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BLUE COAT SYSTEMS INC

SIC 3572 · Computer Storage Devices

BLUE COAT SYSTEMS INC

CIK:0001095600|SEC Filings

Condensed Consolidated Statements Of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Oct. 31, 2011	Oct. 31, 2010	Oct. 31, 2011	Oct. 31, 2010
Net revenue:
Product	$ 62,289	$ 73,127	$ 120,845	$ 148,695
Service	51,792	47,920	102,745	94,832
Total net revenue	114,081	121,047	223,590	243,527
Cost of net revenue:
Product	14,883	15,284	28,647	31,248
Service	12,089	10,723	24,357	21,111
Total cost of net revenue	26,972	26,007	53,004	52,359
Gross profit	87,109	95,040	170,586	191,168
Operating expenses:
Sales and marketing	46,781	44,821	94,338	89,476
Research and development	19,618	20,948	38,827	40,803
General and administrative	11,447	10,715	21,620	21,058
Amortization of intangible assets	1,826	1,843	3,669	3,686
Restructuring		38		178
Total operating expenses	79,672	78,365	158,454	155,201
Operating income	7,437	16,675	12,132	35,967
Interest income	137	126	250	290
Interest expense	(227)	(223)	(462)	(447)
Other income (expense), net	(473)	158	(819)	(165)
Income before income taxes	6,874	16,736	11,101	35,645
Provision for income taxes	2,288	4,703	3,820	9,687
Net income	$ 4,586	$ 12,033	$ 7,281	$ 25,958
Net income per share:
Basic	$ 0.10	$ 0.26	$ 0.16	$ 0.56
Diluted	$ 0.10	$ 0.25	$ 0.15	$ 0.55
Weighted average shares used in computing net income per share:
Basic	46,362	46,712	46,517	46,520
Diluted	46,699	47,638	47,124	47,594

Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Oct. 31, 2011	Oct. 31, 2010
Operating Activities
Net income	$ 7,281	$ 25,958
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	7,126	6,953
Amortization	6,798	6,836
Stock-based compensation	8,201	8,985
Deferred income taxes	(1,050)	3,686
Tax benefit of stock option deduction	41	523
Excess tax benefit from stock-based compensation	(334)	(521)
Loss on disposition of equipment		18
Changes in operating assets and liabilities:
Accounts receivable, net	(3,111)	(17,976)
Inventory	200	(4,788)
Prepaid expenses and other assets	2,491	4,029
Accounts payable	(2,386)	4,079
Accrued expenses and other liabilities	5,567	4,989
Deferred revenue	(3,149)	8,666
Net cash provided by operating activities	27,675	51,437
Investing Activities
Purchases of property and equipment, and technology licenses	(4,946)	(5,953)
Restricted cash	(35)	(45)
Net cash used in investing activities	(4,981)	(5,998)
Financing Activities
Net proceeds from issuance of common stock	5,446	6,894
Payments for repurchases of common stock	(43,020)
Excess tax benefit from stock-based compensation	334	521
Acquisition of noncontrolling interest		(427)
Net cash (used in) provided by financing activities	(37,240)	6,988
Net (decrease) increase in cash and cash equivalents	(14,546)	52,427
Cash and cash equivalents at beginning of period	375,939	236,347
Cash and cash equivalents at end of period	$ 361,393	$ 288,774

Consolidated Balance Sheet Data

6 Months Ended

Oct. 31, 2011

Consolidated Balance Sheet Data [Abstract]

Consolidated Balance Sheet Data

Note 6. Consolidated Balance Sheet Data

Inventory

Inventory consisted of the following:


		October 31, 2011				April 30, 2011
		(in thousands)
Raw materials		$	3,568			$	4,048
Finished goods			6,366				6,086

Total		$	9,934			$	10,134

Deferred Revenue

Deferred revenue consisted of the following:


		As of
		October 31, 2011				April 30, 2011
		(in thousands)
Deferred product revenue, current		$	991			$	2,286
Deferred service revenue, current			116,004				119,240

Total deferred revenue, current			116,995				121,526
Deferred service revenue, non-current			57,928				56,546

Total deferred revenue		$	174,923			$	178,072