Radware (NASDAQ: RDWR) the leading provider of Intelligent Application Switching solutions ensuring the availability, performance and security of networked applications, today announced that it anticipates that revenue and earnings for second quarter 2005 will be below market expectations. Company revenues are expected to be approximately 17.5 million dollars, and the earning per share is anticipated to be in the range of 3 to 5 cents. The Company had previously projected revenues of approximately 21 million dollars, and the earnings per share to be in the range of between 23 and 24.
"We are very disappointed with our results for the second quarter. We experienced significant and continuous delays in the closing of projects, especially during the month of June" said Roy Zisapel, President and CEO of Radware. "We believe the change in our estimates is attributed primarily to the recent acquisition activity in the overall application networking space. We have seen a lot of confusion with our customers, resellers and value added distributors, as they sought to get a better understanding of the recent changes in the market and the impact on their procurement and business decisions".
He concluded, "We are currently assessing the market situation and are in the process of determining the actions that need to be taken in order to resume growth and profitability."
Radware will hold a Conference Call TODAY to discuss its preliminary financial results.
DATE: FRIDAY, JULY 1
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About Radware
Radware (NASDAQ:RDWR) is the Global Leader in Intelligent Application Switching, enabling the full availability, maximum performance and complete security 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 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.