Open Text in the black
Open Text (Nasdaq: OTEXF) reports Q3 '98 revenue of $11.8 million, up 21% from Q2 '98 and up 93% from Q3 '97. A net income of $1.02 million compares with a Q3 '97 net loss of $3.5 million. License revenue was up 102% from the same quarter last year; service revenue is up 78%. "We are extremely pleased with the growth we are experiencing in all areas of the business," commented Open Text president Brett Newbold. During the quarter Open Text signed a deal with Ford Motor Company for a 135,000 user deployment of its Livelink Intranet product "one of the largest, if not the largest, document and/or knowledge management implementations of which we are aware," according to Meta Group guru David Yockelson. Open Text also unveiled its Pinstripe Internet search site. Other wins in the quarter include Sitel Worldwide and Unisys.