Red Hat revenues up
'A year marked by great execution'
Things are looking rosy for Linux outfit Red Hat, which made a profit of $5m on turnover of $37m in the fourth quarter ended 29 February, 2004.
That is an 11 per cent increase on the previous quarter and a year-on-year increase of 43 per cent.
Red Hat gained 87,000 new subscriptions - of these 61,000 went to what the company describes as "the enterprise IT market". Renewal rates are still 90 per cent.
For the fiscal year ended February 29, 2004, the company reported revenues of $126.1m, an increase of 39 per cent as compared to fiscal 2003 revenues of 90.9m.
Kevin Thompson, CFO at Red Hat, said in a statement: "For Red Hat, fiscal 2004 was a year marked by great execution, as we delivered strong growth in revenues, cash flows, and profitablity. The growth rates in the adoption of Red Hat Enterprise Linux has exceeded our expectations to date and we are positive in our outlook for fiscal 2005."
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