* Record quarterly revenues of $27.1 million
* Company returns to profitability: Non-GAAP earnings per share $0.04
Radware (NASDAQ: RDWR), the leading provider of integrated application delivery solutions for business-smart networking, today reported record quarterly revenues of $27.1 million for the second quarter of 2009. This represents an increase of 13% compared with revenues of $24.0 million for the second quarter of 2008 and an increase of 32% compared with revenues of $20.5 in the first quarter of 2009.
Net income on a Non-GAAP basis for the second quarter of 2009 was $0.8 million or $0.04 per diluted share, compared with a net loss of $5.0 million or $0.25 per diluted share in the second quarter of 2008. Net income on a Non-GAAP basis excludes the impact of stock based compensation expenses and amortization of intangible assets.
Net loss on a GAAP basis for the second quarter of 2009 was $1.7 million or $0.09 per diluted share. Net loss for the second quarter of 2008 was $7.1 million or $0.36 per diluted share
At the end of the second quarter of 2009, the company’s overall cash position including cash, bank deposits and short-term and long-term marketable securities amounted to $114.7 million, an increase of $0.6 million compared to the previous quarter.
“This quarter’s results demonstrate the strong business model leverage we have as we were able to organically grow our core business while concurrently recording revenues from our newly acquired Nortel Alteon business.”, stated Roy Zisapel, CEO Radware. He continued, “This is an indicator of the strength of our company’s execution during a difficult economic climate and, with the addition of the Alteon business, we further believe we have a solid platform for continued growth.”
During the quarter ended June 30, 2009, Radware released the following significant announcements:
- Conficker Worm Outbreak not a Worry for Radware Customers
- NetLogic Microsystems’ Industry-Leading NETL7™ Processors Selected by Radware to Accelerate DPI on New OnDemand DefensePro IPS Products
- Radware Positioned in the Visionaries Quadrant of the Magic Quadrant for Intrusion Prevention System Appliances
- Info Security Products Guide Names Radware’s DefensePro Winner of the 2009 Global Excellence in Intrusion Prevention Solution Customer Trust Award
- Radware Receives 2009 NGN Leadership Award from NGN Magazine
- Radware Integrated Solutions Help the East China University of Science and Technology Enhance Its Digital Campus
- Radware Wins Two 2009 Network Products Guide Reader’s Trust Awards
- Radware Receives 2008 Communications Solutions Product of the Year Award
- Groupama Seguros Selects Radware to Increase Web Applications Performance
- Radware Appoints New President of the Americas
- Radware Signs New Partner, AREC Networks, for Distribution of Alteon Products
Company management will host a quarterly investor conference call at 8:45 AM EDT on July 27, 2009. The call will focus on financial results for the quarter ending June 30, 2009, and certain other matters related to the Company’s business.
The conference call will be webcast on Monday July 27 2009 at 8:45 AM EST in the “listen only” mode via the Internet at: http://www.radware.com/Company/InvestorRelations/default.aspx and will be available for replay during the next 30 days.
Please use the following dial-in numbers to participate in the second quarter 2009 call:
Participants in the US call: Toll Free 1 800 230 1093
International participants call: +1 612 288 0329
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 nearly 10,000 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.
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of net income and earnings per share, which are adjustments from results based on GAAP to exclude stock-based compensation expenses, amortization of intangible assets and acquisition-related expenses. Radware’s management believes the non-GAAP financial information provided in this release is useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release, to the most directly comparable GAAP financial measures, is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and, as such, has determined that it is important to provide this information to investors.
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 or Network Security industry, changes in demand for Application Switching or Network Security 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.