Open Text Reports the Good and the Bad of Q1 2010

Enterprise content management provider Open Text (news, site) has officially released their numbers for Q1, 2010. The good news is that compared to this time last year the company is up 16% in total revenue (US$ 211.4 million compared to US$ 182.6 million).

Other good nitty gritty for this period:

• Adjusted net income:  Up 16% (US$ 0.58 per share on a
• diluted basis US$ 0.53 per share) 
• Cash and cash equivalents balance: US$ 212.2 million
• Accounts receivable: Totaled US$ 135.6 million compared to last year's US$ 108.3 million

The bad news: License revenue is down 6% (US$ 47.3 million compared to last year's $50.1 million). 

"We met our profit and revenue goals in what has seasonally been our toughest quarter," said John Shackleton, President and Chief Executive Officer of Open Text. "License revenue fell short of our expectations, mainly due to deferred purchase decisions for our Web Content Management products."