Red Hat Reports Fiscal Second Quarter Results

Enterprise Linux / News
Date: Sep 21, 2004 - 07:37 AM
"Red Hat, Inc. (Nasdaq:RHAT), the world's leading provider of open source solutions to the enterprise, today announced financial results for the second quarter ended August 31, 2004.

Revenue for the second quarter of fiscal 2005 was $46.3 million, 60% higher than the second quarter of fiscal 2004 and a sequential increase of 11% when compared to $41.8 million in the first quarter of fiscal 2005.

For the second quarter of fiscal 2005, the company reported net income of $11.8 million, or $0.06 per share. This represents an increase of 225% over net income in the same quarter a year ago, and an increase of 8% over net income of $10.9 million, or $0.06 per share, in the prior quarter.

The company generated $30.8 million, or $0.16 per share, in cash flow from operations during the second quarter of fiscal 2005. The company ended the quarter with cash and investments totaling $997.7 million.

In the second quarter of fiscal 2005, the company increased its deferred revenue balance to $99.7 million, a sequential increase of $11 million, or 12%, as compared to the first quarter of fiscal 2005.

Highlights for the second quarter include:

Sales of subscriptions of Red Hat Enterprise Linux reached 144,000
units, including:
115,000 subscriptions to enterprise IT servers, which includes
new subscriptions and renewals.
29,000 new subscriptions to HPC/hosting marketplace and desktops.
Operating profit increased to $6.7 million, or 15% of total
revenue.
10% addition to the workforce as the company expands globally."

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