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Q1 Results - 22 % Increase in Revenue Growth in Australia & New Zealand

  • 24 February, 2004 12:52

<p>Novell has reported a 22 per cent increase in revenue growth on the same period last year in the Asia Pacific region it was revealed as the Company announced its financial results for its first fiscal quarter ended January 31, 2004.</p>
<p>President of Novell Asia Pacific, Rhonda O’Donnell says the excellent results for Asia Pacific highlight Novell’s strengthening profile in the region.</p>
<p>Australia and New Zealand’s combined revenue growth received a boost of 18 per cent compared to Q1 last year.</p>
<p>“We’ve been building a solid business in the Asia Pacific region over recent years. In particular, in Australia and New Zealand where Novell’s position in the market has expanded significantly through demand for secure identity management and IT resource management solutions. Novell has won many major contracts for secure identity management projects including implementations at Telecom NZ and MBF,” said Ms O’Donnell.</p>
<p>Ms O’Donnell attributes these results to Novell’s response to customer requests for products and solutions that give them freedom of choice.</p>
<p>“As part of our Linux strategy, Novell’s range of products and services is evolving to give increased flexibility to clients who are looking towards Linux. Providing this level of freedom is proving to be extremely attractive to business and Governments in Australia and New Zealand,” said Ms O’Donnell.</p>
<p>For the quarter globally, Novell reported revenues of US$267 million, compared to revenues of US$260 million for the first fiscal quarter 2003. Net income in the first fiscal quarter 2004 was US$10 million, or US$0.03 per share. This compared to a net loss of US$12 million, or US$0.03 loss per share, for the first fiscal quarter 2003.</p>
<p>On a non-GAAP basis, adjusted net income for the first fiscal quarter 2004 was US$11 million, or US$0.03 per share, which excludes investment impairments of $1 million. This compares to non-GAAP adjusted net loss for the first fiscal quarter 2003 of US$1 million, or US$0.00 per share, which excludes investment impairments of US$11 million.</p>
<p>"I am encouraged by our performance during the quarter in what remains a challenging IT business environment." said Jack L. Messman, Novell chairman, president and chief executive officer. "We showed steady progress in positioning Novell for high growth opportunities, including the Linux market, while completing a significant acquisition and continuing to work through a major reorganisation of our North American operations. We are now focused on execution, and are moving quickly to deliver enterprise-class network services for mixed environments, including Linux."</p>
<p>On the balance sheet, cash and short-term investments were US$605 million at the end of the first fiscal quarter 2004, compared with US$651 million a year ago. This decline in cash and short-term investments is primarily attributable to the cash payment to SUSE LINUX shareholders in connection with the previously announced acquisition, offset by positive cash flow, including cash flow from operations during the first fiscal quarter 2004 of US$31 million. Days sales outstanding (DSO) in accounts receivable improved to 60 days at the end of the first fiscal quarter 2004, down from 74 days in the prior quarter. Deferred revenues were US$294 million at the end of the first fiscal quarter 2004, up US$29 million or 11% percent year-over-year.</p>
<p>About Novell
Novell, Inc. (Nasdaq: NOVL) is the leading provider of Net business solutions designed to secure and power the networked world. Novell help organisations solve complex business challenges, simplify their systems and processes, and capture new opportunities with one Net solutions. Novell provides worldwide channel, consulting, education and developer programs to support its products.</p>
<p>For media inquiries:</p>
<p>Rebecca Cook,
Buchan,
ph: 03 9866 4722/
rcook@bcg.com.au</p>

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