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OpenText Reports Second Quarter Fiscal 2011 Financial Results

WATERLOO, ON Feb. 2 December 31, 2010

$267.5 million $247.8 million $79.2 million $72.7 million

$70.5 million $1.21 $50.1 million $0.87 $37.1 million $0.64 $21.2 million $0.37

$40.0 million $32.5 million

December 31, 2010 $340.8 million December 31, 2010 $135.3 million $132.1 million June 30, 2010

John Shackleton

Please see note (2) below for a reconciliation of non-US GAAP based financial measures used in this press release, to US GAAP based financial measures.

Teleconference Call
February 2, 2011 5:00 p.m. ET

              Date: Wednesday, February 2, 2011
              Time: 5:00 p.m. ET/2:00 p.m. PT
              Length:  60 minutes
              Where:
 

February  2, 2011 7:00 p.m. ET 11:59 p.m. February 16, 2011

For more information or to listen to the call via web cast, please use the following link:

http://www.opentext.com/2/global/ex_event.html?evtype=events&id=701D0000000Uk2VIAS

About OpenText
www.opentext.com

Certain statements in this press release, including statements about the financial conditions, and results of operations and earnings for Open Text Corporation ("OpenText" or "the Company"),  may contain words such as "could", "expects", "may", "should", "will", "anticipates", "believes", "intends", "estimates", "targets", "plans", "envisions", "seeks" and other similar language and are considered forward-looking statements or information under applicable securities laws. These statements are based on the Company’s current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the Company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. The Company’s assumptions, although considered reasonable by the Company at the date of this press release, may provide to be inaccurate and consequently the Company’s actual results could differ materially from the expectations set out herein.

Actual results or events could differ materially from those contemplated in forward-looking statements as a result of the following: (i) the future performance, financial and otherwise, of OpenText; (ii) the ability of OpenText to bring new products to market and to increase sales; (iii) the strength of the Company’s product development pipeline; (iv) the Company’s growth and profitability prospects; (v) the estimated size and growth prospects of the ECM market; (vi) the Company’s competitive position in the ECM market and its ability to take advantage of future opportunities in this market; (vii) the benefits of the Company’s products to be realized by customers; and (viii) the demand for the Company’s product and the extent of deployment of the company’s products in the ECM marketplace. Forward-looking statements may also include, without limitation, any statement relating to future events, conditions or circumstances. The risks and uncertainties that may affect forward-looking statements include, but are not limited to: (i) integration of acquisitions and related restructuring efforts, including the quantum of restructuring charges and the timing thereof; (ii) the possibility that the Company may be unable to meet its future reporting requirements under the Securities Exchange Act of 1934, as amended, and the rules promulgated there under; (iii) the risks associated with bringing new products to market; (iv) fluctuations in currency exchange rates; (v) delays in the purchasing decisions of the Company’s customers; (vi) the competition the Company faces in its industry and/or marketplace; (vii) the possibility of technical, logistical or planning issues in connection with the deployment of the Company’s products or services; (viii) the continuous commitment of the Company’s customers; and (ix) demand for the Company’s products.

For additional information with respect to risks and other factors which could occur, see the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other securities filings with the SEC and other securities regulators. Unless otherwise required by applicable securities laws, the Company disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

the United States of America Canada

Notes

The following charts provide (unaudited) reconciliations of US GAAP based financial measures to non-US GAAP based financial measures referred to in this press release:

Non GAAP-based Adjusted Operating Margin and Adjusted Net income*:

In ‘000s of USD Three months
ended December
31, 2 010
Perce ntage Six months
ende d
December 31,
2010
Percent age Open Text
Fiscal 20 11
Target Model
Revenue:          
License……………………………………………..   $             79,204 29.6% $           121,850 25.1% 25-30%
136,702 51.1% 266,459 55.0% 52-57%
51,582 19.3% 96,584 19.9% 18-23%
Total Revenue………………………………….. 267,488   484,893    
           
