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Text File  |  1992-07-20  |  8KB  |  149 lines
  1. Novell First Quarter Fiscal 1992 Revenue Increases 52 Percent to $205
  2. Million
  3.  
  4. Net Income up 71 Percent to $52 Million
  5.  
  6. February 27, 1992, Provo, Utah -- Novell, Inc. (NASDAQ:NOVL) today
  7. reported net revenue of $205 million for its first quarter ended February
  8. 1, 1992, up 52 percent from net revenue of $134.6 million for the
  9. comparable period in fiscal 1991. 
  10.  
  11. Net income for the first quarter increased 71 percent to $52.2 million
  12. from $30.4 million posted for the same period of fiscal 1991.  Net income
  13. per share was $0.34, up from $0.21 earned during the corresponding period
  14. in fiscal 1991.  
  15.  
  16. Total revenue growth reflects 37 percent growth in sales of network
  17. computing software products and services, and the addition of revenues
  18. from Digital Research Inc., which became a wholly-owned subsidiary of
  19. Novell on the first business day of the quarter. 
  20.  
  21. NetWare 3.11 network services operating system software for integrating
  22. dissimilar computers accounted for nearly 50 percent of total revenues in
  23. the quarter, growing more than 80 percent year-over-year.  Accelerating
  24. sales of DR DOS 6.0 moved Digital Research quarterly revenues to their
  25. highest level ever, exceeding $20 million. 
  26.  
  27. At the other end of the market spectrum, Novell continued to ship very
  28. high volumes of NetWare Lite, the company's new $99 retail price
  29. networking software for linking small groups of 2 to 25 DOS computers. 
  30. For the first fiscal quarter, NetWare Lite revenues approached $6 million.
  31.  
  32. "The results this quarter are an indication of the potential we see with
  33. our new Digital Research Systems Group," said Raymond J. Noorda, chairman,
  34. president and chief executive officer of Novell.  "We have expanded
  35. Novell's ability to better meet customer needs by taking our first steps
  36. in complementing our network services products with client operating
  37. system products that will be more tightly integrated with the network."
  38.  
  39. For the first time in Novell's history, over half of total revenue was
  40. generated from international sales, increasing 75 percent year-over-year
  41. to account for 51 percent of total revenue.  Contributing to the growth
  42. were improvements in virtually all of the company's international markets. 
  43. Novell sells to customers in more than 60 nations.
  44.  
  45. "Our international success is gratifying," added Noorda.  We are seeing
  46. our expectations met whether in growth from our major country
  47. subsidiaries, or our expansion within the rapidly developing networking
  48. markets of Japan and Eastern Europe."
  49.  
  50. The balance sheet continued to improve in the first quarter, with cash and
  51. short term investments increasing by 15 percent, or $50 million, to $397
  52. million.
  53.  
  54. Novell, Inc. is an operating system software company and developer of
  55. network services and specialized and general purpose operating system
  56. software products, including NetWare and DR DOS.   Novell's NetWare
  57. network computing products manage and control  the sharing of services,
  58. data and applications among computer  workgroups, departmental networks
  59. and across business-wide information systems.
  60.  
  61.   
  62.  Novell, Inc.
  63.  Consolidated Unaudited Condensed Statements of Income
  64.  (In thousands, except per share data)
  65.  
  66.                                             First 
  67.                                             Fiscal Quarter Ended
  68.  
  69.                                             Feb 1, 1992     Jan 26, 1991
  70.                                             ------------    ------------
  71.  
  72.  Net Sales                                  $204,985        $134,646
  73.  Cost of sales                                42,210          28,974
  74.                                             ------------    ------------
  75.  Gross profit                                162,775         105,672
  76.  
  77.  Operating expenses
  78.       Sales and marketing                     47,608          39,289
  79.       Product development                     27,273          16,708
  80.       General and administrative              12,327           8,127
  81.                                             ------------    ------------
  82.  Total operating expenses                     87,208          64,124
  83.                                             
  84.  Income from operations                       75,567          41,548
  85.                                             ------------    ------------
  86.  Other income (expense)
  87.       Investment income                        6,775           5,264
  88.       Interest expense                          (211)           (233)
  89.       Other, net                              (3,095)            247
  90.                                             ------------    ------------
  91.                                                3,469           5,278
  92.                                             ------------    ------------
  93.  Income before income taxes                   79,036          46,826
  94.  Provision for income taxes                   26,872          16,389
  95.                                             ------------    ------------
  96.  Net income                                   52,164         $30,437
  97.                                             ============    ============
  98.  
  99.  Net income per share                          $0.34           $0.21
  100.                                             ============    ============
  101.  Weighted average shares outstanding         153,626         146,066
  102.                                             ============    ============
  103.  
  104.  
  105.  Novell, Inc.
  106.  Consolidated Unaudited Condensed Balance Sheets
  107.  (In thousands)
  108.  
  109.                                             Feb 1, 1992     Oct 26, 1991
  110.                                             ------------    ------------
  111.  ASSETS
  112.  
  113.       Cash and cash equivalents             $183,963        $167,447
  114.       Short-term investments                 213,214         179,318
  115.       Receivables, net                       160,911         163,637
  116.       Inventories                             12,333          11,783
  117.       Prepaid expenses                        11,237           9,222
  118.       Deferred income taxes                   23,223          21,696
  119.                                             ------------    ------------
  120.  Total current assets                        604,881         553,103
  121.  
  122.  Net property, plant & equipment             158,406         141,937
  123.  Long-term investments                        28,985          26,738
  124.  Other assets                                  4,666           4,472
  125.                                             ------------    ------------
  126.  Total Assets                               $796,938        $726,250
  127.                                             =============   ============
  128.  
  129.  LIABILITIES & SHAREHOLDERS' EQUITY
  130.  
  131.       Short-term debt                         $1,483          $1,181
  132.       Accounts payable                        21,635          28,052
  133.       Accrued salaries and wages              19,481          24,401
  134.       Other accrued liabilities               31,123          26,171
  135.       Income taxes payable                    34,337          25,819
  136.       Deferred revenue                         7,731          12,625
  137.                                             ------------    ------------
  138.       Total current liabilities              115,790         118,249
  139.  
  140.  Long-term debt                                1,285           1,208
  141.  
  142.  Minority interests                            9,155           8,208
  143.  
  144.  Shareholders' equity                        670,708         598,585
  145.                                             ------------    ------------
  146.  Total liabilities & shareholders' equity   $796,938        $726,250
  147.                                             =============   ============
  148.  
  149.