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Radware Rings Up Q2

Books record revenues of $16.3 million and net profit of $3 million, but it's mum on new products and legal activity
July 27, 2004

Application switching firm Radware Ltd. (Nasdaq: RDWR) today reported record second-quarter revenues of $16.3 million, up 24 percent from the same period last year. Net profit for the quarter was $3 million, up more than 150 percent on the second quarter of 2003.

Diluted net earnings per share were 16 cents, compared to 7 cents in the second quarter of 2003. This was $0.01 better than the Reuters consensus estimate of $0.15.

The company said that in the third quarter it expects about $17 million in revenue and EPS of about 17 cents.

According to Radware executives on this morning's earnings call, the company is now making a concerted effort to expand its U.S. business, which now accounts for 42 percent of its overall revenues. To support this, the company recently appointed David Hubbard as president of its Americas operations, and it has also improved the training given to its sales force in the region (see Radware Names Americas President).

Not surprisingly, Radware execs were giving little away about the company's recent patent litigation against F5 Networks Inc. (Nasdaq: FFIV) (see Radware Fixes Legal Guns on F5). In response to a question from an analyst, however, Radware CEO Roy Zisapel said he believes the Mahwah, N.J.-based firm has a very strong case.

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