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Blue Coat fiscal 3Q net income up despite charge

Tue, 02/23/2010 - 2:31pm
The Associated Press

Security hardware and software maker Blue Coat Systems Inc. said Tuesday its fiscal third-quarter net income increased more than six-fold despite a hefty restructuring charge.

Earnings for the three months ended Jan. 31 rose to $6.9 million, or 15 cents per share, from $1.1 million, or 2 cents per share, in the same period last year.

Excluding a $9.1 million restructuring charge and other special items, Blue Coat said it earned 37 cents per share.

Analysts surveyed by Thomson Reuters forecast slightly lower net income of 34 cents per share.

Revenue grew 16 percent to $127.1 million from $109.6 million in the year-ago quarter, better than the $124.5 million analysts were expecting.

Blue Coat's stock was off 63 cents, or 2.2 percent, to $27.90 in aftermarket trading following the release of its earnings report.

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