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Open Text Reports First Quarter Fiscal 2011 Financial Results

October 27, 2010

WATERLOO, ON, Oct. 27 /PRNewswire-FirstCall/ – Open Text(TM) Corporation (NASDAQ:OTEX) (TSX:
OTC), today announced unaudited financial results for its first quarter
ended September 30, 2010. (1)

Total revenue for the first quarter of fiscal 2011 was $217.4 million,
up 3% compared to $211.4 million for the same period in the prior
fiscal year. License revenue for the first quarter of fiscal 2011 was
$42.6 million, down 10% compared to $47.3 million for the same period
in the prior fiscal year.

Adjusted net income for the first quarter of fiscal 2011 was $50.0
million or $0.86 per share on a diluted basis, up 52% compared to $32.8
million or $0.58 per share on a diluted basis for the same period in
the prior fiscal year.  Net income in accordance with U.S. generally
accepted accounting principles (“US GAAP”) was $21.7 million or $0.37
per share on a diluted basis, compared to $1.7 million or $0.03 per
share on a diluted basis for the same period in the prior fiscal year.
(2)

Operating cash flow in the first quarter of fiscal 2011 was
$48.9 million, compared to $4.5 million for the same period in the
prior fiscal year.

The cash and cash equivalents balance as of September 30, 2010 was
$384.7 million. Accounts receivable as of September 30, 2010, totaled
$104.4 million, compared to $132.1 million as of June 30, 2010 and Days
Sales Outstanding (DSO) was 43 days in the first quarter of fiscal
2011, compared to 58 days in the first quarter of fiscal 2010.

“While our cash flow and earnings results were strong, I am disappointed
with our license revenue this quarter.  Europe was especially impacted,
with current economic challenges slowing the pace of our customers’ IT
spending cycles,” said John Shackleton, President and Chief Executive
Officer of Open Text. “However, we are confident that we will meet our
growth targets for the year, while continuing to focus on our bottom
line performance.”

Please see note (2) below for a reconciliation of non-US GAAP based
financial measures used in this press release, to US GAAP based
financial measures.

Open Text Renews Stock Repurchase Program

The Company also announced the renewal of its stock repurchase program
on NASDAQ Global Select Market (“NASDAQ”). The Company proposes to
purchase, from time to time, up to an aggregate of 2,849,964 common
shares (representing approximately 5% of the Company’s outstanding
common shares) in the open market through the facilities of the
NASDAQ. 

The specific timing and number of common shares purchased pursuant to
the repurchase program will vary based on market conditions, regulatory
requirements and other factors. The price that the Company will pay for
any common shares will be the prevailing market price of such shares on
NASDAQ at the time of acquisition. The purchases will be made by the
Company in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended. All common shares purchased by the Company pursuant to the
repurchase program will be cancelled.

The Board of Directors of the Company believes that the repurchase
program is in the best interests of the Company and is a desirable use
of corporate funds.

Purchases made pursuant to the repurchase program may commence in
November 2010 if desirable and will expire on November 1, 2011.  As of
October 26, 2010, the Company had 56,999,274 issued and outstanding
common shares.  The Company has not purchased any common shares in the
last 12 months under the previously announced stock repurchase program.

Teleconference Call

Open Text will host a conference call on October 27, 2010 at 5:00 p.m.
ET to discuss its financial results.

          Date:     Wednesday, October 27, 2010
          Time:     5:00 p.m. ET/2:00 p.m. PT
          Length:     60 minutes
        Where:     416-644-3414

800-814-4861 (Toll Free)

Investors should dial in approximately 10 minutes before the
teleconference is scheduled to begin. A replay of the call will be
available beginning October 27, 2010 at 7:00 p.m. ET through 11:59 p.m.
on November 10, 2010 and can be accessed by dialing 416-640-1917 and
using passcode 4372356 followed by the number sign. For more
information or to listen to the call via web cast, please use the
following link: http://www.opentext.com/2/global/ex_event.html?evtype=events&id=70120000000Uei7AAC 

About Open Text

Open Text(TM) is the world’s largest independent provider of Enterprise
Content Management software. The company’s solutions manage information
for all types of business, compliance and industry requirements in
large companies, government agencies and professional service firms.
Open Text supports approximately 46,000 customers in 114 countries and
12 languages. For more information about Open Text, visit www.opentext.com.

