Red Hat reports first quarter revenue of $27.2m

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Red Hat reports first quarter revenue of $27.2m

Linux software supplier Red Hat has announced revenue of $27.2 (£16.2bn) for the first quarter of the 2004 fiscal year, up 5% on the previous quarter and 39% higher than in the same period a year ago.

In a statement issued after the close of the US financial markets Red Hat said it had a net income of $1.5m ($890,000) for the quarter ending 31 May, compared with a net loss of $273,000 in the previous quarter and a $4.6m net loss a year ago.

Chief financial officer, Kevin Thompson, said the company "continues to show strong operating performance, including solid growth in cash flows, deferred revenues and net income, which translates into continued leverage of our business model". 

Red Hat generated $5.5m (£3.3m) in positive cash flow from operations for the fourth consecutive quarter. It listed a cash and investments balance of $300m, up $7.7m from the last quarter and up $13.5m year on year. 

Before interest, the company posted a $1.1m (£650,000) net operating loss for the quarter, compared with a $2.4m in the preceding quarter and a $7.2m loss a year ago.

Todd R Weiss writes for Computerworld


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