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Red Hat 4Q loss narrows
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March 27, 2000: 5:41 p.m. ET
Upstart Linux provider beats Wall Street estimates by a penny; revenue also up
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NEW YORK (CNNfn) - Linux operating system provider Red Hat Inc. turned in fourth quarter results Monday that beat analysts' expectations by a penny.
Excluding non-cash charges and one-time acquisition-related expenses, the Durham, N.C.-based company posted a net loss for its fiscal fourth quarter ended Feb. 29 of $5.6 million, or 4 cents a share, beating First Call estimates of a loss of 5 cents. In the same quarter last year, Red Hat lost $1.25 million, or 3 cents a share.
When the acquisition-related expenses are included, Red Hat lost $24.6 million or 17 cents a share, in this year's fourth quarter. Fourth quarter revenue rose 39 percent to $13.1 million from $9.4 million a year earlier.
Revenue for the year rose 28 percent to $42.4 million from $33 million for fiscal 1999. Including non-cash charges and acquisition-related expenses, Red Hat's net loss for the year was $39.9 million, or 40 cents a share, versus a net loss of $5.8 million, or 12 cents a share, for fiscal 1999.
Red Hat (RHAT: Research, Estimates) closed down 3-7/8 at 56-5/8 Monday. At its current share price, Red Hat has a market value of about $8.2 billion, or 193 times its fiscal year revenue. The company's high valuation shows that investors expect Linux to spread rapidly as an alternative to Microsoft's Windows operating system.
Red Hat finished the fourth quarter with about $242 million in cash, which it raised through its initial public offering and a secondary stock sale. 
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