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August 25, 2009

Blue Coat Q1 revenue up 13%, reports turnaround

Expects its Q2 revenue between $116m and $121m

By CBR Staff Writer

Blue Coat Systems has posted net revenue $116m in the first quarter of fiscal 2010, up 13% compared to net revenue of $103m in the same period last year.

The company reported a net income of $4m, or $0.09 per diluted share, in the first quarter of fiscal 2010, compared to a net loss of $6m, or $0.15 per share, in the same period previous year.

The results included charges related to the fair value write-up of acquired inventory sold, stock-based compensation expense, amortisation of intangible assets, expenses for matters related to the stock option investigation and restructuring expenses. With out these expenses the company reported income of $0.23 per diluted share in the first quarter of fiscal 2010.

For the quarter ended July 31, 2009, the company had cash, cash equivalents, and restricted cash of $123m. Cash flow provided by operations in the first quarter of fiscal 2010 was $11m.

Brian NeSmith, president and chief executive officer of Blue Coat Systems, said: “Blue Coat continues to gain share in the WAN optimisation market with its Application Delivery Network value proposition, which provides customers with unmatched visibility, acceleration and security.

“Going forward, we intend to improve operating efficiencies across all areas of the company, while also funding critically important initiatives to strengthen the competitiveness of our solutions and extend our leadership role in the market.”

For the second quarter of 2009, the company is expecting its net revenue to be in between $116m and $121m, and net income to be in a range of $0.08 to $0.14 per diluted share.

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