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Tech Industry

Short: OpenText posted loss

Open Text, maker of Livelink intranet software, posted a loss of $44.7 million for the fiscal year ended June 30, attributing the results to the company's soon-to-be defunct retail sales division. Revenues rose to $6.6 million, compared to $1.7 million for the same period last year. In the fourth quarter, the company posted $3.7 million in revenue, a 254 percent increase from the same quarter last year due to Open Text's intranet software sales. Open Text has acquired several new operations, is in the process of restructuring, and will reduce its 300-strong workforce by 12 percent.

    Open Text, maker of Livelink intranet software, posted a loss of $44.7 million for the fiscal year ended June 30, attributing the results to the company's soon-to-be defunct retail sales division. Revenues rose to $6.6 million, compared to $1.7 million for the same period last year. In the fourth quarter, the company posted $3.7 million in revenue, a 254 percent increase from the same quarter last year due to Open Text's intranet software sales. Open Text has acquired several new operations, is in the process of restructuring, and will reduce its 300-strong workforce by 12 percent.