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Press release from CNW Group

Open Text Reports First Quarter Fiscal Year 2013 Financial Results

Wednesday, October 31, 2012

Open Text Reports First Quarter Fiscal Year 2013 Financial Results16:01 EDT Wednesday, October 31, 2012WATERLOO, ON, Oct. 31, 2012 /CNW/ - Open Text(TM) Corporation (NASDAQ:OTEX) (TSX: OTC), announced today its financial results for the first quarter ended September 30, 2012.Financial Highlights for Q1 FY13 (1)Total revenue for the period was $326.2 million up 13% Y/YLicense revenue was $55.7 million, down 14% Y/YCloud services revenue was $44.9 millionNon-GAAP-based EPS, diluted was $1.31 compared to $1.03 Y/Y, up 27%; GAAP-based EPS, diluted was $0.33 compared to $0.60 Y/Y (2)Non-GAAP-based operating income was $93.8 million and 28.7% of revenues; GAAP-based income from operations was $40.1 million and 12.3% of revenues (2)Operating cash flow was $61.8 million compared to $45.3 million up 36.2%Y/Y, with an ending cash balance of $302.2 million."OpenText delivered record first quarter results for revenues and profits, resulting in a 27% year over year growth in non-GAAP earnings per share," said OpenText CEO Mark J. Barrenechea."We executed well in our Cloud, Customer and Professional Services businesses, despite the impact of a challenging macro environment on license revenues. The power of our business model is evidenced by the fact that we delivered strong profits and earnings growth."Barrenechea further added, "Looking ahead, we have strong opportunity in our upcoming EIM product cycles as we look to grow licenses and market share."Business Highlights Completed the acquisition of EasyLink July 2, 2012Technology, financial, services and basic materials industries saw the most demand5 license deals over $1 million and 6 license deals between $500K and $1 million in the first quarterCustomer successes in the first quarter include Valero Energy Corporation, WEL Networks LtdOpenText outlines new strategy designed to help customers unleash the power of informationOpenText named a leader in multichannel capture by independent research firmOpenText introduces enterprise information management solution for legal professionalsPublic Service Without Borders proves its effectiveness among global governments with OpenText's social software solutionsOpenText's new cloud-based services allow customers to exchange information, securely and cost effectively -- Anytime, Anywhere        Summary of Quarterly Results        Q1 FY13Q4 FY12Q1 FY12% Change (Q/Q)   % Change (Y/Y)   Revenue (million)$326.2$305.6$288.06.7% 13.3% GAAP-based gross margin63.0%65.8%64.8%(280)bps(180)bpsGAAP-based operating income margin12.3%13.0%9.4%(70)bps290bpsGAAP-based EPS, diluted$0.33$0.14$0.60135.7% (45.0%) Non-GAAP-based gross margin (2)70.4%72.9%72.1%(250)bps(170)bpsNon-GAAP-based operating margin (2)28.7%27.7%25.3%100bps340bpsNon-GAAP-based EPS, diluted (2)$1.31$1.17$1.0312.0% 27.2% Conference Call InformationThe public is invited to listen to the earnings conference call at 5:00 p.m. ET (2:00 p.m. PT) by dialing 800-814-4860 (toll-free) or 416-644-3416 (international). Please dial-in 15 minutes ahead of time to ensure proper connection. Alternatively, a live webcast of the earnings conference call will be available on the Investor Relations section of the Company's website at http://www.opentext.com/2/global/ex_event.html?evtype=events&id=701D0000000VZnIIAW .An audio replay of the conference call will also be made available approximately two hours after the conclusion of the call. The audio replay will remain available until 11:59 p.m. on November 14, 2012 and can be accessed by dialing 877-289-8525 (toll-free) or 416-640-1917 (international) and entering the confirmation code: 4568227 followed by the number sign.Please see below note (2) for a reconciliation of non-US GAAP based financial measures used in this press release, to US GAAP based financial measures.About OpenTextOpenText is the largest independent software provider of Enterprise Information Management (EIM). For more information please visit www.opentext.com.Cautionary Statement Regarding Forward-Looking Statements 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 EIM market; (vi) the Company's competitive position in the EIM 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 EIM 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.Copyright © 2012 by Open Text Corporation. "OPENTEXT", "OPENTEXT EVERYWHERE" and the "OPENTEXT ECM SUITE" are trademarks or registered trademarks of Open Text Corporation in the United States of America, Canada, the European Union and/or other countries. This list of trademarks is not exhaustive. Other trademarks, registered trademarks, product names, company names, brands and service names mentioned herein are property of Open Text Corporation or other respective owners.OPEN TEXT CORPORATION CONSOLIDATED BALANCE SHEETS(In thousands of U.S. dollars, except share