You either need to escape the " " around red, thus....

print STDOUT "<FONT COLOR=\"red\"> $data </FONT><P>";
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or use a different quoting mechanism...

print STDOUT qq(<FONT COLOR="red"> $data </FONT><P>);
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...but as an HTML purist, I would urge you to consider using styles rather than the font tag...

print STDOUT "<span style='color:red;'> $data <span>";
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Good luck.