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Open Text reports fourth-quarter profit doubles from year ago, revenue up

WATERLOO, Ont. - Open Text Corp. (TSX:OTC) reported Wednesday that its fourth-quarter profit doubled compared with a year ago, as revenue improved by more than 40 per cent.

The corporate software company, which keeps its books in U.S. dollars, said it earned US$88.1 million, or 72 cents per diluted share, up from $42.2 million, or 36 cents per diluted share, a year ago.

Revenue improved to $494 million, up from $347.3 million.

Open Text noted that licence revenue was up 27 per cent compared with a year ago, while its cloud services revenue was up 255 per cent. Customer support revenue was up 12 per cent.

For its full year, Open Text reported a profit of $218.1 million or $1.81 per diluted share on $1.62 billion in revenue. That compared with a profit of $148.5 million, or $1.26 per diluted share, on $1.36 billion in revenue the previous year.

The company also announced the appointment of John Doolittle as chief financial officer, effective Sept. 8.

Doolittle will replace Paul McFeeters who is retiring.

The Canadian Press

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