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FOR IMMEDIATE RELEASE
August 27, 2009
Novell Reports Financial Results for Third Fiscal Quarter 2009
Operating margin continues to improve year-over-year
WALTHAM, Mass. August 27, 2009 Novell, Inc. (NASDAQ: NOVL) today announced financial results for its third fiscal quarter ended July 31, 2009. For the quarter, Novell reported net revenue of $216 million. This compares to net revenue of $245 million for the third fiscal quarter of 2008. GAAP income from operations for the third fiscal quarter of 2009 was $21 million, compared to GAAP income from operations of $1 million for the third fiscal quarter of 2008. GAAP net income in the third fiscal quarter of 2009 was $17 million, or $0.05 per share. This compares to GAAP net loss of $15 million, or $0.04 loss per share, for the third fiscal quarter of 2008. In the third fiscal quarter of 2009, foreign currency exchange rates negatively impacted net revenue by $6 million and favorably impacted operating expenses by $8 million and income from operations by $2 million compared to the same period last year.
On a non-GAAP basis, income from operations for the third fiscal quarter of 2009 was $33 million. This compares to non-GAAP income from operations of $24 million in the year-ago quarter. Non-GAAP net income for the third fiscal quarter of 2009 was $25 million, or $0.07 per share. This compares to non-GAAP net income of $18 million, or $0.05 per share, for the third fiscal quarter of 2008. A reconciliation of GAAP to non-GAAP results is provided in the financial schedules as part of this press release. An explanation of these measures is also included below under the heading Non-GAAP Financial Measures.
Novell reported $40 million of product revenue from Open Platform Solutions, of which $38 million was from Linux Platform Products, up 22% compared to the product revenue from Linux Platform Products from the same period last year. Product revenue from Identity and Security Management was $30 million, of which Identity, Access and Compliance Management was $28 million, down 16% compared to the product revenue from Identity, Access and Compliance Management from the same period last year. Product revenue from Systems and Resource Management was $40 million, down 15% compared to the same period last year. Workgroup product revenue of $81 million decreased 12% compared to the same period last year.
Operating margin continued to expand year-over-year due to diligent expense management, however revenue performance was similar to many companies in the software industry, said Ron Hovsepian, President and CEO of Novell. We remain focused on delivering strong operating margins even as we continue to invest to generate long-term revenue growth.
The following information was filed by Novell Inc (NOVL) on Thursday, August 27, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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