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February 17th - 2005

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Financial Results for Q1 2004/2005 (October to December 2004)

(M€) (Period Oct. - December.)

12/31/2003 (*)

12/31/2004 (*)

Variation

Variation

     

M€

%

 

3 months

3 months

   

Revenue

1.42

1.44

0.02

1.4

Operating revenue

1.49

1.93

0.44

29.5

Gross margin

1.16

1.15

-0.01

-0.8

% Gross margin

82%

80%

   

Operating income

0.28

0.31

0.03

10.7

Net income

0.27

1.03

0.76

281.5

(*) Unaudited consolidated results

For the first quarter of fiscal year 2004-2005, Mandriva reported a consolidated revenue of 1.44MEUR and gross margin of 1.15MEUR, both approximately stable as compared to the same period a year earlier. Operating revenue increased by 0.44MEUR to 1.93MEUR, due primarily to R&D grants realized, amounting to 0.42MEUR.

For the quarter, the company reported an operating income of 0.31MEUR, compared to 0.28MEUR one year earlier. Net income was 1.03MEUR, compared to 0.27MEUR one year prior. Net income benefited from a 0.74MEUR extraordinary gain, due to the renegotiation of payables registered in the Chapter 11 like process.

The financial performance reflects the company's strategic emphasis on enterprise sales and services. Product sales amounted to 51% of revenues, enterprise services 21% and online sales and services 28%. This compares to 72%, 10% and 18%, respectively, in the one year ago period.

During the quarter, additional expenses were invested in the enterprise product including R&D, marketing, and sales. The company expects a return on this investment to occur in the subsequent quarters. The company currently has a services backlog in excess of 1MEUR.

The company maintains its objective of growth and profitability over the current fiscal year.

About Mandriva

Mandriva is a leading Linux and Open Source Software (OSS) editor. (OSS source code is freely accessible according to the GPL, the General Public License). Mandrivasoft develops and distributes the Mandriva Linux operating system. Hundreds of developers around the world contribute to the continuous improvement of the product via Internet and contribute to its internationalization (with more than 67 languages available). The company also provides related on-line and off-line services including consulting, education, support, and the Mandriva Club.
Mandriva has offices in France, USA and Canada. Since July 30th , 2001, the company is listed on Euronext Marché Libre and OTC US

Euronext: ISIN: FR0004159382, Mnemo: MLMAN, Reuters: MAKE.PA, Bloomberg: MLMAN FP
Pink Sheets: MDKFF
Number of shares : 5,312,889

Contact Mandriva
Jacques Le Marois/ Thierry Bossut
investors @ mandrakesoft . com

For additional information: mandriva.com/company/investors/newsletter

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