x
|
QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
¨
|
TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
CANADA
|
98-0154400
|
(State or other jurisdiction
of
incorporation or
organization)
|
(IRS
Employer
Identification
No.)
|
Page No
|
|||||
PART I Financial
Information:
|
|||||
Item 1.
|
Financial
Statements
|
||||
Condensed
Consolidated Balance Sheets as of March 31, 2009 (unaudited) and June 30,
2008
|
3 | ||||
Condensed
Consolidated Statements of Income—Three and Nine Months Ended March 31,
2009 and 2008 (unaudited)
|
4 | ||||
Condensed
Consolidated Statements of Retained Earnings (Deficit)— Three and Nine
Months Ended March 31, 2009 and 2008
(unaudited)
|
5 | ||||
Condensed
Consolidated Statements of Cash Flows— Nine Months Ended March 31, 2009
and 2008 (unaudited)
|
6 | ||||
Unaudited
Notes to Condensed Consolidated Financial Statements
|
7 | ||||
Item 2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
29 | |||
Item 3.
|
Quantitative
and Qualitative Disclosures about Market Risk
|
41 | |||
Item 4.
|
Controls
and Procedures
|
42 | |||
PART II Other
Information:
|
|||||
Item 1A.
|
Risk
Factors
|
43 | |||
Item 6.
|
Exhibits
|
44 | |||
Signatures
|
45 | ||||
March
31,
|
June
30,
|
|||||||
2009
|
2008
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$
|
237,048
|
$
|
254,916
|
||||
Accounts
receivable trade, net of allowance for doubtful accounts of $3,784 as
of
March 31,
2009 and $3,974 as of June 30, 2008 (note 9)
|
111,731
|
134,396
|
||||||
Inventory
(note 4)
|
1,939
|
-
|
||||||
Income
taxes recoverable (note 16)
|
6,895
|
16,763
|
||||||
Prepaid
expenses and other current assets
|
14,401
|
10,544
|
||||||
Deferred
tax assets (note 16)
|
16,838
|
13,455
|
||||||
Total
current assets
|
388,852
|
430,074
|
||||||
Investments
in marketable securities (note 3)
|
6,656
|
-
|
||||||
Capital
assets (note 5)
|
39,202
|
43,582
|
||||||
Goodwill
(note 6)
|
564,018
|
564,648
|
||||||
Acquired
intangible assets (note 7)
|
354,743
|
281,824
|
||||||
Deferred
tax assets (note 16)
|
61,339
|
59,881
|
||||||
Other
assets (note 8)
|
11,245
|
10,491
|
||||||
Long-term
income taxes recoverable (note 16)
|
41,073
|
44,176
|
||||||
Total
assets
|
$
|
1,467,128
|
$
|
1,434,676
|
||||
LIABILITIES AND SHAREHOLDERS’
EQUITY
|
||||||||
Current
liabilities:
|
||||||||
Accounts
payable and accrued liabilities (note 10)
|
$
|
116,372
|
$
|
99,035
|
||||
Current
portion of long-term debt (note 12)
|
3,407
|
3,486
|
||||||
Deferred
revenues
|
193,676
|
176,967
|
||||||
Income
taxes payable (note 16)
|
1,705
|
13,499
|
||||||
Deferred
tax liabilities (note 16)
|
3,315
|
4,876
|
||||||
Total
current liabilities
|
318,475
|
297,863
|
||||||
Long-term
liabilities:
|
||||||||
Accrued
liabilities (note 10)
|
19,984
|
20,513
|
||||||
Pension
liability (note 11)
|
15,790
|
-
|
||||||
Long-term
debt (note 12)
|
299,174
|
304,301
|
||||||
Deferred
revenues
|
7,305
|
2,573
|
||||||
Long-term
income taxes payable (note 16)
|
51,472
|
54,681
|
||||||
Deferred
tax liabilities (note 16)
|
136,776
|
109,912
|
||||||
Total
long-term liabilities
|
530,501
|
491,980
|
||||||
Minority
interest
|
-
|
8,672
|
||||||
Shareholders’
equity:
|
||||||||
Share
capital (note 14)
|
||||||||
52,618,018
and 51,151,666 Common Shares issued and outstanding at March 31, 2009
and June 30, 2008, respectively; Authorized Common Shares:
unlimited
|
456,278
|
438,471
|
||||||
Additional
paid-in capital
|
50,991
|
39,330
|
||||||
Accumulated
other comprehensive income
|
25,885
|
110,819
|
||||||
Retained
earnings
|
84,998
|
47,541
|
||||||
Total
shareholders’ equity
|
618,152
|
636,161
|
||||||
Total liabilities and
shareholders’ equity
|
$
|
1,467,128
|
$
|
1,434,676
|
||||
Guarantees
and contingencies (note 18)
|
||||||||
Subsequent
events (note 21)
|
Three
months ended
March
31,
|
Nine
months ended
March
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Revenues:
|
||||||||||||||||
License
|
$
|
51,919
|
$
|
51,534
|
$
|
166,845
|
$
|
150,952
|
||||||||
Customer
support
|
101,949
|
91,606
|
300,816
|
268,524
|
||||||||||||
Service and
other
|
38,167
|
35,622
|
114,648
|
105,787
|
||||||||||||
Total
revenues
|
192,035
|
178,762
|
582,309
|
525,263
|
||||||||||||
Cost
of revenues:
|
||||||||||||||||
License
|
4,496
|
3,093
|
12,670
|
11,296
|
||||||||||||
Customer
support
|
17,304
|
14,292
|
50,227
|
41,081
|
||||||||||||
Service and
other
|
30,288
|
28,856
|
89,898
|
86,552
|
||||||||||||
Amortization
of acquired technology-based intangible assets
|
11,625
|
10,440
|
34,171
|
30,900
|
||||||||||||
Total
cost of revenues
|
63,713
|
56,681
|
186,966
|
169,829
|
||||||||||||
Gross
profit
|
128,322
|
122,081
|
395,343
|
355,434
|
||||||||||||
Operating
expenses:
|
||||||||||||||||
Research
and development
|
28,809
|
27,990
|
87,335
|
78,120
|
||||||||||||
Sales
and marketing
|
44,426
|
41,307
|
138,605
|
121,466
|
||||||||||||
General
and administrative
|
17,937
|
18,268
|
54,604
|
52,233
|
||||||||||||
Depreciation
|
3,229
|
