Blue Coat Systems, Inc. (BCSI) Reports Q1 Results within Consensus
Blue Coat Systems, Inc. (BCSI), a provider of WAN-optimization applications, reported first quarter results this afternoon after the bell. Revenues rose to $102.5 million, a 64% increase compared to $62.4 million for the same period in the prior year. Excluding three weeks of revenue from the Packeteer acquisition finalized on June 6, 2008, revenues were $86.4 million, an organic growth rate of 38%. Excluding several one-time items and compensation expense, non-GAAP net income was $6.8 million, or 16 cents per share. On a GAAP basis, the company reported a net loss of $5.8 million, or 15 cents per share. Analysts…