Novell (NOVL) dirt cheap, good buy? Message Board

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Technology Stocks : Novell (NOVL) dirt cheap, good buy?

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To: Joe Antol who wrote (6066)	12/20/1996 2:15:00 PM
From: Salah Mohamed	of 42771

Hi Joe..About Outstanding Shares I don't claim to understand this thing perfectly, but I will tell you what I know. From the quarterly results, shares outstanding were: Q2-96 = 362M Q3-96 = 352M Q4-96 = 346M In the quarterly results, when they talk about outstanding shares they are referring to "Weighted Average". This is the key here. It is not an actual number at the end of the quarter but rather it is an average. I don't know how this number is calculated. We know that during Q3-96, they bought back 10M shares. This is why the average dropped. According to the 10-Q filing, the number of outsanding shares as of 8/24/96 is 344M. This is the actual number on this date. During Q4-96, they didn't buy back any shares but they continually issue new additional shares (for exercise of options by the officers and employee's retirement plan,..etc.) which result in increasing the number of outstanding shares. That is why I assumed the average during 1997 will be somewhat higher than 346M. About MS number, I don't have a clue where he got this number (330M) from. Regards Salah

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