Certain statements in this press release, including statements about the
financial conditions, and results of operations and earnings for Open
Text Corporation (“Open Text” 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 Open Text; (ii) the
ability of Open Text 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 ECM market; (vi) the
Company’s competitive position in the ECM 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 ECM 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 (C) 2010 by Open Text Corporation. “OPEN TEXT”, “OPEN TEXT
EVERYWHERE” and the “OPEN TEXT 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.

Notes

(1) Based on comparison of historical revenue figures publicly
disseminated by companies in the Enterprise Content Management (“ECM”)
sector. All dollar amounts in this press release are in US Dollars
unless otherwise indicated.

(2) Use of US 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 adjusted net income and adjusted 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 adjusted EPS and adjusted net income to supplement
the information provided in its consolidated financial statements,
which are presented in accordance with US GAAP. The presentation of
adjusted net income and adjusted 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. Open Text 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. Adjusted net income and adjusted 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 adjusted net income and adjusted 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 intangibles, 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 recurring 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
referred to in this press release:

Non GAAP-based Adjusted Operating Margin and Adjusted Net income*:

In millions USD   Three months ended

September 30, 2010

  Percentage   Open Text

Fiscal 2011

Target

Model

Revenue:              
               
License……………………………………………………………………..   $ 42.6   19.6%   25-30%
               
Customer
Support………………………………………………………..
    129.8   59.7%   52-57%
               
Service and
Other…………………………………………………………
    45.0   20.7%   18-23%
               
Total Revenue………………………………………………………….     217.4        
               
Cost of revenues (excluding amortization of acquired technology-based

intangible assets)……………………………………………………..

    58.0        
Gross profit (excluding amortization of acquired technology-based

intangible assets)……………………………………………………

    159.4   73.3%   73-75%
Operating expenses:              
               
Research &
Development………………………………………………
    31.0   14.3%   14-16%
               
Sales &
Marketing……………………………………………………….
    44.2   20.3%   21-23%
               
General &
Administrative………………………………………………
    19.8   9.1%   8-10%
               
Depreciation………………………………………………………………     4.9   2.3%   2%
               
      99.9        
               
Gross margin less operating expenses………………………..     59.5        
               
Add: Share -based compensation expense……………………….     2.6         
               
Non GAAP-based Adjusted Operating

Margin…………………………………………………………………

    62.1   28.6%   25-30%
               
Less: Interest expense………………………………………………..     4.1        
               
Sub-total………………………………………………………………….     58.0        
               
Less: tax @ 14%     8.0        
               
Non GAAP-based Adjusted Net Income   $ 50.0        
               
Non GAAP-based Adjusted Net Income per share…………………………………………………………………..   $ 0.86        

Reconciliation of  Non GAAP-based Adjusted Operating Margin  to
GAAP-based Net Income:

                                                         
Non GAAP-based Adjusted Operating

Margin……………………………………………………………………

  $ 62.1    
Less:          
         
Amortization…………………………………………………………………     24.2    
         
Share-based compensation expense………………………………….     2.6    
         
Special
charges…………………………………………………………….
    3.2    
         
Other income,
net………………………………………………………….
    (2.5)    
         
Interest expense,
net……………………………………………………..
    4.1    
         
GAAP-based provision for  income taxes     8.8    
           
GAAP-based net income for the period………………………………   $ 21.7  
         
Reconciliation of  Non GAAP based Adjusted  Net income to GAAP-based Net
Income:
 
       
        per share
Non GAAP-based Adjusted Net Income   $ 50.0   $0.86
Less:        
Amortization………………………………………………………………..     24.2 0.42
         
Share-based compensation expense…………………………………     2.6 0.04
         
Special
charges…………………………………………………………..
    3.2 0.06
         
Other income,
net………………………………………………………..
    (2.5)  (0.04)
         
GAAP-based provision for income taxes     8.8 0.15
         
Tax on non GAAP-based adjusted net income (per

above)………………………………………………………………………..

     (8.0) (0.14)
         
GAAP-based net income for the period   $ 21.7 $ 0.37

*Amounts may differ from those shown on the face of the financial
statements due to non-material rounding adjustments.

