Red Hat Reports Fiscal Fourth Quarter and Year End Results
RALEIGH, N.C.(BUSINESS WIRE)March 31, 2005Red Hat, Inc. (NASDAQ: RHAT), the world's leading provider of open source solutions to the enterprise, today announced financial results for the fourth quarter and fiscal year ended February 28, 2005.
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* Continued strong demand in Linux market spurs record revenue
Stamps.com Reports Third Quarter 2003 Financial Results Revenue Up 32% Year over Year; Customer Acquisition Momentum Builds SANTA MONICA, October 29, Stamps.com™ ( STMP) today announced financial results for the third fiscal quarter ended September 30, 2003. Third quarter revenue was up 32% versus the same quarter last year, and up 7% versus the second fiscal quarter of 2003. In addition, the company reported an increase in customer acquisition during the third quarter, particularly with higher value Power Plan customers.
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Stamps. End 2000 Financial Results Company reports 26 percent growth in revenue over third quarter, with positive gross margin and continued focus on achieving profitability SANTA MONICA, Calif. February 22, Stamps.com™ ( STMP), today announced that revenue in the fourth quarter of year 2000 was $5.3 million, an increase of 26 percent over the third quarter of year 2000, while total revenue for fiscal year 2000 was $15.2 million.
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* Fourth quarter revenue exceeds guidance; EPS in-line with expectations
Nuance Communications, Inc. ( NUAN) today announced financial results for the fourth fiscal quarter ended September 30, 2007. Nuance reported revenues of $179.9 million in the quarter ended September 30, 2007, a 40 percent increase over revenues of $128.1 million in the quarter ended September 30, 2006. On a GAAP basis, Nuance recognized a net loss of $3.4 million, or $(0.02) per share, in the quarter ended September 30, 2007, compared with a net loss of $7.2 million, or $(0.04) per share, in the quarter ended September 30, 2006.
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Stamps.com Reports First Quarter 66% Year over Year Revenue Growth, and Increased Guidance for 2004 Company Now Anticipates Approximately 55% Fiscal Year 2004 Revenue Growth and Profitability in the Fourth Quarter of 2004 SANTA MONICA, Calif. April 21, Stamps.com™ ( STMP) today announced financial results for the first quarter of 2004. First quarter revenue was an all time quarterly high of $7.6 million, up 66% versus the first quarter of 2003 and up 19% versus the fourth quarter of 2003. In addition, Stamps.com announced that it has adjusted its guidance for fiscal 2004 total revenue to be up approximately 55% versus fiscal year 2003; previously the company guided to an overall increase of 35%. Further, the company now anticipates profitability in the fourth quarter of 2004, a quarter earlier than previously expected.
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* Enterprise subscription revenue and deferred revenue grow 92% and 86% on a year-over-year basis, respectively
d) The adjusted amounts exclude a $7.5 million, or $0.12 per diluted share, tax accrual recorded on the repatriation of dividends from European subsidiaries in the fourth quarter of fiscal year 2005. On May 10, 2005, the U.S. 38. The notice provided for a tax benefit, which was recorded by the Company in the first quarter of fiscal year 2006, that fully offset the tax accrued by the Company on foreign dividends in fiscal year 2005. Neither the first quarter fiscal year 2006 tax benefit nor the corresponding fourth quarter fiscal year 2005 tax accrual had cash impact to the Company. In addition, month period ending April 30, 2006, the adjusted amounts above also exclude a $6.8 million, or $0.11 per diluted share, tax benefit recorded in fiscal year 2006 related to the settlement of certain matters with tax authorities.
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* Expanded stock repurchase program more than doubles the size of the prior program
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Total revenue for the fourth quarter of fiscal 2005 was $57.5 million, a year-over-year increase of 56% and a sequential increase of 13%. For the full fiscal year 2005, total revenue was $196.5 million, an increase of 58% compared to fiscal year 2004.
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Enterprise subscription revenue was $45.4 million in the fourth quarter of fiscal 2005, an increase of 92% on a year-over-year basis and 19% on a sequential basis. For the full fiscal year 2005, enterprise subscription revenue was $147.4 million, or a 120% year-over-year increase.
