Mar 20, 2002 : Red Hat Reports New Clients, Q4 Profit
📅 - Open source firm Red Hat Inc. (redhat.com) said in its earnings statement yesterday that it secured 10 new enterprise-level customers "making large scale deployments" of its technologies during fiscal Q4.
The company, which develops Linux-based software solutions, said it landed high-profile firms like Dreamworks, Oracle and Deutsche Bank.
The comapny's earnings report was released after market close. Red Hat reported revenue of $18.6 million for the fourth quarter ended February 28, 2002, compared to $20.0 million in the third quarter of 2002. Enterprise revenue levels, however, continued to grow, increasing to $16.1 million in the fourth quarter from $15.7 million in the previous quarter. The company also reported an adjusted net income of $1 million, marking the fourth consecutive quarter the company has achieved profitable or break-even results.
"In a challenging environment, Red Hat has consistently delivered positive adjusted earnings,'' said Kevin Thompson, Red Hat's Executive Vice President and Chief Financial Officer. "Fiscal 2002 has been a successful year for Red Hat. It has been marked by the successful transition of the company from a retail software products company to a provider of open source solutions to the large enterprise. This transition was accomplished while achieving and maintaining positive adjusted operating results.''
The company, which develops Linux-based software solutions, said it landed high-profile firms like Dreamworks, Oracle and Deutsche Bank.
The comapny's earnings report was released after market close. Red Hat reported revenue of $18.6 million for the fourth quarter ended February 28, 2002, compared to $20.0 million in the third quarter of 2002. Enterprise revenue levels, however, continued to grow, increasing to $16.1 million in the fourth quarter from $15.7 million in the previous quarter. The company also reported an adjusted net income of $1 million, marking the fourth consecutive quarter the company has achieved profitable or break-even results.
"In a challenging environment, Red Hat has consistently delivered positive adjusted earnings,'' said Kevin Thompson, Red Hat's Executive Vice President and Chief Financial Officer. "Fiscal 2002 has been a successful year for Red Hat. It has been marked by the successful transition of the company from a retail software products company to a provider of open source solutions to the large enterprise. This transition was accomplished while achieving and maintaining positive adjusted operating results.''
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