2,909
|
8,847
|
9,645
|
||||||||||||
Amortization
of acquired customer-based intangible assets
|
11,176
|
8,077
|
29,529
|
23,006
|
||||||||||||
Special
charges (recoveries) (note 19)
|
1,788
|
(14
|
)
|
13,234
|
(122
|
)
|
||||||||||
Total
operating expenses
|
107,365
|
98,537
|
332,154
|
284,348
|
||||||||||||
Income
from operations
|
20,957
|
23,544
|
63,189
|
71,086
|
||||||||||||
Other
income (expense), net
|
11,655
|
(6,831
|
)
|
(148)
|
(12,341
|
)
|
||||||||||
Interest
expense, net
|
(2,431
|
)
|
(6,684
|
)
|
(10,772
|
)
|
(22,123
|
)
|
||||||||
Income
before income taxes
|
30,181
|
10,029
|
52,269
|
36,622
|
||||||||||||
Provision
for income taxes (note 16)
|
8,146
|
2,594
|
14,761
|
10,448
|
||||||||||||
Net
income before minority interest
|
22,035
|
7,435
|
37,508
|
26,174
|
||||||||||||
Minority
interest
|
-
|
168
|
51
|
422
|
||||||||||||
Net
income for the period
|
$
|
22,035
|
$
|
7,267
|
$
|
37,457
|
$
|
25,752
|
||||||||
Net
income per share—basic (note 15)
|
$
|
0.42
|
$
|
0.14
|
$
|
0.72
|
$
|
0.51
|
||||||||
Net
income per share—diluted (note 15)
|
$
|
0.41
|
$
|
0.14
|
$
|
0.71
|
$
|
0.49
|
||||||||
Weighted
average number of Common Shares outstanding—basic
|
52,312
|
50,979
|
51,825
|
50,666
|
||||||||||||
Weighted
average number of Common Shares outstanding—
diluted
|
53,441
|
52,789
|
53,122
|
52,424
|
||||||||||||
Three
months ended
March
31,
|
Nine
months ended
March
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Retained
earnings (deficit), beginning of period
|
$
|
62,963
|
$
|
13,020
|
$
|
47,541
|
$
|
(5,465
|
)
|
|||||||
Net
income
|
22,035
|
7,267
|
37,457
|
25,752
|
||||||||||||
Retained
earnings, end of period
|
$
|
84,998
|
$
|
20,287
|
$
|
84,998
|
$
|
20,287
|
Nine months
ended
March
31,
|
||||||||
2009
|
2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income for the period
|
$
|
37,457
|
$
|
25,752
|
||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization
|
72,547
|
63,551
|
||||||
In-process
research and development
|
121
|
500
|
||||||
Share-based
compensation expense
|
3,957
|
2,795
|
||||||
Employee
long-term incentive plan
|
2,396
|
1,490
|
||||||
Excess
tax benefits from share-based compensation
|
(8,382)
|
(867)
|
||||||
Undistributed
earnings related to minority interest
|
51
|
422
|
||||||
Pension
expense
|
1,124
|
—
|
||||||
Amortization
of debt issuance costs
|
831
|
1,004
|
||||||
Unrealized
(gain) loss on financial instruments
|
(134)
|
5,579
|
||||||
Loss
on sale and write down of capital assets
|
353
|
—
|
||||||
Deferred
taxes
|
(3,577)
|
(4,619)
|
||||||
Changes
in operating assets and liabilities:
|
||||||||
Accounts
receivable
|
47,897
|
(7,018)
|
||||||
Inventory
|
(320)
|
—
|
||||||
Prepaid
expenses and other current assets
|
(3,425)
|
(2,008)
|
||||||
Income
taxes
|
9,656
|
5,892
|
||||||
Accounts
payable and accrued liabilities
|
(21,177)
|
(7,849)
|
||||||
Deferred
revenue
|
(1,304)
|
36,055
|
||||||
Other
assets
|
(528)
|
686
|
||||||
Net
cash provided by operating activities
|
137,543
|
121,365
|
||||||
Cash
flows from investing activities:
|
||||||||
Additions
of capital assets - net
|
(6,308)
|
(5,414)
|
||||||
Purchase
of a division of Spicer Corporation
|
(11,437)
|
—
|
||||||
Purchase
of eMotion LLC, net of cash acquired
|
(3,635)
|
—
|
||||||
Purchase
of Captaris Inc., net of cash acquired
|
(101,033)
|
—
|
||||||
Additional
purchase consideration for prior period acquisitions
|
(4,612)
|
(451)
|
||||||
Purchase
of an asset group constituting a business
|
—
|
(2,209)
|
||||||
Investments
in marketable securities
|
(8,930)
|
—
|
||||||
Acquisition
related costs
|
(12,578)
|
(14,907)
|
||||||
Net
cash used in investment activities
|
(148,533)
|
(22,981)
|
||||||
Cash
flows from financing activities:
|
||||||||
Excess
tax benefits on share-based compensation expense
|
8,382
|
867
|
||||||
Proceeds
from issuance of Common Shares
|
17,674
|
11,415
|
||||||
Repayment
of long-term debt
|
(2,570)
|
(62,746)
|
||||||
Debt
issuance costs
|
—
|
(349)
|
||||||
Net
cash provided by (used in) financing activities
|
23,486
|
(50,813)
|
||||||
Foreign
exchange gain (loss) on cash held in foreign
currencies
|
(30,364)
|
18,212
|
||||||
Increase
(decrease) in cash and cash equivalents during the
period
|
(17,868)
|
65,783
|
||||||
Cash
and cash equivalents at beginning of the period
|
254,916
|
149,979
|
||||||
Cash
and cash equivalents at end of the period
|
$
|
237,048
|
$
|
215,762
|
||||
|
||||||||
Supplemental
cash flow disclosures (note 17)
|
(i)
|
Net
income;
|
(ii)
|
Translation
gains and losses from converting foreign currency subsidiaries to our
parent company’s currency;
|
(iii)
|
Unrealized
gains and losses relating to certain foreign currency forward contracts
accounted for as cash flow hedges;
|
(iv)
|
Unrealized
gains and losses relating to marketable securities classified as
“available for sale” investments;
and
|
(v)
|
Changes
in unrealized actuarial gains relating to defined benefit pension
plans.