The following tables present non GAAP-based measures and their
reconciliation to GAAP, for the three months ended September 30, 2009:

Non GAAP-based Adjusted Operating Margin and Adjusted Net income*:

In millions USD   Three months ended

September 30, 2009

  Percentage   Open Text Fiscal 2010

Target Model

Revenue:              
               
License………………………………………………………………………   $ 47.3   22.4%   25-30%
               
Customer
Support………………………………………………………..
    123.6   58.5%   50-55%
               
Service and
Other………………………………………………………..
    40.5   19.2%   20-25%
               
Total
Revenue……………………………………………………………
    211.4        
               
Cost of revenues (excluding amortization of acquired technology-based

intangible
assets)………………………………………………………

    57.4        
Gross profit (excluding amortization of acquired technology-based

intangible
assets)………………………………………………………

    154.0   72.8%   72-75%
Operating expenses:              
               
Research &
Development……………………………………………….
    31.5   14.9%   14-16%
               
Sales &
Marketing………………………………………………………..
    50.7   24.0%   24-26%
               
General &
Administrative………………………………………………..
    21.2   10.0%   9-10%
               
Depreciation………………………………………………………………..     4.1   1.9%   2%
      107.5        
Gross margin less operating expenses………………………….     46.5        
               
Add: Share -based compensation expense**………………………     1.5        
Non GAAP-based Adjusted Operating

Margin……………………………………………………………………..

    48.0   22.7%   22-27%
Less: Interest
expense………………………………………………….
    3.0        
               
Sub-total…………………………………………………………………….     45.0        
               
Less: tax @
27%………………………………………………………….
    12.2        
               
Non GAAP-based Adjusted Net Income………………………….   $ 32.8        
               
Non GAAP-based Adjusted Net Income per

share………………………………………………………………………..

  $ 0.58        
               

Reconciliation of  Non GAAP-based Adjusted Operating Margin to GAAP-based Net Income:    

Non GAAP-based Adjusted Operating

Margin………………………………………………………………………..

$ 48.0  
Less:      
       
Amortization………………………………………………………………….   23.1  
       
Share-based compensation
expense**…………………………………
  1.5  
       
Special
charges……………………………………………………………..
   18.6  
       
Other income,
net……………………………………………………………
   (3.4)  
       
Interest expense,
net……………………………………………………….
                                               3.0  
       
GAAP-based provision for income
taxes……………………………….
                                          3.5  
GAAP-based net income for the
period…………………………………
  $1.7  
 
Reconciliation of  Non GAAP based Adjusted  Net income to GAAP-based Net Income:  
        per share
Non GAAP-based Adjusted Net Income $ 32.8   $0.58
Less:        
         
Amortization…………………………………………………………………..   23.1   0.41
         
Share-based compensation
expense**………………………………….
  1.5   0.03
         
Special
charges………………………………………………………………
  18.6   0.33
         
Other income,
net…………………………………………………………….
  (3.4)   (0.06)
         
GAAP-based provision for (recovery of) income

taxes……………………………………………………………………………

  3.5   0.06
         
Tax on non GAAP-based adjusted net income (per above)

……………………………………………………………………………………

  (12.2)   (0.22)
GAAP-based net income for the
period……………………………….
$ 1.7   $0.03

*Amounts may differ from those shown on the face of the financial
statements due to non-material rounding adjustments.

** In addition $2.2 million of share-based compensation is included
within Special charges.

(3) The following table provides a composition of our major currencies
for revenue and expenses, expressed as a percentage, for the first
quarter of fiscal 2011:  

         
Currencies     % of Revenue     % of Expenses*  
EURO………………………………………………………………………………………………       24%   19%
GBP………………………………………………………………………………………………..                     9%   9%
CHF…………………………………………………………………………………………………   5%   2%
CAD………………………………………………………………………………………………..   8%   31%
USD………………………………………………………………………………………………..   46%   31%
Others……………………………………………………………………………………………..   8%   8%
Total………………………………………………………………………………………………..         100%                  100%

* Expenses include all cost of revenues and operating expenses included
within the Condensed Consolidated Statements of Income, except for
amortization of intangible assets, share-based compensation and special
charges.


OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)  

             
    September 30, 2010     June 30, 2010  
                                                                                     (Unaudited)      
ASSETS            
             
Cash and cash
equivalents………………………………………………………………………………………..
  $ 384,692   $  326,192
Accounts receivable trade, net of allowance for doubtful accounts of
$5,062 as of

September 30, 2010 and $4,868 as of June 30,
2010………………………………………………………. 