data) September 30, 2012June 30, 2012 (unaudited) ASSETS  Cash and cash equivalents$302,235 $559,747 Accounts receivable trade, net of allowance for doubtful accounts of $6,051 as of September30, 2012 and $5,655 as of June 30, 2012169,967 163,664 Income taxes recoverable14,588 17,849 Prepaid expenses and other current assets45,632 44,011 Deferred tax assets12,450 4,003   Total current assets544,872 789,274 Property and equipment85,332 81,157 Goodwill1,211,423 1,040,234 Acquired intangible assets468,699 312,563 Deferred tax assets142,536 115,128 Other assets23,760 23,739 Deferred charges65,592 68,653 Long-term income taxes recoverable13,423 13,545  Total assets$2,555,637 $2,444,293 LIABILITIES AND SHAREHOLDERS' EQUITY  Current liabilities:   Accounts payable and accrued liabilities$179,213 $131,734  Current portion of long-term debt41,682 41,374  Deferred revenues259,061 273,987  Income taxes payable16,308 27,806  Deferred tax liabilities1,350 1,612   Total current liabilities497,614 476,513 Long-term liabilities:   Accrued liabilities18,389 14,247  Deferred credits9,518 10,086  Pension liability23,458 22,074  Long-term debt547,500 555,000  Deferred revenues11,399 12,653  Long-term income taxes payable162,056 147,623  Deferred tax liabilities77,676 26,705   Total long-term liabilities849,996 788,388 Shareholders' equity:   Share capital   58,483,175 and 58,358,990 Common Shares issued and outstanding at September 30, 2012 and June 30, 2012, respectively; Authorized Common Shares: unlimited639,719 635,321  Additional paid-in capital98,475 95,026  Accumulated other comprehensive income45,723 44,364  Retained earnings461,497 442,068  Treasury stock, at cost (793,494 shares at September 30, 2012 and atJune 30, 2012, respectively)(37,387)(37,387)Total shareholders' equity1,208,027 1,179,392  Total liabilities and shareholders' equity$2,555,637 $2,444,293 OPEN TEXT CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF INCOME(In thousands of U.S. dollars, except share and per share data)(unaudited)    Three Months Ended September 30,  2012 2011Revenues:     License $55,656  $65,028  Cloud services 44,884  —  Customer support 162,096  161,997  Professional service and other 63,558  61,021   Total revenues 326,194  288,046 Cost of revenues:     License 4,168  3,998  Cloud services 18,283  —  Customer support 25,823  26,269  Professional service and other 48,582  50,351  Amortization of acquired technology-based intangible assets 23,782  20,790   Total cost of revenues 120,638  101,408 Gross profit 205,556  186,638 Operating expenses:     Research and development 39,906  43,458  Sales and marketing 64,515  64,880  General and administrative 28,133  25,761  Depreciation 6,109  5,258  Amortization of acquired customer-based intangible assets 17,252  13,041  Special charges 9,554  7,105   Total operating expenses 165,469  159,503 Income from operations 40,087  27,135 Other income (expense), net (71) 9,312 Interest expense, net (4,368) (2,786)Income before income taxes 35,648  33,661 Provision for (recovery of) income taxes 16,219  (1,325)Net income for the period $19,429  $34,986 Net income per share—basic $0.33  $0.61 Net income per share—diluted $0.33  $0.60 Weighted average number of Common Shares outstanding—basic 58,424  57,412 Weighted average number of Common Shares outstanding—diluted 58,919  58,599 OPEN TEXT CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In thousands of U.S. dollars)(unaudited)   Three Months Ended September 30, 2012 2011Net income for the period$19,429  $34,986 Other comprehensive income—net of tax:     Net foreign currency translation adjustments(476) (10,618)  Net unrealized gain (loss) on cash flow hedges1,944  (5,202)  Net actuarial gain (loss) relating to defined benefit pension plans(109) (548)Total other comprehensive income (loss), net, for the period$1,359  $(16,368)    Total comprehensive income$20,788  $18,618 OPEN TEXT CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands of U.S. dollars)(unaudited)   Three Months Ended September 30, 2012 2011Cash flows from operating activities:   Net income for the period$19,429  $34,986 Adjustments to reconcile net income to net cash provided by operating activities:     Depreciation and amortization of intangible assets47,143  39,089   Share-based compensation expense3,102  4,844   Excess tax benefits on share-based compensation expense(352) (332)  Pension expense242  137   Amortization of debt issuance costs537  330   Amortization of deferred charges and credits2,929  2,672   Loss on sale and write down of property and equipment2  169   Deferred taxes861  (14,849)  Impairment and other non cash charges—  (1,355)Changes in operating assets and liabilities:     Accounts receivable19,442  21,654   Prepaid expenses and other current assets3,024  5,842   Income taxes4,373  15,024   Deferred charges and credits(436) (9,046)  Accounts payable and accrued liabilities(20,255) (21,407)  Deferred revenue(18,070) (32,998)  Other assets(208) 588 