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Blue Coat Systems Inc (BCSI) SEC Filing 10-Q Quarterly report for the period ending Monday, January 31, 2011

Blue Coat Systems Inc

CIK: 1095600 Ticker: BCSI

Exhibit 99.1

LOGO

BLUE COAT REPORTS RESULTS FOR

THIRD QUARTER FISCAL 2011

Company Reports Record Operating Cash Flow

SUNNYVALE, Calif., February 17, 2011

– Blue Coat Systems, Inc. (NASDAQ: BCSI), a leading provider of Web security and WAN optimization solutions, today reported financial results for its third fiscal 2011 quarter ended January 31, 2011. Total net revenue for the third quarter of fiscal 2011 was $122.9 million, an increase of 2% compared with net revenue of $121.0 million in the second quarter of fiscal 2011.

“Our third quarter results were in line with my expectations,” said Michael Borman, president and chief executive officer, Blue Coat Systems. “In the quarter, we made progress on my key initiatives for the company, which included introducing exciting new products that serve and expand our addressable markets. Customers continue to reaffirm our strategy by adopting our unique visibility, acceleration and security solutions to optimize and secure their networks.”

On a GAAP basis, the Company reported net income of $12.1 million, or $0.25 per diluted share, for the third quarter of fiscal 2011, compared with net income of $12.0 million, or $0.25 per diluted share, in the second quarter of fiscal 2011.

The Company reported non-GAAP net income of $16.7 million, or $0.34 per diluted share, for the third quarter of fiscal 2011, compared with non-GAAP net income of $18.1 million, or $0.38 per diluted share, in the second quarter of fiscal 2011.

Cash flow provided by operations in the third quarter of fiscal 2011 was $59.2 million compared with $22.9 million in the second quarter of fiscal 2011. The Company ended the third quarter of fiscal 2011 with cash, cash equivalents, and restricted cash of $350.9 million.

“We generated record cash from operations and delivered solid bottom-line results, while investing in go-to-market initiatives to drive revenue growth,” said Gordon C. Brooks, senior vice president and chief financial officer Blue Coat Systems. “Looking ahead, we intend to continue to prudently invest in these initiatives.”

 

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The following information was filed by Blue Coat Systems Inc (BCSI) on Thursday, February 17, 2011 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: 0001193125-11-045522
Submitted to the SEC: Thu Feb 24 2011 5:10:11 PM EST
Accepted by the SEC: Thu Feb 24 2011
Period: Monday, January 31, 2011
Industry: Computer Storage Devices

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