Radware (Nasdaq: RDWR), the leader in Intelligent Application Switching (IAS), ensuring availability, performance and security of networked applications, today reported record revenues of $19.0 million for the fourth quarter of 2004, an increase of 27% compared with revenues of $15.0 million for the fourth quarter of 2003, and a sequential increase of 8% vs. $17.6 million revenues for the third quarter of 2004.
This represents the thirteenth consecutive quarter of growth in revenues, bringing the Company's total revenues for 2004 to a record $68.4 million, an increase of 25% compared with revenues of $54.8 million in 2003.
Net income for the fourth quarter of 2004 was $4.3 million, an increase of 74% compared with net income of $2.5 million in the fourth quarter of 2003 and a sequential increase of 20% vs. net income of $3.6 million in the third quarter of 2004.
Diluted net earnings per share for the fourth quarter of 2004 were $0.22, compared to $0.13 in the fourth quarter of 2003 and $0.19 in the third quarter of 2004.
Net income for 2004 was $13.8 million or $0.70 per diluted share, compared to net income of $6.4 million or $0.34 per diluted share for 2003.
The Company continued to maintain a positive operational cash flow, as in the last twelve quarters. In the fourth quarter of 2004 the Company generated cash in the amount of $7.8 million, bringing 2004 total cash generation to $18 million. This led to a balance of $157 million in cash, short-term and long-term bank deposits and marketable securities.
"We are pleased to announce another excellent quarter, completing a strong and profitable 2004, with stable growth in all business parameters and across all product lines," said Roy Zisapel, President and CEO, Radware. "Our Intelligent Application Switching solutions continued to gain momentum as more and more customers recognize the advantage of our end-to end solutions."
During the quarter ended December 31, 2004, Radware released the following significant announcements:
- Radware Secures Leading Telcos from Application Based Attacks with DefensePro Intrusion Prevention Switches
- Dollar Thrifty Automotive Group Selects Radware's Application Switching Solution for End-to-End Application Continuity
- St.George Bank Deploys Radware for Guaranteed Application Availability, Performance and Security
Company management will host a quarterly investor conference call at 8:45 AM EST on January 31, 2005. The call will focus on financial results for the quarter ended December 31, 2004, and certain other matters related to the Company's business.
The conference call will be webcast on January 31, 2005 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 (NASDAQ:RDWR) 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 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 and other factors which are detailed in the Company's SEC filings.