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Blue Coat Systems Inc (BCSI) SEC Filing 10-Q Quarterly report for the period ending Saturday, July 31, 2010

Blue Coat Systems Inc

CIK: 1095600 Ticker: BCSI

Exhibit 99.1

LOGO

BLUE COAT REPORTS RESULTS FOR

FIRST QUARTER FISCAL 2011

Company Reports Strong Operating Cash Flow, Non-GAAP Gross Margin and

Non-GAAP Operating Profit

SUNNYVALE, Calif., August 19, 2010

– Blue Coat Systems, Inc. (NASDAQ: BCSI), the technology leader in Application Delivery Networking, today reported its financial results for its first fiscal 2011 quarter ended July 31, 2010. Total net revenue for the first quarter of fiscal 2011 was $122.5 million, an increase of 6% compared with net revenue of $116.0 million in the first quarter of fiscal 2010.

“I am pleased with our ability to continue improving our operating profitability, in spite of difficulties in achieving our EMEA revenue potential,” said Brian NeSmith, president and chief executive officer of Blue Coat Systems. “Looking ahead, I believe the investments we are making in new products for the mid-market and carrier market will dramatically extend our customer reach.”

On a GAAP basis, the Company reported net income of $13.9 million, or $0.29 per diluted share, for the first quarter of fiscal 2011, compared with net income of $4.0 million, or $0.09 per diluted share, in the first quarter of fiscal 2010.

The Company reported non-GAAP net income of $19.1 million, or $0.40 per diluted share, for the first quarter of fiscal 2011, compared with non-GAAP net income of $10.1 million, or $0.23 per diluted share, in the first quarter of fiscal 2010. For the first quarter of fiscal 2011, the Company utilized a non-GAAP annual effective tax rate of 27% compared with a 30% rate for fiscal 2010.

The Company ended the quarter on July 31, 2010, with cash, cash equivalents, and restricted cash of $262.6 million, an increase of $25.3 million from the prior quarter. Cash flow provided by operations in the first quarter of fiscal 2011 was $28.6 million.

“In the first quarter, we delivered strong performance across several key financial metrics including non-GAAP gross margin and non-GAAP operating profit,” said Gordon C. Brooks, senior vice president and chief financial officer Blue Coat Systems. “I am particularly pleased with the Company’s operating cash flow performance, which reflects our focus on both profitability and managing the balance sheet. Moving forward, we remain confident that we have the right operating model in place to deliver consistent non-GAAP operating profitability and operating cash flow, while appropriately investing for future innovation and growth.”

 

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The following information was filed by Blue Coat Systems Inc (BCSI) on Thursday, August 19, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ticker: BCSI
CIK: 1095600
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-10-199409
Submitted to the SEC: Fri Aug 27 2010 3:07:59 PM EST
Accepted by the SEC: Fri Aug 27 2010
Period: Saturday, July 31, 2010
Industry: Computer Storage Devices

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