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Radware Ltd Announces 4Q10 Results

TEL AVIV, Israel Feb. 3, 2011 Radware application delivery $39.1 million $36.8 million $32.1 million

$144.1 million $108.9 million

$3.9 million $0.17 $3.7 million $0.17 $1.7 million $0.09 million

$6.6 million $0.29 $5.6 million $0.26 $4.0 million $0.21

$9.6 million $0.44 $5.9 million $0.31

$20.1 million $0.92 $4.6 million $0.24

$178.8 million $6.5 million $52.7 million

"We see our industry lead in virtualization of the application delivery layer as a strong market share and revenue growth catalyst and we were very pleased to already see in Q4 a significant contribution from our newly announced VADI architecture," stated Roy Zisapel, President and CEO Radware. "In addition, strong customer account success with our attack mitigation products, and continued penetration of the service provider market in Q4, has contributed to our increased profits and market share. It is our belief that these trends will continue to attain even more positive results in 2011."

December 31, 2010

  • Radware Accelerates Applications with New Alteon Version
  • LifeWay Christian Resources Relies on Radware’s Application Delivery Services to Support its Rapidly Growing e-Commerce and Corporate Networks
  • Radware’s DefensePro Earns "Recommend" Rating from NSS Labs for Attack Mitigation
  • Radware Offers Multichannel Retailers Best Practices for Cyber Monday
  • Radware takes APSolute Attack Prevention to the Next Level to Empower the Fight Against Online Fraud
  • Radware Collects 2010 INTERNET TELEPHONY Excellence Award
  • Radware Positioned in the Leaders Quadrant of the Magic Quadrant for Application Delivery Controllers
  • Radware Launches its Smart Choice Partner Program
  • Radware Helps SK Group Support Next-Generation Unified Communications Platform

8:45 AM ET Thursday, February 3rd, 2011 December 31, 2010

Please use the following dial-in numbers to participate in the fourth quarter 2010 call:

Participants in the US call

International participants call: +

Thursday February 3rd 8:45am ET http://www.radware.com/Company/InvestorRelations/default.aspx

About Radware

application delivery application delivery network security 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 operating income, 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, unrealized gains up to the amount of losses recorded in previous quarters, in severance pay funds 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.

Chief Financial Officer

Meir Moshe

+972-3766-8610

Corporate Relations

Joyce Anne Shulman

+1 201 785 3209

[email protected]

Consolidated Balance Sheets

(U.S. Dollars in thousands)

December 31,

2009

December 31,

2010

(Audited)

(Unaudited)

Current assets

Cash and cash equivalents

19,843

14,814

Available-for-sale marketable securities    

29,117

24,200

Short term bank deposits

10,130

51,911

Trade receivables, net

16,603

16,543

Other receivables and prepaid expenses

2,934

3,402

Inventories

9,792

9,722

88,419

120,592

Long-term investments

Available-for-sale marketable securities        

42,021

82,864

Long-term bank deposits

25,000

5,000

Severance pay funds

2,514

3,342

69,535

91,206

Property and equipment, net

11,220

11,801

Other assets

Intangible assets, net

14,794

12,011

Other long-term assets

467

560

Goodwill

24,465

24,465

Total assets

208,900

260,635

Current liabilities

Trade payables

5,699

5,913

Deferred revenues

20,734

28,685

Other payables and accrued expenses

12,413

18,538

38,846

53,136

Long-term liabilities

Deferred revenues

16,919

18,610

Accrued severance pay

3,662

3,899

20,581

22,509

Shareholders’ equity

Share capital

465

506

Additional paid-in capital

191,941

218,593

Accumulated other comprehensive income

935

125

Treasury stock, at cost

(18,036)

(18,036)

Accumulated deficit

(25,832)

(16,198)

Total shareholders’ equity

149,473

184,990

Total liabilities and shareholders’ equity

208,900

260,635

Condensed Consolidated Statements of Operations

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

For the three months ended
December 31,

For the Year ended
December 31,

2009

2010

2009

2010

(Unaudited)

(Unaudited)

(Audited)

(Unaudited)

Revenues

32,118

39,054

108,904

144,119

Cost of revenues

6,564

7,968

23,275

29,204

Gross profit

25,554

31,086

85,629

114,915

Operating expenses:

Research and development

6,723

8,280

25,674

31,660

Selling and marketing

14,873

16,947

55,130

64,609

General and administrative

2,552

2,534

11,930

10,190

Total operating expenses

24,148

27,761

92,734

106,459

Operating income (loss)

1,406

3,325

(7,105)

8,456

Financial income, net

506

855

1,987

2,057

Income (loss) before income taxes

1,912

4,180

(5,118)

10,513

Income taxes

(225)

(256)

(818)

(879)

Net income (loss)

1,687

3,924

(5,936)

9,634

Basic net income (loss) per share

$ 0.09

$ 0.19

$ (0.31)

$ 0.49

Weighted average number of shares used to compute basic net income (loss) per share

18, 881 , 697    

20,360,557    

18,879,230    

19,557,545    

Diluted net income (loss) per share

$ 0.09

$ 0.17

$ (0.31)

$ 0.44

Weighted average number of shares used to compute diluted net income (loss) per share

19 , 347 , 159    

22,796,721    

18,879,230    

21,733,638  

Reconciliation of Supplemental Financial Information

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

For the Three months ended
December 31,

For the Year ended
December 31,

2009

(Unaudited)

2010

(Unaudited)

2009

(Unaudited)

2010

(Unaudited)

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