Some companies, OK most companies, are in trouble, but Red Hat, the world’s number one Linux company just keeps signing the customers and making the bucks.

In its first financial quarter for the 2010 fiscal year, which ended May 31st, 2009, Red Hat’s total revenue was $174.4 million, an 11% increase from the year ago quarter. The company also reports that “subscription revenue for the quarter was $148.8 million, up 14% year-over-year.”

GAAP (Generally Accepted Accounting Principles) operating income for the quarter was $25.1 million with a 14.4% operating margin. After the usual adjustments for stock compensation and amortization non-GAAP operating income for the first quarter was $40.7 million, up 19% year-over-year. Non-GAAP operating margin was 23.4%, up 160 basis points from the year ago quarter. None too shabby eh?

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