Net cash provided by operating activities61,763  45,348 Cash flows from investing activities:     Additions of property and equipment(5,038) (7,902)  Purchase of Operitel Corporation, net of cash acquired—  (6,260)  Purchase of Global 360 Holding Corp., net of cash acquired—  (247,711)  Purchase of EasyLink Services International Corporation, net of cash acquired(315,331) —   Purchase consideration for prior period acquisitions(217) (274)Net cash used in investing activities(320,586) (262,147)  Cash flow from financing activities:     Excess tax benefits on share-based compensation expense352  332   Proceeds from issuance of Common Shares3,993  7,837   Proceeds from long-term debt and revolver—  48,500   Repayment of long-term debt and revolver(7,667) (916)Net cash provided by (used in) financing activities(3,322) 55,753 Foreign exchange gain (loss) on cash held in foreign currencies4,633  (3,800)Increase (decrease) in cash and cash equivalents during the period(257,512) (164,846)Cash and cash equivalents at beginning of the period559,747  284,140 Cash and cash equivalents at end of the period$302,235  $119,294 Notes(1) All dollar amounts in this press release are in U.S. Dollars unless otherwise indicated.(2) Use of Non-GAAP Financial Measures: In addition to reporting financial results in accordance with US GAAP, the Company provides certain non-US GAAP financial measures that are not in accordance with US GAAP. These non-US GAAP financial measures have certain limitations in that they do not have a standardized meaning and thus the Company's definition may be different from similar non-US GAAP financial measures used by other companies and/or analysts and may differ from period to period. Thus it may be more difficult to compare the Company's financial performance to that of other companies. However, the Company's management compensates for these limitations by providing the relevant disclosure of the items excluded in the calculation of non-US GAAP net income and non-US GAAP EPS both in its reconciliation to the US GAAP financial measures of net income and EPS and its consolidated financial statements, all of which should be considered when evaluating the Company's results. The Company uses the financial measures non-US GAAP EPS and non-US GAAP net income to supplement the information provided in its consolidated financial statements, which are presented in accordance with US GAAP. The presentation of non-US GAAP net income and non-US GAAP EPS is not meant to be a substitute for net income or net income per share presented in accordance with US GAAP, but rather should be evaluated in conjunction with and as a supplement to such US GAAP measures. OpenText strongly encourages investors to review its financial information in its entirety and not to rely on a single financial measure. The Company therefore believes that despite these limitations, it is appropriate to supplement the disclosure of the US GAAP measures with certain non-US GAAP measures for the reasons set forth below. Non-US GAAP net income and non-US GAAP EPS are calculated as net income or net income per share on a diluted basis, excluding, where applicable, the amortization of acquired intangible assets, other income (expense), share-based compensation, and restructuring, all net of tax. The Company's management believes that the presentation of non-US GAAP net income and non-US GAAP EPS provides useful information to investors because it excludes non-operational charges. The use of the term "non-operational charge" is defined by the Company as those that do not impact operating decisions taken by the Company's management and is based upon the way the Company's management evaluates the performance of the Company's business for use in the Company's internal reports. In the course of such evaluation and for the purpose of making operating decisions, the Company's management excludes certain items from its analysis, such as amortization of acquired intangible assets, restructuring costs, share-based compensation, other income (expense) and the taxation impact of these items. These items are excluded based upon the manner in which management evaluates the business of the Company and are not excluded in the sense that they may be used under US GAAP. The Company believes the provision of supplemental non-US GAAP measures allows investors to evaluate the operational and financial performance of the Company's core business using the same evaluation measures that management uses, and is therefore a useful indication of Open Text's performance or expected performance of future operations and facilitates period-to-period comparison of operating performance. As a result, the Company considers it appropriate and reasonable to provide, in addition to US GAAP measures, supplementary non-US GAAP financial measures that exclude certain items from the presentation of its financial results in this press release. The following charts provide (unaudited) reconciliations of US GAAP based financial measures to non-US GAAP based financial measures for the following periods presented:Reconciliation of selected GAAP-based measures to Non-GAAP based measures for the three months endedSeptember 30, 2012.