Exklusiver Live-Stream direkt von der World of Trading - 2 Tage mit einzigartigen Themen und Experten. Kostenlos teilnehmen + Videos erhalten. -w-
23.02.2010 21:00:00

Blue Coat Reports Third Quarter Fiscal 2010 Results

Blue Coat Systems, Inc. (NASDAQ:BCSI), the technology leader in Application Delivery Networking, today reported its financial results for its third fiscal quarter ended January 31, 2010. Total net revenue for the third quarter of fiscal 2010 was $127.1 million, an increase of 16% compared with net revenue of $109.6 million in the third quarter of fiscal 2009, and an increase of 6% compared with net revenue of $120.4 million in the second quarter of fiscal 2010.

"The third quarter marked a period of continued growth for Blue Coat,” said Brian NeSmith, president and chief executive officer Blue Coat Systems. "In the quarter, business was strong across all major geographic regions, as customers continue to value our unique ADN product portfolio. We will continue to invest in strategic opportunities in the ADN market to accelerate growth while not sacrificing the bottom line.”

On a GAAP basis, the Company reported net income of $6.9 million, including $9.1 million of restructuring charges, or $0.15 per diluted share, in the third quarter of fiscal 2010, compared with net income of $1.1 million, or $0.02 per diluted share, in the third quarter of fiscal 2009, and net income of $8.4 million, or $0.19 per diluted share, in the second quarter of fiscal 2010.

The Company reported non-GAAP net income of $17.1 million, or $0.37 per diluted share, in the third quarter of fiscal 2010, compared with non-GAAP net income of $9.3 million, or $0.21 per diluted share, in the third quarter of fiscal 2009, and non-GAAP net income of $13.1 million, or $0.29 per diluted share, in the second quarter of fiscal 2010. A reconciliation of the GAAP to non-GAAP financial measures is included in Table 2 of this press release.

"I am particularly pleased with the strong improvement in non-GAAP operating profitability and record operating cash flow in the third quarter,” said Gordon C. Brooks, senior vice president and chief financial officer Blue Coat Systems. "Our non-GAAP operating margin percentage increased sequentially 440 basis points to 19.9%, and our trailing 12 month operating cash flow was $76 million, an increase of 24%.”

The Company ended the quarter on January 31, 2010, with cash, cash equivalents, and restricted cash of $188.2 million, an increase of $45.7 million from the prior quarter. Cash flow provided by operations in the third quarter of fiscal 2010 was $42.2 million.

Financial Outlook

For the fourth fiscal quarter ending April 30, 2010, the Company currently expects net revenue in the range of $129 to $134 million. On a GAAP basis, the Company currently expects net income of $0.25 to $0.31 per diluted share. On a non-GAAP basis, the Company currently expects net income of $0.36 to $0.41 per diluted share. For the fourth quarter of fiscal 2010, the Company is assuming a diluted share count of approximately 47.3 million shares.

About Non-GAAP Financial Measures

The Company uses non-GAAP financial measures of income for internal evaluation and to report the results of its business. These non-GAAP financial measures include non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, and non-GAAP diluted net income per share. These measures are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles or GAAP. These measures are intended to supplement GAAP financial information, and may be different from non-GAAP financial measures used by other companies. The Company 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. The Company 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 the fair value write-up of acquired inventory sold, stock-based compensation expense, amortization of intangible assets, expenses for matters related to the stock option investigation, and restructuring expenses, and related income tax adjustments. In addition, the Company’s management and board of directors use these non-GAAP financial measures in developing operating budgets and in reviewing the Company’s financial results of operations, since items such as expense related to the fair value write-up of acquired inventory sold, stock-based compensation expense, amortization of intangible assets, expenses for matters related to the stock option investigation, and restructuring expenses, and related income tax adjustments do not impact its current resource allocation decisions. Additionally, the Company believes that inclusion of these non-GAAP financial measures provides consistency and comparability with its past reports of financial results. However, investors should be aware that non-GAAP measures have inherent limitations and should be read in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. Refer to the accompanying tables for a detailed reconciliation of GAAP to non-GAAP gross profit, operating income, net income and net income per share.

