Radware (NASDAQ: RDWR), the leading provider of integrated application delivery solutions for business-smart networking, today reported record revenues of $23.0 million for the third quarter of 2007. The results represent a sequential increase of 7% compared with revenues of $21.5 million for the second quarter of 2007 and an increase of 14% compared with revenues of $ 20.2 million for the third quarter of 2006.
Net loss on a GAAP basis for the third quarter of 2007 was $2.6 million or $0.14 per diluted share, compared to a net loss of $4.0 million or $0.21 per diluted share in the second quarter of 2007 and a net loss of $1.1 million or $0.06 per diluted share in the third quarter of 2006.
For comparative purposes, net loss for the third quarter of 2007, excluding the effects of stock-based compensation expense and amortization of intangible assets and acquisition related expenses, was $1.2 million or $0.06 per diluted share, compared with a net loss of $2.4 million or $0.12 per diluted share in the second quarter of 2007 and net income of $0.7 million or $0.04 per diluted share in the third quarter of 2006.
At the end of the third quarter the company's overall cash position, including cash, short-term and long-term bank deposits and marketable securities totaled to an amount of $155.5 million.
"With another record of quarterly revenues, our go-to-market strategy for business-smart networking is proving to be a real differentiator," said Roy Zisapel, CEO of Radware. "We believe that our steadily deepening value-added partnerships coupled with the significant investments we have made in R&D, sales, and marketing will continue to drive us forward in the marketplace," he added.
During the quarter ended Sept 30, 2007, Radware released the following significant announcements:
- Radware Optimizes Networks for SAP® Applications in Enterprise SOA Landscapes with "Business-Smart" Network Solution
- Radware Issues Immediate Protection for MS Active Directory Critical Vulnerability
- Radware Issues Immediate Protection Against Shinsei Bank Phishing Attack
- Radware to Participate at ArcSight User Conference: "Protecting Your Business", Sept. 9-12, Chantilly, VA
- Radware's Co-Founder and Executive Chairman Extend Their Company Holdings
- Radware Signs Multi-Million Dollar Government Customer Contract
- Radware Issues Immediate Protection Against the "Gangsta.exe" Trojan Horse
Company management will host a quarterly investor conference call at 8:45 AM EDT on Oct. 23, 2007. The call will focus on financial results for the quarter ended Sept 30, 2007, and certain other matters related to the Company's business.
The conference call will be webcast on Oct. 23, 2007 at 8:45 AM EDT in the "listen only" mode via the Internet at: http://www.radware.com/content/company/investorrelations/default.asp
Please use the following dial-in numbers to participate in the third quarter 2007 call:
Participants in the U.S. call: 1-877-209-0397 (Toll Free)
Participants outside the U.S. call: 1-612-332-0923
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 class 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 or Network Security industry, changes in demand for Application Switching or 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.