|
Three
months ended
March
31,
|
Nine
months ended
March
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Other comprehensive income (loss):
|
||||||||||||||||
Net
income for the period
|
$
|
22,035
|
7,267
|
37,457
|
25,752
|
|||||||||||
Foreign
currency translation adjustments
|
(27,398)
|
32,144
|
(81,622)
|
69,838
|
||||||||||||
Unrealized
loss in investment in marketable securities
|
(1,456)
|
—
|
(2,274)
|
—
|
||||||||||||
Unrealized
loss on cash flow hedges
|
(1,120)
|
—
|
(1,120)
|
—
|
||||||||||||
Change
in actuarial gains relating to defined benefit pension
plans
|
32
|
—
|
82
|
—
|
||||||||||||
Comprehensive
income (loss) for the period
|
$
|
(7,907)
|
$
|
39,411
|
$
|
(47,477)
|
$
|
95,590
|
||||||||
·
|
Level
1 – inputs are based upon unadjusted quoted prices for identical
instruments traded in active
markets.
|
·
|
Level
2 – inputs are based upon quoted prices for similar instruments in active
markets, quoted prices for identical or similar instruments in markets
that are not active, and model-based valuation techniques for which all
significant assumptions are observable in the market or can be
corroborated by observable market data for substantially the full term of
the assets or liabilities.
|
·
|
Level
3 – inputs are generally unobservable and typically reflect management’s
estimates of assumptions that market participants would use in pricing the
asset or liability. The fair values are therefore determined using
model-based techniques that include option pricing models, discounted cash
flow models, and similar
techniques.
|
Fair
Market Measurements using:
|
||||||||||||||||
Quoted prices in active markets
for identical assets
|
Significant other observable
inputs
|
Significant unobservable
inputs
|
||||||||||||||
March 31, 2009
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
|||||||||||||
Financial
Assets:
|
||||||||||||||||
Marketable
securities
|
$
|
6,656
|
$
|
6,656
|
n/a
|
n/a
|
||||||||||
Financial
Liabilities:
|
||||||||||||||||
Derivative
financial instrument liabilities (note 13)
|
$
|
4,341
|
n/a
|
$
|
4,341
|
n/a
|
||||||||||
|
As of March 31,
2009
|
|||
Finished
goods
|
$
|
2,148
|
||
Components
|
424
|
|||
2,572
|
||||
Less:
Provision for inventories
|
(633)
|
|||
$
|
1,939
|
|||
|
||||||||||||
As of March 31,
2009
|
||||||||||||
Cost
|
Accumulated
Depreciation
|
Net
|
||||||||||
Furniture
and fixtures
|
$
|
9,990
|
$
|
6,275
|
$
|
3,715
|
||||||
Office
equipment
|
8,242
|
7,255
|
987
|
|||||||||
Computer
hardware
|
69,227
|
60,573
|
8,654
|
|||||||||
Computer
software
|
23,349
|
17,332
|
6,017
|
|||||||||
Leasehold
improvements
|
17,799
|
11,509
|
6,290
|
|||||||||
Land
and buildings
|
14,836
|
1,297
|
13,539
|
|||||||||
$
|
143,443
|
$
|
104,241
|
$
|
39,202
|
|||||||
As of June 30,
2008
|
||||||||||||
Cost
|
Accumulated
Depreciation
|
Net
|
||||||||||
Furniture
and fixtures
|
$
|
10,490
|
$
|
8,877
|
$
|
1,613
|
||||||
Office
equipment
|
10,251
|
8,948
|
1,303
|
|||||||||
Computer
hardware
|
80,499
|
72,654
|
7,845
|
|||||||||
Computer
software
|
28,015
|
21,819
|
6,196
|
|||||||||
Leasehold
improvements
|
15,160
|
11,295
|
3,865
|
|||||||||
Land
and buildings *
|
24,261
|
1,501
|
22,760
|
|||||||||
$
|
168,676
|
$
|
125,094
|
$
|
43,582
|
|||||||
*
|
Includes
a building that was recorded as an “asset held for sale” which was sold in
December 2008 for Canadian dollars $5.8
million.
