Red Hat Reports First Quarter Fiscal 2003 Results

6/19/2002 - Red Hat, Inc. (Nasdaq:RHAT), the premier Linux and open source solutions provider, today reported financial results for its first quarter ended May 31, 2002.

In the first quarter of fiscal 2003, Red Hat achieved revenue of $19.5 million, a sequential increase of 5% compared to $18.6 million in the fourth quarter of fiscal 2002. On a pro-forma basis, for the first quarter of fiscal 2003 the company reported a net loss of $829,000, or break-even per share, compared to pro-forma net income of $291,000 or break-even per share in the prior quarter.

On a generally accepted accounting principles (GAAP) basis, for the first quarter of fiscal 2003 the company reported a net loss of $4.3 million, or $0.03 per share, compared to a net loss of $42.3 million or $0.19 per share in the prior quarter and a net loss of $27.6 million or $0.16 per share a year ago.

The area of growth continues to be large Enterprise revenues, which grew by 8% sequentially to $17.4 million, from $16.1 million in the prior quarter. Gross margins remained strong at 66% on Enterprise revenues and 63% on total revenues during the first quarter of fiscal 2003.

The primary differences between the company's pro forma net income and GAAP net income, in the first quarter of fiscal 2003, are non-cash charges related to amortization of stock based compensation and intangible assets, non-cash charges related to consolidation of facilities and cash severance costs related to the completion of the restructuring of our Embedded business.

"Red Hat continues to execute financially, technically, and operationally to build a sustainable, global business", stated Kevin Thompson, Executive Vice President and Chief Financial Officer.

About Red Hat, Inc.
Red Hat is the global leader in Enterprise Linux solutions for the Global 2000. Red Hat is headquartered in Raleigh, N.C. and has offices worldwide. For investor inquiries, contact Gabriel Szulik at Red Hat, (919) 754-3700, x44439. More information about Red Hat is available at www.redhat.com.

LINUX is a trademark of Linus Torvalds. RED HAT is a registered trademark of Red Hat, Inc. All other names and trademarks are the property of their respective owners.

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