Open Text Reaffirms 2005 Targets

Open Text (OTEX Quote) surged 9% after the software company posted a solid first quarter and reaffirmed 2005 guidance.

For its quaarter ended Sept. 30, the Waterloo, Ontario, maker of content management software lost $956,000, or 2 cents a share. That reverses the year-ago profit of $3.4 million, or 8 cents a share.

On a so-called adjusted basis, excluding certain costs, latest-quarter earnings were 7 cents a share, down from 12 cents a year earlier but a penny ahead of the Wall Street analyst consensus estimate. Sales rose 94% from a year ago to $85.6 million, driven by a 41% gain in licensing revenue. ...