Open Text Announces Record Profit, Revenue
Open Text (Waterloo, Ontario, Nasdaq: OTEXF) announces Q2 '98 financial results. Record revenue of $9.8 million represent a 27% increase from Q2 '97. Excluding one-time charges, Open Text reports a net income of $152,000, compared with a Q1 '98 net loss of $1.5 million and a Q2 '97 net loss of $3.8 million. License revenues of $6.8 million were up 53% over Q2 '97 figures. Excluding the one-time charges, "we would be reporting the first quarterly profits since our IPO," commented CEO Tom Jenkins. During the quarter Open Text acquired OnTime software, a provider of group scheduling software, from FTP Software (North Andover, MA). Open Text also signed new contracts with John Hancock (Boston), Lockheed Martin (King of Prussia, PA), Nynex/Bell Atlantic (New York) and Steelcase (Grand Rapids, MI).