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Radware Ltd. Announces Second Quarter 2011 Results

TEL AVIV, Israel July 26, 2011

$41.1 Million

$0.32

Radware application delivery application security $41.1 million $35.2 million $38.6 million

$4.9 million $0.21 $1.4 million $0.07

$7.3 million $0.32 $4.3 million $0.21

$11 million $204 million

"Our competitive differentiation in ADC virtualization and attack mitigation solutions continue to fuel our growth," said Roy Zisapel, president and chief executive officer, Radware. "We believe we are very well positioned in the crossroad of the key IT trends such as data center consolidation, cloud networking, cyber security and carrier mobile data and traffic steering, and plan to continue to execute on these growth drivers."

June 30, 2011

  • Radware Honored with a 2011 TMC Labs Innovation Award
  • Radware’s Alteon VA Achieves VMware Ready Status
  • Radware’s Alteon OS 27 Certified by SAP for Integration with SAP NetWeaver7.0 to Deliver Faster Response Time, High Availability and Improved Security
  • Radware Wins Third Consecutive NGN Magazine Leadership Award
  • Garanti Bank Purchases Radware’s ADC-VX Virtualization Solution for Intranet and TCP/IP-based Banking Applications
  • Radware’s Application Delivery Controller Solutions Provide Maximum Availability, Scalability, Performance and Security to Microsoft Exchange Server 2010
  • Fighting Back! Online Businesses Need to Adopt a More Offensive Line of Attack Against Cyber Crime
  • Radware Talks Application Delivery in the Virtual Data Center at Interop Las Vegas
  • Radware Raises the Bar for Virtual ADCs Introducing New Services to Its Virtual Application Delivery Infrastructure (VADI)
  • Radware Earns Unified Communications 2010 Product of the Year Award
  • Radware’s ADC Virtualization Solution Enables P&T Luxembourg to Expand into the Cloud

8:45am ET July 26, 2011 June 30, 2011

July 26, 2011 8:45am ET http://www.radware.com/Company/InvestorRelations/default.aspx

Please use the following dial-in numbers to participate in the Second Quarter 2011 call:

Participants in the US call :

International participants call:

About Radware

Radware application delivery application security http://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.

                     Condensed Consolidated Balance Sheets                          (U.S. Dollars in thousands)                                          December 31,            June 30,                                                2010                2011                                                              (Unaudited)     Current assets     Cash and cash equivalents                15,284              19,349     Available-for-sale marketable     securities                               24,200              11,327     Short term bank deposits                 51,441              58,001     Trade receivables, net                   16,543              16,050     Other receivables and prepaid     expenses                                  3,402               3,982     Inventories                               9,722              11,310                                             120,592             120,019     Long-term investments     Available-for-sale marketable     securities                               82,864             109,927     Long-term bank deposits                   5,000               5,000     Severance pay funds                       3,342               3,493                                              91,206             118,420      Property and equipment, net              11,801              11,863      Other assets     Intangible assets, net                   12,011              10,090     Other long-term assets                      560                 642     Goodwill                                 24,465              24,465      Total assets                            260,635             285,499      Current liabilities     Trade payables                            5,913               6,314     Deferred revenues, other     payables and accrued expenses            47,223              52,765                                               53,136              59,079      Long-term liabilities                    22,509              23,180      Shareholders' equity     Share capital                               506                 521     Additional paid-in capital              218,593             227,137     Accumulated other comprehensive     income                                      125                 497     Treasury stock, at cost                 (18,036)            (18,036)     Accumulated deficit                     (16,198)             (6,879)     Total shareholders' equity              184,990             203,240      Total liabilities and     shareholders' equity                    260,635             285,499 
                    Condensed Consolidated Statements of Income            (U.S. Dollars in thousands, except share and per share data)                                 For the Three months                                    ended June 30,        For the Six months                                                            ended June 30,                                   2010        2011        2010        2011                                (Unaudited) (Unaudited) (Unaudited) (Unaudited)      Revenues                      35,206      41,115      68,302      79,734     Cost of revenues               7,090       8,318      13,788      16,197     Gross profit                  28,116      32,797      54,514      63,537     Operating expenses:     Research and development       7,753       9,092      15,140      17,796     Selling and marketing         16,027      17,339      31,728      33,745     General and administrative     2,560       2,436       5,130       4,785     Total operating expenses      26,340      28,867      51,998      56,326     Operating income               1,776       3,930       2,516       7,211     Financial income (loss),     net                             (145)      1,298         (92)      2,637     Income before taxes on     income                         1,631       5,228       2,424       9,848     Taxes on income                 (228)       (298)       (432)       (529)     Net Income                     1,403       4,930       1,992       9,319      Basic net earnings per     share                                   $ 0.07      $ 0.24      $ 0.10      $ 0.45     Weighted average number of     shares used to compute     basic net earnings per     share                     19,170,659  20,927,549  19,071,288  20,801,998      Diluted net earnings per     share                                   $ 0.07      $ 0.21      $ 0.10      $ 0.41     Weighted average number of     shares used to compute     diluted net earnings per     share                     21,001,863  22,976,000  20,624,283  23,001,985 
                Reconciliation of Supplemental Financial Information            (U.S. Dollars in thousands, except share and per share data)                       For the Three months      For the Six months ended                          ended June 30,                 June 30,                           2010          2011          2010          2011                        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)     GAAP net     Income               1,403         4,930         1,992         9,319     Stock-based     compensation     expenses,     included in:     Cost of     revenues                14            16            29            31     Research and     development            280           286           578           539     Selling and     marketing              553           781         1,055         1,391     General and     administrative         406           345         _ 910         _ 663                          1,253         1,428         2,572         2,624     Amortization     of intangible     assets     included in:     Cost of     revenues               399           541           778         1,082     Selling and     marketing              592           421         1,222           842                            991           962         2,000         1,924     Exchange rate     differences, net on     balance sheet items     included in finance     income                 696           (67)        1,325          (496)     Non-GAAP net     income               4,343         7,253         7,889        13,371      Non-GAAP     diluted net     earnings per     share               $ 0.21        $ 0.32        $ 0.38        $ 0.58     Weighted     average number     of shares used     to compute     Non-GAAP     diluted net     earnings per     share           21,001,863    22,976,000    20,624,283    23,001,985 

C ontacts

Michael Lordi

[email protected]

SOURCE Radware Ltd

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