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Open Text reports fourth-quarter profit doubles from year ago, revenue up

WATERLOO, Ont. – Open Text Corp. (TSX:OTC) reported Wednesday that its fourth-quarter profit doubled compared with a year ago, as revenue improved by more than 40 per cent.

The corporate software company, which keeps its books in U.S. dollars, said it earned US$88.1 million, or 72 cents per diluted share, up from $42.2 million, or 36 cents per diluted share, a year ago.

Revenue improved to $494 million, up from $347.3 million.

Open Text noted that licence revenue was up 27 per cent compared with a year ago, while its cloud services revenue was up 255 per cent. Customer support revenue was up 12 per cent.

For its full year, Open Text reported a profit of $218.1 million or $1.81 per diluted share on $1.62 billion in revenue. That compared with a profit of $148.5 million, or $1.26 per diluted share, on $1.36 billion in revenue the previous year.

The company also announced the appointment of John Doolittle as chief financial officer, effective Sept. 8.

Doolittle will replace Paul McFeeters who is retiring.