Networking software maker Novell posted revenue of US$267.1 million and net income of US$10.1 million in the first fiscal quarter of 2004, reversing a net loss of US$11.8 million for the same period one year ago.
In an announcement Monday, the company said revenue was US$7 million higher than the US$260 million posted one year earlier on a generally accepted accounting principles (GAAP) basis. The first fiscal quarter of 2004 ended Jan. 31.
Earnings per share for the quarter were 3 cents, compared with a 3-cent-per-share loss one year earlier.
On a non-GAAP basis, which excludes investment impairments of US$1 million, adjusted net income for the first fiscal quarter was US$11 million. That compares with a non-GAAP adjusted net loss of US$1 million for the same quarter one year ago, excluding US$11 million in investment impairments.
"I am encouraged by our performance during the quarter in what remains a challenging IT business environment," Jack L. Messman, Novell's chairman, president and CEO, said in a statement. "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 reorganization of our North American operations. We are now ... moving quickly to deliver enterprise-class network services for mixed environments, including Linux."
In November, Novell announced the acquisition of Linux vendor SUSE Linux, just three months after it had bought Linux desktop vendor Ximian.
Both moves followed Novell's announcement in April that it would adopt Linux as a migration path for its NetWare network operating system.