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Red Hat, Inc. (Nasdaq: RHAT), the leading provider of open source solutions for Internet infrastructure, today reported revenue of $13.1 million for the fourth quarter ended February 29, 2000, a 39% increase over revenue of $9.4 million for the fourth quarter last year. Revenue for the fourth quarter was 24% higher than third quarter revenue of $10.5 million. Results for the quarter and the year are consolidated for the acquisitions of Cygnus Solutions and Hell's Kitchen Systems, Inc., both of which were completed in January, 2000.
Adjusting for non-cash charges and one-time acquisition expenses, the Company reported a net loss for the fourth quarter of fiscal 2000 of $5.6 million, or $0.04 per share. Before these adjustments, the net loss was $24.6 million, or $0.17 per share, compared with a net loss of $1.2 million, or $0.03 per share, for the fourth quarter of fiscal 1999.
Revenue for the year ended February 29, 2025 was $42.4 million, a 28% increase compared to revenue of $33.0 million for fiscal 1999. Adjusting for non-cash charges and one-time acquisition expenses, the Company reported a net loss for fiscal 2000 of $19.2 million, or $0.19 per share. Before these adjustments, the net loss for the year was $39.9 million, or $0.40 per share, compared with a net loss of $5.8 million, or $0.12 per share, for fiscal 1999.
Commenting on the results, Matthew Szulik, president and CEO of Red Hat, Inc., said, "Demand for Red Hat products and services is strong in ISPs, Web hosting companies and manufacturers of Internet devices. Post the consolidation of our recent acquisitions, Red Hat is in position to accelerate revenue and margin growth on a global basis."
Highlights of the fourth quarter include:
·Red Hat Linux was awarded "Operating System Product of the Year" for 1999 by InfoWorld magazine for an unprecedented fourth consecutive year.
·Introduced Red Hat Linux Enterprise Solutions, a collaborative effort between Red Hat and industry leading application providers to deliver optimized solutions, incorporating support and simplified configuration, to enterprise customers, including:
·a complete enterprise database platform optimized for Oracle 8i;
·a joint marketing agreement with Computer Associates (CA) under which Red Hat is distributing CA's systems and storage management solutions along with Red Hat Linux enterprise solution and CA is selling Red Hat enterprise support agreements to Unicenter TNG clients; and
·a Red Hat Linux enterprise solution optimized for SAP's R/3.
·Increased the number of total enterprise customers to 140 compared to 60 last quarter, including Home Depot, Cisco Systems, ODS Networks, Kenwood, and Quest Net Corp.
·Signed several new GNU platform porting agreements with Mentor Graphics, Hitachi, Intel, Fujitsu, Cirrus Logic, and Alcatel.
·Continued international expansion with the acquisitions of Sistemi Research Laboratories in Italy and Logiciels du Soleil in France, and established distribution in major markets in the Asia/Pacific region, including Australia, Singapore, Malaysia and Taiwan.
·Added retail outlets including Wal-Mart, Amazon.com and Costco.
·Over 500 resellers joined Red Hat's reseller program within the quarter.
About Red Hat
Founded in 1994, Red Hat (NASDAQ:RHAT), the leader in open source solutions for Internet infrastructure, delivers the benefits of open source to computing devices ranging from small embedded appliances to workstations and servers. Red Hat plies its technological leadership to create open source solutions for Internet infrastructure and post-PC environments, offers services backed by the best understanding of open source and the most comprehensive resources, delivers the brand of a widely trusted open source leader and corporate partner, and persists in an indelible commitment to the virtues of open source to lead a revolution in the computing industry. Red Hat is based in Durham, N.C. and has offices worldwide. Visit Red Hat on the Web at www.redhat.com.
# # #
Forward-looking statements in this press release are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this press release that are not strictly historical statements, including, without limitation, statements regarding current or future financial performance, management's plans and objectives for future operations, product plans and performance, management's assessment of market factors, and statements regarding the strategy and plans of the Company and its strategic partners, constitute forward-looking statements. These forward-looking statements are not guarantees of the Company's future performance and are subject to a number of risks and uncertainties that could cause the Company's actual results in the future materially to differ from the forward-looking statements. These risks and uncertainties include, without limitation, challenges associated with the Company's domestic and international expansion, shifting to a subscription-based model of product offerings, the difficulty of integrating newly-acquired companies, the possible failure to realize the beneficial synergies expected from such acquisitions, the Company's ability to attract new enterprise customers and to meet their needs by expanding and enhancing its service offerings, the need to continually enhance the Company's Web site and the ability to generate significant revenue from it, the Company's ability to enter into new and retain existing strategic alliances with technology leaders, the continuing need for an increasing number of Linux-based enterprise applications, the Company's dependence upon an open source business model, reliance upon independent enforceability of the GNU General Public License and other licenses under which the Company's products are developed and licensed, the risks of economic downturns generally, and in the Company's industry specifically, the risks associated with competition and competitive pricing pressures, the viability of the Internet, and other risks detailed in the Company's filings with the Securities and Exchange Commission, copies of which may be accessed through the SEC's Web site at http://www.sec.gov.
INVESTOR CONTACT:
John Heilshorn/Jody Burfening, Lippert/Heilshorn & Associates 001 212-838-3777
john@lhai.com/jody@lhai.com
Hal Covert, Chief Financial Officer, Red Hat, Inc.
001 919-547-0012 x215
hcovert@redhat.com
For further information please contact
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