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RED HAT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands - except per share amounts)
Three Months Ended
-------------------------------
May 31, Feb. 28, May 31,
2003 2003 2002
-------------------------------
(Unaudited)
Subscription and services
revenue:
Subscription:
Enterprise technologies $ 12,289 $ 10,777 $ 6,029
Retail 4,462 2,845 3,586
Embedded 646 810 1,041
-------- -------- --------
Total subscription
revenue 17,397 14,432 10,656
-------- -------- --------
Services:
Enterprise technologies 9,039 10,691 7,817
Embedded development
services 746 768 1,049
-------- -------- --------
Total services
revenue 9,785 11,459 8,866
-------- -------- --------
Total subscription
and services revenue 27,182 25,891 19,522
-------- -------- --------
Cost of subscription and services
revenue:
Subscription:
Enterprise technologies and
retail 2,974 2,542 1,868
Embedded 129 122 121
-------- -------- --------
Total cost of
subscription
revenue 3,103 2,664 1,989
-------- -------- --------
Services:
Enterprise technologies 4,865 4,936 4,119
Embedded development
services 784 788 1,161
-------- -------- --------
Total cost of
services revenue 5,649 5,724 5,280
-------- -------- --------
Total cost of
subscription and
services revenue 8,752 8,388 7,269
-------- -------- --------
Gross profit enterprise
technologies and retail 17,951 16,835 11,445
Gross profit
embedded 479 668 808
-------- -------- --------
Total gross profit 18,430 17,503 12,253
Operating expense:
Sales and marketing 8,752 8,435 7,806
Research and development 5,779 6,248 4,787
General and administrative 4,072 4,189 3,375
Mergers and acquisitions and
other - - 2,164/a
Stock-based compensation and
amortization of intangibles 902/b 989/b 1,334/b
-------- -------- --------
Total operating expense 19,505 19,861 19,466
-------- -------- --------
Loss from operations (1,075) (2,358) (7,213)
Other income (expense), net 2,581 2,085 2,886
-------- -------- --------
Income (loss) before extraordinary
item 1,506 (273) (4,327)
Extraordinary item-loss on disposal
of discontinued operations - - (261)/c
-------- -------- --------
Net income (loss) $ 1,506 ($273) ($4,588)
======== ======== ========
Basic income (loss) per common
share
Net income (loss) before
extraordinary item $ 0.01 ($0.00) ($0.03)
Extraordinary item-loss on disposal
of discontinued operations - - ($0.00)
-------- -------- --------
Net income (loss) $ 0.01 ($0.00) ($0.03)
======== ======== ========
Diluted income (loss) per common
share
Net income (loss) before
extraordinary item $ 0.01 ($0.00) ($0.03)
Extraordinary item-loss on disposal
of discontinued operations - - ($0.00)
-------- -------- -------
Net income (loss) $ 0.01 ($0.00) ($0.03)
======== ======== ========
Weighted average shares
outstanding:
Basic 171,146 170,656 169,826
Diluted 180,671 170,656 169,826
/a This amount represents costs related to integration of
acquisitions, primarily severance and duplicate facilities,
that are not part of recurring operations and a restructuring
charge representing severance costs associated with the
completion of the restructuring of our embedded business which
began in Q4 of fiscal 2002.
/b This amount represents amortization of deferred compensation
which was primarily related to acquisitions made in prior
periods and amortization of intangible assets related to
acquisitions made by the Company.
/c This amount represents severance and facility closure costs.
RED HAT, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS
May 31, Feb. 28,
2003 2003
------- -------
Assets:
Cash and investments in debt
securities $300,007 $292,340
Accounts receivable, net 18,105 17,429
Estimated earnings in excess of billings 7,656 6,978
Inventory 818 799
Prepaid expenses and other assets 8,994 8,993
Property and equipment, net 23,975 22,972
Goodwill and intangibles, net 40,919 40,828
--------- ---------
Total assets $400,474 $390,339
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable $3,493 $5,502
Accrued expenses 7,150 7,614
Deferred revenue 24,110 17,779
Deferred lease credits 5,476 5,382
Other liabilities 17,355 17,641
------- -------
Total liabilities 57,584 53,918
Commitments and contingencies - -
Stockholders' equity:
Noncontrolling interest in
subsidiary 143 115
Preferred stock - -
Common stock 17 17
Additional paid-in capital 632,813 630,798
Deferred compensation (1,501) (2,403)
Accumulated deficit (288,898) (290,404)
Treasury stock, at cost (7,436) (7,436)
Accumulated other comprehensive
income 7,752 5,734
-------- --------
Total stockholders' equity 342,890 336,421
-------- --------
Total liabilities and
stockholders' equity $400,474 $390,339
========= ========
Note: Balance sheet as presented above is not classified with
regard to GAAP maturities of cash and investments in debt
Securities.
CashFlow
RED HAT, INC.
CASH FLOW SUMMARY
(In thousands)
Three Months Three Months
Ended Ended
May 31, 2003 May 31, 2002
---------------------------------
Net income (loss) $ 1,506 $ (4,588)
Non-cash expenses 2,819 4,838
Net change in working capital items 1,179 (5,597)
---------------- ----------------
Net cash provided by (used in)
operating activities 5,504 (5,347)
Cash flows from investing
activities:
Purchases of property and
equipment (1,493) (1,459)
Net change in market value
of debt securities 1,422 779
---------------- -----------------
Net cash provided by (used in)
investing activities (71) (680)
Net cash provided by financing
activities 1,636 5,271
Effect of foreign currency exchange
rates on cash and cash equivalents 598 336
---------------- -----------------
Net increase in cash and investments 7,667 (420)
Cash and investments at beginning of
period 292,340 286,977
---------------- -----------------
Cash and investments at end of
period $ 300,007 $ 286,557
================= ================
CONTACT: Red Hat, Inc.
Leigh Day, PR, 919/754-3700, lday@redhat.com
Gabriel Szulik, Investor Relations Manager, 919/754-3700, gszulik@redhat.com
SOURCE: Red Hat, Inc
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