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

Blue Coat Systems Inc

CIK: 1095600 Ticker: BCSI

Exhibit 99.1

LOGO

BLUE COAT REPORTS RESULTS FOR

SECOND QUARTER FISCAL 2011

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

and Non-GAAP Operating Profit

Board of Directors Approves Share Repurchase Program

SUNNYVALE, Calif., November 18, 2010

– Blue Coat Systems, Inc. (NASDAQ: BCSI), the technology leader in Application Delivery Networking, today reported its financial results for its second fiscal 2011 quarter ended October 31, 2010. Total net revenue for the second quarter of fiscal 2011 was $121.0 million, an increase of 1% compared with net revenue of $120.4 million in the second quarter of fiscal 2010.

“Blue Coat achieved a quarter that met top and bottom line expectations,” said Michael Borman, president and chief executive officer Blue Coat Systems. “While our non-GAAP earnings-per-share, operating margin and cash flow from operations results were good, our revenue growth was lower than what we are capable of delivering. Importantly, I believe we have now stabilized our EMEA sales operations. Moving ahead, we have a number of exciting opportunities with new and revitalized products in growing markets, which should help maximize the company’s growth potential.”

On a GAAP basis, the Company reported net income of $12.0 million, or $0.25 per diluted share, for the second quarter of fiscal 2011, compared with net income of $8.4 million, or $0.19 per diluted share, in the second quarter of fiscal 2010, a year-over-year improvement of 44% in GAAP net income.

The Company reported non-GAAP net income of $18.1 million, or $0.38 per diluted share, for the second quarter of fiscal 2011, compared with non-GAAP net income of $13.1 million, or $0.29 per diluted share, in the second quarter of fiscal 2010, a year-over-year improvement of 38% in non-GAAP net income. For the second quarter of fiscal 2011, the Company utilized a non-GAAP annual effective tax rate of 27% compared with a 30% rate for fiscal 2010.

Cash flow provided by operations in the second quarter of fiscal 2011 was $22.9 million. The Company ended the quarter on October 31, 2010, with cash, cash equivalents, and restricted cash of $289.8 million, an increase of $52.4 million in the first six months of this fiscal year.

“I am particularly pleased with the company’s ability to generate strong cash flow from operations, which increased 26% year-over-year,” said Gordon C. Brooks, senior vice president and chief financial officer Blue Coat Systems.

 

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The following information was filed by Blue Coat Systems Inc (BCSI) on Thursday, November 18, 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: 0001193125-10-270173
Submitted to the SEC: Mon Nov 29 2010 4:13:32 PM EST
Accepted by the SEC: Mon Nov 29 2010
Period: Sunday, October 31, 2010
Industry: Computer Storage Devices

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