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Red Hat First Quarter Revenues Climbed 95% to $16 Million
Research Triangle ParkUnited States, June 15, 2000
Continued Execution Towards Profitability with Significant Gross Margin Improvement
Red Hat, Inc. (Nasdaq: RHAT), the leader in open source Internet infrastructure solutions, today reported revenue of $16.0 million for the first quarter ended May 31, 2000, a 95% increase over revenue of $8.2 million for the first quarter last year, and 22% higher than fourth quarter 1999 revenue of $13.1 million. Gross margins increased to 54.0% for the quarter, a 6.6 percentage point improvement over the prior quarter.
Adjusting for non-cash, merger, acquisition and other expenses, the Company reported a net loss for the first quarter of fiscal 2001 of $2.5 million, or $0.02 per share, compared to an adjusted net loss for the first quarter of fiscal 2000 of $3.8 million, or $0.08 per share. On a reported basis, the net loss was $14.9 million, or $0.10 per share, compared with a net loss of $4.1 million, or $0.08 per share, for the first quarter of fiscal 2000.
Commenting on the results, Matthew Szulik, president and CEO of Red Hat, Inc., said, "Q1 performance represents continued execution against our plan to double revenue and become profitable in calendar 2001 while leveraging our acquisitions to enter new markets and create new revenue streams."
Highlights for the first quarter include: