Red Hat Reports Higher Sales, Deeper Losses - InformationWeek

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Red Hat Reports Higher Sales, Deeper Losses

Linux vendor Red Hat Inc. today reported a wider net loss for its fourth quarter, despite strong revenue growth.

The company posted a net loss of $24.6 million for the quarter, which ended Feb. 29, compared with $1.2 million during the fourth quarter of fiscal 1999. Excluding one-time charges incurred during the quarter--the company's acquisitions of Cygnus Solutions and Hell's Kitchen Systems closed in January--Red Hat lost $5.6 million.

Fourth-quarter revenue rose 39% to $13.1 million, compared with $9.4 million a year ago, on strong sales of its software and services to Internet service providers, Web-hosting companies, and manufacturers of Internet appliances, the company said. The vendor also expanded its roster of enterprise accounts to 140 customers by the end of the fourth quarter, compared with 60 during the previous quarter.

Revenue for the 2000 fiscal year rose 28% to $42.4 million. Red Hat's net loss for the year was $39.9 million, compared with a loss of $5.8 million for fiscal 1999. Excluding special charges, the company's adjusted net loss for fiscal 2000 was $19.2 million.

In addition, Red Hat today unveiled new point-release versions of its Red Hat Linux operating system for desktops and servers, and eCos system for computing devices that use embedded processors.

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