|
|
NOTE
6—GOODWILL
|
|
||||
Balance,
June 30, 2007
|
$
|
528,312
|
||
Purchase
of an asset group constituting a business (note
20)
|
2,199
|
|||
Adjustments
relating to prior acquisitions
|
5,930
|
|||
Adjustments
relating to the adoption of FIN 48
|
(6,480)
|
|||
Adjustments
on account of foreign exchange
|
34,687
|
|||
Balance,
June 30, 2008
|
564,648
|
|||
Acquisition
of a division of Spicer Corporation (note 20)
|
4,815
|
|||
Acquisition
of Captaris Inc. (note 20)
|
46,362
|
|||
Adjustments
relating to prior acquisitions
|
(10,688
|
)
|
||
Adjustments
on account of foreign exchange
|
(41,119
|
)
|
||
Balance,
March 31, 2009
|
$
|
564,018
|
||
Technology
Assets
|
Customer
Assets
|
Total
|
||||||||||
Net
book value, June 30, 2007
|
$
|
179,216
|
$
|
164,108
|
$
|
343,324
|
||||||
Acquisition
of Momentum
|
—
|
1,900
|
1,900
|
|||||||||
Amortization
expense
|
(41,515)
|
(30,759)
|
(72,274
|
)
|
||||||||
Foreign
exchange and other impacts
|
4,002
|
4,872
|
8,874
|
|||||||||
Net
book value, June 30, 2008
|
141,703
|
140,121
|
281,824
|
|||||||||
Acquisition
of Captaris Inc. (note 20)
|
60,000
|
72,000
|
132,000
|
|||||||||
Acquisition
of eMotion LLC (note 20)
|
1,452
|
2,359
|
3,811
|
|||||||||
Acquisition
of a division of Spicer Corporation (note 20)
|
5,529
|
1,777
|
7,306
|
|||||||||
Purchase
of an asset group constituting a business (note
20)
|
—
|
2,081
|
2,081
|
|||||||||
Amortization
expense
|
(34,171)
|
(29,529)
|
(63,700
|
)
|
||||||||
Foreign
exchange and other impacts
|
(3,649)
|
(4,930)
|
(8,579
|
)
|
||||||||
Net
book value, March 31, 2009
|
$
|
170,864
|
$
|
183,879
|
$
|
354,743
|
||||||
s
|
||||
Fiscal years ending
June 30,
|
||||
2009
(three months ended June 30)
|
$
|
21,123
|
||
2010
|
79,893
|
|||
2011
|
77,258
|
|||
2012
|
73,815
|
|||
2013
and beyond
|
102,654
|
|||
Total
|
$
|
354,743
|
||
|
As of March 31,
2009
|
As of June 30,
2008
|
||||||
Debt
issuance costs
|
$
|
4,993
|
$
|
5,834
|
||||
Deposits and
restricted cash
|
2,599
|
1,943
|
||||||
Long-term
prepaid expenses
|
3,095
|
2,116
|
||||||
Pension
assets
|
558
|
598
|
||||||
$
|
11,245
|
$
|
10,491
|
|||||
Balance
of allowance for doubtful accounts (AfDA) as of June 30,
2007
|
$
|
2,089
|
||
Bad
debt expense for the year
|
2,855
|
|||
Write-off
/adjustments
|
(970
|
)
|
||
Balance
of allowance for doubtful accounts as of June 30,
2008
|
3,974
|
|||
Bad
debt expense for the period
|
3,670
|
|||
Write-off
/adjustments
|
(3,860
|
)
|
||
Balance
of allowance for doubtful accounts as of March 31,
2009
|
$
|
3,784
|
||
|
||||||||
As of March 31,
2009
|
As of June 30,
2008
|
|||||||
Accounts
payable—trade
|
$
|
14,418
|
$
|
3,728
|
||||
Accrued
salaries and commissions
|
25,173
|
34,292
|
||||||
Accrued
liabilities
|
54,432
|
49,014
|
||||||
Amounts
payable in respect of restructuring (note 19)
|
7,541
|
1,150
|
||||||
Amounts
payable in respect of acquisitions and acquisition related
accruals
|
14,808
|
10,851
|
||||||
$
|
116,372
|
$
|
99,035
|
|||||
Long-term accrued
liabilities
|
||||||||
As of March 31,
2009
|
As of June 30,
2008
|
|||||||
Amounts
payable in respect of restructuring (note 19)
|
954
|
299
|
||||||
Amounts
payable in respect of acquisitions and acquisition related
accruals
|
5,671
|
10,256
|
||||||
Other
accrued liabilities
|
6,439
|
2,851
|
||||||
Asset
retirement obligations
|
6,920
|
7,107
|
||||||
$
|
19,984
|
$
|
20,513
|
|||||
Balance
June 30,
2008
|
Initial
Accruals
|
Usage/
Foreign
Exchange/
Other
Adjustments
|
Subsequent
Adjustments
to
Goodwill
|
Balance
March
31,
2009
|
||||||||||||||||
Captaris (see note 20)
|
||||||||||||||||||||
Employee
termination costs
|
$ | — | $ | 9,276 | $ | (3,793 | ) | $ | 1,284 | $ | 6,767 | |||||||||
Excess
facilities
|
— | 3,347 | (582 | ) | 651 | 3,416 | ||||||||||||||
Transaction-related
costs
|
— | 797 | (1,006 | ) | 209 | — | ||||||||||||||
— | 13,420 | (5,381 | ) | 2,144 | 10,183 | |||||||||||||||
Division
of Spicer Corporation
|
||||||||||||||||||||
Employee
termination costs
|
— | — | — | — | — | |||||||||||||||
Excess
facilities
|
— | — | — | — | — | |||||||||||||||
Transaction-related
costs
|
— | 262 | (240 | ) | (22 | ) | — | |||||||||||||
— | 262 | (240 | ) | (22 | ) | — | ||||||||||||||
Hummingbird
|
||||||||||||||||||||
Employee
termination costs
|
310 | — | (48 | ) | (13 | ) | 249 | |||||||||||||
Excess
facilities
|
4,249 | — | (1,817 | ) | (795 | ) | 1,637 | |||||||||||||
Transaction-related
costs
|
815 | — | (120 | ) | (695 | ) | — | |||||||||||||
5,374 | — | (1,985 | ) | (1,503 | ) | 1,886 | ||||||||||||||
IXOS
|
||||||||||||||||||||
Employee
termination costs
|
— | — | — | — | — | |||||||||||||||
Excess
facilities
|
15,255 | — | (6,956 | ) | — | 8,299 | ||||||||||||||
Transaction-related
costs
|
— | — | (45 | ) | 45 | — | ||||||||||||||
15,255 | — | (7,001 | ) | 45 | 8,299 | |||||||||||||||
Eloquent
|
||||||||||||||||||||
Employee
termination costs
|
— | — | — | — | — | |||||||||||||||
Excess
facilities
|
— | — | — | — | — | |||||||||||||||
Transaction-related
costs
|
243 | — | (243 | ) | — | — | ||||||||||||||
243 | — | (243 | ) | — | — | |||||||||||||||
Centrinity
|
||||||||||||||||||||
Employee
termination costs
|
— | — | — | — | — | |||||||||||||||
Excess
facilities
|
211 | — | (100 | ) | — | 111 | ||||||||||||||
Transaction-related
costs
|
— | — | — | — | — | |||||||||||||||
211 | — | (100 | ) | — | 111 | |||||||||||||||
Artesia
|
||||||||||||||||||||
Employee
termination costs
|
— | — | — | — | — | |||||||||||||||
Excess
facilities
|
24 | — | (24 | ) | — | — | ||||||||||||||
Transaction-related
costs
|
— | — | — | — | — | |||||||||||||||
24 | — | (24 | ) | — | — | |||||||||||||||
Totals
|
||||||||||||||||||||
Employee
termination costs
|
310 | 9,276 | (3,841 | ) | 1,271 | 7,016 | ||||||||||||||
