-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HDWrpTuLk0UEKoITMTZJBXWqEO3ZoMXznIcnCFF/cGWBWYoJqahw6h0mLlEbr0cF s95crPVQJAEzEPHR7jLkPg== 0000758004-96-000003.txt : 19960314 0000758004-96-000003.hdr.sgml : 19960314 ACCESSION NUMBER: 0000758004-96-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960127 FILED AS OF DATE: 19960312 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: NOVELL INC CENTRAL INDEX KEY: 0000758004 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373] IRS NUMBER: 870393339 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13351 FILM NUMBER: 96534038 BUSINESS ADDRESS: STREET 1: 122 EAST 1700 SOUTH CITY: PROVO STATE: UT ZIP: 84606 BUSINESS PHONE: 8014297000 MAIL ADDRESS: STREET 1: 122 E. 1700 S. CITY: PROVO STATE: UT ZIP: 84606 10-Q 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q [X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Fiscal Quarter Ended January 27, 1996 or [ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _____ to _____ Commission File Number: 0-13351 NOVELL, INC. (Exact name of registrant as specified in its charter) Delaware 87-0393339 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 1555 N. Technology Way Orem, Utah 84057 (Address of principal executive offices and zip code) (801) 222-6000 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. YES X NO As of February 24, 1996 there were 365,696,078 shares of the registrant's common stock outstanding. Part I. Financial Information, Item 1. Financial Statements NOVELL, INC. CONSOLIDATED UNAUDITED CONDENSED BALANCE SHEETS Jan. 27, Oct. 28, Dollars in thousands, except per share data 1996 1995 - --------------------------------------------------------------------------- ASSETS Current assets Cash and short-term investments $1,247,924 $1,321,231 Receivables, less allowances ($64,833 - January; $74,857 - October) 518,027 470,437 Inventories 25,469 23,025 Prepaid expenses 46,641 50,576 Deferred income taxes 66,749 59,913 - --------------------------------------------------------------------------- Total current assets 1,904,810 1,925,182 Property, plant and equipment, net 379,155 390,452 Other assets 71,299 101,196 - --------------------------------------------------------------------------- Total assets $2,355,264 $2,416,830 =========================================================================== LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable $78,471 $116,305 Accrued compensation 71,099 97,637 Accrued marketing liabilities 76,119 72,339 Other accrued liabilities 108,466 90,623 Income taxes payable 44,867 29,942 Deferred revenue 64,877 54,099 - --------------------------------------------------------------------------- Total current liabilities 443,899 460,945 Minority interests 16,903 17,623 Shareholders' equity Common stock, par value $.10 a share Authorized - 600,000,000 shares Issued - 365,516,551 shares-January 371,567,158 shares-October 36,552 37,157 Additional paid-in capital 639,622 737,481 Retained earnings 1,218,288 1,163,624 - --------------------------------------------------------------------------- Total shareholders' equity 1,894,462 1,938,262 - --------------------------------------------------------------------------- Total liabilities and shareholders' equity $2,355,264 $2,416,830 =========================================================================== See notes to consolidated unaudited condensed financial statements.
NOVELL, INC. CONSOLIDATED UNAUDITED CONDENSED STATEMENTS OF INCOME - -------------------------------------------------------------------------- Fiscal Quarter Ended -------------------- Amounts in thousands, Jan. 27, Jan. 28, except per share data 1996 1995 - --------------------------------------------------------------------------- Net sales $437,919 $493,225 Cost of sales 96,011 116,875 - --------------------------------------------------------------------------- Gross profit 341,908 376,350 Operating expenses Sales and marketing 123,465 139,803 Product development 78,633 89,817 General and administrative 38,538 33,970 Restructuring charges 18,442 -- - --------------------------------------------------------------------------- Total operating expenses 259,078 263,590 Income from operations 82,830 112,760 Other income (expense) Investment income 14,900 9,567 Other, net (2,150) 258 - --------------------------------------------------------------------------- Other income, net 12,750 9,825 - --------------------------------------------------------------------------- Income before taxes 95,580 122,585 Income taxes 32,019 41,066 - --------------------------------------------------------------------------- Net income $ 63,561 $ 81,519 =========================================================================== Weighted average shares outstanding 371,585 372,027 =========================================================================== Net income per share $ 0.17 $ 0.22 =========================================================================== See notes to consolidated unaudited condensed financial statements.
