Radware (NASDAQ: RDWR), the leading provider of intelligent integrated solutions for ensuring the fast, reliable and secure delivery of networked and Web-enabled applications over IP, today reported its results for the second quarter of 2006. Revenues totaled $20.1 million, an increase of 15% compared with revenues of $17.5 million in the second quarter of 2005 and a slight increase compared with revenues of $20.0 million for the first quarter of 2006.
Net loss on a GAAP basis for the second quarter of 2006 was $0.6 million or $0.03 per diluted share, compared to income of $0.3 million or $0.02 per diluted share in the first quarter of 2006.
Net income excluding the effects of stock-based compensation expense for the second quarter of 2006 was $0.3 million or $0.02 per diluted share, compared with net income of $1.0 million or $0.05 per diluted share in the second quarter of 2005 and net income of $1.4 million or $0.07 per diluted share in the first quarter of 2006.
The Company continued to maintain positive operational cash flow. In the second quarter of 2006 the Company generated cash in the amount of $0.4 million. This led to a balance of $170.4 million in cash, short-term and long-term bank deposits and marketable securities.
"During Q2 we continued to invest and align resources to improve sales performance and believe we are beginning to see the results of these efforts," said Roy Zisapel, President and CEO at Radware. "Moving forward, we will continue our focus on driving revenues while maintaining our current level of operating expenses which we believe is sufficient to support our growth objectives."
During the quarter ended June 30, 2006, Radware released the following significant announcements:
- Digital Media Innovator Vizrea Selects Radware Application Delivery Solution for New Mobile Camera Phone Service
- Regency Hospital Company Chooses Radware to Ensure Continuous, Secure Access to Medical Records and Patient Care Information
- Radware Introduces Industry's Fastest Layer 7 Performance and Highest Port Density Application Delivery Platform
- Radware's Announces New AS5 Application Switch Platform to Power AppDirector 6000 and DefensePro 6000
- Oracle Certifies Radware Application Delivery Solution
Company management will host a quarterly investor conference call at 8:45 AM EDT on July 24, 2006. The call will focus on financial results for the quarter ended June 30, 2006, and certain other matters related to the Company's business.
The conference call will be webcast on July 24, 2006 at 8:45 AM EDT in the "listen only" mode via the Internet at:
http://www.radware.com/Company/InvestorRelations/default.aspx
Please use the following dial-in numbers to participate in the second quarter 2006 call:
Participants in the U.S. call: 1-800-230-1059 (Toll Free)
Participants outside the U.S. call: 1-612-332-1025
About Radware
Radware (NASDAQ:RDWR) is the global leader in integrated application delivery solutions, assuring the full availability, maximum performance and complete security of all business critical networked applications while dramatically cutting operating and scaling costs. Over 3,000 enterprises and carriers worldwide use Radware application-smart switches to drive business productivity and improve profitability by adding critical application intelligence to their IP infrastructure, making networks more responsive to specific business processes. Radware's APSolute product family provides the most complete set of application front-end, remote access and security capabilities for application-smart networking to ensure faster, more reliable and secure business transactions. Learn more on how Radware application delivery solutions can enable you to get the most of your investments in IT infrastructure and people. 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.
Contacts:
Investor Relations: Dennis S. Dobson; 203-255-7902 or IR@radware.com