Business Technology
Open Text's Profit Soars on Higher Sales
04/29/08 - 04:39 PM EDT
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SAN FRANCISCO - Open Text's(OTEX - Cramer's Take - Stockpickr) bottom line benefited from a healthy increase in the sales of its business software in the third quarter. The Waterloo, Ont. software company reported Tuesday a top line of $178.8 million, up 15% from $156 million in the same quarter of last year. Analysts were looking for revenue of $175 million, according to Thomson Financial. Net income jumped 87% to $7.3 million, or 14 cents a share, from $3.9 million, or 8 cents a share, in the year-ago period. Excluding items, EPS was 48 cents, a penny greater than analysts' expectations. The stock was down 25 cents, or 0.7%, to $33.73 in after-hours trading. Deferred revenue at the developer of enterprise content management (ECM) software rose 24%, to $181.9 million. Competing public-company providers of ECM software include Oracle(ORCL - Cramer's Take - Stockpickr), EMC(EMC - Cramer's Take - Stockpickr), IBM(IBM - Cramer's Take - Stockpickr) and Microsoft(MSFT - Cramer's Take - Stockpickr). Open Text has strategic alliances with Oracle, Microsoft and SAP(SAP - Cramer's Take - Stockpickr).
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