Por política de Blue Coat, los reportes financieros no son traducidos.
Achieves Record Net Revenue and 18% Sequential Quarterly Growth
Blue Coat Systems, Inc. (NASDAQ: BCSI), a leader in WAN Application Delivery and Secure Web Gateway, today reported its financial results for its second quarter of fiscal 2008 ended October 31, 2007. Net revenue for the second fiscal quarter of 2008 was $73.4 million, an increase of 85% compared to net revenue of $39.7 million for the same quarter last year and an 18% increase compared to net revenue of $62.4 million in the prior quarter.
On a GAAP basis, the Company reported net income of $7.0 million, or $0.17 per diluted share, in the second quarter of fiscal 2008, compared to net income of $2.6 million, or $0.07 per diluted share in the first quarter of fiscal 2008. Net income in the second quarter of fiscal 2008 includes $4.0 million in stock-based compensation expense, $0.7 million in expenses associated with the stock option investigation, $0.4 million in amortization of intangible assets, and approximately $0.3 million related to legal settlement expenses. In the first quarter of fiscal 2008, net income included $3.3 million in stock-based compensation expense, $1.9 million in expenses associated with the stock option investigation, and $0.4 million in amortization of intangible assets.
The Company reported non-GAAP net income of $12.4 million, or $0.30 per diluted share, in the second quarter of fiscal 2008, compared to non-GAAP net income of $8.3 million, or $0.21 per diluted share in the first quarter of fiscal 2008.
“It is becoming increasingly evident that the WAN optimization market is evolving in a way that favors our unique approach to stopping the bad and accelerating the good,” said Brian NeSmith, president and chief executive officer, Blue Coat Systems. “Our momentum demonstrates that the market is beginning to understand and insist on solving the broader, more strategic issues in application delivery”.
Blue Coat ended the quarter on October 31, 2007, with cash, cash equivalents, short-term investments, and restricted investments totaling $152.4 million, an increase of $34.4 million from the prior quarter.
The non-GAAP financial measures presented above exclude stock-based compensation expense, expenses associated with the stock option investigation and related restatement of the Company’s consolidated financial statements, amortization of intangible assets, and legal settlement expenses. Refer to the accompanying tables for a detailed reconciliation of GAAP to non-GAAP net income and earnings per share.
Achieves Record Net Revenue and 18% Sequential Quarterly Growth
Blue Coat Systems, Inc. (NASDAQ: BCSI), a leader in WAN Application Delivery and Secure Web Gateway, today reported its financial results for its second quarter of fiscal 2008 ended October 31, 2007. Net revenue for the second fiscal quarter of 2008 was $73.4 million, an increase of 85% compared to net revenue of $39.7 million for the same quarter last year and an 18% increase compared to net revenue of $62.4 million in the prior quarter.
On a GAAP basis, the Company reported net income of $7.0 million, or $0.17 per diluted share, in the second quarter of fiscal 2008, compared to net income of $2.6 million, or $0.07 per diluted share in the first quarter of fiscal 2008. Net income in the second quarter of fiscal 2008 includes $4.0 million in stock-based compensation expense, $0.7 million in expenses associated with the stock option investigation, $0.4 million in amortization of intangible assets, and approximately $0.3 million related to legal settlement expenses. In the first quarter of fiscal 2008, net income included $3.3 million in stock-based compensation expense, $1.9 million in expenses associated with the stock option investigation, and $0.4 million in amortization of intangible assets.
The Company reported non-GAAP net income of $12.4 million, or $0.30 per diluted share, in the second quarter of fiscal 2008, compared to non-GAAP net income of $8.3 million, or $0.21 per diluted share in the first quarter of fiscal 2008.
“It is becoming increasingly evident that the WAN optimization market is evolving in a way that favors our unique approach to stopping the bad and accelerating the good,” said Brian NeSmith, president and chief executive officer, Blue Coat Systems. “Our momentum demonstrates that the market is beginning to understand and insist on solving the broader, more strategic issues in application delivery”.
Blue Coat ended the quarter on October 31, 2007, with cash, cash equivalents, short-term investments, and restricted investments totaling $152.4 million, an increase of $34.4 million from the prior quarter.
The non-GAAP financial measures presented above exclude stock-based compensation expense, expenses associated with the stock option investigation and related restatement of the Company’s consolidated financial statements, amortization of intangible assets, and legal settlement expenses. Refer to the accompanying tables for a detailed reconciliation of GAAP to non-GAAP net income and earnings per share.
Financial Outlook
For the fiscal quarter ending January 31, 2008, the Company currently anticipates net revenue in the range of $78 - $81 million. On a non-GAAP basis, which excludes the amortization of intangible assets, stock-based compensation expense, and expenses associated with the stock option investigation, earnings per share is expected to be between $0.31 - $0.35 per diluted share.
About Non-GAAP Financial Measures
Blue Coat uses the non-GAAP financial measures of income discussed above for internal evaluation and to report the results of its business. These non-GAAP financial measures include non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per share. These measures are not in accordance with, or an alternative to, GAAP. The measures are intended to supplement GAAP financial information, and may be different from non-GAAP financial measures used by other companies. Blue Coat believes that these measures provide useful information to its management, board of directors and investors regarding its ongoing operating activities and business trends related to its financial condition and results of operations. Blue Coat believes that it is useful to provide investors with information to understand how specific line items in the statement of operations are affected by certain items, such as stock-based compensation expense, expenses related to the stock option investigation and restatement of the Company’s consolidated financial statements, amortization of intangible assets, restructuring expense, and legal settlement expenses. In addition, the Company’s management and board of directors use certain non-GAAP financial measures in developing operating budgets and in reviewing the Company’s financial results of operations since items such as stock-based compensation expense, expenses related to the stock option investigation and related restatement of the Company’s consolidated financial statements, amortization of intangible assets, restructuring expense, and legal settlement expenses are not considered to impact current resource allocation decisions. The Company believes that inclusion of these non-GAAP financial measures provides consistency and comparability with past reports of financial results. However, investors should be aware that non-GAAP measures have inherent limitations and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.
