43%By Dave Porter - Senior Staff Reporter
Laptop Battery With better than expected earnings for the period, software maker Open Text (NASDAQ: OTEX) planned on closing its acquisition of IXOS which is expected to double its revenue.
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Laptop Computers January 22, 2004 (AXcess News) Waterloo Ontario - Open Text Corporation (Nasdaq: OTEX), collaboration and knowledge management software company, announced a 43% improvement in 2nd quarter revenue, marking the 20th consecutive profitable quarter for the Company.Total revenue for the second quarter was $61.7 million, up 43% from the same period last year. During the quarter license revenue of $27.9 million grew by 61%. Revenue results were broadly based, with 58% derived from North America, 39% from Europe and 3% from the Middle East and Asia, consistent with previous quarters.For the second quarter, Open Text reported adjusted net income of $8.5 million, or adjusted earnings per share (EPS) of $0.20. This compares to adjusted net income of $6.5 million, or $0.16 adjusted EPS in the second quarter a year ago.
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Laptop Computer On Jan. 8, Open Text released preliminary results that showed second quarter adjusted net earnings a share between 18 cents and 21 cents, and revenues of between $60 million and $62 million.
(2) month results include the positive impact of an $11.7 million pretax curtailment gain in the second quarter from one of the Company's benefit plans.
Desktop Computer Open Text reported net income for the second quarter of $7.7 million, or $0.18 EPS, compared to net income of $6.2 million, or $0.15 EPS in the second quarter a year ago.
Notebooks The preliminary results were stronger than expected, and since then its share price has climbed 12 percent. Open Text closed up Thursday seven cents to end the session at $24.84 on volume of 290,860 shares. The 90-day average volume was reported to be 549,727 shares. Its 52-week hi/lo was $12.28 to $25.97.
Lenovo "We are delighted to have achieved record revenue results in the quarter, driven by strong license revenue growth," said Tom Jenkins, CEO of Open Text."Open Text credited the strong results to increased demand for its corporate data tracking products.In a conference call after the close Thursday Open Text said it would hold off giving forecasts until February, after closing its large acquisition of German software company Ixos Software AG (XETRA: IXSG.DE)."We're pretty confident that acquisition of Ixos should be a pretty smooth integration because the two companies are very complimentary in product and geography," said Jenkins.
Hard Drive Open Text bought Ixos last October for $230 million in a deal that is expected to double revenue. No additional acquisitions are planned following the purchase. Open Text management said they would concentrate on integrating the business and expanding their sales.AXcess News will be reporting on any new market trends related to this story. Members should watch their in-box for late breaking news. If you're not a member, consider joining now. Members get the latest business news, commentaries and stock picks delivered right to their in-box.
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