Radware (Nasdaq: RDWR), the leader in Intelligent Application Switching (IAS), ensuring the availability, performance and security of networked applications across the enterprise, today reported its tenth consecutive quarter of growth in revenues with record revenues of $15.5 million for the first quarter of 2004, an increase of 23% compared with revenues of $12.6 million for the first quarter of 2003, and a sequential increase of 3% vs. $15.0 million revenues for the fourth quarter of 2003.
Net profit for the first quarter of 2004 was $2.8 million, an increase of almost 250% compared with net profit of $0.8 million in the first quarter of 2003 and a sequential increase of 11% vs. net profit of $2.5 million in the fourth quarter of 2003.
Diluted net earnings per share for the first quarter of 2004 were $0.14, compared to $0.05 in the first quarter of 2003 or $0.13 in the fourth quarter of 2003.
The Company continued to maintain a positive operational cash flow, and in the first quarter of 2004 generated cash in the amount of $4.5 million, leading it to a balance of $143.5 million in cash, short-term and long-term bank deposits and marketable securities.
"We are pleased with our results that demonstrate the strength of our business strategy. As we continue to enhance our solutions to provide the full availability, optimized performance and complete security to mission critical applications, we are confident of our future growth potential," said Roy Zisapel, President and CEO, Radware.
During the quarter ended March 31, 2004, Radware released the following significant announcements:
- Radware Security Service Responds to NetSky-R1
- Symantec Certifies Radware's Application Switch Management Tool with Symantec Enterprise Security Architecture
- Radware Announces North American Distribution Agreement with Alternative Technology
- Research Firm Lists Radware in the Leader Quadrant in Web-enabled Application Delivery Report
- Radware Security Update Service Delivers Immediate and Ongoing Security Filter Updates
- Radware Signs Global Platinum Reseller Agreement with T-Systems
- Radware Security Service Responds with Protection Against Mydoom C
- ADP Dealer Services Chooses Radware's LinkProof Family for Uninterrupted and Cost Effective Connectivity
- Radware's CertainT 100 Transaction Accelerator Wins "Recommended Buy" Award in SC Magazine Test
- Radware Awarded Patent for Its Multi-Homing
Company management will host a quarterly investor conference call at 8:45 AM EST on May 3, 2004. The call will focus on financial results for the quarter ended March 31, 2004, and certain other matters related to the Company's business.
The conference call will be webcast on May 3, 2004 at 8:45 AM (EST in the "listen only" mode via the Internet at:
http://www.radware.com/content/company/investorrelations/default.asp
About Radware
Radware (NASDAQ:RDWR) Radware is the Global Leader in Intelligent Application Switching, enabling the complete security, maximum performance and full availability of all mission critical networked applications while dramatically cutting operating and scaling costs.
Radware's integrated Application Security, Application Infrastructure and End-to-End Connectivity solutions are deployed by over 2,500 enterprises and carriers worldwide. Radware offers the broadest product line in the industry, meeting application needs at every critical point across the network including Web and Application Servers, Firewalls, VPNs, ISP links, Anti-Virus Gateways and Cache.
Learn more on how Radware Intelligent Application Switching Solutions can enable the security, performance and availability of mission critical applications at www.radware.com
--------------------
This press release may contain forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the Application Switching industry, changes in demand for Application Switching products, the timing and amount or cancellation of orders and other risks detailed from time to time in RadwareÂ’s filings with the Securities and Exchange Commission, including RadwareÂ’s Form 20-F.
--------------------
Editorial Contacts:
Jon Rabinowitz, Radware Ltd.; +1-201-512-9771 ext.233 or jonr@radware.com
Investor Relations: Dennis S. Dobson; 203-255-7902 or IR@radware.com