Radware cuts loss but misses EPS estimates

The company narrowed its losses.

Radware Ltd. (Nasdaq: RDWR) today published its financial report for the first quarter of 2009. The networking solutions developer posted $20.5 million revenue, 8% less than the $22.2 million for the corresponding quarter. The analysts' consensus estimate was $21.8 million.

GAAP-based net loss narrowed to $6.1 million ($0.32 per share) for the first quarter, from $8.3 million for the corresponding quarter. Non-GAAP net loss was down nearly two-thirds to $2.2 million ($0.12 per share) for the first quarter from $6.3 million for the corresponding quarter. The company nevertheless missed the analysts' consensus of a loss per share of $0.11.

Despite missing the analysts' forecasts, Radware's share rose 0.5% in early trading to $6.77, giving a market cap of $128 million.

Radware had $114.1 million in cash and cash equivalents at the end of March. At the end of March, the company completed its acquisition of the Layer 4-7 Application Delivery Business from Nortel Networks Inc. (TSX: NT; Bulletin Board: NRTLQ) for $18 million in cash.

Published by Globes [online], Israel business news - www.globes-online.com - on May 4, 2009

© Copyright of Globes Publisher Itonut (1983) Ltd. 2009

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