• Record Quarterly Revenues of $46.8 Million;
• Record Quarterly Non-GAAP EPS $0.43;
• Record Quarterly Non-GAAP Operating Margin 21%.
Radware®, a global leader of application delivery and application security solutions for virtual and cloud data centers, today reported quarterly revenues of $46.8 million for the second quarter of 2012. This represents an increase of 14% compared with revenues of $41.1 million for the second quarter of 2011.
Net income on a GAAP basis for the second quarter of 2012 was $7.6 million or $0.32 per diluted share, compared with net income of $4.9 million or $0.21 per diluted share for the second quarter of 2011.
Net income on a Non-GAAP basis for the second quarter of 2012 was $10.0 million or $0.43 per diluted share, compared with net income of $7.3 million or $0.32 per diluted share for the second quarter of 2011.
At the end of the second quarter 2012, the company’s overall cash position including cash, short-term bank deposits and marketable securities amounted to $250.2 million, representing an increase in the company's cash position of approximately $11.4 million in the second quarter of 2012.
"We are continuing to see steady growth for the business," stated Roy Zisapel president and chief executive officer, Radware. "This is fueled by not only increased traction for our solutions in the Americas but also our ability to secure large deals with carriers and cloud/service providers to help them address burgeoning mobile data, security, and managed services demands. In addition, strong demand for our attack mitigation solution continues as seen both by our growing install base and by our new partnership with CheckPoint.”
During the second quarter 2012, Radware released the following significant announcements:
Radware Joins Open Networking Foundation
Multiple Social Networking Companies Select Radware to Defend Against Cyber Attacks
Radware Earns 2011 Unified Communications Product of the Year Award
Radware's Alteon® 10000 Delivers the Capacity and Performance Needed to Help a U.S. Tier 1 Carrier Expand Its DNS Application
Radware Collaborates with IBM to Help Customers Achieve Superior Value from Cloud Computing and Virtualization
Radware Ltd. Announces First Quarter 2012 Results
Radware Speakers at Interop to Address Software Defined Networking in the Virtual Data Center and Optimizing the Cloud
Radware and NEC Collaborate to Take OpenFlow Security to the Next Level
Knorr-Bremse Deploys Radware's Alteon® 5224 to Ensure Cost-Effective Application Delivery During Recent Data Center Upgrade
Radware's Carl Herberger to Deliver Keynote at SecureWorld: Philadelphia May 24
Yes Satellite Television Service Provider Says ‘Yes’ to Radware’s ADC and Application Security Solutions
Radware's DefensePro® Earns Common Criteria Evaluation Assurance Level 4+
Radware Unveils Attack Mitigation Black Belt Challenge
Radware Provides Leading Attack Mitigation Capabilities for Check Point’s DDoS Protector™ Appliance Line
Radware Announces Second Quarter 2012 Earnings Conference Call
Radware’s FastView™ Technology Raises the Bar for Web Performance Optimization
Radware’s Attack Mitigation System Protects Online Businesses Against Encrypted DoS &: DDoS Attacks
Company management will host a quarterly investor conference call at 8:45am ET on July 26, 2012. The call will focus on financial results for the quarter ending June 30, 2012 and certain other matters related to the Company’s business.
The conference call will be webcast on July 26, 2012 at 8:45am. ET in the “listen only” mode via the Internet at: 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 second quarter 2012 call:
Participants in the US call:Toll Free +1 (866) 966-9439
International participants call: +44 (0) 1452-555-566
Conference ID: 94844084
Radware (radware.com), 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 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, 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. 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 sec.gov or may be obtained on Radware's website.