Blue Coat Systems Inc (BCSI, Financial) filed Quarterly Report for the period ended 2008-10-31.
Blue Coat Systems 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 Systems Inc has a market cap of $287.89 million; its shares were traded at around $7.5 with a P/E ratio of 10.26 and P/S ratio of 0.94.
Our operating margin (income/loss before income taxes) was $0.4 million for the second quarter of fiscal 2009, a decrease of $7.1 million compared to the second quarter of fiscal 2008. The decrease was primarily attributable to a reduction in our gross profit margin from 77.7% in the second quarter of fiscal 2008 to 68.8% in the second quarter of fiscal 2009. Our gross profit margin was impacted by a write-up of inventories acquired from Packeteer and to a write-down of Packeteers deferred service revenue as required by purchase accounting rules. In addition, our operating margin was reduced as a result of integration expenses incurred in connection with our acquisition of Packeteer.
Net deferred revenue was $125.2 million at October 31, 2008 compared with $89.6 million at April 30, 2008. The increase was primarily attributable to an increase in the sales of new maintenance and renewal contracts to our customers and deferred revenue attributable to the Packeteer acquisition.
For the first half of fiscal 2009, we generated cash flow from operations of $28.9 million, compared to $31.5 million generated for the same period in fiscal 2008. The decrease in operating cash flow was primarily due to the payments related to our Packeteer acquisition, such as transaction costs, severance payments and other assumed liabilities. Our cash and cash equivalents and restricted cash were $97.8 million at October 31, 2008, compared to $163.0 million at April 30, 2008. The overall decrease in our cash and equivalents balance was primarily due to the cash used for our Packeteer acquisition, partially offset by the proceeds received from our convertible debt issuance on June 2, 2008.
Read the The complete Report
More on BCSI:
Gurus buys and sells of BCSI
10-year financial history of BCSI.
Insider buys/sells of BCSI.
Blue Coat Systems 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 Systems Inc has a market cap of $287.89 million; its shares were traded at around $7.5 with a P/E ratio of 10.26 and P/S ratio of 0.94.
Highlight of Business Operations:
Net revenue, which includes both product and service revenue, increased to $119.0 million in the second quarter of fiscal 2009 from $73.4 million in the second quarter of fiscal 2008. Net product revenue in the second quarter of fiscal 2009 was $84.8 million, a $28.1 million increase compared to the same quarter in fiscal 2008. The increase in product revenue was primarily due to revenue attributable to Packeteer products and increased sales of existing products. Net product revenue includes sales of our proxy appliances and perpetual licenses for our Blue Coat WebFilter product. Included in product revenue is $17.1 million in sales attributable to Packeteer products. We recognized $34.2 million in service revenue in the second quarter of fiscal 2009, a $17.5 million increase compared to the same quarter in fiscal 2008. Included in service revenue is $8.1 million attributable to Packeteer services. The balance of the increase was driven primarily by the continued growth in our installed base, resulting in an increase in sales of service contracts.Our operating margin (income/loss before income taxes) was $0.4 million for the second quarter of fiscal 2009, a decrease of $7.1 million compared to the second quarter of fiscal 2008. The decrease was primarily attributable to a reduction in our gross profit margin from 77.7% in the second quarter of fiscal 2008 to 68.8% in the second quarter of fiscal 2009. Our gross profit margin was impacted by a write-up of inventories acquired from Packeteer and to a write-down of Packeteers deferred service revenue as required by purchase accounting rules. In addition, our operating margin was reduced as a result of integration expenses incurred in connection with our acquisition of Packeteer.
Net deferred revenue was $125.2 million at October 31, 2008 compared with $89.6 million at April 30, 2008. The increase was primarily attributable to an increase in the sales of new maintenance and renewal contracts to our customers and deferred revenue attributable to the Packeteer acquisition.
For the first half of fiscal 2009, we generated cash flow from operations of $28.9 million, compared to $31.5 million generated for the same period in fiscal 2008. The decrease in operating cash flow was primarily due to the payments related to our Packeteer acquisition, such as transaction costs, severance payments and other assumed liabilities. Our cash and cash equivalents and restricted cash were $97.8 million at October 31, 2008, compared to $163.0 million at April 30, 2008. The overall decrease in our cash and equivalents balance was primarily due to the cash used for our Packeteer acquisition, partially offset by the proceeds received from our convertible debt issuance on June 2, 2008.
Read the The complete Report
More on BCSI:
Gurus buys and sells of BCSI
10-year financial history of BCSI.
Insider buys/sells of BCSI.
