoveries from) income taxes... 12,545 3,913
------------ ------------
Net income before minority interest............ 27,330 8,229
Minority interest.............................. 76 -
------------ ------------
Net income for the period...................... $ 27,254 $ 8,229
------------ ------------
------------ ------------
Net income per share - basic................... $ 0.53 $ 0.16
------------ ------------
------------ ------------
Net income per share - diluted................. $ 0.51 $ 0.16
------------ ------------
------------ ------------
Weighted average number of Common Shares
outstanding - basic........................... 51,124 49,964
------------ ------------
------------ ------------
Weighted average number of Common Shares
outstanding - diluted......................... 53,068 51,571
------------ ------------
------------ ------------
OPEN TEXT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. Dollars)
Year ended June 30,
----------------------------------
2008 2007 2006
---------- ---------- ----------
(unaudited) (audited) (audited)
Cash flows from operating activities:
Net income for the year............. $ 53,006 $ 21,660 $ 4,978
Adjustments to reconcile net income
to net cash provided by operating
activities:
Depreciation and amortization..... 84,291 74,638 39,202
In-process research and
development...................... 500 - -
Share-based compensation expense.. 3,789 5,376 5,196
Employee long-term incentive
plan............................. 2,154 - -
Excess tax benefits from
share-based compensation......... (1,079) (1,285) (865)
Undistributed earnings related to
minority interest................ 498 392 579
Amortization of debt issuance
costs............................ 1,220 805 -
Unrealized (gain) loss on financial
instruments...................... 3,178 (380) -
Deferred taxes.................... (27,136) (19,097) (4,314)
Impairment of capital assets...... - - 3,819
Impairment of intangible assets... - 697 1,046
Changes in operating assets and
liabilities:
Accounts receivable (5,626) 11,089 9,406
Prepaid expenses and other current
assets........................... (168) 1,425 (65)
Income taxes...................... 15,410 (8,313) (2,953)
Accounts payable and accrued
liabilities...................... 914 6,195 (3,204)
Deferred revenue.................. 33,751 13,746 5,228
Other assets...................... 1,274 3,916 2,745
---------- ---------- ----------
Net cash provided by operating
activities........................... 165,976 110,864 60,798
Cash flows from investing activities:
Acquisition of capital assets....... (6,895) (5,260) (19,278)
Additional purchase consideration
for prior period acquisitions...... (1,065) (2,283) (8,410)
Purchase of Hummingbird, net of
cash acquired...................... - (384,761) -
Purchase of Momentum, net of cash
acquired........................... - (4,076) -
Purchase of an asset group
constituting a business............ (2,209) - -
Investments in marketable
securities......................... - (829) (20,241)
Acquisition related costs........... (18,248) (39,061) (6,798)
---------- ---------- ----------
Net cash used in investment activities (28,417) (436,270) (54,727)
Cash flow from financing activities:
Excess tax benefits on share-based
compensation expense............... 1,079 1,285 865
Proceeds from issuance of Common
Shares............................. 12,272 11,734 4,569
Proceeds from long-term debt........ - 390,000 12,928
Repayment of long-term debt......... (63,616) (33,247) (160)
Debt issuance costs................. (349) (7,433) -
---------- ---------- ----------
Net cash provided by (used in)
financing activities................. (50,614) 362,339 18,202
Foreign exchange gain on cash held in
foreign currencies................... 17,992 5,692 3,183
Increase (decrease) in cash and cash
equivalents during the year.......... 104,937 42,625 27,456
Cash and cash equivalents at beginning
of the year.......................... 149,979 107,354 79,898
---------- ---------- ----------
Cash and cash equivalents at end of
the year............................. $ 254,916 $ 149,979 $ 107,354
---------- ---------- ----------
---------- ---------- ----------
OPEN TEXT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. Dollars)
For the three months
ended June 30,
------------ ------------
2008 2007
------------ ------------
Cash flows from operating activities:
Net income for the period.................... $ 27,254 $ 8,229
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization.............. 20,740 21,291
Share-based compensation expense........... 994 1,515
Employee long-term incentive plan.......... 664 -
Excess tax benefits from share based
compensation.............................. (212) (163)
Undistributed earnings related to minority
interest.................................. 76 -
Amortization of debt issuance costs........ 216 274
Unrealized (gain) loss on financial
instruments............................... (2,401) (956)
Deferred taxes............................. (22,517) 4,097
Impairment of intangible assets............ - 697
Changes in operating assets and liabilities:
Accounts receivable........................ 1,392 (15,958)
Prepaid expenses and other current assets.. 1,840 743
Income taxes............................... 9,518 (6,054)
Accounts payable and accrued liabilities... 8,763 15,885
Deferred revenue........................... (2,304) (1,143)
Other assets............................... 588 -
------------ ------------
Net cash provided by operating activities...... 44,611 28,457
Cash flows from investing activities:
Acquisition of capital assets................ (1,481) (640)
Additional purchase consideration for prior
period acquisitions......................... (614) (341)
Acquisition related costs.................... (3,341) (10,812)
------------ ------------
Net cash used in investment activities......... (5,436) (11,793)
Cash flow from financing activities:
Excess tax benefits on share-based
compensation expense........................ 212 163
Proceeds from issuance of Common Shares...... 857 2,905
Repayment of long-term debt.................. (870) (31,003)
------------ ------------
Net cash provided by (used in) financing
activities.................................... 199 (27,935)
Foreign exchange gain (loss) on cash held in
foreign currencies............................ (220) 1,567
Increase (decrease) in cash and cash equivalents
during the period............................. 39,154 (9,704)
Cash and cash equivalents at beginning of the
period........................................ 215,762 159,683
------------ ------------
Cash and cash equivalents at end of the period. $ 254,916 $ 149,979
------------ ------------
------------ ------------
>>
For further information: Paul McFeeters, Chief Financial Officer, Open
Text Corporation, (905) 762-6121, pmcfeeters@opentext.com; Greg Secord,
Vice-President, Investor Relations, Open Text Corporation, (519) 888-7111
ext.2408, gsecord@opentext.com