Conference Call & Webcast

Blue Coat will hold its quarterly conference call to discuss results for the third quarter of fiscal 2010 and the outlook for the fourth quarter of fiscal 2010 on Tuesday, February 23, 2010 at 5:00 p.m. ET (2:00 p.m. PT). Participants in the United States should call (800) 553-5260. International participants should call (612) 332-0720. The passcode for the call is: 145328. The conference call can also be accessed through an audio webcast from the Company’s website, www.bluecoat.com/company/investorrelations. A replay of the call will be available starting on Tuesday, February 23, 2010 at 8:00 p.m. ET (5:00 p.m. PT), and can be accessed by calling (800) 475-6701 for U.S. participants and (320) 365-3844 for international participants. The passcode for the replay is 145328.

About Blue Coat Systems

Blue Coat Systems, Inc. is the technology leader in Application Delivery Networking. Blue Coat offers an Application Delivery Network Infrastructure that provides the visibility, acceleration and security required to optimize and secure the flow of information to any user, on any network, anywhere. This application intelligence enables enterprises to tightly align network investments with business requirements, speed decision making and secure business applications for long-term competitive advantage. For additional information, please visit www.bluecoat.com.

FORWARD-LOOKING STATEMENTS: This document contains certain forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements including: statements regarding our business outlook and future financial and operating results; any statements of expectation or belief; any statements regarding plans, strategies and objectives of management for future operations; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include the risks that are described from time to time in the Securities and Exchange Commission reports filed by the Company, including but not limited to the risks described in the Company’s most recent reports on Form 10-K and Form 10-Q, particularly under the heading "Risk Factors.” No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. The Company assumes no obligation and does not intend to update any of these forward-looking statements except as required by applicable law after the date on which it was made.

Blue Coat and the Blue Coat logo are registered trademarks or trademarks of Blue Coat Systems, Inc. and/or its affiliates in the United States and certain other countries. All other trademarks mentioned in this document are the property of their respective owners.

 
BLUE COAT SYSTEMS, INC.
Table 1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
         
Three Months Ended Nine Months Ended
January 31, October 31, January 31, January 31,
2010 2009 2009 2010 2009
Net revenue:
Product $ 84,125 $ 76,502 $ 72,495 $ 234,319 $ 231,221
Service   42,991     43,934     37,101     129,222     99,902  
Total net revenue 127,116 120,436 109,596 363,541 331,123
Cost of net revenue:
Product 20,734 19,261 19,028 59,478 66,261
Service   11,381     12,947     11,474     36,365     33,445  
Total cost of net revenue   32,115     32,208     30,502     95,843     99,706  
Gross profit 95,001 88,228 79,094 267,698 231,417
 
Operating expenses:
Sales and marketing 42,923 45,608 43,608 134,107 132,208
Research and development 21,419 19,568 18,606 60,823 56,963
General and administrative 11,941 11,176 10,877 35,833 35,192
Amortization of intangible assets 1,803 1,822 1,821 5,446 4,846
Restructuring   9,059     -     -     9,059     1,546  
Total operating expenses   87,145     78,174     74,912     245,268     230,755  
 
Operating income 7,856 10,054 4,182 22,430 662
Interest income 57 72 289 230 1,140
Interest expense (226 ) (227 ) (233 ) (681 ) (620 )
Other income (expense), net   (758 )   155     (440 )   (619 )   (1,980 )
Income (loss) before income taxes 6,929 10,054 3,798 21,360 (798 )
Provision for income taxes   21     1,687     2,735     2,089     4,225  
Net income (loss) $ 6,908   $ 8,367   $ 1,063   $ 19,271   $ (5,023 )
 
 
Basic net income (loss) per share $ 0.15   $ 0.19   $ 0.03   $ 0.44   $ (0.13 )
Diluted net income (loss) per share $ 0.15   $ 0.19   $ 0.02   $ 0.42   $ (0.13 )
 

Weighted average shares used in computing basic net income (loss) per share

  44,591     43,777     42,433     43,854     38,342  
 

Weighted average shares used in computing diluted net income (loss) per share

  46,780     45,202     43,190     45,484     38,342  
 
 
BLUE COAT SYSTEMS, INC.
Table 2
Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share data)
(Unaudited)
           