($ in thousands except for per share amounts)  Three Months EndedSeptember 30, 2012 GAAP-basedMeasuresAdjustmentsNoteNon-GAAP-basedMeasuresCost of revenues    Customer Support25,823 (38)(1)25,785 Professional Service and Other48,582 (177)(1)48,405 Amortization of acquired technology-based intangible assets23,782 (23,782)(2)— GAAP-based gross profit/ Non-GAAP-based gross profit205,556 23,997  229,553 Operating Expenses    Research and development39,906 (338)(1)39,568 Sales and marketing64,515 (1,666)(1)62,849 General and administrative28,133 (883)(1)27,250 Amortization of acquired customer-based intangible assets17,252 (17,252)(2)— Special charges9,554 (9,554)(3)— GAAP-based income from operations/ Non-GAAP-based operating income40,087 53,690  93,777 Other expense, net(71)71 (4)— Provision for (recovery of) income taxes16,219 (3,702)(5)12,517 GAAP-based net income for the period/ Non-GAAP-based net income19,429 57,463 (6)76,892 GAAP-based earnings per share/ Non GAAP-based earnings per share-diluted$0.33 $0.98 (6)$1.31 (1) Adjustment relates to the exclusion of share based compensation expense from our non-GAAP-based operating expenses as this expense isexcluded from our internal analysis of operating results.(2) Adjustment relates to the exclusion of amortization expense from our non-GAAP-based operating expenses as the timing and frequency ofamortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.(3) Adjustment relates to the exclusion of Special charges from our non-GAAP-based operating expenses as Special charges are generallyincurred in the aftermath of acquisitions and are not indicative or related to continuing operations and are hence excluded from our internalanalysis of operating results.(4) Adjustment relates to the exclusion of Other income (expense) from our non-GAAP-based operating expenses as Other income (expense)relates primarily to the transactional impact of foreign exchange and are generally not indicative or related to continuing operations and arehence excluded from our internal analysis of operating results.(5) Adjustment relates to differences between the GAAP-based tax provision of approximately 45% and a non-GAAP-based tax rate of 14%;these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating non-GAAP-basedadjusted net income.(6) Reconciliation of non-GAAP-based adjusted net income to GAAP-based net income: Three Months Ended September 30, 2012  Per shareNon-GAAP-based net income$76,892 $1.31 Less:  Amortization41,034 0.70 Share-based compensation3,102 0.05 Special charges9,554 0.16 Other (income) expense71 — GAAP-based provision for income tax16,219 0.28 Tax on non-GAAP-based provision(12,517)(0.21)GAAP-based net income$19,429 $0.33 Reconciliation of selected GAAP-based measures to Non-GAAP based measures for the three months endedJune 30, 2012.($ in thousands except for per share amounts)  Three Months Ended June 30, 2012 GAAP-basedMeasuresAdjustmentsNoteNon-GAAP-basedMeasuresCost of revenues    Customer Support27,780 (58)(1)27,722 Professional Service and Other51,358 (239)(1)51,119 Amortization of acquired technology-based intangible assets21,265 (21,265)(2)— GAAP-based gross profit/ Non-GAAP-based gross profit201,105 21,562  222,667 Operating Expenses    Research and development41,195 (1,066)(1)40,129 Sales and marketing71,641 (2,771)(1)68,870 General and administrative24,186 (557)(1)23,629 Amortization of acquired customer-based intangible assets13,378 (13,378)(2)— Special charges5,747 (5,747)(3)— GAAP-based income from operations/ Non-GAAP-based operating income39,690 45,081  84,771 Other income, net(6,596)6,596 (4)— Provision for (recovery of) income taxes20,713 (9,462)(5)11,251 GAAP-based net income for the period/ Non-GAAP-based net income7,971 61,139  (6) 69,110 GAAP-based earnings per share/ Non GAAP-based earnings per share-diluted$0.14 $1.03  (6) $1.17 (1) Adjustment relates to the exclusion of share based compensation expense from our non-GAAP-based operating expenses as this expense isexcluded from our internal analysis of operating results.(2) Adjustment relates to the exclusion of amortization expense from our non-GAAP-based operating expenses as the timing and frequency ofamortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.(3) Adjustment relates to the exclusion of Special charges from our non-GAAP-based operating expenses as Special charges are generallyincurred in the aftermath of acquisitions and are not indicative or related to continuing operations and are hence excluded from our internalanalysis of operating results.(4) Adjustment relates to the exclusion of Other income (expense) from our non-GAAP-based operating expenses as Other income (expense)relates primarily to the transactional impact of foreign exchange and are generally not indicative or related to continuing operations and arehence excluded from our internal analysis of operating results.