Novells So-So Q2 Results
Novell has announced its financial results for its second fiscal quarter, which ended April 30.
For the quarter, Novell reported net revenue of $239 million, compared with net revenue of $233 million for the second fiscal quarter of 2006. The loss available to common stockholders from continuing operations in the second fiscal quarter 2007 was $110,000, or $0.00 loss per common share.
On a non-GAAP basis, which excludes stock-based compensation and certain other items, adjusted income available to common stockholders from continuing operations for the second fiscal quarter 2007 was $16 million, or $0.05 per diluted common share, which includes a $0.02 favorable tax adjustment. This compares to non-GAAP adjusted income available to common stockholders from continuing operations of $7 million, or $0.02 per diluted common share, for the second fiscal quarter 2006.
Novell has also recently completed its stock option self-audit. The companys auditors did not find any evidence of intentional wrongdoing by any former or current Novell employees, officers or directors. However, it also found that Novell had used incorrect measurement dates for some of the stock-based compensation awards granted during the review period.
The total stock-based compensation expense from 1997 through 2005 that should have been reported amounted to an after-tax amount of about $19 million. This was a small amount, and Novell has decided that it will not restate its consolidated financial statements for prior periods.
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