Radware (Nasdaq: RDWR), the leader in Intelligent Application Switching (IAS), ensuring the availability, performance and security of networked applications across the enterprise, today reported its eleventh consecutive quarter of growth in revenues with record revenues of $16.3 million for the second quarter of 2004, an increase of 24% compared with revenues of $13.2 million for the second quarter of 2003, and a sequential increase of 5% vs. $15.5 million revenues for the first quarter
Net profit for the second quarter of 2004 was $3.0 million, an increase of more than 150% compared with net profit of $1.2 million in the second quarter of 2003 and a sequential increase of 10% vs. net profit of $2.8 million in the first quarter of 2004.
Diluted net earnings per share for the second quarter of 2004 were $0.16, compared to $0.07 in the second quarter of 2003 or $0.14 in the first quarter of 2004.
The Company continued to maintain a positive operational cash flow, and in the first quarter of 2004 generated cash in the amount of $1.7 million, leading it to a balance of $145.2 million in cash, short-term and long-term bank deposits and marketable securities.
"We are pleased with the continuous traction that we are seeing with our integrated solutions," said Roy Zisapel, President and CEO, Radware. "Our architecture is the first and only to address a full range of customer environments and throughput requirements, ensuring the availability, performance and security of their enterprise applications."
During the quarter ended June 30, 2004, Radware released the following significant announcements:
- CHIP Xonio Online Deploys New IT Infrastructure with Radware's Intelligent Application Switches
- Radware Names David Hubbard as President - Americas
- Radware Shares to be Listed on Tel Aviv Stock Exchange in Addition to NASDAQ Listing
- Radware Delivers a New Breed of Transaction Accelerator with CertainT 100
- Radware Awarded US Patent for its Technology for Load Balancing Based On Network Proximity
Company management will host a quarterly investor conference call at 8:45 AM EDT on July 26, 2004. The call will focus on financial results for the quarter ended June 30, 2004, and certain other matters related to the Company's business.
The conference call will be webcast on July 26, 2004 at 8:45 AM EDT in the "listen only" mode via the Internet at:
http://www.radware.com/content/company/investorrelations/default.asp
About Radware
Radware (NASDAQ:RDWR) Radware 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
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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 RadwareÂ’s filings with the Securities and Exchange Commission, including RadwareÂ’s Form 20-F.
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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