Radware (NASDAQ: RDWR), the leading provider of integrated application delivery solutions for business-smart networking, today reported revenues of $19.7 million for the first quarter of 2007. The results represent a slight decrease compared with revenues of $20.0 million for the first quarter of 2006 and compared with revenues of $21.1 million for the fourth quarter of 2006.
Net loss on a GAAP basis for the first quarter of 2007 was $3.6 million or $0.18 per diluted share, compared to net income of $0.1 million or $0.01 per diluted share in the fourth quarter of 2006 and net income of $0.3 million or $0.02 per diluted share in the first quarter of 2006.
For comparative purposes, net loss for the first quarter of 2007, excluding the effects of stock-based compensation expense and of a one-time inventory write-off, was $1.4 million or $0.07 per diluted share, compared with net income of $0.9 million or $0.05 per diluted share in the fourth quarter of 2006 and net income of $1.4 million or $0.07 per diluted share in the first quarter of 2006.
In the first quarter of 2007 the Company continued to maintain a positive operational cash flow. The company's cash position, including cash, short-term and long-term bank deposits and marketable securities, increased during the first quarter in $0.7 million, to an amount of $164.8 million.
"We believe that our new "business-smart networking" positioning and go-to-market strategy, coupled with the recent acquisition of Covelight Systems, will not only allow us to provide greater value to potential and existing customers but will also create more business opportunities for the company," said Roy Zisapel, CEO of Radware. "Over the course of the last several months we have worked diligently to formulate and execute a series of strategic and tactical plans that we expect to bring positive improvements to the business."
During the quarter ended March 31, 2007, Radware released the following significant announcements:
- Radware Signs Magirus to Extend Global Channel Reach
- Radware Unveils Advanced Behavioral Security Strategy for Enterprises and Carriers
- Radware Protects Customers from Malicious Worm Outbreak
Company management will host a quarterly investor conference call at 8:45 AM EDT on May 2, 2007. The call will focus on financial results for the quarter ended March 31, 2007, and certain other matters related to the Company's business.
The conference call will be webcast on May 2, 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 first quarter 2007 call:
Participants in the U.S. call: 1-866-233-3844 (Toll Free)
Participants outside the U.S. call: 1-612-332-0806
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 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 industry, changes in demand for Application Switching 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.
Meir Moshe, Radware Ltd.; 011-972-3766-8610 or meirm@radware.com
Investor Relations: Dennis S. Dobson; 203-255-7902 or IR@radware.com