Fourth Quarter 2007: Radware LTD. Announces Another Quarter of Record Results
* Record quarterly revenues of $24.4 million
* Record annual revenues of $88.6 million
Radware (NASDAQ: RDWR), the leading provider of integrated application delivery solutions for business-smart networking, today reported yet another quarter of record revenues of $24.4 million for the fourth quarter of 2007. The results represent a sequential increase of 6% compared with revenues of $23.0 million for the third quarter of 2007 and an increase of 16% compared with revenues of $ 21.1 million for the fourth quarter of 2006.
Total revenues for 2007 were $88.6, an increase of 9% compared with revenues of 81.4 million in 2006.
Net loss on a GAAP basis for the fourth quarter of 2007 was $1.8 million or $0.09 per diluted share, compared to a net loss of $2.6 million or $0.14 per diluted share in the third quarter of 2007.
For comparative purposes, net loss for the fourth quarter of 2007, excluding the effects of stock-based compensation expense and amortization of intangible assets and acquisition related expenses, was $0.1 million or break-even diluted earnings per share, compared with a net loss of $1.2 million or $0.06 per diluted share in the third quarter of 2007 and net income of $1.1 million or $0.06 per diluted share in the fourth quarter of 2006.
Net loss on a GAAP basis for 2007 was $12.0 million or $0.62 per diluted share. Net loss excluding the effects of stock-based compensation expense, a one-time inventory write-off and amortization of intangible assets and acquisition related expenses for 2007 was $4.9 million or $0.25 per diluted share, compared with net income of $3.8 million or $0.19 per diluted share in 2006.
At the end of the fourth quarter the company’s overall cash position, including cash, short-term and long-term bank deposits and marketable securities totaled to an amount of $154.8 million. “With yet another record of quarterly revenues we are confirming our position as a key global player in the application delivery market,” said Roy Zisapel, President & CEO of Radware. “With our strong product pipeline and continued innovation we are well positioned for continued growth in the coming year” he added.
During the quarter ended December 31, 2007, Radware released the following significant announcements:
- Radware Unveils Industry First Behavioral Server Protections as Part of Its DefensePro Full Spectrum Protection Technology
- Radware Named as Finalist in Info Security Products Guide Global Awards
- Radware Delivers Inflight 3.0 With Key Innovative Features to Facilitate and Speed Deployment of Business-Smart Networks
- Radware’s new AppXML Helps Customers Tackle Web Services and SOA Deployment Challenges
- Radware Partners with Norkom Technologies to Help Online Business Fight Fraud and Identity Theft
- Radware’s New Application Performance Monitoring Helps Companies Ensure Business-Critical SLAs
- Radware Partners with MSPX to Bring Next Generation Technology to the Public Sector
- Industry Experts to Speak on Federal IT Security Trends at Executive Seminar - Hosted by MSPX, Enterasys and Radware
Company management will host a quarterly investor conference call at 8:45 AM EST on January 28, 2008. The call will focus on financial results for the quarter ended December 31, 2007, and certain other matters related to the Company’s business.
The conference call will be webcast on January 28, 2008 at 8:45 AM EST in the “listen only” mode via the Internet at: http://www.radware.com/Company/InvestorRelations/default.aspx
Please use the following dial-in numbers to participate in the fourth quarter 2007 call:
Participants in the US call: Toll Free 1-888-428-4480
Participants outside of the US call: +1-612-332-0345
Radware (NASDAQ:RDWR), the global leader in integrated application delivery solutions, assures the full availability, maximum performance, and complete security of business-critical applications for more than 5,000 enterprises and carriers worldwide. With APSolute™, Radware’s comprehensive and award-winning suite of intelligent front end, access, and security products, companies in every industry can drive business productivity, improve profitability, and reduce IT operating and infrastructure costs by making their networks “business smart”. For more information, please visit 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 and Network Security industry, changes in demand for Application Switching and Network Security products, the timing and amount or cancellation of orders and other risks detailed from time to time in Radware's filings with the Securities and Exchange Commission, including Radware's Form 20-F.