WAN application delivery and secure web gateway company Blue Coat Systems has reported a net loss of $0.25m for the second quarter 2009, against net income of $6.9m in the year-ago quarter. Revenue rose 62% to $119.02m. The loss was attributed to costs related to the fair value write-up of acquired inventory sold during the quarter.
Operating income was $1.6m compared to operating income of $6.9m in the same period last year. The diluted net loss per share was $0.01 compared to diluted EPS of $0.17 last year. Cash flow provided by operations was $27.1m.
The company said product revenue grew 49% to $84.79m, while services revenue increased to $34.22m compared to $16.71m in the same period last year.
For the six-month period, the company reported a net loss of $6.08m compared to net income of $9.59m in the same period a year earlier, on revenue up 63% at $221.52m.
Brian NeSmith, president and chief executive at Blue Coat, said: Despite a difficult economic environment, Blue Coat continued to execute its strategy during the second quarter. We have largely completed the integration of Packeteer, which we acquired in June, and recognized approximately $25m in net revenue from the acquired business in the second quarter. In addition, we achieved integration between our ProxySG appliances and the PacketShaper appliances we acquired from Packeteer.
Looking ahead to the third quarter, the company expects revenue between $106m and $112m and a net loss per share between $0.12 and $0.03.