Three Months Ended Nine Months Ended
January 31, October 31, January 31, January 31,
2010 2009 2009 2010 2009

Gross Profit Reconciliation:

GAAP gross profit $ 95,001 $ 88,228 $ 79,094 $ 267,698 $ 231,417
Fair value write-up of acquired inventory sold A 497 985 1,409 2,807 14,699
Stock-based compensation expense included in cost of revenue B 254 815 439 1,659 1,339
Amortization of intangible assets C   1,239     1,347     1,386     3,934     3,738  
Non-GAAP gross profit $ 96,991   $ 91,375   $ 82,328   $ 276,098   $ 251,193  
 
 

Operating Income Reconciliation:

GAAP operating income (loss) $ 7,856 $ 10,054 $ 4,182 $ 22,430 $ 662
Fair value write-up of acquired inventory sold A 497 985 1,409 2,807 14,699
Stock-based compensation expense B 4,549 5,527 4,458 14,887 13,801
Amortization of intangible assets C 3,042 3,169 3,207 9,380 8,584
Expenses (reversals) for matters related to the stock option investigation D 337 (1,052 ) 356 (13 ) 1,712
Restructuring E   9,059     -     -     9,059     1,546  
Non-GAAP operating income $ 25,340   $ 18,683   $ 13,612   $ 58,550   $ 41,004  
 
 

Net Income Reconciliation:

GAAP net income (loss) $ 6,908 $ 8,367 $ 1,063 $ 19,271 $ (5,023 )
Fair value write-up of acquired inventory sold A 497 985 1,409 2,807 14,699
Stock-based compensation expense B 4,549 5,527 4,458 14,887 13,801
Amortization of intangible assets C 3,042 3,169 3,207 9,380 8,584
Expenses (reversals) for matters related to the stock option investigation D 337 (1,052 ) 356 (13 ) 1,712
Restructuring E 9,059 - - 9,059 1,546
Income tax adjustments F   (7,304 )   (3,917 )   (1,233 )   (15,155 )   (7,638 )
Non-GAAP net income $ 17,088   $ 13,079   $ 9,260   $ 40,236   $ 27,681  
 
 

Net Income (Loss) per Share Reconciliation:

GAAP diluted net income (loss) per share $ 0.15 $ 0.19 $ 0.02 $ 0.42 $ (0.13 )
Fair value write-up of acquired inventory sold A 0.01 0.02 0.03 0.06 0.34
Stock-based compensation expense B 0.10 0.12 0.10 0.33 0.32
Amortization of intangible assets C 0.07 0.07 0.07 0.20 0.20
Expenses (reversals) for matters related to the stock option investigation D 0.01 (0.02 ) 0.01 - 0.04
Restructuring E 0.19 - - 0.20 0.04
Income tax adjustments F (0.16 ) (0.09 ) (0.02 ) (0.33 ) (0.18 )
Anti-dilution adjustment for GAAP-based net loss   -     -     -     -     0.01  
Non-GAAP diluted net income per share $ 0.37   $ 0.29   $ 0.21   $ 0.88   $ 0.64  
 
 
Shares used in computing GAAP diluted net income (loss) per share 46,780 45,202 43,190 45,484 38,342
Effect of dilutive securities G   -     -     -     -     4,597  
Shares used in computing non-GAAP diluted net income per share   46,780     45,202     43,190     45,484     42,939  
 
 

Notes:

(A)

Purchase accounting rules require that the inventory we acquired in the Packeteer acquisition be written-up to its estimated fair market value. The fair value write-up increases the cost of revenue, essentially eliminating the profit that would normally have been recognized at the time such inventory is sold. To facilitate comparability of gross margin between periods, the fair value write-up related to acquired inventory sold has been excluded on a non-GAAP basis.

 
(B)

Stock-based compensation expense consists of non-cash charges for employee stock options, restricted stock awards, restricted stock units and employee stock purchase plan awards.

