Radware (Nasdaq: RDWR), the leader in Intelligent Application Switching (IAS), ensuring availability, performance and integrity of networked applications, today reported revenues of $12.0 million for the fourth quarter of 2002, an increase of 28% compared with sales of $9.4 million for the fourth quarter of 2001, and an increase of 9% sequentially vs. $11.0 million sales for the third quarter of 2002.
This represents the fifth consecutive quarter of growth in sales bringing the Company’s total sales for 2002 to a record of $44 million.
Net profit for the fourth quarter of 2002 was $0.5 million or $0.03 per diluted share, compared to net loss of $8.3 million or $0.50 per share in the fourth quarter of 2001 and net loss per share of $0.02 in the third quarter of 2002.
The company had a positive operational cash flow for each of the quarters during 2002, and generated total cash of $0.4 million in the fourth quarter of 2002, which led to a balance of $125 million in cash, short-term and long-term bank deposits.
"Our impressive fourth quarter results illustrate the strength of our business strategy and our highly leveraged business model. We continued to gain market share worldwide as a result of strong customer demand for our products and our complete focus on the Application Switching market,” said Roy Zisapel, President and CEO, Radware.
During the quarter ended December 31, 2002, Radware released the following significant announcements:
- SK Telecom of Korea Chooses Radware’s Application Switch for Full Availability, Redundancy and Security
- Radware’s SynApps Architecture Wins PC Expert Award at Network & Interop 2002 Paris
- Radware Introduces Content Inspection Director - the Industry’s First Solution to Provide Complete Content Security
- eBay Implements Radware for Intelligent Application Switching
- Bezeq International Chooses Radware’s Peer Director for Cost Effective Internet Route Control
- Radware Announces Market Share Leadership With Considerable Market Share Gains
- Radware's Content Inspection Director Wins Best of Show at Internet World
Company management will host a quarterly investor conference call at 8:45 AM EST on February 3rd, 2003. The call will focus on financial results for the quarter ended December 31, 2002, and certain other matters related to the Company’s business.
The conference call will be webcast on February 3rd, 2003 at 8:45 AM (EST in the “listen only” mode via the Internet at:
http://www.radware.com/content/company/investorrelations/default.asp
View financial statements for the year ended December 31, 2002 (PDF)
About Radware
Radware is dedicated to providing Intelligent Application Switching, guaranteeing the best operation and servicing of IP applications and enterprise traffic across the Internet. Radware aligns application needs with the network infrastructure to seamlessly allocate resources, optimize application operations and extend security, ensuring the integrity of critical business processes. Radware’s solutions address the needs of corporate enterprises, service providers, and e-commerce business through one or more of our award winning products including: Web Server Director (WSD), Cache Server Director (CSD), Content Inspection Director (CID), FireProof, LinkProof, Peer Director, CertainT 100. Our comprehensive suite of products service end-to-end application operations, providing robust and scalable network traffic assurance. Get certain, from click to content, across your network -- with Radware. For more information, please visit us at www.radware.com
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the company’s products, successful implementation of the company’s products, economic and competitive factors, international market conditions, technological developments, the ability to finance operations and other factors which are detailed in the company’s SEC filings.