NOVELL, INC. CONSOLIDATED UNAUDITED CONDENSED STATEMENTS OF CASH FLOWS - -------------------------------------------------------------------------- Fiscal Quarter Ended -------------------- Jan. 27, Jan. 28, Amounts in thousands 1996 1995 - --------------------------------------------------------------------------- Cash flows from operating activities Net income $63,561 $81,519 Adjustments to reconcile net income to net cash provided (used) by operating activities Depreciation and amortization 24,919 23,067 Stock plans income tax benefits 2,343 4,734 (Increase) in receivables (47,590) (30,250) (Increase) decrease in inventories (2,444) 5,717 Decrease in prepaid expenses 3,935 11,852 (Increase) in deferred income taxes (1,122) (1,505) (Decrease) in current liabilities, net (17,046) (15,530) - --------------------------------------------------------------------------- Net cash provided from operating activities 26,556 79,604 - --------------------------------------------------------------------------- Cash flows from financing activities Issuance of common stock, net 5,597 7,667 Repurchase of common stock (106,117) -- - --------------------------------------------------------------------------- Net cash (used) provided from financing activities (100,520) 7,667 Cash flows from investing activities Expenditures for property, plant and equipment (12,784) (9,372) (Increase) in short-term investments (30,324) (93,021) Other 22,590 8,564 - --------------------------------------------------------------------------- Net cash used by investing activities (20,518) (93,831) - --------------------------------------------------------------------------- Total (decrease) in cash and cash equivalents $(94,482) $(6,560) Cash and cash equivalents - beginning of period 312,164 228,426 - --------------------------------------------------------------------------- Cash and cash equivalents - end of period 217,682 221,866 Short-term investments - end of period 1,030,242 739,404 - --------------------------------------------------------------------------- Cash and short-term investments - end of period $1,247,924 $961,270 =========================================================================== See notes to consolidated unaudited condensed financial statements.
NOVELL, INC. NOTES TO CONSOLIDATED UNAUDITED CONDENSED FINANCIAL STATEMENTS A. Quarterly Financial Statements The accompanying consolidated unaudited condensed financial statements have been prepared in accordance with the instructions to Form 10-Q but do not include all of the information and footnotes required by generally accepted accounting principles and should therefore, be read in conjunction with the Company's fiscal 1995 Annual Report to Shareholders. These statements do include all normal recurring adjustments which the Company believes necessary for a fair presentation of the statements. The interim operating results are not necessarily indicative of the results for a full year. B. Significant Events In December 1995, Novell sold its UnixWare product line to the Santa Cruz Operation, Inc. (SCO). The Company realized a small gain and recorded $19 million of royalty revenue from this transaction in the first quarter of fiscal 1996. Under the agreement, Novell received approximately 6 million shares of SCO common stock, resulting in an ownership position of approximately 17% of the outstanding SCO common stock. The agreement also calls for Novell to receive a revenue stream from SCO based on revenue performance of the purchased UnixWare product line. This revenue stream is not to exceed $84 million net present value, and will end by the year 2002. In addition, Novell will continue to receive revenue from existing licenses for older versions of UNIX System source code. In March 1996, the Company completed the sale of its personal productivity applications product line to Corel Corporation (Corel). The Company received approximately 10 million shares of Corel common stock and approximately $11 million in cash. The Company will also be entitled to nominate a candidate for Corel s Board of Directors. The Company expects to report a slight one-time extraordinary gain in its second quarter of fiscal 1996. Additionally, Corel licensed GroupWise Client software, Envoy electronic publishing software, and other technologies from Novell for a minimum royalty obligation of $70 million over the next five years. C. Cash and Short-term Investments All marketable debt and equity securities are included in cash and short-term investments and are considered available-for- sale and carried at fair market value, with the unrealized gains and losses, net of tax, included in shareholders equity. Such securities are anticipated to be used for current operations and are therefore