 
Results include stock-based compensation expense as follows (unaudited):
 
Three Months Ended Nine Months Ended
January 31, October 31, January 31, January 31,
2010 2009 2009 2010 2009
Cost of revenue $ 254 $ 815 $ 439 $ 1,659 $ 1,339
Sales and marketing 1,630 2,070 1,529 5,387 4,780
Research and development 1,476 1,457 1,397 4,465 3,898
General and administrative   1,189     1,185     1,093     3,376     3,784  
Subtotal 4,549 5,527 4,458 14,887 13,801
Restructuring   108     -     -     108     88  
Total $ 4,657   $ 5,527   $ 4,458   $ 14,995   $ 13,889  
 
(C) Amortization of intangible assets associated with acquisitions.
 
(D) Includes expenses for matters related to the Company's stock option investigation, including professional fees.
 
(E)

Current period restructuring includes severance costs associated with the Fiscal 2010 Restructuring Plan. Prior period restructuring included severance costs for Blue Coat employees terminated in connection with the Packeteer acquisition.

 
(F) Income tax adjustment is used to reconcile the GAAP tax provision to a non-GAAP tax provision utilizing an expected long-term effective tax rate of 30%.
 
(G)

The effect of dilutive securities was excluded from GAAP diluted weighted average shares due to the reported net loss under GAAP, but are included for non-GAAP diluted weighted average shares since we have non-GAAP net income.

 

 
BLUE COAT SYSTEMS, INC.
Table 3
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
   
January 31, April 30,
2010 2009
(unaudited)
ASSETS
 
Current assets:
Cash and cash equivalents $ 187,254 $ 114,163
Accounts receivable, net 60,018 77,161
Inventory 5,689 5,700
Prepaid expenses and other current assets 15,527 13,113
Current portion of deferred income tax assets   9,177     7,941  
Total current assets 277,665 218,078
 
Property and equipment, net 36,625 34,955
Restricted cash 962 850
Goodwill 242,611 238,466
Identifiable intangible assets, net 40,094 48,774
Non-current portion of deferred income tax assets 24,574 19,412
Other assets   6,790     1,758  
Total assets $ 629,321   $ 562,293  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current liabilities:
Accounts payable $ 15,461 $ 24,105
Accrued payroll and related benefits 17,002 18,374
Deferred revenue 96,422 96,656
Other current liabilities   12,073     12,299  
Total current liabilities 140,958 151,434
 
Deferred revenue, less current portion 44,137 33,923
Deferred rent, less current portion 6,409 5,703
Long-term income taxes payable 20,080 12,677
Other non-current liabilities 1,188 600
Zero Coupon Convertible Senior Notes, due in 2013 77,018 76,347
Commitments and contingencies
 
Blue Coat stockholders' equity:
Common stock 2 2
Additional paid-in capital 1,207,172 1,168,106
Treasury stock (2,826 ) (1,629 )
Accumulated deficit   (865,599 )   (884,870 )
Total Blue Coat stockholders' equity 338,749 281,609
Noncontrolling interest   782     -  
Total stockholders' equity   339,531     281,609  
Total liabilities and stockholders' equity $ 629,321   $ 562,293  
 
 
BLUE COAT SYSTEMS, INC.
Table 4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(unaudited)
     
Nine Months Ended January 31,
2010 2009
 
Operating Activities
Net income (loss) $ 19,271 $ (5,023 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation 9,999 7,467
Amortization 10,279 9,180
Stock-based compensation 14,995 13,888
Tax benefit (expense) of stock option deduction 818 (928 )
Excess tax benefit from stock-based compensation - (176 )
Loss on disposition of equipment 551 282
Changes in operating assets and liabilities:
Accounts receivable, net 17,828 (1,778 )
Inventory 11 20,381
Prepaid expenses and other assets (3,514 ) (1,284 )
Accounts payable (8,644 ) 2,721
Accrued expenses and other liabilities 5,868 (15,156 )
Deferred income taxes (6,454 ) (393 )
Deferred revenue   9,980     23,683  
Net cash provided by operating activities 70,988 52,864
 
Investing Activities
Purchases of property and equipment, and technology licenses (16,078 ) (20,605 )
Restricted cash (112 ) -
Proceeds from sale and maturities of investment securities - 1,217
Acquisitions, net of cash acquired and prior investment   (3,763 )   (169,956 )
Net cash used in investing activities (19,953 ) (189,344 )
 
Financing Activities
Net proceeds from issuance of common stock 22,056 6,587
Excess tax benefit from stock-based compensation - 176
Net proceeds from issuance of convertible senior notes   -     79,657  
Net cash provided by financing activities 22,056 86,420
 