Excess
facilities
|
19,739 | 3,347 | (9,479 | ) | (144 | ) | 13,463 | |||||||||||||
Transaction-related
costs
|
1,058 | 1,059 | (1,654 | ) | (463 | ) | — | |||||||||||||
$ | 21,107 | $ | 13,682 | $ | (14,974 | ) | $ | 664 | $ | 20,479 | ||||||||||
Total
benefit obligation
|
Current
portion of benefit obligation*
|
Non
current portion of benefit obligation
|
||||||||||
CDT
defined benefit plan
|
$ | 14,625 | $ | 278 | $ | 14,347 | ||||||
CDT
Anniversary plan
|
1,014 | 160 | 854 | |||||||||
CDT
early retirement plan
|
589 | — | 589 | |||||||||
Total
|
$ | 16,228 | $ | 438 | $ | 15,790 | ||||||
Benefit
obligation as of November 1, 2008
|
$
|
14,782
|
||
Service
cost
|
224
|
|||
Interest
cost
|
351
|
|||
Benefits
paid
|
(80
|
)
|
||
Foreign
exchange
|
(652
|
)
|
||
Benefit
obligation as of March 31, 2009
|
14,625
|
|||
Less:
current portion
|
(278
|
)
|
||
Non
current portion of benefit obligation as of March 31,
2009
|
$
|
14,347
|
Pension
expense:
|
Three
months ended March 31, 2009
|
Nine
months ended
March
31, 2008
|
||||||
Service
cost
|
$ | 125 | $ | 224 | ||||
Interest
cost
|
209 | 351 | ||||||
Net
pension expense
|
$ | 334 | $ | 575 | ||||
Assumptions:
|
||||
Salary
increases
|
2.25
|
%
|
||
Pension
increases
|
1.50
|
%
|
||
Discount
rate
|
6.00
|
%
|
||
Employee
fluctuation rate:
|
||||
to
age 30
|
3.00
|
%
|
||
to
age 35
|
2.00
|
%
|
||
to
age 40
|
2.00
|
%
|
||
to
age 45
|
1.50
|
%
|
||
to
age 50
|
0.50
|
%
|
||
from
age 51
|
0.00
|
%
|
2009
|
$
|
216
|
||
2010
|
356
|
|||
2011
|
380
|
|||
2012
|
415
|
|||
2013
|
522
|
|||
2014
to 2018
|
3,887
|
|||
Total
|
$
|
5,776
|
Assumptions
: Former IXOS directors’ defined benefit pension
plan
|
||||
Salary
increases
|
0.00
|
%
|
||
Pension
increases
|
1.50%-
3.00
|
%
|
||
Discount
rate
|
6.00
|
%
|
||
Rate
of expected return on plan assets
|
4.50
|
%
|
Assumptions
: Former IXOS employees’ defined benefit pension
plan
|
||||
Salary
increases
|
0.00
|
%
|
||
Pension
increases
|
0.00
|
%
|
||
Discount
rate
|
6.00
|
%
|
||
Rate
of expected return on plan assets
|
4.30
|
%
|
Anticipated
Pension
Payments
|
||||
2009
|
$
|
77
|
||
2010
|
14
|
|||
2011
|
-
|
|||
2012
|
166
|
|||
2013
|
70
|
|||
2014
to 2018
|
597
|
|||
Total
|
$
|
924
|
|
||||||||
As of March 31,
2009
|
As of June 30,
2008
|
|||||||
Long-term debt
|
||||||||
Term
loan
|
$
|
291,761
|
$
|
294,006
|
||||
Mortgage
|
10,820
|
13,781
|
||||||
302,581
|
307,787
|
|||||||
Less:
|
||||||||
Current portion of long-term
debt
|
||||||||
Term
loan
|
2,993
|
2,993
|
||||||
Mortgage
|
414
|
493
|
||||||
3,407
|
3,486
|
|||||||
Long-term portion of long-term
debt
|
$
|
299,174
|
$
|
304,301
|
||||
Derivatives
Designated
as Hedging Instruments Under SFAS
133
|
Balance
Sheet Location
|
Fair
Value
|
|||
Foreign
currency forward contracts designated as cash flow hedges under SFAS
133
|
Accounts
Payable and accrued liabilities
|
$
|
1,556
|
||
Derivatives
Not Designated as Hedging Instruments Under SFAS 133
|
|||||
Interest
rate collar not designated as a hedging instrument under SFAS
133
|
Accounts
Payable and accrued liabilities
|
2,785
|
|||
Total
derivatives
|
$
|
4,341
|
|||
Derivatives
in SFAS 133 Cash Flow Hedging Relationships
|
Amount
of Gain or (Loss) Recognized in OCI on Derivative (Effective
Portion)
|
Location
of Gain or (Loss) Reclassified from Accumulated OCI into
Income
(Effective
Portion)
|
Amount
of Gain or (Loss) Reclassified from Accumulated OCI into
Income
(Effective
Portion)
|
Location
of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion
and Amount Excluded from Effectiveness Testing)
|
Amount
of Gain or (Loss) Recognized in Income on Derivative (Ineffective
Portion and Amount Excluded from Effectiveness
Testing)
|
|||||||||
Three
months ended March 31, 2009
|
Three
months ended March 31, 2009
|
Three
months ended March 31, 2009
|
||||||||||||
Foreign
currency forward contracts
|
$
|
(2,104
|
)
|
Other
income/
(expense)
|
$
|
(427)
|
Other
income/(expense)
|
$
|
121*
|
|||||
Derivatives
Not Designated as Hedging Instruments under SFAS 133
|
Location
of Gain or (Loss) Recognized in Income on Derivative
|
Amount
of Gain or (Loss) Recognized in Income on Derivative
|
|||
Three
months ended March 31, 2009
|
|||||
Interest
rate collar
|
Interest
expense - net
|
$
|
820
|
||
Options
|
Weighted-
Average Exercise
Price
|
Weighted-
Average
Remaining
Contractual Term
(years)
|
Aggregate Intrinsic Value
($’000s)
|
|||||||||||||
Outstanding
at June 30, 2008
|
3,763,665
|
$
|
15.22
|
|||||||||||||
Granted
|
716,100
|
32.66
|
||||||||||||||
Exercised
|
(1,439,839
|
)
|
11.82
|
|||||||||||||
Forfeited
or expired
|
(61,506
|
)
|
31.69
|
|||||||||||||
Outstanding
at March 31, 2009
|
2,978,420
|
$
|
20.72
|
4.52
|
$
|
41,023
|
||||||||||
Exercisable
at March 31, 2009
|
1,636,424
|
$
|
16.57
|
3.70
|
$
|
29,251
|
||||||||||
·
|
Absolute share price –
if our Common Shares appreciate to a predetermined price per share
and that price is maintained for a minimum of 22 consecutive NASDAQ
trading days, the absolute share price target will have been
achieved;
|
·
|
Relative total shareholder
return – if, over a three year period, our Common Shares appreciate
at a rate which exceeds the rate of appreciation disclosed by the Standard
& Poor’s Mid Cap 400 Software and Service Index by a prearranged
percentage, the relative total shareholder return target will have been
achieved; and
|
·
|
Average adjusted earnings per
share – if the average of our adjusted earnings per share over the
latter two years of a three year period reaches a preset amount, the
average adjusted earnings per share target will have been met (adjusted
earnings per share means adjusted net income divided by our total number
of Common Shares outstanding on a diluted
basis).
