Red Hat reports Q1 revenue of $27.2 million

Linux software vendor Red Hat Tuesday announced revenue of US$27.2 million for the first quarter of fiscal 2004, up 5 percent from the previous quarter and 39 percent higher than in the same period one year ago.

In a statement issued after the close of the U.S. financial markets, the Raleigh, N.C.-based company said it had a net income of $1.5 million for the quarter that ended May 31, compared with a net loss of $273,000 in the previous quarter and a $4.6 million net loss one year ago. Red Hat reports its figures using generally accepted accounting principles.

Chief Financial Officer Kevin Thompson said in a statement that the company "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."

Red Hat generated $5.5 million in positive cash flow from operations for the fourth straight quarter, according to the company. It listed a cash and investments balance of $300 million, up $7.7 million from the last quarter and up $13.5 million year over year.

Before interest, the company posted a $1.1 million net operating loss for the quarter, compared with a $2.4 million net operating loss in the prior quarter and a $7.2 million loss one year ago.

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