FOR IMMEDIATE RELEASE
May 27, 2010
 
Novell Reports Financial Results for Second Fiscal Quarter 2010
 
WALTHAM, Mass. May 27, 2010 - Novell, Inc. (NASDAQ: NOVL) today announced financial results for its second fiscal quarter ended April 30, 2010.  For the quarter, Novell reported net revenue of $204 million.  This compares to net revenue of $216 million for the second fiscal quarter of 2009.  GAAP income from operations for the second fiscal quarter of 2010 was $20 million.  This compares to GAAP income from operations of $18 million for the second fiscal quarter of 2009.  GAAP net income in the second fiscal quarter of 2010 was $20 million, or $0.06 per share.  This compares to GAAP net income of $16 million, or $0.05 per share, for the second fiscal quarter of 2009.  Foreign currency exchange rates favorably impacted net revenue by $2 million and negatively impacted operating expenses by $6 million and income from operations by $4 million compared to the same period last year.
 
On a non-GAAP basis, income from operations for the second fiscal quarter of 2010 was $30 million.  This compares to non-GAAP income from operations of $35 million in the same period last year.  Non-GAAP net income for the second fiscal quarter of 2010 was $24 million, or $0.07 per share.  This compares to non-GAAP net income of $29 million, or $0.08 per share, for the second fiscal quarter of 2009.  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.”
 
“We are experiencing good strategic momentum with the execution of our intelligent workload management strategy,” said Ron Hovsepian, President and CEO of Novell. “As customers increasingly adopt virtualization and cloud computing models, they need tools to help them securely manage and optimize their computing resources. Since announcing our strategy, we have shipped several products to help customers build, secure, manage and measure workloads. In addition, we are very excited about the new partnerships we have forged with several service providers to extend Novell's reach into the market.”
 
Cash, cash equivalents and short-term investments were $980 million at April 30, 2010, down from $991 million last quarter.  Days sales outstanding in accounts receivable was 56 days at the end of the second fiscal quarter of 2010, up from 55 days at the end of the year-ago quarter.  Total deferred revenue was $615 million at the end of the second fiscal quarter of 2010, down from $659 million at the end of the year-ago quarter due to the recognition of deferred revenue from our agreement with Microsoft.  Total deferred revenue was up from the prior year, excluding the impact of Microsoft.  For the second fiscal quarter of 2010, cash flow from operations was negative $7 million.  This compares to cash flow from operations of negative $26 million for the second fiscal quarter of 2009.
 
 
 

The following information was filed by Novell Inc (NOVL) on Thursday, May 27, 2010 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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