Business Context and Reporting Period
Company: Open Text Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: April 24, 2013
Reporting Period: Quarter ended March 31, 2013
This filing reports the announcement of financial results for the quarter ended March 31, 2013, and the adoption of a new dividend policy.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. These metrics are referenced as being contained in the press release furnished as Exhibit 99.1, which is not included in the provided text.
Material Changes and Corporate Actions
- Dividend Policy Adoption: The Company adopted a policy to declare non-cumulative quarterly dividends.
- Initial Dividend Declaration: The Board declared an initial dividend of $0.30 per share.
- Payment Details: Payable on June 21, 2013, to shareholders of record on May 31, 2013.
Guidance, Outlook, and Risks
Management Commentary on Dividends: Future dividends are subject to final determination by the Board of Directors each quarter. Decisions will be based on the Company's financial position, results of operations, available cash resources, cash requirements, and alternative uses of cash.
Risks and Contingencies:
- Dividend payments are subject to contractual limitations, including those in the Company's existing credit agreement.
- There is no assurance that future dividends will equal or be similar to the initial amount.
- The Board may decide to reduce, suspend, or discontinue dividend payments in the future.
Investor Verification Checklist
- Review Exhibit 99.1 (Press Release) for specific Q1 2013 revenue, earnings, and cash flow figures.
- Verify the Company's current credit agreement terms regarding dividend restrictions.
- Confirm the record date (May 31, 2013) and payment date (June 21, 2013) for the initial dividend.
- Monitor future Board announcements for changes to the dividend policy or amount.