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November 24, 2009

Blue Coat Q2 net revenue stable

Sees strong demand in US Federal and enterprise segments

By CBR Staff Writer

Blue Coat Systems has reported total net revenue of $120.4m in the second quarter of fiscal 2010, an increase of 1% compared to $119m in the same period last year. Revenue was up 4% sequentially.

Brian NeSmith, president and chief executive officer of Blue Coat Systems, said: “In the quarter, we experienced solid sequential revenue growth in North America and in Europe. We saw strong demand in both the US Federal and enterprise segments of our business for application delivery network solutions, which help contain network and bandwidth costs, enhance business productivity, and mitigate exposure to evolving threat environments.”

The company posted an operating income of $10.05m, compared to $1.6m in the same period last year. Net income for the quarter was $8.4m, or $0.19 per diluted share, compared to a net loss of $0.3m, or loss of $0.01 per share, in the same period previous year.

For the quarter ended October 31, 2009, the company had cash, cash equivalents, and restricted cash of $142.5m, an increase of $19.8m from the prior quarter. Cash flow provided by operations in the second quarter of fiscal 2010 was $18.2m.

Gordon Brooks, senior vice president and chief financial officer of Blue Coat Systems, said: “Blue Coat’s second quarter results featured strong improvement in operating profitability, which is an important initiative for the company in Fiscal 2010. In the quarter, our non-GAAP operating margin percentage increased sequentially 300 basis points to 15.5% compared with 12.5% in the prior quarter.”

For the third quarter of 2009, the company expects its net revenue to be in between $121m and $126m, and net income to be in the range of $0.01 to $0.12 per diluted share.

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