Blue Coat reports financial results for second quarter ended October 31, 2008

Blue Coat Systems reported its financial results for its second quarter of fiscal 2009 ended October 31, 2008.  Total net revenue for the second quarter of fiscal 2009 was $119.0 million, an increase of 62% compared to net revenue of $73.4 million in the same quarter last year, and an increase of 16% compared to net revenue of $102.5 million in the immediately preceding quarter.  Excluding net revenue associated with the acquisition of Packeteer, Inc. on June 6, 2008, net revenue for the second quarter of fiscal 2009 was $93.9 million, an increase of 28% compared to net revenue of $73.4 million in the same quarter last year, and an increase of 9% compared to net revenue of $86.4 million in the immediately preceding quarter. 

"Despite a difficult economic environment, Blue Coat continued to execute its strategy during the second quarter, enabling us to once again report record net revenue," said William Tan, regional country manager, Thailand and Vietnam, Blue Coat Systems.

"We have largely completed the integration of Packeteer, Inc., which we acquired in June, and recognized approximately $25 million in net revenue from the acquired business in the second quarter.  In addition, we achieved integration between our ProxySG appliances and the PacketShaper appliances we acquired from Packeteer.  Customers around the world have an ongoing need to gain visibility and control of corporate networks, accelerate business-critical applications, and prevent malicious attacks to achieve the cost and risk reduction that is essential to their success.  Blue Coat is uniquely positioned to provide the visibility, acceleration and security required in a single solution."

Blue Coat ended the quarter on October 31, 2008, with cash, cash equivalents, and restricted cash of $97.8 million, an increase of $21.5 million from the prior quarter.  Cash flow provided by operations in the second quarter of fiscal 2009 was $27.1 million.