Monday, August 15, 2011

Blue Coat Reports Disappointing Quarter, CEO Steps Down

Blue Coat Systems reported net revenue of $109.5 million for the first quarter of its fiscal 2012, down from $120.7 million in the fourth quarter of fiscal 2011 and $122.5 million in the first quarter of fiscal 2011. On a GAAP basis, the Company reported net income of $2.7 million, or $0.06 per diluted share, for the first quarter of fiscal 2012, compared with net income of $9.0 million, or $0.18 per diluted share, in the fourth quarter of fiscal 2011 and $13.9 million, or $0.29 per diluted share, in the first quarter of fiscal 2011.


"Our first quarter results were disappointing as they came in below our expectations," said David W. Hanna, chairman of the board of directors. "We are taking the necessary actions to reinforce our leadership position in the Web security market, while capitalizing on opportunities in the WAN optimization market based on our strong competitive advantages."


For the second fiscal quarter ending October 31, 2011, Blue Coat currently expects net revenue in the range of $103 to $110 million. On a GAAP basis, the company currently expects net loss of $(0.04) per diluted share to net income of $0.04 per diluted share. http://www.bluecoat.com

  • Michael J. Borman joined Blue Coat in September 2010 as its President and Chief Executive Officer. Previously, he spent nearly 30 years at IBM and later was CEO of Avocent Corporation, a developer of server switching systems and software from July 2008, until its acquisition by Emerson Electric in December 2009.

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