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Blue Coat Closes Quarter

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5/29/2003

SUNNYVALE, Calif. -- Blue Coat Systems, Inc. (Nasdaq: BCSI) today announced that revenue was $11.8 million for the fourth quarter of fiscal 2003 ended April 30, 2003, compared with revenue of $11.7 million in the prior quarter and revenue of $11.1 in the fourth quarter of fiscal 2002. Revenue for the fiscal year ended April 30, 2003 was $45.7 million, compared with revenue of $55.6 million for the fiscal year ended April 30, 2002.

On a GAAP basis, the Company reported a net loss of $1.2 million, or $0.14 per share, compared with a net loss of $4.1 million, or $0.47 per share, in the previous quarter. For the fiscal year ended April 30, 2003, Blue Coat reported a GAAP net loss of $15.9 million, or $1.81 per share, compared to a GAAP net loss of $247 million, or $29.66 per share for the fiscal year ended April 30, 2002.

The Company ended the fourth quarter of fiscal 2003 with $25.3 million in cash, cash equivalents and short-term and restricted investments, a decline of approximately $1.0 million during the quarter, which is significantly lower than the prior quarter's $3.2 million decline in cash, cash equivalents, and short-term and restricted investments.

For the quarter, Web security products provided $7.8 million in revenue, legacy products provided $1.0 million in revenue, and service provided $3.0 million in revenue. Blue Coat's Web security business remains strong, representing 89% of the company's total product revenue. Blue Coat maintained its strong channel focus with 83% of revenue coming from indirect sources, compared to 17% from direct sales.

"We made excellent progress in the quarter due to better expense control and cash management, but our focus going forward is on growing product revenue," said Brian NeSmith, President and CEO of Blue Coat Systems.

Blue Coat Systems Inc.

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