Radware Rallies in App Switches

Application switching and security vendor Radware Ltd. (Nasdaq: RDWR) announced its first-quarter results today, posting revenues of $20 million, up 29 percent on the same period last year and near even with analyst estimates of $20.04 million.

Earnings per share were 22 cents on net income of $4.4 million. This was up from 14 cents and $2.8 million in the year-ago period. EPS was in line with analyst estimates.

The results were driven by sales of products that use Radwares SynApps architecture, according to execs on a conference call this morning. SynApps represented 28 percent of units shipped in the quarter, compared to 21 percent a year ago.

Radware CEO Roy Zisapel also gave a glimpse of the company’s future product roadmap during the call. After launching its Application Switch III device last February, the company has been working on a new appliance for a number of months (see Radware Racks Up Record Q4).

Zisapel confirmed that Radware will be entering the beta phase with a new application switch at the end of this quarter, and a new Layers 4 to 7 product will be launched later this year. The company is also planning to launch a new Intrusion and Prevention Service (IPS) product in the third quarter of 2005.