* Quarterly revenues of $20.5 million
* GAAP loss per share $0.32, Non-GAAP loss per share $0.12
Radware (NASDAQ: RDWR), the leading provider of integrated application delivery solutions for business-smart networking, today reported quarterly revenues of $20.5 million for the first quarter of 2009. This represents a decrease of 8% compared with revenues of $22.2 million for the first quarter of 2008
Net loss on a GAAP basis for the first quarter of 2009 was $6.1 million or $0.32 per diluted share, including $2.5 million of acquisition related expenses. Net loss for the first quarter of 2008 was $8.3 million or $0.42 per diluted share.
Net loss on a Non-GAAP basis for the first quarter of 2009 was $2.2 million or $0.12 per diluted share, compared with a net loss of $6.3 million or $0.32 per diluted share in the first quarter of 2008.
At the end of the first quarter of 2009, the company’s overall cash position including cash, short-term and long-term bank deposits and marketable securities amounted to $114.1 million.
On March 31st, 2009 Radware completed the acquisition of assets pertaining to Nortel’s [TSX: NT, OTC: NRTLQ] Layer 4-7 Application Delivery Business for the amount of $18 million in cash. Included in the acquisition are Nortel’s application delivery products, certain related intellectual property assets, fixed assets, inventory, other intangible assets, as well as service contracts and warranty obligations, in addition to a number of employees related to this business.
“This quarter we continued our progress towards profitability. That coupled with our continued technological leadership as evident by the recent awards from third parties and the acquisition of Nortel’s Application Delivery business, has provided Radware with solid advancement towards a key leadership position in the market place,” stated Roy Zisapel, CEO Radware. “
During the quarter ended March 31, 2009, Radware released the following significant announcements:
- Radware Receives INTERNET TELEPHONY® Magazine’s 11th Annual Product of the Year Award
- CMS customers benefit from Radware's cutting-edge technologies to guarantee critical business continuity
- Radware Nominated for Network Computing Magazine's Load Balancing Product of the Year
- Radware DefensePro Security Solution Named as Finalist for Two Info Security Products Guide Awards
- Radware Enables Mobile Service Providers to Control and Optimize Network and Service Deployments
- Radware Enters into Agreement to Acquire Nortel’s Layer 4-7 Application Delivery Business
- Radware’s New DefensePro Offers Customers Increased ‘Immunity’ with over 12 Gbps to Fight Cybercrime and Next Generation Data Center Attacks
- Radware Completes Acquisition of Nortel’s Layer 4-7 Application Delivery Business
Company management will host a quarterly investor conference call at 8:45 AM EDT on May 4, 2009. The call will focus on financial results for the quarter ending March 31, 2009, and certain other matters related to the Company’s business.
The conference call will be webcast on May 4, 2009 at 8:45 AM EST in the “listen only” mode via the Internet at: http://www.radware.com/Company/InvestorRelations/default.aspx and will be available for replay during the next 30 days.
Please use the following dial-in numbers to participate in the first quarter 2009 call:
Participants in the US call: Toll Free 1 800 230-1059
International participants call: +1 612 332-0637
About Radware
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 6,000 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.
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of net income and earnings per share, which are adjustments from results based on GAAP to exclude stock-based compensation expenses, in accordance with SFAS 123R, amortization of intangible assets and acquisition-related expenses. Radware’s management believes the non-GAAP financial information provided in this release is useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release, to the most directly comparable GAAP financial measures, is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and, as such, has determined that it is important to provide this information to investors.
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.