Novell Reports Financial Results for First Fiscal Quarter 2008
Novell, Inc. today announced financial results for its first fiscal quarter ended Jan. 31, 2008. For the quarter, Novell reported net revenue of $231 million. This compares to net revenue of $218 million for the first fiscal quarter 2007. Income from operations for the first fiscal quarter 2008 was $8 million, compared to a loss from operations of $21 million for the first fiscal quarter 2007. Income from continuing operations in the first fiscal quarter 2008 was $15 million, or $0.04 per share. This compares to a loss from continuing operations of $12 million, or $0.04 loss per share, for the first fiscal quarter 2007. Foreign currency exchange rates favorably impacted revenue and unfavorably impacted operating expenses by $7 million and did not materially impact income from operations year-over-year.
On a non-GAAP basis, income from operations for the first fiscal quarter 2008 was $24 million. This compares to non-GAAP loss from operations of $1 million in the year-ago quarter. Non-GAAP income from continuing operations for the first fiscal quarter 2008 was $29 million, or $0.08 per share. This compares to non-GAAP income from continuing operations of $3 million, or $0.01 per share, for the first fiscal quarter 2007.
For the first fiscal quarter 2008, Novell reported $30 million of revenue from Open Platform Solutions of which $28 million was from Linux* Platform Products, up 65 percent year-over-year. Revenue from Identity and Security Management was $32 million, of which Identity and Access Management was $28 million, up 15 percent year-over-year. Revenue from Systems and Resource Management was $37 million, up 5 percent year-over-year. Workgroup revenue of $90 million was up 1 percent year-over-year.
"We are very pleased with our results this quarter. We delivered product revenue growth across all business units and continued expense control this quarter," said Ron Hovsepian, president and CEO of Novell. "These results are indicative that our strategic initiatives are yielding tangible results and that we are on the right path to achieve long-term, sustainable profitability."
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Grain of Salt
"Well, I doubt, I tend... I don't know who reported on that, but I saw something where they say, you know, this probably isn't due to Novell massaging its numbers around Linux, which is what Dana Blakenhorn at ZDNet had claimed, I mean, I can tell you absolutely for a verifiable fact for that Novell does do that, but then again everybody does that. So... I've.. I've got the sales guys at Novell telling me that, that they do this, but it just doesn't matter, I... I suspect that this is a tech... like a technicality that Novell has run afoul of and not a big deal, but maybe I'll.. maybe we'll be wrong, maybe I'll be wrong, we should see."
--Matt Asay