Blue Coat Systems, Inc. (BCSI), a provider of WAN-optimization applications, reported first quarter results this afternoon after the bell. Revenues rose to $102.5 million, a 64% increase compared to $62.4 million for the same period in the prior year. Excluding three weeks of revenue from the Packeteer acquisition finalized on June 6, 2008, revenues were $86.4 million, an organic growth rate of 38%. Excluding several one-time items and compensation expense, non-GAAP net income was $6.8 million, or 16 cents per share. On a GAAP basis, the company reported a net loss of $5.8 million, or 15 cents per share. Analysts expected adjusted earnings of 16 cents on $102.2 million in revenues.

“Now that we have completed the acquisition of Packeteer we are focusing on integrating the two companies into a single organization and reaping the cost, management, technology, and market synergies,” said Brian NeSmith, president and chief executive officer, Blue Coat Systems. “We remain unique with a combination of technologies for WAN and Internet gateway visibility, acceleration and security that solves the growing application delivery challenges faced by enterprises and organizations.”

The company offered financial guidance for the next quarter. Revenues are forecast to be $116 – $120 million, while analysts are calling for $118.5 million. Blue Coat anticipates adjusted earnings will be $0.15 – $0.20 per share. Analysts currently expect the company to earn 20 cents in the second quarter.

Shares of BCSI closed at $15.88 on Thursday and have traded in a 52-week range of $11.85 – $53.37. With 42.1 million total diluted shares, BCSI has a market cap of $670 million. Shares are bid 4.5% higher in extended trading at $16.60.

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