Red Hat Reports Year-over-year Increase of 39%

6/19/2003 - Red Hat, Inc. (Nasdaq:RHAT), the world's premier open source and Linux provider, reported financial results for its first quarter of fiscal year 2004. The company's fiscal first quarter ended on May 31, 2003. These results are provided in full GAAP format.

In the first quarter of fiscal 2004, Red Hat achieved revenue of $27.2 million, a sequential increase of 5% compared to $25.9 million in the fourth quarter of fiscal 2003, and a year-over-year increase of 39%.

For the first quarter of fiscal 2004, the company achieved net income of $1.5 million, or $0.01 per share. This compares to a net loss of $273,000, or break-even per share, in the prior quarter, and a net loss of $4.6 million, or $0.03 per share, in the same quarter a year ago.

The company generated $5.5 million in positive cash flows from operations during the first quarter, which represents its fourth consecutive quarter of positive cash flows from operations. The company ended the first quarter with a cash and investments balance of $300 million, a sequential increase of $7.7 million and a year-over-year increase of $13.5 million.

For the first quarter of fiscal 2004, the company increased its deferred revenue balance to $24.1 million, an increase of $6.3 million, or 36% as compared to the fourth quarter of fiscal 2003, and an increase of $14.8 million or 159% as compared to the same prior year quarter.

The company reported a net operating loss of $1.1 million, compared to a net operating loss of $2.4 million in the prior quarter and a net operating loss of $7.2 million in the first quarter of the prior year.

Highlights for the first quarter include:

"Red Hat continues to show strong operating performance, including solid growth in cash flows, deferred revenues, and net income, which translates into continued leverage of our business model", stated Kevin Thompson, Executive Vice President and Chief Financial Officer.

About Red Hat, Inc.
Red Hat is the world's premier open source and Linux provider. 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. Please visit Red Hat on the Web at www.redhat.com.

LINUX is a trademark of Linus Torvalds. RED HAT is a registered trademark of Red Hat, Inc.

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