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Radware Ltd Announces 1Q11 Results

* Quarterly revenues of $38.6 million

* Non-GAAP EPS $0.27


News provided by

Radware Ltd

Apr 28, 2011, 06:00 ET

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TEL AVIV, Israel. April 28, 2011 /PRNewswire/ -- Radware (NASDAQ: RDWR), a leading provider of integrated application delivery solutions for business-smart networking, today reported quarterly revenues of $38.6 million for the first quarter of 2011. This represents an increase of 17% compared with revenues of $33.1 million for the first quarter of 2010.

Net income on a GAAP basis for the first quarter of 2011 was $4.4 million or $0.19 per diluted share, compared with net income of $0.6 million or $0.03 per diluted share for the first quarter of 2010.

Net income on a Non-GAAP basis for the first quarter of 2011 was $6.1 million or $0.27 per diluted share, compared with net income of $3.5 million or $0.18 per diluted share in the first quarter of 2010.

During the first quarter Radware generated $14 million in cash and ended the quarter with $193 million in cash, cash equivalents, deposits and marketable securities.

"Our first-to-market advantage in application delivery virtualization, with our innovative VADI architecture and versatile offerings, has translated into meaningful revenues with large enterprises and carriers," said Roy Zisapel, President and CEO Radware. "Customers such as these, in addition to those in the small- to mid-market, are turning to Radware because of the unique value we can provide. We continue to see this as a strong revenue generator for the company in the coming quarters with cloud providers and enterprise data center consolidation projects."

During the quarter ended March 31, 2011, Radware released the following significant announcements:

  • Papa John's Turns to Radware for Fast Delivery
  • At Black Hat Europe 2011, Security Experts to Demonstrate How Businesses Can Prevent Denial of Service (DoS) Attacks
  • Telenet Adopts Radware's ADC-VX to Drive Data Center Virtualization
  • Radware Claims Two Info Security Products Guide Awards
  • Radware Receives INTERNET TELEPHONY® Magazine's Thirteenth Annual Product of the Year Award
  • Critical Infrastructure: The Newest Target for Cyber Criminals
  • Radware Introduces its Mobile Service Edge Strategy to Better Streamline Mobile Data Centers
  • Radware Talks Wikileaks' Operation Payback at 2011 RSA Conference
  • Radware Rolls Out Two New Key Components of its Virtual Application Delivery Infrastructure: Alteon VA and vDirect Plug-in
  • Buypass Purchases Radware's ADC-VX Virtualization Solution for Critical ADC Consolidation

Company management will host a quarterly investor conference call at 8:45am EDT on April 28, 2011. The call will focus on financial results for the quarter ending March 31, 2011, and certain other matters related to the Company's business.

The conference call will be webcast on April 28, 2011 at 8:45am EDT 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 first quarter 2011 call:

Participants in the US call: Toll Free 1 877 392 9880

International participants call: +1 760 666 3769 

About Radware

Radware (NASDAQ:RDWR), a global leader in integrated application delivery solutions, assures the full availability, maximum performance, and complete security of business-critical applications for nearly 10,000 enterprises and carriers worldwide. With APSolute®, Radware's comprehensive and award-winning suite of application delivery and network security products, companies in every industry can drive business productivity, improve profitability, and reduce IT operating and infrastructure costs by making their networks "business smart". For more information, please visit www.radware.com.

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, 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 forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the Application Switching and Network Security industry, changes in demand for Application Switching and Network Security products, the timing and amount or cancellation of orders and other risks detailed from time to time in Radware's filings with the Securities and Exchange Commission, including Radware's Form 20-F.

CONTACTS

Chief Financial Officer
Meir Moshe
+972-3766-8610

Corporate Relations
Joyce Anne Shulman
+1 201 785 3209
[email protected]

Condensed Consolidated Balance Sheets

(U.S. Dollars in thousands)



December 31,

2010


March 31,

2011





(Unaudited)

Current assets





Cash and cash equivalents


15,284


10,688

Available-for-sale marketable securities    


24,200


11,941

Short-term bank deposits


51,441


55,758

Trade receivables, net


16,543


14,664

Other receivables and prepaid expenses


3,402


3,048

Inventories


9,722


10,818



120,592


106,917

Long-term investments





Available-for-sale marketable securities        


82,864


109,553

Long-term bank deposits


5,000


5,000

Severance pay funds


3,342


3,407



91,206


117,960






Property and equipment, net


11,801


11,552






Other assets





Intangible assets, net


12,011


11,052

Other long-term assets


560


611

Goodwill


24,465


24,465






Total assets


260,635


272,557






Current liabilities





Trade payables


5,913


4,331

Deferred revenues, other payables and accrued expenses


47,223


49,782



53,136


54,113






Long-term liabilities


22,509


23,373






Shareholders’ equity





Share capital


506


517

Additional paid-in capital


218,593


224,409

Accumulated other comprehensive income (loss)


125


(10)

Treasury stock, at cost


(18,036)


(18,036)

Accumulated deficit


(16,198)


(11,809)

Total shareholders’ equity


184,990


195,071






Total liabilities and shareholders' equity


260,635


272,557

Condensed Consolidated Statements of Income

(U.S. Dollars in thousands, except share and per share data)



For the Three months ended March 31





2010

2011


(Unaudited)

(Unaudited)




Revenues

33,096

38,619

Cost of revenues

6,698

7,879

Gross profit

26,398

30,740

Operating expenses:



Research and development

7,387

8,704

Selling and marketing

15,701

16,406

General and administrative

2,570

2,349

Total operating expenses

25,658

27,459

Operating income

740

3,281

Financial income, net

53

1,339

Income before taxes on income

793

4,620

Taxes on income

(204)

(231)

Net income

 589

  4,389





Basic net earnings per share

$ 0.03

$ 0.21

Weighted average number of shares used to compute basic net earnings per share


18,970,581



20,674,379





Diluted net earnings per share

$ 0.03

$ 0.19

Weighted average number of shares used to compute diluted net earnings per share


20,221,513    



23,023,883    



Reconciliation of Supplemental Financial Information

(U.S. Dollars in thousands, except share and per share data)



For the Three months ended March 31


2010

2011


(Unaudited)

(Unaudited)




GAAP net income

589

4,389

Stock-based compensation expenses, included in:



Cost of revenues

15

15

Research and development

298

253

Selling and marketing

502

610

General and administrative

504

318


1,319

1,196

Amortization of intangible assets included in:



Cost of revenues

379

541

Selling and marketing

630

421


1,009

962










Exchange rate differences, net on balance sheet items included in finance income


     629



     (429)



Non-GAAP net income


  3,546


  6,118




Non-GAAP diluted net earnings per share

$ 0.18

$ 0.27


Weighted average number of shares used to compute Non-GAAP diluted net earnings per share





20,221,513    




23,023,883    

SOURCE Radware Ltd

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