Conference Call & Webcast
The Company will host a conference call today at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time). Participants should call (612) 332-0932 with the passcode: 893289. A replay of the call will be available starting Tuesday, November 20, 2007 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time), and can be accessed by calling (320) 365-3844 with the passcode: 893289. An audio Webcast of the call will also be available at: www.bluecoat.com/aboutus/investor_relations
About Blue Coat Systems
Blue Coat secures Web communications and accelerates business applications across the distributed enterprise. Blue Coat’s family of appliances and client-based solutions – deployed in branch offices, Internet gateways, end points, and data centers – provide intelligent points of policy-based control enabling IT organizations to optimize security and accelerate performance between users and applications. Blue Coat has installed more than 40,000 appliances worldwide. Blue Coat is headquartered in Sunnyvale, California, and can be reached at (408) 220-2200 or: www.bluecoat.com
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FORWARD LOOKING STATEMENTS: The statements contained in this press release that are not purely historical are forward-looking statements, including statements regarding the Company’s expected net revenue, non-GAAP net income and non-GAAP earnings per share in the third fiscal quarter of 2008; and statements regarding Blue Coat Systems’ expectations, beliefs, intentions or strategies regarding future events, economic and industry conditions, and market acceptance of its products. All forward-looking statements included in this press release are based upon information available to Blue Coat Systems as of the date hereof, and Blue Coat Systems assumes no obligation to update any such forward-looking statements. Actual results may differ materially from those projected in such statements due to various factors, including but not limited to the risks described in the "Risk Factors" section of the Company’s annual report on Form 10-K for the fiscal year ended April 30, 2007 and Form 10-Q for the quarter ended July 31, 2007.
For the fiscal quarter ending January 31, 2008, the Company currently anticipates net revenue in the range of $78 - $81 million. On a non-GAAP basis, which excludes the amortization of intangible assets, stock-based compensation expense, and expenses associated with the stock option investigation, earnings per share is expected to be between $0.31 - $0.35 per diluted share.
About Non-GAAP Financial Measures
Blue Coat uses the non-GAAP financial measures of income discussed above for internal evaluation and to report the results of its business. These non-GAAP financial measures include non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, and non-GAAP net income per share. These measures are not in accordance with, or an alternative to, GAAP. The measures are intended to supplement GAAP financial information, and may be different from non-GAAP financial measures used by other companies. Blue Coat believes that these measures provide useful information to its management, board of directors and investors regarding its ongoing operating activities and business trends related to its financial condition and results of operations. Blue Coat believes that it is useful to provide investors with information to understand how specific line items in the statement of operations are affected by certain items, such as stock-based compensation expense, expenses related to the stock option investigation and restatement of the Company’s consolidated financial statements, amortization of intangible assets, restructuring expense, and legal settlement expenses. In addition, the Company’s management and board of directors use certain non-GAAP financial measures in developing operating budgets and in reviewing the Company’s financial results of operations since items such as stock-based compensation expense, expenses related to the stock option investigation and related restatement of the Company’s consolidated financial statements, amortization of intangible assets, restructuring expense, and legal settlement expenses are not considered to impact current resource allocation decisions. The Company believes that inclusion of these non-GAAP financial measures provides consistency and comparability with past reports of financial results. However, investors should be aware that non-GAAP measures have inherent limitations and should be read in conjunction with our consolidated financial statements prepared in accordance with GAAP.
Conference Call & Webcast
The Company will host a conference call today at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time). Participants should call (612) 332-0932 with the passcode: 893289. A replay of the call will be available starting Tuesday, November 20, 2007 at 8:30 a.m. Pacific Time (11:30 a.m. Eastern Time), and can be accessed by calling (320) 365-3844 with the passcode: 893289. An audio Webcast of the call will also be available at: www.bluecoat.com/aboutus/investor_relations
About Blue Coat Systems
Blue Coat secures Web communications and accelerates business applications across the distributed enterprise. Blue Coat’s family of appliances and client-based solutions – deployed in branch offices, Internet gateways, end points, and data centers – provide intelligent points of policy-based control enabling IT organizations to optimize security and accelerate performance between users and applications. Blue Coat has installed more than 40,000 appliances worldwide. Blue Coat is headquartered in Sunnyvale, California, and can be reached at (408) 220-2200 or: www.bluecoat.com
# # #
FORWARD LOOKING STATEMENTS: The statements contained in this press release that are not purely historical are forward-looking statements, including statements regarding the Company’s expected net revenue, non-GAAP net income and non-GAAP earnings per share in the third fiscal quarter of 2008; and statements regarding Blue Coat Systems’ expectations, beliefs, intentions or strategies regarding future events, economic and industry conditions, and market acceptance of its products. All forward-looking statements included in this press release are based upon information available to Blue Coat Systems as of the date hereof, and Blue Coat Systems assumes no obligation to update any such forward-looking statements. Actual results may differ materially from those projected in such statements due to various factors, including but not limited to the risks described in the "Risk Factors" section of the Company’s annual report on Form 10-K for the fiscal year ended April 30, 2007 and Form 10-Q for the quarter ended July 31, 2007.
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