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Novell Inc. of Waltham reported lower than expected revenue and profit for its third fiscal quarter of 2010, and it laid the blame at the feet of a recent hostile takeover attempt and the uncertainty around the company’s ownership future.
For Q3 2010, Novell (Nasdaq: NOVL) reported revenue of $199 million, down from the $216 million the company brought in for the same quarter in 2009. Profit dipped slightly to $16 million, from the $17 million profit Novell made in Q3 of last year.
In March, Novell rejected an unsolicited $2 billion takeover bid from Elliot Associates LP, a company stockholder, saying at the time that it was inadequate and “undervalues the company’s franchise and growth aspects.” Ron Hovsepian, president and CEO of Novell, said in a release about the Q3 2010 numbers, that they were lower than the company expected and that was “principally related to customer uncertainty associated with the Novell board of directors’ ongoing review of various alternatives to enhance stockholder value...”
Novell has $1 billion in cash, cash equivalents and short-term investments on hand, up from $980 million in Q2 of 2010, officials reported.
Also in March, Novell won a legal dispute over whether it or The SCO Group owns the copyright to the UNIX operating system. The jury in the trial in the District Court of Utah found that Novell is the rightful holder of the copyright.
The next month, Novell announced it was teaming up with Verizon Communications Inc. to offer a security product for businesses running cloud-based applications. The Secure Access Services will be offered by Verizon and be driven by Novell’s identity and access management software.
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