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Open Text Q3 Earnings Rise; Appoints New CFO

Software maker Open Text Corp. posted higher third quarter earnings of USD 7.3 million or 15 cents a share, compared with USD 5.3 million or 10 cents a share in the year ago quarter. Adjusted net income for the quarter was USD 13.7 million or 27 cents a share. However, the company’s revenue decreased to USD 100.9 million from USD 105.2 million in the year-ago quarter.

Wall Street analysts on average were expecting earnings of 29 cents a share, before exceptional items, According to Reuters Estimates.

After the company posted disappointing results, its stock slid 15 percent to USD 16.13 in after-hours trading on Inet after closing up 16 cents USD19.11 on the Nasdaq.

For the forthcoming fourth quarter company expects adjusted earnings of about 25 cents to 35 cents a share, on revenue of USD 100 million to USD 110 million . Analysts view fourth-quarter earnings of 33 cents a share and revenue of USD 113.7 million.
For 2006, it expects adjusted earnings of 96 cents to USD 1.06, on revenue in the range of USD 404 million to USD 414 million.

The company has also announced the appointment of Paul McFeeters as chief financial officer, effective from June 1.


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