Novell postpones results announcement

Novell has postponed its fourth quarter earnings announcement to clarify issues in its accounts with the US Securities and Exchange Commission.

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Novell has postponed its fourth quarter earnings announcement to clarify issues in its accounts with the US Securities and Exchange Commission .

The company presented the move as showing "an abundance of caution," but the delay was announced on the day the results were due and follows four months of discussions between the copany and federal regulators, according to the company.

The Securities and Exchange Commission first contacted Novell on 7 August over the company's Form 10K for the fiscal year ending 31 October 2006 and Form 10-Q for the quarter ending 30 April. The company said it has responded to the regulator and is awaiting a reply.

"We are confident of our accounting and are working diligently with the SEC to respond to their inquiries," said CFO Dana Russell. "In an abundance of caution, we have chosen to postpone our earnings release. We look forward to completing our dialogue with the SEC."

In late August, Novell reported a third-quarter loss of £1.7m, down by half on the loss for the same quarter in 2006

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