Radware (Nasdaq: RDWR), the leader in Intelligent Application Switching (IAS), ensuring availability, performance and the integrity of networked applications, today reported its sixth consecutive quarter of sequential growth in sales, with revenues of $12.6 million for the first quarter of 2003, an increase of 25% compared with sales of $10.1 million for the first quarter of 2002, and an increase of 5% sequentially vs. $12.0 million sales for the fourth quarter of 2002.
Net profit for the first quarter of 2003 was $0.8 million or $0.05 per diluted share, compared to net loss of $1.4 million or $0.08 loss per share in the first quarter of 2002 and net earnings per share of $0.03 in the fourth quarter of 2002.
The company continues to maintain positive operating cash flow. This quarter Radware remarkably exceeded the previous quarters’ cash flows with a $1.9 million positive operating cash flow. During this quarter the company generated cash of $1.6 million, which led to a balance of $127 million in cash, short-term and long-term bank deposits.
“We are pleased with our first quarter results, as we surpassed both business and revenue targets,” said Roy Zisapel, President and CEO, Radware. “Channel partners and customers worldwide continue to recognize Radware’s technological leadership in the market, as was proven once again with the release of our new hardware platform, Application Switch III.”
During the quarter ended March 31, 2003, Radware released the following significant announcements:
- Radware Announces the Industry’s First 10 Gigabit Ethernet Layer 4-7 Switch
- Radware Unveils Groundbreaking Hardware Platform – Application Switch III
- Chick-fil-A Selects Radware to Ensure Availability and Performance for LAN and WAN Users
- Radware Announces Immediate Protection Against SQL Slammer Virus as Part of its SynApps Application Security Module
- Radware’s FireProof Wins Network Computing Asia Product of the Year
Company management will host a quarterly investor conference call at 8:45 AM EST on April 29, 2003. The call will focus on financial results for the quarter ended March 31, 2003, and certain other matters related to the Company’s business.
The conference call will be webcast on April 29, 2003 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 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, the uncertainty related to the outcome and expenses of litigation and other factors which are detailed in the company's SEC filings.
CONTACT:
Meir Moshe, Chief Financial Officer, Radware Ltd.
+011-972-3766-8610
Investors - Dennis S. Dobson of Dennis S. Dobson Inc.
+1-203-255-7902
ir@radware.com
for Radware