Radware (Nasdaq: RDWR), the leader in Intelligent Application Switching (IAS), ensuring availability, performance and the security of networked applications, today reported record revenues of $13.2 million for the second quarter of 2003, an increase of 25% compared with sales of $10.6 million for the second quarter of 2002, and an increase of 5% sequentially vs. $12.6 million sales for the first quarter of 2003.
Net profit for the second quarter of 2003 was $1.2 million or $0.07 per diluted share, compared to net loss of $0.8 million or $0.05 loss per share in the second quarter of 2002 and net profit of $0.8 million or net earnings per share of $0.05 in the first quarter of 2003.
This quarter is marked also by Radware’s return to operating profit. Operating profit for the second quarter of 2003 was $0.3 million, compared to operating loss of $1.9 million in the second quarter of 2002 and operating loss of $0.2 million in the first quarter of 2003.
The company continues to maintain positive operating cash flow. During this quarter the company generated cash of $2.5 million, which led to a balance of $129.4 million in cash, short-term and long-term bank deposits and marketable securities.
“This was an excellent quarter for Radware, as we delivered our seventh consecutive quarter of sequential growth in sales”, said Roy Zisapel, President and CEO, Radware. “Deployment of our security solutions was especially strong this past quarter as carriers and financial institutions implemented Radware’s application switching solutions for comprehensive site-wide security”.
During the quarter ended June 30, 2003, Radware released the following significant announcements:
- Radware Delivers Content Inspection Director (CID) Version 2.0 - Unmatched Anti-Virus Scanning and Content Filtering
- Radware on Course in the Higher Education Market - Addresses the Need for Connectivity, Availability and Security at Universities and Educational Institutions Worldwide
- Audiovox is One of More Than 1,100 LinkProof Customers Who Benefit from High Network Availability, Performance, and Optimization
- Today’s Accuweather Forecast: “Continuous High Availability and Optimum Online Performance”
- Radware Deploys Its Application Switching Solutions to Ensure Clear Link Internet Service for Dacom Corporation
- Radware’s Application Switching Is The Power Behind a Web Infrastructure For 450,000 Student Applicants To UK’s Universities and Colleges
- Radware and Allasso to Sign European Distribution Partnership for Application Switching Solutions
Company management will host a quarterly investor conference call at 8:45 AM EST on July 28, 2003. The call will focus on financial results for the quarter ended June 30, 2003, and certain other matters related to the Company’s business.
The conference call will be webcast on July 28, 2003 at 8:45 AM (EST in the “listen only” mode via the Internet at: http://www.radware.com/content/company/investorrelations/default.asp
Interim condensed financial statements for the three months ended June 30, 2003 can be downloaded using the following URL: http://www.radware.com/content/document.asp?_v=about&document=3689
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