Cost of revenues (excluding amortization
of acquired technology-based intangible
assets)……………………………………………..
68,163   126,134    
Gross profit (excluding amortization
of acquired technology-based intangible
assets)……………………………………………..
199, 325 74.5% 3 58, 759 74.0% 73-75 %
Operating expenses:          
Research & Development……………………….. 34,268 12.8% 65,231 13.5% 14-16%
Sales & Marketing………………………………… 58,603 21.9% 102,783 21.2% 21-23%
General & Administrative………………………… 19,478 7.3% 39,288 8.1% 8-10%
Depreciation………………………………………. 5,258 2.0% 10,133 2.1% 2%
  117,607   217,435    
Gross margin less operating expenses… 81,718   141,324    
Add: 2,737   5,337    
Non GAAP-based Adjusted Opera ting
Margin…………… ………………………..
84,455 31.6% 146,661 30.2% 25-30%
Less: 2,473   6,608    
Sub-total……………………………………… 81,982   140,053    
Less: tax @ 14% 11,477   19,607    
Non GAAP-based Adjusted Net Income $               70,505   $          1 2 0,446    
           
Non GAAP-based Adjusted Net Income
per share…………………………………….
$              1.21   $             2.08    

Reconciliation of  Non GAAP-based Adjusted Operating Margin  to GAAP-based Net Income:

     
In ‘000s of USD Three months ended
December 31, 2010
Six months ended
December 31, 201
Non GAAP-based Adjusted Operating
Margin…………………………………..
$                      84,455   $                    146,661  
Less:        
Amortization…………………………… 25,676   49,904  
Share-based compensation expense… 2,737   5,337  
Special charges……………………….. 3,461   6,656  
Other expense, net…………………….. 6,003   3,523  
Interest expense, net……………………. 2,473   6,608  
GAAP-based provision for  income taxes 6,995   15,852  
GAAP-based net income for the period… $                       37,110   $                      58,781  
         
 
Reconciliation of  Non GAAP based Adjusted  Net income to GAAP-based Net Income:
In ‘000s of USD             Pe r share             Pe r share
Non GAAP-based Adjusted Net Income $                     70,505 $   1.21 $                   120,446 $     2.08
Less:        
Amortization……………………………… 25,676 0.44 49,904 0.86
Share-based compensation expense… 2,737  0.05 5,337 0.09
Special charges…………………………. 3,461 0.06 6,656 0.11
Other expense, net………..……………. 6,003 0.10 3,523 0.06
GAAP-based provision for income taxes 6,995 0.12 15,852 0.28
                                      (11,477) (0 .20) (19,607) (0.33)
GAAP-based net income for the period $                      37,110 $    0.64 $                     58,781 $    1.0 1
         

*

December 31, 2009

Non GAAP-based Adjusted Operating Margin and Adjusted Net income*:

In ‘000s of USD Three months
ended
Decem ber 31,
2009
Percent age Six m onths
ended
December 31,
2009
Perce ntage Open Text
Fiscal 2010
Target Model
Revenue:          
License…………………………………………… $              72,691 29.3% $           120,020 26.1% 25-30%
Customer Support………………………………… 130,283 52.6% 253,932 55.3% 50-55%
Service and Other………………………………… 44,816 18.1% 85,260 18.6% 20-25%
Total Revenue…………………………………… 247,790   459,212    
           
Cost of revenues (excluding amortization of
acquired technology-based intangible assets).
62,554   119,932    
Gross profit (excluding amortization of
acquired technology-based intangible assets).
185,236 74.8% 339,280 73.9% 72-75%
Operating expenses:          
Research & Development………………………… 34,347 13.9% 65,889 14.3% 14-16%
Sales & Marketing……………………………….. 53,891 21.7% 104,581 22.8% 24-26%
General & Administrative……………………….. 22,377 9.0% 43,602 9.5% 9-10%
Depreciation……………………………………… 4,398 1.8% 8,545 1.9% 2%
  115,013   222,617    
Gross margin less operating expenses……… 70,223   116,663    
Add: 1,160   2,669    
Non GAAP-based Adjusted Operating Margin 71,383 28.8% 119,332 26.0% 22-27%
Less: 2,716   5,762    
Sub-total…………………………………………. 68,667   113,570    
Less: tax @ 27% 18,540   30,664    
Non GAAP-based Adjusted Net Income $              50,127   $           82,906    
           
