August 19, 2008 / 8:53 PM / 10 years ago

UPDATE 1-Open Text profit jumps, tops expectations

TORONTO, Aug 19 (Reuters) - Business software maker Open Text Corp OTC.TO(OTEX.O) reported a quarterly profit that beat analyst expectations on Tuesday, as higher license and customer support revenue boosted results.

Open Text, which makes software that helps companies manage internal data, said it earned $27.2 million, or 51 cents a share, for the three months ended June 30. That was up from a profit of $8.2 million, or 16 cents a share, in the same period a year earlier.

The closely watched adjusted profit hit 63 cents a share, up from 52 cents a share.

Total revenue was $200.3 million, up from $175.2 million. License revenue rose to $68.2 million from $59.2 million. Customer support revenues jumped to $95.1 million from $82.2 million.

The results topped analyst forecasts for adjusted earnings of 58 cents a share on revenue of $190.7 million, according to Reuters Estimates.

The company said operating cashflow in the quarter was $44.6 million, up from $28.5 million.

Open Text bought Canadian rival Hummingbird Ltd in 2006 for $489 million in a bid to bolster its scale.

The company released its results after markets closed. During the day, its shares fell 71 Canadian cents to close at C$36.36 on the Toronto Stock Exchange.

$1=$1.06 Canadian Reporting by Wojtek Dabrowski; editing by Rob Wilson

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