Blue Coat Systems (BCSI) Gain Almost 18% After Earnings Report and Upgrade
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Shares of Blue Coat Systems (Nasdaq: BCSI) are up $2.82 (+17.76%) after reporting Q1 non-GAAP earnings of $0.16 per share, in-line with estimates. Blue Coat achieved record net revenue for tenth consecutive quarter $102.5 million, in-line with the consensus of $102.23 million. Excluding net revenue associated with the acquisition of Packeteer, Inc. on June 6, 2008, net revenue for the first fiscal quarter of 2009 was $86.4 million.
“Now that we have completed the acquisition of Packeteer we are focusing on integrating the two companies into a single organization and reaping the cost, management, technology, and market synergies,” said Brian NeSmith, president and chief executive officer, Blue Coat Systems. “We remain unique with a combination of technologies for WAN and Internet gateway visibility, acceleration and security that solves the growing application delivery challenges faced by enterprises and organizations.”
BCSI also guided in-line for Q2 EPS and revenues.
Also, this morning, Brean Murray upgraded Blue Coat from Sell to Hold.
Blue Coat Systems, Inc. sells a family of products, including both intelligent hardware appliances and software that enables the delivery of business applications and other information over a wide area network (WAN), or the Internet.[SM]
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