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Taxes hurt Novell’s results in quarter

By Associated Press
March 4, 2011

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WALTHAM — Novell Inc. yesterday posted a loss for its latest quarter due to the taxes associated with bringing home overseas earnings before its acquisition by Attachmate Corp.

Novell said it lost $17.9 million, or 5 cents per share, for its fiscal first quarter, which ended Jan. 31. That reversed a profit of $20.2 million, or 6 cents per share, at the same time last year.

The loss included a tax charge of $31 million for repatriation of cash held overseas.

First-quarter revenue was $190.7 million, a 5.8 percent decline from $202.4 million at the same time last year. Novell said foreign exchange rates hurt revenue.

In November, Novell disclosed plans to be sold for $2.15 billion to Attachmate, a business software provider owned by the private equity firms Francisco Partners, Golden Gate Capital, and Thoma Bravo. Shareholders approved the deal in February.

Novell shares closed up 2 cents to $5.82.