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Results

CUPERTINO, Calif. - July 20, 2006 - Packeteer, Inc. (NASDAQ: PKTR), the global leader in WAN Application Optimization, today announced results of operations for the quarter ended June 30, 2006.

Net revenues for the second quarter 2006 were $34.2 million, compared with $28.2 million for the second quarter 2005. Net revenues increased sequentially from the $32.3 million reported in the first quarter 2006. GAAP net loss for the second quarter 2006 was $805,000 or $.02 per diluted share. This compares to second quarter 2005 GAAP net income of $4.2 million or $0.12 per diluted share.

Included in the GAAP net loss for the second quarter 2006 was stock-based compensation from options and employee stock purchase plan of $2.9 million, stock-based compensation from acquisitions of $96,000, amortization of purchased intangible assets of $644,000 and in-process research and development of $1.8 million, offset by $245,000 relating to the tax effect of these items, resulting in non-GAAP net income of $4.3 million or $0.12 per diluted share. Included in the GAAP net income for the second quarter 2005 was stock-based compensation from acquisitions of $222,000 and amortization of purchased intangible assets of $400,000, offset by $123,000 relating to the tax effect of these items, resulting in non-GAAP net income of $4.7 million or $0.14 per diluted share. See our "Reconciliation of GAAP Net Income to Non-GAAP Net Income" for further information.

During the second quarter of 2006, we recorded additional tax reserves related to potential assessments for transfer pricing issues, which impacts the effective tax rate. Without the additional reserves, the effective tax rate would have been approximately 11%. For the remainder of the year, our effective tax rate for operations is expected to be between 13% and 16%.

Total cash and investments of $72.4 million at June 30, 2006 decreased by $62.3 million from the balances of $134.7 million at March 31, 2006, due to the acquisition of Tacit Networks in May 2006. Accounts receivable of $19.2 million at June 30, 2006 represented 51 days sales outstanding, compared to 48 days sales outstanding at March 31, 2006. Total inventories were $3.8 million at June 30, 2006 and March 31, 2006.

"We are pleased to announce that we are again reporting record quarterly revenues," said Dave Côté, President and CEO. "All of our regions reported strong results in the second quarter. In addition, we are happy to report that our integration of the recent acquisition of Tacit Networks is on schedule. In the six week period post acquisition, revenues from Tacit's iShared product line were approximately $900,000, and are expected to continue rapidly growing to $3 - $4 million in our third quarter. The acquisition has generated very positive feedback from our partners and customers, as our combined product line continues to further attract global customers and large opportunities in an increasingly competitive marketplace."

Packeteer has also added a strong new board member. At the most recent board meeting, Packeteer appointed Gregory E. Myers to its Board of Directors and to the Audit Committee of the Board of Directors.

"We are very pleased to have Greg join our Board", said Dave Côté. "His strong financial background, particularly at a leading security company like Symantec, as well as his broad experience in mergers and acquisitions, will complement our board with his strong business experience."

Mr. Myers served as Vice President of Finance and Chief Financial Officer of Symantec Corporation, a provider of Internet security technology, from January of 1999 to December 2005. Prior to his role as Symantec's Chief Financial Officer, Mr. Myers served Symantec in various senior finance positions, beginning in September 1993. Mr. Myers served as a member of Maxtor Corporation's Board of Directors from August 2003 until its sale to Seagate Technology in May 2006. He also served on the Board of Directors of Inktomi Corporation, an internet software company, before it was acquired by Yahoo! Inc. in March 2003. Currently, Mr. Myers is a private investor and sits on the Board and heads the Audit Committee for WebRoot Corporation, a privately held Internet Security company.
A Conference Call with company management will be held July 20, 2006 at 2:00 pm Pacific Time. The call will be simulcast on the Internet at » www.packeteer.com and » www.companyboardroom.com. A replay of the call will be available on the website until July 27, 2006. Management's accompanying script will remain on the website. Additional investor information can be accessed at www.packeteer.com or by calling Packeteer's Investor Relations Department at (408) 873-4422.

About Packeteer
Packeteer, Inc., (NASDAQ: PKTR) is the global market leader in Application Traffic Management for wide area networks. Deployed at more than 7,000 companies in 50 countries, Packeteer solutions empower IT organizations with patented network visibility, control, and acceleration capabilities delivered through a family of intelligent, scalable appliances. For more information, contact Packeteer at +1 (408) 873-4400 or visit the company's web site at » www.packeteer.com.

Safe Harbor Clause
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding Packeteer's expectations, beliefs, intentions or strategies regarding the future. Forward-looking statements include, but are not limited to, express or implied statements regarding future revenues, revenue growth and profitability, spending levels by existing and prospective customers, the markets for our products, new product development, liquidity and macro economic conditions. All forward-looking statements included in this press release are based upon information available to Packeteer as of the date hereof. Packeteer assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. Actual results may differ materially due to a number of factors including the perceived need for our products, our ability to convince potential customers of our value proposition, the costs of competitive solutions, continued capital spending by prospective customers and macro economic conditions. These and other risks relating to Packeteer's business are set forth in Packeteer's Form 10-K filed with the Securities and Exchange Commission on March 16, 2006, and Packeteer's Form 10-Qs and other reports filed from time to time with the Securities and Exchange Commission.

Packeteer, PacketShaper, PacketShaper Express are trademarks or registered trademarks of Packeteer, Inc. All other products and services are the trademarks of their respective owners.

Press Contacts:
Emmanuelle Rouard / Markus Eichelhardt
Johnson King PR
Tel: 0049-(0)89-894085-12/-13
Email: » emmanueller@johnsonking.de
» markuse@johnsonking.de


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