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BW: VA Linux Systems Reports Record Revenues

Aug 23, 2000, 20:49 (0 Talkback[s])

"VA Linux Systems, Inc. (Nasdaq: LNUX) today reported record revenues of $50.7 million for the fiscal fourth quarter ended July 28, 2000, an increase of 547% compared to the same period of fiscal 1999 and an increase of 46% compared to the prior fiscal quarter. VA Linux also reported a fourth quarter net loss, excluding non-cash items, of ($0.10) per share. This compares favorably to First Call consensus analyst estimates of ($0.15) per share and represents a significant improvement from ($0.34) per share in the fourth quarter of fiscal 1999 and ($0.13) in the prior fiscal quarter. Net loss per share, excluding non-cash items, improved sequentially in every quarter during fiscal 2000. (Per share loss amounts for historical quarters were calculated using pro-forma shares)."

"For the full fiscal year 2000, VA Linux revenues totaled $120.3 million, an increase of 579% over fiscal year 1999 revenues of $17.7 million."

"We have continued to demonstrate, quarter after quarter, strong revenue growth and improved financial results," said Dr. Larry M. Augustin, President and Chief Executive Officer. "We improved our gross margins to 22% and reduced our net loss, excluding non-cash charges, to 8.1% of revenue. Our differentiation as a full solution provider of Linux and Open Source products became more visible this month with the launch of our Build-to-Order Software Selector (BOSS)(tm) and our launch of the Open Source Development Network (OSDN)(tm). It is gratifying to see the positive response our products and services have received in the Internet Infrastructure market."

Press Release