Novell's Net Income Off 36%
Software licenses fell about 30%
By: Maureen O'Gara
Feb. 27, 2009 12:13 PM
Novell's net income skidded 36% to $11 million, or three cents a share, in the January quarter, its first fiscal quarter, on revenues down $16 million, or 6.9%, to $215 million. On a non-GAAP basis the company beat the Street by a penny at seven cents a share, or $24 million.
It complained that invoicing was "below our expectations" and that software licenses fell about 30%.
Revenues from its Open Platform Solutions came to $37 million, $35 million of which was attributed to Linux, up 24%.
Identity and Security Management contributed $28 million, with Identity, Access and Compliance Management kicking in $26 million, down 8%, Systems and Resource Management $40 million, up 9% and Systems and Resources $81 million, down 9%.
Total deferred revenue was $705 million, down from $723 million. Cash flow from operations was $14 million and included a $25 million payment from Microsoft.
Novell has $1 billion in the bank, flat quarter-over-quarter.
CEO Ron Hovsepian made $6.9 million last year, down ~5% from 2007. Novell lost $8.7 million last year on revenues up ~3% to $956.5 million.
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