          104,442           132,143
Income taxes
recoverable………………………………………………………………………………………….
          23,702           44,509
Prepaid expenses and other current
assets……………………………………………………………………
         25,831           21,086
Deferred tax
assets………………………………………………………………………………………………….
          19,239           20,242
  Total current
assets……………………………………………………………………………………………
557,906 544,172
Capital
assets………………………………………………………………………………………………………..
          56,976           54,286
Goodwill………………………………………………………………………………………………………………..            666,064           666,055
Acquired intangible
assets…………………………………………………………………………………………
          304,014           328,193
Deferred tax
assets………………………………………………………………………………………………….
          27,025           30,420
Other
assets…………………………………………………………………………………………………………..
          18,843           16,896
Deferred
charges …………………………………………………………………………………………………….
          58,923           27,558 
Long-term income taxes recoverable            50,072           48,102
  Total assets …………………………………………………………………………………………………….   $ 1,739,823   $ 1,715,682
             
LIABILITIES AND SHAREHOLDERS’ EQUITY            
               
Current liabilities:            
  Accounts payable and accrued
liabilities…………………………………………………………………
  $ 96,738   $ 119,604
  Current portion of long-term
debt ………………………………………………………………………….
          15,393           15,486
  Deferred
revenues…………………………………………………………………………………………….. 
          210,587           219,752
  Income taxes
payable………………………………………………………………………………………… 
          37,683           39,666
       Deferred tax
liabilities………………………………………………………………………………………….. 
          37,816           28,384
    Total current
liabilities……………………………………………………………………………………….
          398,217           422,892
Long-term liabilities:            
  Accrued
liabilities …………………………………………………………………………………………………
          10,826           15,755
  Deferred
credits………………………………………………………………………………………………….. 
          5,799     
  Pension liability
………………………………………………………………………………………………….. 
          17,638             15,888
  Long-term
debt…………………………………………………………………………………………………….
          284,278            285,026 
  Deferred revenues            11,603            10,085 
       Long-term income taxes
payable…………………………………………………………………………….
          84,573            64,699 
  Deferred tax
liabilities……………………………………………………………………………………………
          3,274            13,459 
    Total long-term
liabilities…………………………………………………………………………………….
          417,991            404,912 
Shareholders’ equity:            
  Share
capital…………………………………………………………………………………………………
           
    56,997,864 and 56,825,995 Common Shares issued and outstanding at

September 30, 2010 and June 30, 2010, respectively; Authorized Common
Shares:

unlimited………………………………………………………………………………………………..

          606,363            602,868 
  Additional paid-in
capital ……………………………………………………………………………………..
          64,278            61,298 
  Accumulated other comprehensive
income……………………………………………………………. 
          51,612            44,021 
       Retained
earnings……………………………………………………………………………………………… 
          215,362            193,691 
  Treasury stock, at cost (307,579 and 307,579  shares, respectively at
September 30, 2010 and June 30,
2010)…………………………………………………. 
          (14,000 )           (14,000 )
Total shareholders’
equity…………………………………………………………………………….. 
          923,615            887,878 
  Total liabilities and shareholders’ equity…………………………………………….    $ 1,739,823    $ 1,715,682 

OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands of U.S. dollars, except per share data)
(Unaudited)  