|
·
|
Absolute
share price = 37.5%;
|
·
|
Relative
total shareholder return = 37.5%;
and
|
·
|
Average
adjusted earnings per share =
25%.
|
Three months ended
March 31,
|
Nine months
ended
March 31
|
|||||||||||||||
Basic
earnings per share
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Net
income
|
$
|
22,035
|
$
|
7,267
|
$
|
37,457
|
$
|
25,752
|
||||||||
Basic
earnings per share
|
$
|
0.42
|
$
|
0.14
|
$
|
0.72
|
$
|
0.51
|
||||||||
Diluted earnings per
share
|
||||||||||||||||
Net
income
|
$
|
22,035
|
$
|
7,267
|
$
|
37,457
|
$
|
25,752
|
||||||||
Diluted
earnings per share
|
$
|
0.41
|
$
|
0.14
|
$
|
0.71
|
$
|
0.49
|
||||||||
Weighted average number of
shares outstanding
|
||||||||||||||||
Basic
|
52,312
|
50,979
|
51,825
|
50,666
|
||||||||||||
Effect
of dilutive securities
|
1,129
|
1,810
|
1,297
|
1,758
|
||||||||||||
Diluted
|
53,441
|
52,789
|
53,122
|
52,424
|
||||||||||||
Excluded
as anti-dilutive *
|
419
|
47
|
34
|
—
|
||||||||||||
Three months
ended March
31,
|
Nine months ended
March
31,
|
|||||||||||||||
2009
|
2008
|
2009
|
2008
|
|||||||||||||
Supplemental
disclosure of cash flow information:
|
||||||||||||||||
Cash
paid during the period for interest
|
$
|
3,034
|
$
|
4,728
|
$
|
12,074
|
$
|
18,414
|
||||||||
Cash
received during the period for interest
|
$
|
739
|
$
|
1,170
|
$
|
3,938
|
$
|
3,634
|
||||||||
Cash
paid during the period for income taxes
|
$
|
1,005
|
$
|
8,666
|
$
|
6,028
|
$
|
10,595
|
Fiscal
2009 Restructuring Plan
|
Workforce
reduction
|
Facility
costs
|
Total
|
|||||||||
Balance
as of June 30, 2008
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Accruals
|
9,950
|
3,061
|
13,011
|
|||||||||
Cash
payments
|
(4,549)
|
(451)
|
(5,000)
|
|||||||||
Foreign
exchange and other adjustments
|
221
|
18
|
239
|
|||||||||
Balance
as of March 31, 2009
|
$
|
5,622
|
$
|
2,628
|
$
|
8,250
|
||||||
|
||||
Facility
costs
|
||||
Fiscal
2006 Restructuring Plan
|
||||
Balance
as of June 30, 2008
|
$
|
906
|
||
Accruals
(recoveries)
|
—
|
|||
Cash
payments
|
(538)
|
|||
Foreign
exchange and other adjustments
|
(123)
|
|||
Balance
as of March 31, 2009
|
$
|
245
|
||
Current
assets (net of cash acquired of $30,043)
|
$
|
29,375
|
||
Long-term
assets
|
27,234
|
|||
Intangible
customer assets
|
72,000
|
|||
Technology
assets
|
60,000
|
|||
In-process
research and development *
|
121
|
|||
Goodwill
|
46,362
|
|||
Total
assets acquired
|
235,092
|
|||
Total
liabilities assumed and acquisition related accruals
|
(133,054)
|
|||
Net
assets acquired
|
$
|
102,038
|
||
Three months
ended March 31
|
Nine months ended
March
31,
|
|||||||||||
2008 |
2009
|
2008
|
||||||||||
Total
revenues
|
$ | 206,681 | $ | 628,437 | $ | 604,532 | ||||||
Net
income (loss)
|
$ | (2,660 | ) | $ | *20,875 | $ | 8,694 | |||||
Basic
net income (loss) per share
|
$ | (0.05 | ) | $ | 0.40 | $ | 0.17 | |||||
Diluted
net income (loss) per share
|
$ | (0.05 | ) | $ | 0.39 | $ | 0.17 |
Current
assets
|
$
|
648
|
||
Long-term
assets
|
238
|
|||
Intangible
customer assets
|
2,359
|
|||
Technology
assets
|
1,452
|
|||
Total
assets acquired
|
4,697
|
|||
Liabilities
assumed
|
(884
|
)
|
||
Net
assets acquired
|
$
|
3,813
|
||
|
||||
Current
assets
|
$
|
932
|
||
Long-term
assets
|
23
|
|||
Intangible customer
assets
|
1,777
|
|||
Technology
assets
|
5,529
|
|||
Goodwill
|
4,815
|
|||
Total
assets acquired
|
13,076
|
|||
Liabilities
assumed
|
(1,333
|
)
|
||
Net
assets acquired
|
$
|
11,743
|
||
Item
2.