(5) Adjustment relates to differences between the GAAP-based tax provision of approximately 72% and a non-GAAP-based tax rate of 14%;these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating non-GAAP-basedadjusted net income.(6) Reconciliation of non-GAAP-based adjusted net income to GAAP-based net income: Three Months Ended June 30, 2012  Per shareNon-GAAP-based net income$69,110 $1.17 Less:  Amortization34,643 0.59 Share-based compensation4,691 0.08 Special charges5,747 0.10 Other (income) expense6,596 0.11 GAAP-based provision for income tax20,713 0.35 Tax on non-GAAP-based provision(11,251)(0.20)GAAP-based net income$7,971 $0.14 Reconciliation of selected GAAP-based measures to Non GAAP-based measures for the three months endedSeptember 30, 2011.($ in thousands except for per share amounts)  Three Months EndedSeptember 30, 2011 GAAP-basedmeasuresAdjustmentsNoteNon-GAAP-basedmeasuresCost of Revenues:    Customer Support26,269 (24)(1)26,245 Professional Service and Other50,351 (99)(1)50,252 Amortization of acquired technology-based intangible assets20,790 (20,790)(2)— GAAP-based gross profit/ Non-GAAP-based gross profit186,638 20,913  207,551 Operating Expenses    Research and development43,458 (1,076)(1)42,382 Sales and marketing64,880 (1,770)(1)63,110 General and administrative25,761 (1,874)(1)23,887 Amortization of acquired customer-based intangible assets13,041 (13,041)(2)— Special charges7,105 (7,105)(3)— GAAP-based income from operations/ Non-GAAP-based operating income27,135 45,779  72,914 Other expense, net9,312 (9,312)(4)— Provision for (recovery of) income taxes(1,325)11,143 (5)9,818 GAAP-based net income for the period/ Non-GAAP-based net income34,986 25,324 (6)60,310 GAAP-based earnings per share/ Non GAAP-based earnings per share-diluted$0.60 $0.43 (6)$1.03 (1) Adjustment relates to the exclusion of share based compensation expense from our non-GAAP-based operating expenses as this expenseis excluded from our internal analysis of operating results.(2) Adjustment relates to the exclusion of amortization expense from our non-GAAP-based operating expenses as the timing and frequency ofamortization expense is dependent on our acquisitions and is hence excluded from our internal analysis of operating results.(3) Adjustment relates to the exclusion of Special charges from our non-GAAP-based operating expenses as Special charges are generallyincurred in the aftermath of acquisitions and are not indicative or related to continuing operations and are hence excluded from our internalanalysis of operating results.(4) Adjustment relates to the exclusion of Other income (expense) from our non-GAAP-based operating expenses as Other income (expense)relates primarily to the transactional impact of foreign exchange and are generally not indicative or related to continuing operations andare hence excluded from our internal analysis of operating results.(5) Adjustment relates to differences between the GAAP-based tax recovery of approximately 4% and a non-GAAP-based tax rate of 14%;these rate differences are due to the income tax effects of expenses that are excluded for the purpose of calculating non-GAAP-basedadjusted net income. The GAAP-based recovery is primarily due to tax benefits relating to ongoing internal reorganization and mergersof international subsidiaries acquired; these reorganizations and mergers cause a change in the tax status of these subsidiaries resultingin a reduction of deferred tax liabilities recorded upon the acquisition of these subsidiaries, and a corresponding reduction in income taxexpense.(6) Reconciliation of non-GAAP-based adjusted net income to GAAP-based net income: Three Months EndedSeptember 30, 2011  Per shareNon-GAAP-based net income$60,310 $1.03 Less:  Amortization33,831 0.58 Share-based compensation4,843 0.08 Special charges7,105 0.12 Other (income) expense(9,312)(0.16)GAAP-based recovery for income tax(1,325)(0.02)Tax on non-GAAP-based provision(9,818)(0.17)GAAP-based net income$34,986 $0.60 (3) The following table provides a composition of our major currencies for revenue and expenses, expressed as a percentage, for the three months ended September 30, 2012: Three Months Ended September 30, 2012  Currencies % of Revenue  % of Expenses*EURO23%16%GBP9%9%CAD6%17%USD51%44%Other11%14%Total100%100%*Expenses include all cost of revenues and operating expenses included within the Consolidated Statements of Income, except for amortization of intangible assets, share-based compensation and Special charges.     SOURCE: Open Text CorporationFor further information: United States:Greg Secord Vice President, Investor Relations Open Text Corporation San Francisco: (415) 963-0825 New York: (646) 843-5621 gsecord@opentext.com Canada:Sonya Mehan Senior Manager, Investor Relations Open Text Corporation 519-888-7111 ext. 2446 smehan@opentext.com