Computer network software firm Novell Inc. reports record net revenue of $2 billion for its 1994 fiscal year ended Oct. 29, up 9 percent from the $1.83 billion logged in fiscal '93.
Net income was $207 million, compared with $41 million the year before, or 56 cents per share, up from 11 cents in '93.A spokesman for the Orem-based company said the comparative results include one-time charges due to mergers and restructuring of $196 million in '94 and $357 million in '93. Excluding the charges, earnings for fiscal '94 were $328 million, or 89 cents per share, compared to $329 million or 89 cents per share, in fiscal '93.
Net revenue for the fourth fiscal quarter was $486 million, down 5 percent from the same period a year earlier. After fourth-quarter merger and restructuring charges of $61 million, net income was $20 million, down from $103 million in the fourth quarter of fiscal '93.
Earnings per share for the fourth quarter were 6 cents, down from 28 cents for same period the year before.
The Novell spokesman said NetWare product sales grew 11 percent to $1 billion during the year, excluding the merger and restructuring charges. UNIX systems-related products, including the one-time $81 million license fee from Sun Microsystems, brought in an additional $164 million in revenue growth.
Application product revenue declined 17 percent from 1993 to $591 million. The spokesman cited delays in the introduction of Novell's application suite.
In 1993 Novell merged with UNIX System Laboratories. This year it merged with WordPerfect Corp. and acquired the Quattro Pro spreadsheet business.
The company noted that even with the impact of mergers since 1992, it has increased shareholders' equity by 33 percent over the past two years to $1.5 billion.
Excluding the onetime charges, Novell had a return on average equity this year of 25 percent. Since 1992, total assets have increased 37 percent to $2 billion.