                     
            Three months ended

September 30,  

              2010      2009 
Revenues:                    
  License………………………………………………………………………………           $ 42,646   $ 47,329
  Customer
support…………………………………………………………………
                  129,757           123,649
  Service and
other………………………………………………………………… 
                  45,002           40,444
    Total
revenues………………………………………………………………….. 
                  217,405           211,422
Cost of revenues:                    
  License………………………………………………………………………………                   3,502           3,145
  Customer
support……………………………………………………………….. 
                  19,356           20,939
  Service and
other………………………………………………………………… 
                  35,113           33,294
  Amortization of acquired technology-based intangible assets…………                    15,427           14,142
    Total cost of
revenues…………………………………………………………
                  73,398           71,520
Gross
profit………………………………………………………………………….
                  144,007           139,902
Operating expenses:                    
  Research and
development…………………………………………………….. 
                  30,963           31,542
  Sales and
marketing……………………………………………………………… 
                  44,180           50,690
  General and
administrative……………………………………………………… 
                  19,810           21,225
  Depreciation………………………………………………………………………..                    4,875           4,147
  Amortization of acquired customer-based intangible
assets……………. 
                  8,801           8,917
  Special
charges…………………………………………………………………… 
                  3,195           18,589
    Total operating
expenses……………………………………………………… 
                  111,824           135,110
Income from
operations……………………………………………………………. 
                  32,183           4,792
Other income,
net………………………………………………………………….. 
                  2,480           3,440
Interest expense,
net………………………………………………………………. 
                  (4,135)           (3,046)
Income before income
taxes…………………………………………………….. 
                  30,528           5,186
Provision for income
taxes……………………………………………………….. 
                  8,857           3,456
Net income for the
period………………………………………………………… 
          $ 21,671   $ 1,730
Net income per
share–basic……………………………………………………
 
          $ 0.38   $ 0.03
Net income per share–diluted            $ 0.37   $ 0.03
Weighted average number of Common Shares outstanding–basic…..                    56,883           55,388
Weighted average number of Common Shares outstanding–diluted….                   57,922           56,469
                     

OPEN TEXT CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(Unaudited)  

                         
                Three months ended

September 30,  

                2010   2009
Cash flows from operating activities:                    
Net income for the
period……………………………………………………………………
          $ 21,671   $ 1,730
Adjustments to reconcile net income to net cash provided by operating
activities:
                   
    Depreciation and amortization of intangible
assets…………………………………
                  29,103           27,206
    Share-based compensation
expense………………………………………………….. 
                  2,600           3,690
    Excess tax benefits on share-based compensation
expense……………………. 
                      (432)           (691)
    Pension
expense…………………………………………………………………………… 
                  123           192
    Amortization of debt issuance
costs…………………………………………………… 
                  333           266
    Unrealized gain on financial
instruments……………………………………………… 
                  -           (2,390)
    Release of unrealized gain on marketable securities to
income……………….. 
                  -           (4,353)
    Deferred
taxes……………………………………………………………………………… 
                  (181)           (2,957)
Changes in operating assets and liabilities:                    
    Accounts
receivable ……………………………………………………………………….
                  27,878           7,928
    Prepaid expenses and other current
assets………………………………………….
                  (2,528)           (3,218)
    Income
taxes………………………………………………………………………………….. 
                  32,862           (4,787)
    Deferred charges and
credits…………………………………………………………….. 
                  (27,725)           -
    Accounts payable and accrued
liabilities……………………………………………. 
                  (25,991)           (6,852)
    Deferred
revenue…………………………………………………………………………….. 
                  (7,234)           (12,437)
    Other
assets………………………………………………………………………………….. 
                        (1,545)           1,175 
Net cash provided by operating
activities………………………………………………….. 
                  48,934            4,502 
Cash flows from investing activities:                    
    Additions of capital
assets-net………………………………………………………….. 
                  (6,943)           (7,665)
    Purchase of Vignette Corporation, net of cash
acquired……………………………. 
                  -           (90,600)
    Purchase consideration for prior period
acquisitions………………………………… 
                  (1,406)           (4,801)
    Investments in marketable
securities………………………………………………………. 
                  (668)           -
    Maturity of short-term
investments…………………………………………………………. 
                  -           27,171
Net cash used in investing
activities………………………………………………………….. 
                  (9,017)           (75,895)
Cash flow from financing activities:                    
    Excess tax benefits on share-based compensation
expense ………………………
                  432            691 
    Proceeds from issuance of Common
Shares…………………………………………….. 
                  3,246           4,477
    Repayment of long-term
debt…………………………………………………………………. 
                  (878)           (864)
    Debt issuance
costs………………………………………………………………………….. 
                  -           (1,024)
Net cash provided by financing
activities…………………………………………………….. 
                  2,800           3,280
Foreign exchange gain on cash held in foreign
currencies …………………………..
                  15,783            4,484 
Increase (decrease) in cash and cash equivalents during the
period……………… 
                  58,500           (63,629)
Cash and cash equivalents at beginning of the
period…………………………………. 
                  326,192           275,819 
Cash and cash equivalents at end of the
period ………………………………………….
          $ 384,692   $ 212,190

SOURCE Open Text Corporation


Source: newswire