RESEARCH TRIANGLE PARK, N.C. — Linux software packager Red Hat Inc. said Tuesday it broke even in the first quarter, matching Wall Street’s earnings estimates.
For the quarter ending May 31, Red Hat reported an adjusted net income of $600,000, or break even per share. That compared with an adjusted net loss of $3.7 million, or $0.02 per share, for the first quarter of fiscal 2001.
Analysts surveyed by Thomson Financial/First Call had projected a break-even quarter with no reported earnings per share.
Before the adjustments, the net loss was $27.6 million, or 16 cents a share, compared with a net loss of $17.4 million, or 11 cents a share in the first quarter of fiscal 2001.
Red Hat reported revenues of $25.6 million, an increase of 18 percent over the $21.7 million reported for the year-ago quarter, but a decrease of 5 percent over the fourth quarter of fiscal 2001.
Red Hat, which has yet to report a profit since it went public, finished fiscal year 2001 with revenues of $84 million, a 100 percent increase over $42 million in fiscal 2000.
Red Hat markets a CD-ROM version of the open-source Linux operating system and provides customers technical support.
The earnings statement was released after the close of regular trading Tuesday. Red Hat shares closed at $4.75 on the Nasdaq Stock Market, up 39 cents.
