Barrenechea further added, "As for our quarterly financial results, we did not meet our full financial objectives. As for revenue, we were affected by foreign exchange and customers transitioning to our cloud; as for profit, we were affected by foreign exchange and unique items in the quarter, such as acquisitions, litigation costs and others, the benefits of which should be seen in future quarters. With that said, I am pleased that our recurring revenues grew by 4%, up 10% in constant currency, and we had record operating cash flows of $143.1 million in the quarter."

"Foreign currency volatility continued to have a significant impact on our results in the quarter and on a year-to-date basis," said John Doolittle, OpenText CFO. "Although we are fighting currency headwinds, we are pleased with our growth in recurring revenues and our operating cash flow performance, attributed to our strong working capital management this quarter. Based on the operating cash performance, our strong liquidity position and our focus on delivering value to shareholders, we have increased our quarterly dividend to $0.20."

*Constant currency for this purpose is defined as the current period reported revenues/expenses/earnings represented at the prior comparative period's foreign exchange rate.

Business Highlights

• OpenText buys Actuate Corporation and Informative Graphics Corporation
• 10 customer transactions over $1 million, 7 cloud contract signings in the OpenText Cloud and 3 on-premises
• Financial, services and public sector industries saw the most demand
• Cloud customer successes in the quarter include Hasbro, SleepMed, Roche Diagnostics, KPN and Pillar Administration
• On-premises customer successes in the quarter include BLS AG, Dover Corp, FACC Operations GmbH, Annenberg Foundation Center, State of Maine Office of Information Technology, Tangerine Bank, Serco and Region of Peel
• OpenText completes EIM Suite enhancements (SP1) to deliver customer success in the digital-first world
• OpenText adds analytics for B2B transactions to provide greater supply chain insight
• OpenText offers a new communications hub for omni-channel interactions in the cloud
• OpenText announces new contract management system to automate contract processing
• OpenText announces new compliance and performance capabilities to ensure fast, secure transfer of files
• OpenText wins patent infringement trial against Box and Carahsoft

Dividend Program Highlights

Cash Dividend - Raised by 16%

As part of our quarterly, non cumulative cash dividend program the Board declared on April 27, 2015 a sixteen percent increase in its quarterly cash dividend from $0.1725 to $0.20 per Common Share. The record date for this dividend is May 29, 2015 and the payment date is June 19, 2015. Future declarations of dividends and the establishment of future record and payment dates are subject to the final determination and discretion of our Board of Directors.