Open Text Corp. (TSX:OTC) earned US$13.1 million in its latest quarter, down from $22 million a year ago, as revenue crept higher.
The software company, which keeps its books in U.S. dollars, said Thursday the profit amounted to 23 cents per diluted share for the quarter ended March 31 compared with a profit of 41 cents per diluted share a year ago.
Revenue totalled $212.8 million, up from $192 million.
"We experienced greater seasonality than in previous years, however I'm confident that fiscal 2010 is tracking to plan," president and chief executive John Shackleton said in a statement.
The company said its adjusted earnings were $40.3 million or 70 cents per diluted share for the quarter compared with $31.4 million or 59 cents per diluted share a year ago.
Earlier this week, Open Text said a deal to buy Burntsand Inc. (TSX:BRT) in a deal worth about $11 million in cash. Under the agreement, Burntsand shareholders will receive 15 cents per share.
The deal is expected to close in the second quarter and requires approval by at least two thirds of the votes cast at a Burntsand shareholder meeting to be held on May 27.
Open Text (TSX:OTC) shares closed up five cents at $47.30 on the Toronto Stock Exchange.