classified as current assets, even though some maturities may extend beyond one year. The following is a summary of cash and short-term investments, all of which are considered available-for-sale. Gross Gross Fair Market Cost at Unrealized Unrealized Value at (Dollars in thousands) Jan. 27, 1996 Gains Losses Jan. 27, 1996 - ------------------------------------------------------------------------------------------- Cash and cash equivalents Cash $128,629 $ -- $ -- $128,629 Repurchase agreements 34,989 -- -- 34,989 Tax exempt money market fund 9,764 -- -- 9,764 Municipal securities 44,300 -- -- 44,300 - ------------------------------------------------------------------------------------------- Cash and cash equivalents $217,682 $ -- $ -- $217,682 - ------------------------------------------------------------------------------------------- Short-term investments Municipal securities $366,221 $5,236 $ -- $371,457 Money market mutual funds 46,383 -- -- 46,383 Money market preferreds 425,300 4 -- 425,304 Mutual funds 87,414 56 -- 87,470 Equity securities 81,677 17,951 -- 99,628 - ------------------------------------------------------------------------------------------- Short-term investments $1,006,995 $23,247 $ -- $1,030,242 - ------------------------------------------------------------------------------------------- Cash and short-term investments $1,224,677 $23,247 $ -- $1,247,924 - -------------------------------------------------------------------------------------------
Gross Gross Fair Market Cost at Unrealized Unrealized Value at (Dollars in thousands) Oct. 28, 1995 Gains Losses Oct. 28, 1995 - ---------------------------------------------------------------------------------------------- Cash and cash equivalents Cash $152,930 $ -- $ -- $152,930 Repurchase agreements 23,794 -- -- 23,794 Tax exempt money market fund 63,065 -- -- 63,065 Municipal securities 72,375 -- -- 72,375 - --------------------------------------------------------------------------------------------- Cash and cash equivalents $312,164 $ -- $ -- $312,164 - --------------------------------------------------------------------------------------------- Short-term investments Municipal securities $375,491 $3,220 $ -- $378,711 Money market mutual funds 38,475 -- -- 38,475 Money market preferreds 442,500 176 -- 442,676 Mutual funds 91,423 30 -- 91,453 Equity securities 23,055 34,697 -- 57,752 - --------------------------------------------------------------------------------------------- Short-term investments $970,944 $38,123 $ -- $1,009,067 - --------------------------------------------------------------------------------------------- Cash and short-term investments $1,283,108 $38,123 $ -- $1,321,231 - ---------------------------------------------------------------------------------------------
During the first quarter of fiscal 1996 the Company had realized gains of $4 million on the sale of securities compared to no realized gains in the first quarter of fiscal 1995.
D. Income Taxes The Company's estimated effective tax rate for both the first quarter of fiscal 1996 and 1995 was 33.5%. The Company paid cash amounts for income taxes of $2 million and $27 million, in the first quarter of fiscal 1996 and 1995, respectively. E. Commitments and Contingencies The Company currently has a $10 million unsecured revolving bank line of credit, with interest at the prime rate. The line can be used for either letter of credit or working capital purposes. The line is subject to the terms of a loan agreement containing financial covenants and restrictions, none of which are expected to significantly affect the Company s operations. At January 27, 1996 there were no borrowings, letter of credit acceptances or commitments under such line. The Company has an additional $10 million credit facility with another bank which is not subject to a loan agreement. At January 27, 1996 standby letters of credit of approximately $300,000 were outstanding under this agreement. The Company is a party to a number of legal claims arising in the ordinary course of business. The Company believes the ultimate resolution of the claims will not have a material adverse effect on its financial position, results of operations, or cash flows. F. International Sales The Company markets internationally both directly to end users and through distributors who sell to dealers and end users. For the fiscal quarters ended January 27, 1996 and January 28, 1995, sales to international customers were approximately $218 million and $222 million, respectively. In the first quarters of fiscal 1996 and fiscal 1995, 63% and 59%, respectively, of international sales were to European countries. No one foreign country accounted for 10% or more of total sales in either period. Except for one multi-national distributor, which accounted for 13% of revenue in the first quarter of 1996 and 18% of revenue in the first quarter of fiscal 1995, no customer accounted for more than 10% of revenue in any period. G. Net Income Per Share Net income per share is computed using the weighted average number of common shares outstanding during the periods, including common stock equivalents (unless antidilutive). Common stock equivalents consist of outstanding stock options. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Introduction Novell is the world s leading network software provider. Novell software products provide the infrastructure for a networked world, enabling Novell s customers to connect with other people and the information they need, anytime and anyplace. Novell partners with other technology and market leaders to help customers make networks a part of their everyday lives. Over the past several years, the Company has issued common stock or paid cash to acquire technology companies, and formed strategic alliances with still other technology companies. In December 1995, Novell sold its UNIX and UnixWare product line to the Santa Cruz Operation, Inc. (SCO). The Company realized a small gain and recorded $19 million of royalty revenue from this transaction in the first quarter of fiscal 1996. Under the agreement, Novell received approximately 6 million shares of SCO common stock, resulting in an ownership position of approximately 17% of the outstanding SCO common stock. The agreement also calls for Novell to receive a revenue stream from SCO based on revenue performance of the purchased UnixWare product line. This revenue stream is not to exceed $84 million net present value, and will end by the year 2002. In addition, Novell will continue to receive revenue from existing licenses for older versions of UNIX System source code. In March 1996, the Company completed the sale of its personal productivity applications product line to Corel Corporation (Corel). The Company received approximately 10 million shares of Corel common stock and approximately $11 million in cash. The Company will also be entitled to nominate a candidate for Corel s Board of Directors. The Company expects to report a slight one- time extraordinary gain in its second quarter of fiscal 1996. Additionally, Corel licensed GroupWise Client software, Envoy electronic publishing software, and other technologies from Novell for a minimum royalty obligation of $70 million over the next five years. Results of Operations - ------------------------------------------------------------------- Net Sales Q1 Q1 1996 Change 1995 - ------------------------------------------------------------------- Net sales (millions) $438 -11% $493 ===================================================================
Novell has four product groups, all within the software industry. They are the NetWare Systems Group, the Novell Applications Group, the UNIX Systems Group, and the Information Access and Management Group. While revenue decreased from the first quarter of 1995 to the first quarter of 1996, analysis of the individual product groups characterizes the changes that have occurred. NetWare Systems Group (NSG) revenues declined by 12% or $30 million in the first quarter of 1996 compared to the first quarter of 1995. Growth in the NetWare 4 product family of $58 million or 80% growth from the first quarter of 1995 was more than offset by a decrease in the NetWare 3 product family of $78 million or a 45% decline from the first quarter of 1995. Novell Applications Group (NAG) revenues decreased by 56% or $78 million in the first quarter of 1996 compared to the first quarter of 1995. The decrease is the result of an $84 million or 67% decrease, quarter over quarter, in personal productivity applications products, due to the Windows application market slowdown as customers migrate to the Windows 95 platform and Novell s announced intention to exit this line of business. GroupWise, the Company s electronic messaging workgroup application, contribution $21 million in first quarter 1996 revenue, a 39% increase from the year ago quarter. UNIX Systems Group (USG) revenues increased 98% in the first quarter of 1996 compared to the first quarter of 1995. The increase was attributable to a one-time $19 million paid up royalty recognized in the sale of UNIX and the UnixWare product line to SCO in December 1995. Information Access and Management Group (IAMG) revenues increased by 40% in the first quarter of 1996 compared to the first quarter of 1995. The increase was a result of higher revenues in most product categories, with a particularly strong increase in the network management products as a result of the release of ManageWise in October 1995.
