Eric, higher rates here will strengthen the dollar, and make foreign currency-denominated sales more difficult. NOVL 10k indicates exchange rate risk is minimal. This is smoke, on one side of the issue, or on the other. Cannnot be both ways. Other multinational software and computer houses have complained about reduced unit sales in Europe and Japan (which I believe is also Novell's problem, not currency losses).
Novell professes in 10k that it has little exchange rate exposure, with all sales except Japan (software written in India), and I think Germany, sold in dollars. For better or worse, the problem is revenue, not currency losses. Sales, not the dollar. At some point, maybe now, those Jan '99 LEAPS look good. Surely, BY THEN, we will have a CEO ???
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