Blue Coat Reports Revenue of $102.5 million in Q1 2009
Achieves Record Net Revenue for Tenth Consecutive Quarter
Blue Coat Systems, Inc. (NASDAQ: BCSI), the leader in WAN Application Delivery and Secure Web Gateway, today reported its financial results for its first quarter of fiscal 2009 ended July 31, 2008. Total net revenue for the first fiscal quarter of 2009 was $102.5 million, an increase of 64% compared to net revenue of $62.4 million for the same quarter last year and a 16% increase compared to net revenue of $88.2 million in the immediately preceding quarter. Excluding net revenue associated with the acquisition of Packeteer, Inc. on June 6, 2008, net revenue for the first fiscal quarter of 2009 was $86.4 million.
On a GAAP basis, the Company reported a net loss of $5.8 million, or ($0.15) per diluted share, in the first quarter of fiscal 2009, compared to net income of $12.5 million, or $0.32 per diluted share in the fourth quarter of fiscal 2008.
The Company reported non-GAAP net income of $6.8 million, or $0.16 per diluted share, in the first quarter of fiscal 2009, compared to non-GAAP net income of $13.1 million, or $0.33 per diluted share, in the fourth quarter of fiscal 2008. Non-GAAP net income includes $4.8 million of expense for integration activities related to the acquisition of Packeteer.
“Now that we have completed the acquisition of Packeteer we are focusing on integrating the two companies into a single organization and reaping the cost, management, technology, and market synergies, ” said Brian NeSmith, president and chief executive officer, Blue Coat Systems. “We remain unique with a combination of technologies for WAN and Internet gateway visibility, acceleration and security that solves the growing application delivery challenges faced by enterprises and organizations.”
For the fiscal quarter ending October 31, 2008, the Company currently anticipates net revenue in the range of $116.0 to $120.0 million. On a GAAP basis, the Company expects a net loss of ($0.16) to ($0.10) per share. On a non-GAAP basis, the Company expects earnings of $0.15 to $0.20 per diluted share. Forecasted earnings per diluted share for the second quarter of fiscal 2009 includes an estimate of $5.5 to $6.5 million of expense for integration activities related to the acquisition of Packeteer.
