Open Text(TM) Corporation, a provider of Enterprise Content Management (ECM) software, announced unaudited financial results for its second quarter ended December 31, 2009. (1)
Total revenue for the second quarter of fiscal 2010 was $247.8 million, up 19% compared to $207.7million for the same period in the prior fiscal year. License revenue in the second quarter was $72.7 million, up 12% compared to $64.9 million in the second quarter of the prior fiscal year.
Adjusted net income in the quarter was $50.1 million or $0.87 per share on a diluted basis, up 47% compared to $34.0 million or $0.64 per share on a diluted basis for the same period in the prior fiscal year. Net income in accordance with U.S. generally accepted accounting principles (“US GAAP”) was $21.2 million or $0.37 per share on a diluted basis, compared to $0.8 million or $0.01 per share on a diluted basis for the same period in the prior fiscal year. (2)
The cash and cash equivalents balance as of December 31, 2009 was $247.6 million, compared to $275.8 million as of June 30, 2009. During the six months that ended December 31, 2009, the net cash paid for the Vignette acquisition was $90.6 million. Accounts receivable as of December 31, 2009, totalled $143.4 million, compared to $115.8 million as of June 30, 2009, and Days Sales Outstanding (DSO) was 52 days in the second quarter of fiscal 2010, compared to 53 days in the second quarter of fiscal 2009.
We had a very good quarter across the board – in all geographies and verticals, says John Shackleton, president and chief executive officer of Open Text. Our strong license revenue growth has brought us to where we expected to be on a year to date basis.
We are also pleased with our profitability this quarter, generating a pre-tax adjusted operating margin of 28.8%, says Shackleton. The integration of Vignette is progressing well and we are very encouraged by the synergies we see from the combined businesses.
D.C.