Radware Ltd. Announces Third Quarter 2013 Results

TEL AVIV, ISRAEL October 24, 2013 02:00 PM
  • Quarterly Revenues of $48.0 Million 
  • Quarterly Non-GAAP EPS $0.17  

Radware® (NASDAQ: RDWR), a global leader of application delivery and application security solutions for virtual and cloud data centers, today reported quarterly revenues of $48.0 million for the third quarter of 2013.

Net income on a GAAP basis for the third quarter of 2013 was $2.9 million or $0.06 per diluted share, compared with net income of $8.2 million or $0.18 per diluted share for the third quarter of 2012.

Net income on a Non-GAAP basis for the third quarter of 2013 was $7.8 million or $0.17 per diluted share, compared with net income of $10.4 million or $0.22 per diluted share for the third quarter of 2012.

At the end of the third quarter 2013, the company’s overall cash position including cash, short-term and long term bank deposits and marketable securities amounted to $270.8 million.

The earnings per share presented for all prior periods were restated to reflect the effects of the stock split that occurred April 12, 2013.

“We are pleased with the continued improvement in our results as we remain focused on our application delivery and attack mitigation solutions,” says Roy Zisapel, president and chief executive officer, Radware. “With increased activity levels across our SDN, cloud and cyber security solutions we feel confident in the long term growth opportunities we have both domestically and internationally.”

During the third quarter 2013, Radware released the following significant announcements:

  • Radware’s Web Application Firewall - AppWall® Receives ICSA Labs Certification
  • Radware Provides Critical Solutions for Network Administrators as Mobile Device Usage Increases
  • New Radware Report Reveals Top Retailers Barely Keeping Up with Online Customer Demands, Web Performance on the Decline
  • Radware Introduces DefenseFlow™ Using Cisco eXtensible Network Controller to Offer SDN DoS and DDoS Protection as a Native Network Service
  • Radware Receives Frost & Sullivan Award for 2013 South Korea Application Delivery Controller Company of the Year
  • Preparing for Notorious Cyber Attack Dates: Radware Provides Five Steps to Secure Your Network
  • Chunghwa System Integration Selects Radware to Meet Virtualization Requirement of its Customers
  • Radware Honored as Silver Stevie® Award Winner in 2013 American Business Awards
  • Radware and Brinkster Extend Cyber Security Coverage with Hybrid Attack Mitigation Solution
  • Radware Joins HP’s Partnership Program Furthering its SDN Strategy
  • Radware Announces Lineup of Fall Speaking Engagements
  • Radware Announces Lineup of European and UK Speaking Engagements
  • Radware Announces ElasticScale SDN-Based Network Service Scalability Solution
  • New Radware Research Reveals Top Retailers Sites Too Slow, Struggle to Meet Customer Needs

Company management will host a quarterly investor conference call at 8:45am ET on October 24, 2013. The call will focus on financial results for the quarter ending September 30, 2013 and other matters related to the Company’s business.

The conference call will be webcast on October 24, 2013 at 8:45am ET in the “listen only” mode via the Internet at: http://www.radware.com/Company/InvestorRelations/default.aspx and will be available for replay during the next 30 days.

Please use the following dial-in numbers to participate in the third quarter 2013 call:

  • Participants in the US call:Toll Free +1 800- 230-1096
  • International participants call: +1 612 234-9960
  • Conference ID: 304217

About Radware

Radware (NASDAQ: RDWR), is a global leader of application delivery and application security solutions for virtual and cloud data centers. Its award-winning solutions portfolio delivers full resilience for business-critical applications, maximum IT efficiency, and complete business agility. Radware's solutions empower more than 10,000 enterprise and carrier customers worldwide to adapt to market challenges quickly, maintain business continuity and achieve maximum productivity while keeping costs down. For more information, please visit www.radware.com.

Radware encourages you to join our community and follow us on; LinkedIn, Radware Blog, Twitter, YouTube and the Radware Connect app for iPhone®.

Use of Non-GAAP Financial Information

In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of net income and earnings per share, which are adjustments from results based on GAAP to exclude stock-based compensation expenses, in accordance with ASC No. 718, amortization of intangible assets, acquisition related expenses, litigation costs and expenses related to settlement with Israeli tax authorities and exchange rate differences, net on balance sheet items included in finance income. Such exchange rate differences may vary from period to period due to changes in exchange rates driven by general market conditions or other circumstances outside of the normal course of Radware's operations. Management believes that exclusion of these charges allows comparisons of operating results that are consistent across past, present and future periods. Radware’s management believes the non-GAAP financial information provided in this release is useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release, to the most directly comparable GAAP financial measures, is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and, as such, has determined that it is important to provide this information to investors.

This press release may contain statements concerning Radware’s future prospects that are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. Statements preceded by, followed by, or that otherwise include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts. These statements are based on current expectations and projections that involve a number of risks and uncertainties. There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts and estimates. These risks and uncertainties, as well as others, are discussed in greater detail in Radware’s Annual Report on Form 20-F and Radware’s other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made and Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the Securities and Exchange Commission’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

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