International sales represented 50% of total sales in the first quarter of 1996 compared to 45% in the first quarter of 1995. This change is a result of a 19% decrease in domestic revenues compared to a 2% decrease in international revenues in the first quarter of fiscal 1996 compared to the first quarter of fiscal 1995. Gross Profit Q1 Q1 1996 Change 1995 - ------------------------------------------------------------------- Gross profit (millions) $342 -9% $376 Percentage of net sales 78% 76% ===================================================================
The gross margin percentage increased in the first quarter of fiscal 1996 compared to the first quarter of fiscal 1995 due to lower material costs and variances somewhat offset by higher royalties, training and education costs and service costs as a percentage of revenues. Future fluctuations in the gross profit margin will be primarily attributable to price changes, changes in sales mix by product or distribution channel, and special product promotions. Operating Expenses Q1 Q1 1996 Change 1995 - ----------------------------------------------------------------------- Sales and marketing (millions) $123 -12% $140 Percentage of net sales 28% 28% - ----------------------------------------------------------------------- Product development (millions) $79 -12% $90 Percentage of net sales 18% 18% - ----------------------------------------------------------------------- General and administrative (millions) $39 -15% $34 Percentage of net sales 9% 7% - ----------------------------------------------------------------------- Restructuring charges (millions) $18 -- -- Percentage of net sales 4% -- - ----------------------------------------------------------------------- Total operating expenses (millions) $259 -2% $264 Percentage of net sales 59% 53% =======================================================================
Sales and marketing expenses remained flat as a percentage of net sales in the first quarter of fiscal 1996 compared to the first quarter of fiscal 1995. The decrease in absolute dollars is attributable to lower domestic sales expenses and corporate marketing expenses. Sales and marketing expenses fluctuate as a percentage of net sales in any given period due to product promotions, advertising or other discretionary expenses. Product development expenses remained flat as a percentage of net sales in the first quarter of fiscal 1996 compared to the first quarter of fiscal 1995 but decreased in absolute dollars as a result of lower headcount and third party development costs. General and administrative expenses increased as a percentage of net sales in the first quarter of fiscal 1996 compared to the first quarter of fiscal 1995. The increase is attributable to higher information services and human resources costs. During the first quarter of 1996, the Company wrote off $18 million of tax deductible restructuring charges for severance and redundant facilities as the Company prepared for the sale of its personal productivity applications business. Overall, operating expenses, excluding nonrecurring charges, have declined more rapidly than revenues in the first quarter of fiscal 1996 compared to the first quarter of fiscal 1995 due to company- wide cost controls as the Company took significant actions to refocus Novell to network software. Q1 Q1 1996 Change 1995 - --------------------------------------------------------------------------- Employees 7,137 -6% 7,808 Annualized revenue per employee (000's) $235 -3% $243 ===========================================================================
In the first quarter of 1995, Novell reduced its employment by 625 employees as the Company prepared for the sale of its personal productivity applications business. Other Income (Expense) Q1 Q1 1996 Change 1995 - -------------------------------------------------------------------------- Other income (expense), net (millions) $13 30% $10 Percentage of net sales 3% 2% ==========================================================================
The primary component of other income (expense) is investment income, which was $15 million in the first quarter of fiscal 1996 compared to $10 million in the first quarter of fiscal 1995. The increase is the result of higher average cash balances as well as higher average yields. In order to achieve potentially higher returns, a limited portion of the Company's investment portfolio is invested in mutual funds which incur some market risk. The Company believes that the market risk has been limited by diversification and by use of a funds management timing service which switches funds out of mutual funds and into money market funds when preset signals occur. Income Taxes Q1 Q1 1996 Change 1995 - -------------------------------------------------------------------------- Income taxes (millions) $32 -22% $41 Percentage of net sales 7% 8% Effective tax rate 34% 34% ==========================================================================
The Company's estimated tax rate for fiscal 1996 is 33.5%, the same as in fiscal 1995. Net Income and Net Income Per Share Q1 Q1 1996 Change 1995 - -------------------------------------------------------------------------- Net income (millions) $64 -22% $82 Percentage of net sales 15% 17% Net income per share $.17 -23% $.22 ==========================================================================
Liquidity and Capital Resources Q1 Q4 1996 Change 1994 - ------------------------------------------------------------------------------- Cash and short-term investments (millions) $1,248 -6% $1,321 Percentage of total assets 53% 55% ===============================================================================
