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And Full Year Financial Results

CUPERTINO, Calif. - January 25, 2007 - Packeteer, Inc. (NASDAQ: PKTR), the global leader in high-performance, intelligent WAN Application Delivery, today announced results of operations for the fourth quarter and year ended December 31, 2006.

Net revenues for the fourth quarter 2006 were $43.2 million, compared with $31.9 million for the fourth quarter 2005, an increase of 36%. Net revenues increased sequentially by 20% from the $36.0 million reported in the third quarter 2006. GAAP net income for the fourth quarter 2006 was $1.2 million or $0.03 per diluted share. This compares to fourth quarter 2005 GAAP net income of $9.1 million or $0.26 per diluted share. Net revenues for the year 2006 were $145.6 million, an increase of 29%, compared to $112.9 million for the year 2005. Net income for the year 2006 was $5.3 million or $0.15 per diluted share compared to net income of $19.2 million or $0.55 per diluted share for the year 2005.

Non-GAAP net income for the fourth quarter 2006 was $5.1 million or $0.14 per diluted share, compared to non-GAAP net income for the fourth quarter 2005 of $9.7 million or $0.28 per diluted share. Non-GAAP net income for the year 2006 was $21.6 million or $0.60 per diluted share, compared to non-GAAP net income for the year 2005 of $21.3 million or $0.61 per diluted share. Non-GAAP net income includes adjustments for stock-based compensation, amortization of purchased intangible asset and in-process research and development, net of the related tax impact. See our "Reconciliation of GAAP Net Income to Non-GAAP Net Income" for further information.

The effective tax rate for the year 2006 was 15% and included a $2.4 million increase in income tax reserves relating to transfer pricing exposure, the impact of $1.8 million of in-process research and development, and a $1 million tax benefit resulting from the revision of original estimates of the prior year tax provision upon preparation of the related tax return, partially offset by other adjustments.

Total cash and investments at December 31, 2006 was $76.6 million compared to $72.6 million at September 30. Accounts receivable of $31.7 million at December 31, 2006 represented 68 days sales outstanding (DSO), compared to $22.3 million representing 57 DSO at September 30, 2006. The higher receivable balance and related DSO were primarily due to higher and less linear quarterly revenues, resulting in reported DSO in excess of our target of 55 to 60 days. Total inventories decreased to $4.0 million at December 31, 2006 compared to $5.8 million at September 30, 2006, primarily due to the increase in sales at quarter end.

"We are pleased to again report record quarterly revenues for Packeteer," said Dave Côté, President and CEO. "The sequential increase of 20% was a stellar quarter, and reflected strong growth in both our iShared and PacketShaper product lines. We see continued, growing market interest in solutions and technologies such as ours. With our plans for a number of new, important products throughout 2007, the improving strength and execution in our organization, and the addition of several point competitors which further increases awareness of the need for WAN optimization, we are extremely excited about our opportunities for further growth in 2007".

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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