 NEWS
Red Hat's third-quarter sales jump, but company still sees losses
By Mary Lisbeth D'Amico
December 20, 1999 9:56 am PT
Citing steady global demand for its products, Red Hat on Monday reported a healthy jump in third-quarter revenue but still posted a net loss for the quarter ending Nov. 30.
The Linux distributor's revenue for its third quarter totaled $5.4 million, up 63 percent from $3.3 million in the same period a year ago. It also recorded a net loss of $3.6 million, or 5 cents per share for the quarter, compared to net income of $100,000, or no cents per share in the third quarter of fiscal 1999.
The company's third-quarter revenue reflects Red Hat's adoption in May of a subscription-based revenue recognition policy, Red Hat said in a statement.
Red Hat also Monday announced a two-for-one stock split. Each Red Hat shareholder recorded as of Dec. 27, will receive an additional share for each share of common stock held.
There are currently approximately 68.8 million shares of Red Hat common stock outstanding, the company said. That will increase to approximately 137.6 million shares following the stock split. The new shares will be issued on Jan. 7, 2000, Red Hat said.
Red Hat Inc., in Durham, N.C., can be reached at www.redhat.com.
Mary Lisbeth D'Amico is a Munich, Germany, correspondent for the IDG News Service, an InfoWorld affiliate.
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