Radware (Nasdaq: RDWR), the leader in Intelligent Application Switching (IAS), ensuring the availability, performance and security of networked applications across the enterprise, today reported record revenues of $15.0 million for the fourth quarter of 2003, an increase of 25% compared with sales of $12.0 million for the fourth quarter of 2002, and a sequential increase of 7% vs. $14.0 million sales for the third quarter of 2003.
This represents the ninth consecutive quarter of growth in sales, bringing the Company's total sales for 2003 to a record $54.8 million, an increase of 25% compared with sales of $43.7 million in 2002.
Net profit for the fourth quarter of 2003 was $2.5 million, an increase of more than 450% compared with net profit of $0.5 million in the fourth quarter of 2002, and a sequential increase of 35% vs. net profit of $1.8 million in the third quarter of 2003.
Diluted net earnings per share for the fourth quarter of 2003 were $0.13, compared to $0.03 in the fourth quarter of 2002 or $0.10 in the third quarter of 2003.
Net profit for 2003 was $6.4 million or $0.34 per diluted share, compared to net loss of $2.1 million or loss of $0.13 per diluted share for 2002.
The Company maintained a positive operational cash flow for each of the quarters during 2003, and in the fourth quarter of 2003 generated cash in the amount of $5.9 million, bringing 2003 total cash generation to $13.7 million. This led to a balance of $139.0 million in cash, short-term and long-term bank deposits and marketable securities.
"Radware is pleased to report an outstanding fourth quarter, reflecting the successful execution of our business strategy. Our product portfolio, recently expanded with the introduction of DefenseProTM, together with our strong market momentum, puts us in a very strong position for continuous growth in 2004," said Roy Zisapel, President and CEO, Radware.
During the quarter ended December 31, 2003, Radware released the following significant announcements:
- Radware's LinkProof Wins Editor's Choice Award by Network Computing Magazine
- Organization for Security and Cooperation in Europe (OSCE) Summit Implemented DefensePro for Network Security at the Highest Level
- Radware Introduces DefensePro - the Industry's First Security Switching Solution for High Speed Intrusion Prevention and DoS Protection
- London Borough of Hammersmith and Fulham Takes Full Control of Bandwidth for UK E-Government with Radware
Company management will host a quarterly investor conference call at 8:45 AM EST on February 2, 2004. The call will focus on financial results for the quarter ended December 31, 2003, and certain other matters related to the Company's business.
The conference call will be webcast on February 2, 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) 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 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.
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