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 Achieved 72 percent Annual Revenue Growth
 
Blue Coat Systems, Inc. (NASDAQ: BCSI), the leader in WAN Application Delivery and Secure Web Gateway, today reported its financial results for its fourth quarter and fiscal year ended April 30, 2008. Net revenue for the fourth fiscal quarter of 2008 was $88.2 million, an increase of 62% compared to net revenue of $54.5 million for the same quarter last year and an 8% increase compared to net revenue of $81.4 million in the immediately preceding quarter. Net revenue for the fiscal year ended April 30, 2008 was $305.4 million, an increase of 72% when compared to net revenue of $177.7 million for the fiscal year ended April 30, 2007.
 
On a GAAP basis, the Company reported net income of $12.5 million, or $0.32 per diluted share, in the fourth quarter of fiscal 2008, compared to net income of $10.5 million, or $0.26 per diluted share in the third quarter of fiscal 2008.   
 
The Company reported non-GAAP net income of $13.1 million, or $0.33 per diluted share, in the fourth quarter of fiscal 2008, compared to non-GAAP net income of $15.3 million, or $0.38 per diluted share, in the third quarter of fiscal 2008. Non-GAAP net income excludes $4.0 million in stock-based compensation expense, $1.3 million in expenses associated with matters related to the stock option investigation, $0.4 million in amortization of intangible assets, and a net tax benefit on a GAAP basis related to the partial reversal of a valuation allowance on deferred tax assets partially offset by a charge related to the implementation of a new global business structure. In the third quarter of fiscal 2008, non-GAAP net income excluded $4.0 million in stock-based compensation expense, $0.4 million in expenses associated with matters related to the stock option investigation, and $0.4 million in amortization of intangible assets. 
 
GAAP net income for the fiscal year ended April 30, 2008 was $32.6 million, or $0.82 per diluted share, compared to a GAAP net loss of $7.2 million, or a net loss of $0.25 per share, for the fiscal year ended April 30, 2007.
 
The Company reported non-GAAP net income of $49.1 million, or $1.24 per diluted share, for the fiscal year ended April 30, 2008, compared to non-GAAP net income of $18.8 million, or $0.54 per diluted share, for the fiscal year ended April 30, 2007. For fiscal year 2008, non-GAAP net income excludes $15.3 million in stock-based compensation expense, $4.3 million in expenses associated with matters related to the stock option investigation, $1.8 million in amortization of intangible assets, $0.3 million in legal settlement expenses, and a net tax benefit on a GAAP basis related to the partial reversal of a valuation allowance on deferred tax assets partially offset by a charge related to the implementation of a new global business structure. For the fiscal year ended April 30, 2007, non-GAAP net income excluded $9.5 million in stock-based compensation expense, $14.7 million in expenses associated with matters related to the stock option investigation, $1.8 million in amortization of intangible assets, and a $19 thousand adjustment for a restructuring reversal. 
 
“Blue Coat continues to succeed in the WAN optimization market for solving branch office application performance problems, despite slowing economic conditions,” said Brian NeSmith, president and chief executive officer, Blue Coat Systems. “Our differentiated approach of regaining control over the enterprise wide area network resonates with companies and organizations around the world.” 
 
Blue Coat ended the quarter on April 30, 2008, with cash, restricted cash and investments of $188.1 million, an increase of $20.1 million from the prior quarter and an increase of $89.2 million from the prior fiscal year ended April 30, 2007.    

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