UPDATE 1-Novell Q3 profit meets Street expectations

* Q3 adj EPS of 7 cents meet estimates

* Q3 revenue down 12 pct

* Shares fall 4 pct

Aug 27 (Reuters) - Novell Inc (NOVL.O) posted a quarterly profit in line with Wall Street expectations, but saw a decline in revenue, sending the business software maker's shares down as much as 4 percent in trading after the bell.

The company posted third-quarter net income of $17 million, or 5 cents per share, compared with a net loss of $15 million, or 4 cents per share, a year earlier.

Excluding items, the company reported earnings of 7 cents a share.

Revenue fell 12 percent to $216.1 million.

Analysts expected earnings of 7 cents a share, excluding exceptional items, on revenue of $216.6 million, according to Reuters Estimates.

The company also said it expects to maintain double-digit adjusted operating margins in the full fiscal year 2009.

Shares of the company were down 19 cents at $4.52 in trading after the bell. They closed at $4.71 Thursday on Nasdaq. (Reporting by Shrutika Verma in Bangalore; Editing by Maju Samuel)