|
Management’s Discussion and
Analysis of Financial Condition and Results of
Operation
|
·
|
In
April 2009, we were ranked as the largest Canadian software company in the
2009 Branham300 ranking, the well-known annual ranking of top information
and communication technology companies operating in Canada. The Branham300
is published by the Branham Group, a leading Canadian industry analyst and
strategic consulting firm serving the global information technology
marketplace.
|
·
|
In
April 2009, we announced the availability of our latest Connectivity
solution, Open Text SOCKS Client. “SOCKS” is an internet
protocol that facilitates the routing of network packets between client
server applications via a proxy server. Our solution aims to assist
organizations to transparently and cost-effectively secure their
enterprise content applications over TCIP/IP
networks.
|
·
|
In
February 2009 we announced the availability of Exceed onDemand® 7, an
application delivery platform that allows organizations to centrally
distribute UNIX applications to local or remote Windows and Linux
workstations.
|
·
|
In
February 2009, we announced the availability of the latest release of Open
Text Web Solutions. Available to customers now, this new release offers a
number of additional enhancements such as helping customers translate,
manage and synchronize multiple websites
worldwide.
|
·
|
In
January 2009 we received the latest version of the U.S. Department of
Defense's (DoD) Standard for Records Management certification for its
advanced records management
offerings.
|
·
|
In
January 2009, we unveiled the release of Open Text Recruiting Management
for Microsoft SharePoint, a native Microsoft Office SharePoint Server 2007
application for collaborative hiring case management that helps to
simplify the recruiting process within organizations. This release is part
of a continuing Open Text plan to build applications that extend Office
SharePoint Server 2007, based on the Open Text ECM
Suite.
|
·
|
In
January 2009, we introduced new versions of Desktop Viewer and Open Text
Thin Client Viewer, with expanded support for new file formats. The
solutions help enterprises lower costs and improve productivity by
providing a simple way to manage the creation, capture, viewing, markup
and publishing of content across departments and the enterprise. Using the
Open Text Thin Client Viewer, customers can view, share, distribute and
collaborate on documents online with partners, suppliers and customers via
a Web browser.
|
·
|
continue
to grow license revenue;
|
·
|
continue
to focus on partner-influenced sales;
and
|
·
|
continue
to manage our costs effectively and reduce costs as
appropriate.
|
|
Three
months ended
March
31,
|
Nine
months ended
March
31,
|
||||||||||||||||||||||
(in
thousands)
|
2009
|
2008
|
Change - Increase
(decrease)
|
2009
|
2008
|
Change - Increase
(decrease)
|
||||||||||||||||||
License
|
$
|
51,919
|
$
|
51,534
|
$
|
385
|
$
|
166,845
|
$
|
150,952
|
$
|
15,893
|
||||||||||||
Customer
support
|
101,949
|
91,606
|
10,343
|
300,816
|
268,524
|
32,292
|
||||||||||||||||||
Service and
other
|
38,167
|
35,622
|
2,545
|
114,648
|
105,787
|
8,861
|
||||||||||||||||||
Total
|
$
|
192,035
|
$
|
178,762
|
$
|
13,273
|
$
|
582,309
|
$
|
525,263
|
$
|
57,046
|
||||||||||||
Three months ended
March
31,
|
Nine months ended
March
31,
|
|||||||||||||||
(% of total
revenue)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
License
|
27.0
|
%
|
28.8
|
%
|
28.7
|
%
|
28.7
|
%
|
||||||||
Customer
support
|
53.1
|
%
|
51.2
|
%
|
51.7
|
%
|
51.1
|
%
|
||||||||
Service and
other
|
19.9
|
%
|
20.0
|
%
|
19.6
|
%
|
20.2
|
%
|
||||||||
Total
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||
Three months ended
March 31,
|
Nine months ended
March 31,
|
|||||||||||||||||||||||
2009
|
2008
|
Change
- Increase/ (decrease)
|
2009
|
2008
|
Change
- Increase/ (decrease)
|
|||||||||||||||||||
(in
thousands)
|
||||||||||||||||||||||||
North
America
|
$
|
98,357
|
$
|
83,243
|
$
|
15,114
|
$
|
287,594
|
$
|
246,903
|
$
|
40,691
|
||||||||||||
Europe
|
82,107
|
86,603
|
(4,496
|
)
|
263,912
|
251,080
|
12,832
|
|||||||||||||||||
Other
|
11,571
|
8,916
|
2,655
|
30,803
|
27,280
|
3,523
|
||||||||||||||||||
Total
|
$
|
192,035
|
$
|
178,762
|
$
|
13,273
|
$
|
582,309
|
$
|
525,263
|
$
|
57,046
|
||||||||||||
Three months ended
March
31,
|
Nine months ended
March
31,
|
|||||||||||||||
(% of total
revenue)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
North
America
|
51.2
|
%
|
46.6
|
%
|
49.4
|
%
|
47.0
|
%
|
||||||||
Europe
|
42.8
|
%
|
48.4
|
%
|
45.3
|
%
|
47.8
|
%
|
||||||||
Other
|
6.0
|
%
|
5.0
|
%
|
5.3
|
%
|
5.2
|
%
|
||||||||
Total
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
100.0
|
%
|
||||||||
|
||||||||||||||||||||||||
Three months ended
March
31,
|
Nine months ended
March
31,
|
|||||||||||||||||||||||
2009
|
2008
|
Change-
Increase/ (decrease)
|
2009
|
2008
|
Change-
Increase/ (decrease)
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
License
|
$
|
4,496
