Wednesday, Open Text Corp. (OTEX, OTC.TO), a provider of enterprise content management, reported a rise in profit in the third quarter from the year-ago quarter, helped by a revenue growth of 7%.
The company's net income for the third quarter rose to US$22.0 million or US$0.41 per share from US$7.3 million or US$0.14 per share in the year-ago quarter.
Adjusted net income for the third quarter was US$31.4 million or US$0.59 per share, up from US$25.4 million or US$0.48 per share for the same period in the prior fiscal year.
On average, analysts polled by Thomson Reuters expected the company to earn US$0.58 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased 7% to US$192.0 million from US$178.8 million in the prior-year quarter. Analysts expected revenues of US$206.92 million for the quarter.
Segment wise, license business revenue increased to US$52 million from US$51.5 million, while customer support revenue grew to US$102 million from US$91.6 million last year. Service and other revenue was US$38.2 million, up from US$35.6 million in the similar quarter last year.
For the nine-month period, the company's net income was US$37.45 million or US$0.71 per share, an increase from US$25.75 million or US$0.49 million in the previous year period.
Total revenues for the period was US$582.3 million, up from US$525.3 million in the last year comparable period.
OTC.TO closed Tuesday's trading at C$36.29, down C$1.94 or 5.07%, on the Toronto Stock Exchange.
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