Blue Coat Systems Reports 13% Quarterly Bookings Increase on Flat Revenues for First Quarter Fiscal Year 2003.Business Editors/High-Tech Writers SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--Aug. 22, 2002 Blue Coat Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BCSI BCSI Building Scalable Cisco Internetworks ), formerly CacheFlow Inc., today released financial results for the first quarter of fiscal 2003. The company announced revenues of $11.0 million. Actual quarterly bookings increased by $1.2 million from the prior quarter, driven by strong enterprise demand for the company's web security products. The company also saw gross margins increase to 58.5% as a result of lower overhead costs overhead costs see fixed costs. achieved during its recent restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). . Blue Coat's Web security revenue grew to 77% of overall product revenue, up from 71% and 59% in the previous two quarters. Going forward Blue Coat will be reporting revenue in three categories -- Web security products, legacy products, and service. For the quarter, Web security products provided $6.9 million in revenue, legacy products provided $2.0 million, and service provided $2.1 million. The company reported a pro-forma net loss of $4.8 million, or $.11 per share, a significant improvement compared with a pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss of $9.7 million, or $.23 per share in the previous quarter. Actual net loss for the quarter, including deferred stock compensation, was $6.0 million or $.14 per share. "We were pleased with the more than $1 million quarterly bookings increase," said Brian NeSmith Brian NeSmith is a technology entrepreneur and CEO of Blue Coat Systems, Inc. NeSmith graduated from the Massachusetts Institute of Technology in 1984, holding a Bachelors Degree in electrical engineering. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Blue Coat Systems. "This is a strong reinforcement reinforcement /re·in·force·ment/ (-in-fors´ment) in behavioral science, the presentation of a stimulus following a response that increases the frequency of subsequent responses, whether positive to desirable events, or of the traction Traction Definition Traction is the use of a pulling force to treat muscle and skeleton disorders. Purpose Traction is usually applied to the arms and legs, the neck, the backbone, or the pelvis. our Web security products are receiving in the marketplace." Operating Highlights On August 21, 2002, CacheFlow announced the completion of the company's transition to a Web security business by changing its name to Blue Coat Systems, Inc. As Blue Coat Systems, the company delivers security appliances Security appliances protect computer networks from unwanted data traffic, intruders, email spam, enforce policies, and may also be used to create and manage VPNs. There are a number of types of security appliances. designed to combat the increasing number of Web-based threats targeting port 80 "holes" in the enterprise security infrastructure. Completing the transition, the company has also changed its NASDAQ ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors to BCSI, and all business previously conducted by CacheFlow will continue to be supported by Blue Coat Systems without interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. . Also announced on August 21 was the introduction of the industry's first security appliance designed to combat Port 80 threats, the Blue Coat SG800 Web Security Appliance. During the quarter, the company also saw multiple customer successes, including the State of Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). , which deployed the 6000 Series Web security appliance to enhance the Internet security ''This article or section is being rewritten at Internet security is the process of protecting data and privacy of devices connected to internet from information robbery, hacking, malware infection and unwanted software. of 45,000 State of Delaware users. Other successes at new enterprise accounts include Bayer, Boise Cascade Boise Cascade Holdings, LLC, which uses the trade name Boise, is an American pulp and paper company, ranked as the thirteenth largest forest products company in the world. , US Department of Energy, Eaton Corporation This article is about an industrial manufacturer. For other meanings see Eaton. Eaton Corporation (NYSE: ETN) is a diversified industrial manufacturer with 2006 sales of $12.4 billion, putting it at 198 on the Fortune 500 for 2007. , Infonet Corporation, Maxtor Corporation, Wyeth Ayerst Pharmaceuticals, and Zion's Bank. In addition, the company announced that it was awarded Nelson Publishing's Communications News Magazine 2002 Editors' Choice for its "Secure Web" appliance A stand-alone hardware device or software environment dedicated to a specific task. See hardware appliance and software appliance. . The review highlighted the product's combination of content security and control technologies that enable enterprises to reduce security risks associated with Web-based viruses, malicious Involving malice; characterized by wicked or mischievous motives or intentions. An act done maliciously is one that is wrongful and performed willfully or intentionally, and without legal justification. DESERTION, MALICIOUS. mobile code, and inappropriate Web content. About Blue Coat Systems Blue Coat Systems, a Web security company, has developed the industry's first port 80 security appliance. Safeguarding many of the world's largest corporate networks, this high performance security appliance intelligently protects against Web-based threats by policing Port 80 -- the primary hole in the enterprise security infrastructure. Headquartered in Sunnyvale, California Sunnyvale ([sʌniveil]) is a city in Santa Clara County, California, United States. It is one of the major cities that make up the Silicon Valley. As of the 2000 census, the city population was 131,760. , Blue Coat Systems can be reached at (408) 220-2200 or at http://www.bluecoat blue·coat n. A person who wears a blue uniform, especially a police officer. blue  coat .com.Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. The statements contained in this press release that are not purely historical are forward-looking statements, including statements regarding the Company's expected operating results as well as statements regarding Blue Coat System's expectations, beliefs, intentions or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to Blue Coat Systems as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and Blue Coat Systems assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These risks include the inability to meet expected operating results and additional risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Blue Coat System's business as set forth in their most recently filed Form 10-k Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended April 30, 2002, and other reports filed from time to time with the Securities and Exchange Commission.