Net increase (decrease) in cash and cash equivalents 73,091 (50,060 )
Cash and cash equivalents at beginning of period   114,163     160,974  
Cash and cash equivalents at end of period $ 187,254   $ 110,914  
 
 
BLUE COAT SYSTEMS, INC.
Table 5
RECONCILIATION OF PROJECTED GAAP TO
PROJECTED NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
   
 
Three Months Ended
April 30, 2010
Low High
 
 
Projected GAAP Net Income $ 11,900 $ 14,800
Add back:
Stock-based compensation expense A 4,400 4,400
Amortization of intangible assets B 3,100 3,100
Expenses for matters related to the stock option investigation C 500 500
Restructuring D 2,500 2,500
Income tax adjustments E   (5,600 )   (6,100 )
Projected Non-GAAP net income $ 16,800   $ 19,200  
 
 
Projected GAAP Diluted Net Income per Share $ 0.25 $ 0.31
Add back:
Stock-based compensation expense A 0.09 0.09
Amortization of intangible assets B 0.07 0.07
Expenses for matters related to the stock option investigation C 0.01 0.01
Restructuring D 0.05 0.05
Income tax adjustments E   (0.11 )   (0.12 )
Projected Non-GAAP diluted net income per share $ 0.36   $ 0.41  
 
 
(A)

Stock-based compensation expense consists of non-cash charges for employee stock options, restricted stock awards, restricted stock units and employee stock purchase plan awards.

 

 
(B) Amortization of intangible assets associated with acquisitions.
 
(C) Includes expenses for matters related to the Company's stock option investigation, including professional fees.
 
(D) Restructuring includes severance and facility costs associated with the Fiscal 2010 Restructuring Plan.
 
(E) Income tax adjustment is used to reconcile the GAAP tax provision to a non-GAAP tax provision utilizing an expected long-term effective tax rate of 30%.

Der finanzen.at Ratgeber für Aktien!
Wenn Sie mehr über das Thema Aktien erfahren wollen, finden Sie in unserem Ratgeber viele interessante Artikel dazu!
Jetzt informieren!
JETZT DEVISEN-CFDS MIT BIS ZU HEBEL 30 HANDELN
Handeln Sie Devisen-CFDs mit kleinen Spreads. Mit nur 100 € können Sie mit der Wirkung von 3.000 Euro Kapital handeln.
Jetzt informieren bei Plus500
82% der Kleinanlegerkonten verlieren Geld beim CFD-Handel mit diesem Anbieter. Sie sollten überlegen, ob Sie es sich leisten können, das hohe Risiko einzugehen, Ihr Geld zu verlieren.

Nachrichten zu Blue Coat Systems Inc.mehr Nachrichten

Keine Nachrichten verfügbar.

Analysen zu Blue Coat Systems Inc.mehr Analysen

Eintrag hinzufügen
Hinweis: Sie möchten dieses Wertpapier günstig handeln? Sparen Sie sich unnötige Gebühren! Bei finanzen.net Brokerage handeln Sie Ihre Wertpapiere für nur 5 Euro Orderprovision* pro Trade? Hier informieren!
Es ist ein Fehler aufgetreten!

Newssuche

GO

Indizes in diesem Artikel

NASDAQ Comp. 19 003,65 0,16%

Börse aktuell - Live Ticker

ATX geht fester ins Wochenende -- DAX beendet Handel im Plus -- US-Börsen schließen höher -- Asiens Börsen letztlich mehrheitlich tiefer
Der heimische Aktienmarkt beendete den Handel zum Wochenende etwas höher. Der deutsche Aktienmarkt verzeichnete schlussendlich Gewinne. Die Börsen an der Wall Street notierten im Plus. Die asiatischen Börsen bewegten sich am Freitag mehrheitlich auf rotem Terrain.

Nachrichten

Aktien ATX  DAX  EuroStoxx 50  Dow Jones  NASDAQ 100  Nikkei 225  S&P 500 

Kontakt  - Impressum - Werbung

Sitemap  - Datenschutz  - Disclaimer  - AGB  - Privatsphäre-Einstellungen