Open Text Reports Decline In 4Q Profit

NEW YORK (AP) — Business software provider Open Text Corp. said Thursday its fiscal fourth-quarter profit fell 40 percent as higher costs and expenses offset a small gain in revenue, but adjusted results beat Wall Street expectations.

For the three months ended June 30, net income fell to $19.5 million, or 36 cents per share, compared with $27.3 million, or 51 cents per share, in the year-earlier period. However, excluding one-time items, the Waterloo, Ontario-based company earned 73 cents per share, up 18 percent year-over-year.

Revenue rose to $203.4 million from $200.3 million. ...