BLUE COAT SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
July 31, April 30,
2002 2002
--------- ---------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 15,529 $ 12,480
Short-term investments 16,420 27,466
Accounts receivable, net 7,100 6,100
Inventories 2,040 1,988
Prepaid expenses and other current assets 1,134 1,576
--------- ---------
Total current assets 42,223 49,610
Property and equipment, net 4,990 6,047
Restricted investments 1,991 1,991
Other assets 1,084 1,066
--------- ---------
Total assets $ 50,288 $ 58,714
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,176 $ 2,558
Accrued payroll and related benefits 2,395 2,594
Deferred revenue 6,517 6,153
Other accrued liabilities 6,036 8,562
--------- ---------
Total current liabilities 17,124 19,867
Accrued restructuring reserve 6,376 7,182
Deferred revenue 1,322 1,401
--------- ---------
Total liabilities 24,822 28,450
Commitments
Stockholders' equity:
Common stock 4 4
Additional paid-in capital 883,947 883,964
Treasury stock (908) (895)
Notes receivable from stockholders (32) (57)
Deferred stock compensation (2,473) (3,622)
Accumulated deficit (855,086) (849,123)
Accumulated other comprehensive gain (loss) 14 (7)
--------- ---------
Total stockholders' equity 25,466 30,264
--------- ---------
Total liabilities and stockholders' equity $ 50,288 $ 58,714
========= =========
BLUE COAT SYSTEMS, INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in thousands, except per-share amounts)
Three Months Ended
July 31,
----------------------
2002 2001
--------- ---------
Net sales $ 11,035 $ 20,443
Cost of goods sold 4,585 8,211
--------- ---------
Gross profit 6,450 12,232
Operating expenses:
Research and development 3,545 9,730
Sales and marketing 6,491 9,387
General and administrative 1,411 2,153
Goodwill amortization -- 16,452
Asset impairment -- 62,944
Stock compensation 1,126 7,847
--------- ---------
Total operating expenses 12,573 108,513
--------- ---------
Operating loss (6,123) (96,281)
Interest income 149 832
Other income (expense) 42 (22)
--------- ---------
Net loss before income taxes (5,932) (95,471)
Provision for income taxes (31) (135)
--------- ---------
Net loss $ (5,963) $ (95,606)
========= =========
Basic and diluted net loss per common share $ (0.14) $ (2.36)
========= =========
Shares used in computing basic and diluted
net loss per common share 43,438 40,585
========= =========
Pro forma net loss per share, excluding certain
non-cash and non-recurring items:
Net loss available to common stockholders $ (5,963) $ (95,606)
Add non-cash and non-recurring items:
Stock compensation 1,126 7,847
Goodwill amortization -- 16,452
Impairment of assets -- 62,944
--------- ---------
Pro forma net loss $ (4,836) $ (8,363)
========= =========
Pro forma basic and diluted net loss per
common share excluding certain non-cash
and non-recurring items $ (0.11) $ (0.21)
========= =========
Shares used in computing pro forma basic
and diluted net loss per common share 43,438 40,585
========= =========
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