Losses widen at Novell
Mind the gap
Novell has reported widening losses as restructuring charges led to it recording a net loss of $94.5 million for its fourth quarter.
The network software and services firm yesterday reported Q4 revenues of $308 million. Restructuring and other charges taken this quarter totalled $114 million, pushing Novell firmly into the red. In the same period last year Novell recorded a net loss of $34.5 million on revenues of $273 million. Full year net loss was $273 million on revenues of $1.04 billion (compared to $1.16 billion last year).
Coming after Novell announced the lay off of 19 per cent of its staff (or 1,400 workers) earlier this month, the financial results hardly come as little surprise.
Looking ahead, Novell expects Q12002 revenues of between $265 million and $275 million, which will leave the firm hovering around breakeven, before the impact of any restructuring and integration costs.
Jack Messman, Novell chairman and chief executive officer, said performance next year "will depend on an improving IT market".
Separately, Novell announced the acquisition of mobile and wireless device management firm Callisto Software, for an undisclosed amount. The technology will be added to Novell's ZENworks network management software portfolio, with ZENworks for Handhelds expected to become available early next year. ®
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