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For the fourth quarter of fiscal 2005, the company reported net income of $11.8 million, or $0.06 per diluted share. Earnings per share for the fourth quarter of fiscal 2005 grew 200% on a year-over-year basis and were in-line with the prior quarter. For the full fiscal year, the company reported net income of $45.4 million, or $0.24 per diluted share, up from $0.07 per diluted share a year ago.
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The company generated $30.6 million in cash flow from operations during the fourth quarter of fiscal 2005. This led to full fiscal year 2005 cash flow from operations of $122.2 million, representing an increase of 100% compared to fiscal year 2004.
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After investing $54.8 million to repurchase stock during the quarter, cash and investments totaled $929 million as of February 28, 2005. [By separate press release, the company also announced today the expansion of its share repurchase program, which more than doubled the authorization of the prior share repurchase program.]
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At the end of fiscal 2005, the company's total deferred revenue balance was $137.3 million, an increase of 86% on a year-over-year basis
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"We are very pleased with the strong momentum of the Linux market place, and our business in particular," commented Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat. "Based on publicly available information, we believe our enterprise subscription revenue run rate is more than six times that of the number two Linux provider, and over the past year we have expanded our market leadership position across the globe. A number of leading industry analysts believe that Linux will continue to be the fastest growing operating system over the next 3-5 years and we remain confident in our ability to compete."
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Charlie Peters also stated, "We were very pleased with the company's revenue and bookings performance during the quarter. Heading into fiscal 2006, we feel optimistic about our business opportunity based on the strength of the market and our competitive position, and the growing visibility of our recurring revenue model. Finally, our confidence in the future cash flow capabilities of the company is evidenced by the expansion of our share repurchase program, which was separately announced today."
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Other highlights from the fourth quarter include:
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* For the first time in its history, Red Hat sold to over 10,000 customers in a single quarter, and sold a record 175,000 new and renewed subscriptions.
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* During the quarter, Red Hat was rated the number one value and reliability provider of all technology vendors in a survey of over 1,000 CIOs and IT executives conducted by Ziff Davis.
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* Channel partner contribution continued to increase, with the percentage of business coming from the indirect channel growing to 56% of orders in the fourth quarter of fiscal 2005, up from 51% in the prior quarter and 43% in the first quarter of the fiscal year.
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* Significant investments in international operations culiminated in bookings from international operations growing more than 60% year-over-year.
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* The number of software and hardware applications and platforms supporting Red Hat Enterprise Linux exceeded 1,800 at the end of fiscal 2005, an increase of over 80% compared to the end of the prior fiscal year.
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* The company shipped Red Hat Enterprise Linux 4 during the quarter, representing a major upgrade to the company's flagship offering and setting the standard for enterprise ready Linux platforms.
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See the earnings tables.
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About Red Hat, Inc.
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Red Hat, the world's leading open source and Linux provider, is headquartered in Raleigh, N.C. with offices spanning the globe. Red Hat is leading Linux and open source solutions into the mainstream by making high quality, low cost technology accessible. Red Hat provides operating system software along with middleware, applications and management solutions. Red Hat also offers support, training, and consulting services directly to its customers worldwide and through its channel partners. Red Hat's Open Source strategy offers customers a long-term plan for building infrastructures that are based on and leverage open source technologies with a focus on security and ease of management. Learn more: http://www.redhat.com. For investor inquiries, contact Gabriel Szulik at Red Hat, (919) 754-4439.
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Forward-Looking Statements
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Any statements in this press release about future expectations, plans and prospects for the company, including statements containing the words "believes," "anticipates," "plans," "expects," "will," and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the factors discussed in our most recent Quarterly Report on Form 10-Q filed with the SEC (a copy of which may be accessed through the SEC's website at http://www.sec.gov), reliance upon strategic relationships, management of growth, the possibility of undetected software errors, the risks of economic downturns generally, and in Red Hat's industry specifically, the risks associated with competition and competitive pricing pressures and the viability of the Internet. In addition, the forward-looking statements included in this press release represent the company's views as of the date of this press release and these views could change. However, while the company may elect to update these forward-looking statements at some point in the future, the company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the company's views as of any date subsequent to the date of the press release.
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LINUX is a trademark of Linus Torvalds. RED HAT is a registered trademark of Red Hat, Inc. All other names and trademarks are the property of their respective owners.
