Radware (Nasdaq: RDWR), the leader in Intelligent Application Switching (IAS), ensuring availability, performance and security of networked applications, today reported its fourteenth consecutive quarter of growth in revenues with record revenues of $20.0 million for the first quarter of 2005, an increase of 29% compared with revenues of $15.5 million for the first quarter of 2004, and a sequential increase of 5% vs. $19.0 million revenues for the fourth quarter of 2004.
Net income for the first quarter of 2005 was $4.4 million, compared with net income of $4.3 million in the fourth quarter of 2004 and an increase of 59% compared with net income of $2.8 million in the first quarter of 2004.
Diluted net earnings per share for the first quarter of 2005 were $0.22, compared to $0.14 in the first quarter of 2004 and $0.22 in the fourth quarter of 2004.
The Company continued to maintain a positive operational cash flow as in the last thirteen quarters. In the first quarter of 2005 the Company generated cash in the amount of $4.5 million. This led to a balance of $161.5 million in cash, short-term and long-term bank deposits and marketable securities..
"Radware continues to gain market share in the application infrastructure space for both application switching and Intrusion Prevention," said Roy Zisapel, President and CEO of Radware. "This was an excellent quarter for Radware with healthy revenues and earnings. We continue to reap benefits from our strategy of focusing on large enterprises and carriers with our end-to-end solutions."
During the quarter ended March 31, 2005, Radware released the following significant announcements:
- Radware Joins ICSA Labs Network IPS Product Developers Consortium
- Hagen Hultzsch Joins Radware's Board of Directors
- Radware DefensePro Delivers Intrusion Prevention to Continental Airline's Business Partners
- Radware Enhances it's End-to-End Connectivity Solution with Integrated VPN Technology
- Radware Positioned in the Leader Quadrant in Web-enabled Application Delivery Report
- Kenneth E. Sichau Joins Radware's Board of Directors
- Radware's CertainT 100 Application Accelerator Wins "Recommended Buy" Award in SC Magazine Test for the Second Year in a Row
- SINA Game Selects Radware's Denial of Service Solution for Online Game Services
Company management will host a quarterly investor conference call at 8:45 AM EDT on April 26, 2005. The call will focus on financial results for the quarter ended March 31, 2005, and certain other matters related to the Companys business.
The conference call will be webcast on April 26, 2005 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) 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.
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.