Non GAAP-based Adjusted Net Income per
share………………………………………………
$             0.87   $           1.46  

Reconciliation of  Non GAAP-based Adjusted Operating Margin  to GAAP-based Net Income:

In ‘000s of USD Three month s ended
Decem ber 31, 2009
S ix months e nde d
December 31, 2009
Non GAAP-based Adjusted Operating Margin… ……………………………….. $                       71,383   $                   119,332  
Less:        
Amortization…………………………… 23,887   46,946  
Share-based compensation expense…… 1,160   2,669  
Special charges……………………….. 10,423   29,012  
Other expense (income), net………….. 1,671   (1,769)  
Interest expense, net……………………. 2,716   5,762  
GAAP-based provision for  income taxes 10,325   13,781  
GAAP-based net income for the period… $                       21,201   $                       22,931  
         
Reconciliation of  Non GAAP based Adjusted  Net income to GAAP-based Net Income:
In ‘000s of USD   Per s hare   Per share
Non GAAP-based Adjusted Net Income…………………………….. $                     50,127                 $     0.87 $                      82,906    1.46
Less:        
Amortization…………………………… 23,887 .41 46,946 0.83
Share-based compensation expense……. 1,160 .02 2,669 0.05
Special charges…………………………. 10,423 0.18 29,012 0.51
Other expense (income), net…………. 1,671 0.03 (1,769) (0.03)
GAAP-based provision for income taxes 10,325 0.18 13,781 0.24
Tax on non GAAP-based adjusted net income (per above), @27%………………. (18,540) ( 0.32) (30,664) (0.54)
GAAP-based net income for the period $                      21,201 $    0.37 $                       22,931 $    0.40
         

*Amounts may differ from those shown on the face of the financial statements due to non-material rounding adjustments.

$1.0 million $3.2 million December 31, 2009

(3) The following table provides a composition of our major currencies for revenue and expenses, expressed as a percentage, for the second quarter of fiscal 2011:  

     
  Three months ended Decemb e r 31, 2010
Currencies % of  Revenue % of  Exp enses*
EURO…………………………………………………….     25% 21%
GBP………………………………………………………                    9% 8%
CHF………………………………………………………  6% 3%
CAD………………………………………………………  8% 28%
USD………………………………………………………  43% 29%
Others……………………………………………………  9% 11%
Total        100%                100%
     
     
   
  Six months ended December 31, 2010
Currencies of Revenue % of E xpenses*
EURO…………………………………………………….     25% 20%
GBP………………………………………………………                     9% 8%
CHF………………………………………………………  5% 3%
CAD………………………………………………………  8% 29%
USD………………………………………………………  45% 30%
Others…………………………………………………..  8% 10%
Total……………………………………………………..        100%                100%
     

* Expenses include all cost of revenues and operating expenses included within the Condensed Consolidated Statements of Income, except for amortization of intangible assets, share-based compensation and special charges.

OPEN TEXT CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)

  December 31,
2 01
June 30, 2 010
  (Unaudited)  
ASSETS    
Cash and cash equivalents ………………………………………………………………………………………. $ 340,783  $ 326,192
      135,310        132,143 
 Income taxes recoverable ………………………………………………………………………………………….       23,705        44,509 
 Prepaid expenses and other current assets …………………………………………………………………       30,533        21,086 
 Deferred tax assets ………………………………………………………………………………………………….       14,448        20,242 
       Total current assets …………………………………………………………………………………………….       544,779        544,172 
 Capital assets …………………………………………………………………………………………………………       65,652        54,286 
 Goodwill ………………………………………………………………………………………………………………..       705,208        666,055 
 Acquired intangible assets ……………………………………………………………………………………….       321,313        328,193 
 Deferred tax assets …………………………………………………………………………………………………       27,631        30,420 
 Other assets …………………………………………………………………………………………………………..       19,734        16,896 
 Deferred charges …………………………………………………………………………………………………….       57,948        27,558 
 Long-term income taxes recoverable ………………………………………………………………………….       43,386        48,102 

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