NOVELL: Novell Reports Financial Results for Second Fiscal Quarter 2004

NOVELL: Novell Reports Financial Results for Second Fiscal Quarter 2004. For the quarter, Novell reported revenues of $294 million, compared to revenues of $276 million for the second fiscal quarter 2003. Net income in the second fiscal quarter 2004 was $10 million. After consideration of a $26 million deemed dividend related to the beneficial conversion feature of preferred stock and related preferred stock cash dividends associated with IBM’s investment in Novell, the net loss available to common shareholders was $0.04 loss per share. This compared to a net loss of $29 million, or $0.08 loss per share, for the second fiscal quarter 2003. Apparently this was short of analyst expectations, but our revenues grew year over year, and we were profitable on an operating basis. Due to IBM’s $50 million investment, we had to take a charge that made the results not look as good.