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BW: Red Hat Second Quarter Revenue Soars 76% to $18.5 Million

Sep 14, 2000, 23:16 (0 Talkback[s])

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"Red Hat, Inc. (Nasdaq: RHAT), the leader in open source Internet infrastructure solutions, today reported revenue of $18.5 million for the second quarter ended August 31, 2000, a 76% increase over revenue of $10.5 million for the second quarter last year, and 15% higher than first quarter 2001 revenue of $16.0 million. Gross margins increased to 58% for the quarter, a 3.8 percentage point improvement over the prior quarter."

"The Company reported an adjusted net loss for the second quarter of fiscal 2001 of $1.9 million, or $0.01 per share, compared to an adjusted net loss for the second quarter of fiscal 2000 of $4.3 million, or $0.06 per share. On a reported basis, the net loss was $15.7 million, or $0.10 per share, compared with a net loss of $4.8 million, or $0.07 per share, for the second quarter of fiscal 2000."

"Commenting on the results, Matthew Szulik, president and CEO of Red Hat, Inc., said, "Demand for Open Source solutions is expanding globally across our lines of business, enterprise, small and medium sized business, and equipment manufacturers. We continue to execute to our plan of revenue growth while improving our operating efficiency."

Press Release