|
$
|
3,093
|
$
|
1,403
|
$
|
12,670
|
$
|
11,296
|
$
|
1,374
|
||||||||||||
Customer
Support
|
17,304
|
14,292
|
3,012
|
50,227
|
41,081
|
9,146
|
||||||||||||||||||
Service
and other
|
30,288
|
28,856
|
1,432
|
89,898
|
86,552
|
3,346
|
||||||||||||||||||
Amortization
of acquired technology-based intangible assets
|
11,625
|
10,440
|
1,185
|
34,171
|
30,900
|
3,271
|
||||||||||||||||||
Total
|
$
|
63,713
|
$
|
56,681
|
$
|
7,032
|
$
|
186,966
|
$
|
169,829
|
$
|
17,137
|
||||||||||||
Three months ended
March
31,
|
Nine months ended
March
31,
|
|||||||||||||||
Gross
Margin
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
License
|
91.3
|
%
|
94.0
|
%
|
92.4
|
%
|
92.5
|
%
|
||||||||
Customer
Support
|
83.0
|
%
|
84.4
|
%
|
83.3
|
%
|
84.7
|
%
|
||||||||
Service and
other
|
20.6
|
%
|
19.0
|
%
|
21.6
|
%
|
18.2
|
%
|
|
Three
months ended
March 31,
|
Nine
months ended
March 31,
|
||||||||||||||||||||||
(in
thousands)
|
2009
|
2008
|
Change - Increase
(decrease)
|
2009
|
2008
|
Change - Increase
(decrease)
|
||||||||||||||||||
Research
and development
|
$
|
28,809
|
$
|
27,990
|
$
|
819
|
$
|
87,335
|
$
|
78,120
|
$
|
9,215
|
||||||||||||
Sales
and marketing
|
44,426
|
41,307
|
3,119
|
138,605
|
121,466
|
17,139
|
||||||||||||||||||
General
and administrative
|
17,937
|
18,268
|
(331
|
)
|
54,604
|
52,233
|
2,371
|
|||||||||||||||||
Depreciation
|
3,229
|
2,909
|
320
|
8,847
|
9,645
|
(798)
|
||||||||||||||||||
Amortization
of acquired customer-based intangible assets
|
11,176
|
8,077
|
3,099
|
29,529
|
23,006
|
6,523
|
||||||||||||||||||
Special
charges (recoveries)
|
1,788
|
(14
|
)
|
1,802
|
13,234
|
(122
|
)
|
13,356
|
||||||||||||||||
Total
|
$
|
107,365
|
$
|
98,537
|
$
|
8,828
|
$
|
332,154
|
$
|
284,348
|
$
|
47,806
|
||||||||||||
Three months ended
March
31,
|
Nine months ended
March
31,
|
|||||||||||||||
(in % of total
revenue)
|
2009
|
2008
|
2009
|
2008
|
||||||||||||
Research
and development
|
15.0
|
%
|
15.7
|
%
|
15.0
|
%
|
14.9
|
%
|
||||||||
Sales
and marketing
|
23.1
|
%
|
23.1
|
%
|
23.8
|
%
|
23.1
|
%
|
||||||||
General
and administrative
|
9.3
|
%
|
10.2
|
%
|
9.4
|
%
|
9.9
|
%
|
||||||||
Depreciation
|
1.7
|
%
|
1.6
|
%
|
1.5
|
%
|
1.8
|
%
|
||||||||
Amortization
of acquired customer-based intangible assets
|
5.8
|
%
|
4.5
|
%
|
5.1
|
%
|
4.4
|
%
|
||||||||
Special
charges (recoveries)
|
0.9
|
%
|
0.0
|
%
|
2.3
|
%
|
0.0
|
%
|
Payments due by fiscal years,
|
||||||||||||||||||||
Total
|
2009
|
2010 and 2011
|
2012 and 2013
|
2014 and beyond
|
||||||||||||||||
Long-term
debt obligations
|
$
|
361,884
|
$
|
4,301
|
$
|
43,747
|
$
|
31,629
|
$
|
282,207
|
||||||||||
Operating
lease obligations *
|
82,488
|
6,669
|
42,386
|
15,211
|
18,222
|
|||||||||||||||
Purchase
obligations
|
4,445
|
845
|
2,952
|
648
|
—
|
|||||||||||||||
$
|
448,817
|
$
|
11,815
|
$
|
89,085
|
$
|
47,488
|
$
|
300,429
|
|||||||||||
*
|
Net
of $4.9 million of non-cancelable sublease income to be received from
properties which we have subleased to other
parties.
|
·
|
Revenue
recognition
|
·
|
Business
combinations
|
·
|
Goodwill
and intangible assets – Impairment
Assessments
|
·
|
Accounting
for income taxes
|
·
|
Legal
and other contingencies
|
·
|
The
valuation of stock options granted and liabilities related to share-based
payments, including the long-term incentive
plan
|
·
|
Allowance
for doubtful accounts
|
·
|
Facility
and restructuring accruals
|
·
|
Financial
instruments
|
·
|
The
valuation of pension assets and
obligations
|
Item 3.
|
Quantitative and Qualitative
Disclosures about Market
Risk
|
Item 1A.
|
Risk
Factors
|
|
|
Exhibit
Number
|
Description of
Exhibit
|
2.1
|
Agreement
and Plan of Merger dated as of May 5, 2009, by and among Open Text
Corporation, Scenic Merger Corp., and Vignette Corporation.
(1)
|
31.1
|
Certification
of the Chief Executive Officer, pursuant to Rule 13a-14(a) of the Exchange
Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
31.2
|
Certification
of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange
Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of
2002.
|
32.1
|
Certification
of the Chief Executive Officer pursuant to 18 U.S.C Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
32.2
|
Certification
of the Chief Financial Officer pursuant to 18 U.S.C Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
101.INS
|
XBRL
instance document
|
101.SCH
|
XBRL
taxonomy extension schema
|
101.CAL
|
XBRL
taxonomy extension calculation linkbase
|
101.DEF
|
XBRL
taxonomy extension definition linkbase
|
101.LAB
|
XBRL
taxonomy extension label linkbase
|
101.PRE
|
XBRL
taxonomy extension presentation linkbase
|
101.REF
|
XBRL
taxonomy extension reference
linkbase
|
|
(1)
Filed as an exhibit to the Company’s Current Report on Form 8-K, as filed
with the SEC on May 7, 2009 and incorporated herein by
reference.
|
OPEN TEXT
CORPORATION
|
||
Date:
May 7, 2009
|
By:
|
/s/ JOHN
SHACKLETON
|
John
Shackleton
President and Chief Executive
Officer
|
||
/s/ PAUL
McFEETERS
|
||
Paul
McFeeters
Chief
Financial Officer
|