04:43 PM EDT, 08/01/2024 (MT Newswires) -- Open Text ( OTEX ) on Thursday said its adjusted profit rose in ite fiscal fourth quarter, though under expectations, and announced a 5% annualized dividend increase.

The document-management and cloud-computing company said its adjusted profit, excluding most one-time items, of US$0.98 per share in the quarter ended June 30, up from US$0.91 per share, in the year-prior quarter. The result was under the consensus analyst estimate of US$1.01 per share, according to Capital IQ.

Total revenue fell 8.6% to US$1.36 billion from $1.49 billion, also missing the Capital IQ forecast of US$1.404 billion.

The company also increased its annual dividend by 5%. A quarterly dividend of US$0.2625, up from US$0.25, will be payable on September 20.

Open Text ( OTEX ) terminated its existing share-repurchase plan and commenced a new plan buy back up to 21.2-million shares, for a maximum value of US$300 million. Under the previous plan, the company purchased 5 million shares for US$150 million. These will be deducted from the new plan's annual limit.

Open Text ( OTEX ) shares closed down $1.25 down to $42.27 on the Toronto Stock Exchange.