• Quarterly revenues of $38.6 million
• Non-GAAP EPS $0.27
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 EST 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 ET in the “listen only” mode via the Internet 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
Radware (radware.com), 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".
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 or Network Security industry, changes in demand for Application Switching or 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.