Open Text Announces Q3 Results, Appoints New CFO
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Yesterday was a big news day for Open Text Corporation as it announced results for third quarter of fiscal 2000 and made public the appointment of Alan Hoverd to chief financial officer.
Open Text Corporation (OTEX) experienced a seven percent increase in third quarter revenues over the previous quarter and 28 percent year-to-date. The quarter net income was $4.4 million and $22.8 million year-to-date, compared to $6.2 million in the previous year. The company realized a gain of $0.14 million.
"We are pleased we are profitable despite carrying the additional costs of establishing b2bscene.com and our ASP initiative," Tom Jenkins, chief executive officer, said.
b2bscene.com, a separate operating division of Open Text providing private and public community services to the b2b marketplace, launched mid-February.
Open Text will look to its Affinity ASP Program to create a worldwide network of ASP partners and extend the company's market reach, targeting small and medium sized enterprises through its ASP partners.
In other company news also announced yesterday, Alan Hoverd moved into the role of chief financial officer. Hoverd brings more than 30 years experience in financial management to the board.