Cash and short-term investments decreased to $1,248 million at January 27, 1996 from $1,321 million at October 28, 1995. The major reason for this decrease was the $106 million used to repurchase Novell common stock during the quarter, offset by the $27 million of cash provided by operating activities, the $5 million provided by other financing activities, and the $10 million provided by other investing activities. The investment portfolio is diversified among security types, industry groups, and individual issuers. The Company's principal source of liquidity has been from operations. At January 27, 1996, the Company's principal unused sources of liquidity consisted of cash and short-term investments and available borrowing capacity of approximately $20 million under its credit facilities. The Company's liquidity needs are principally for the Company's financing of accounts receivable, capital assets, acquisitions and strategic investments and to have flexibility in a dynamic and competitive operating environment. During the first fiscal quarter of 1996, the Company has continued to generate cash from operations. The Company anticipates being able to fund its current operations and capital expenditures planned for the foreseeable future with existing cash and short-term investments together with internally generated funds. Borrowings under the Company's credit facilities, or public offerings of equity or debt securities are available if the need arises. As the Company grows, investments will continue in product development in new and existing areas of technology. Cash may also be used to acquire technology through purchases and strategic acquisitions. Capital expenditures in fiscal 1996 are anticipated to be approximately $60 million, but could be reduced if the growth of the Company is less than presently anticipated. In addition, the Company has announced a share repurchase program whereby the Company is authorized to repurchase up to 37 million shares of its common stock in the open market during fiscal 1996. During the first quarter of 1996, approximately 7 million shares were repurchased and retired at a cost of approximately $106 million. Forward Looking Information Looking forward to its second fiscal quarter, Novell decided to implement a change to its traditional distribution stocking policy that will significantly reduce revenue and earnings in that quarter. Because the Company is experiencing rapid growth in revenue from expanding multi-product network software licensing programs, the Company has decided to reduce and rebalance channel inventories to change the mix of product in the channel and better match evolving purchase patterns. The Company intends to reduce product inventories by up to $225 million across its worldwide distribution channels in its second quarter of 1996. This reduction is expected to decrease second quarter revenue by a corresponding amount and will likely result in a moderate loss in the quarter. The resetting of channel inventories is expected to reduce ongoing cost of sales and lessen costs associated with channel promotions and product rotations, thereby leading to improved earnings in the second half of the year. The above statements relating to Novell s change in distribution stocking policy are forward looking and involve a number of risks and uncertainties. As such, actual results could materially differ from those we are projecting in these forward looking statements. Unanticipated declines in revenue due to competitive, market and general economic factors could limit the Company s ability to gain the benefit of improved earnings resulting from the new channel inventory structure. Novell s projections of increasing licensing revenue are based on historical trends which, should they reverse, would negatively impact growth projections of revenue and earnings. Further uncertainties are associated with any impact to our distribution channel resulting from this change in distribution stocking policy. Novell believes this action is in the best interests of its customers, channel partners and shareholders, but implementing this program may result in some short-term business interruption as the Company, our partners, and customers work through this change. Part II. Other Information Except as listed below, all information required by items in Part II is omitted because the items are inapplicable or the answer is negative. Item 1. Legal Proceedings. The information required by this item is incorporated herein by reference to Footnote E of the Company s financial statements contained in Part I, Item 1 of this Form 10-Q. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibits Exhibit Number Description - ------- ------------- 27* Financial Data Schedule (b) Reports on Form 8-K. No reports on Form 8-K were filed by the Registrant during the quarter ended January 27, 1996. - -------------------------- *Filed herewith SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Novell, Inc. ------------ (Registrant) Date: March 12, 1996 /s/ Robert J. Frankenberg ------------------------- Robert J. Frankenberg Chairman of the Board, President, Chief Executive Officer and Director (Principal Executive Officer) Date: March 12, 1996 /s/ James R. Tolonen ------------------------- James R. Tolonen Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: March 12, 1996 /s/ Stephen C. Wise ------------------------- Stephen C. Wise Senior Vice President, Finance (Principal Accounting Officer)
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5 3-MOS OCT-26-1996 JAN-27-1996 217,682 1,030,242 518,027 (64,833) 25,469 1,904,810 691,569 (312,414) 2,355,264 443,899 0 36,552 0 0 1,857,910 2,355,264 437,919 437,919 96,011 96,011 259,078 0 0 95,580 32,019 63,561 0 0 0 63,561 .17 .17
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