Former Nortel assets boost Radware to record results

The networking solutions company beat analysts' profit and revenue estimates.

Network security and optimization solutions developer Radware Ltd. (Nasdaq: RDWR) today published its financial report for the second quarter of 2009. The company beat the analysts' earnings per share consensus of a non-GAAP loss per share of $0.04.

The company posted a non-GAAP net profit of $800,000 ($0.04 per share), compared with a non-GAAP net loss of $5 million ($0.25 per share) for the corresponding quarter of 2008. The company narrowed its GAAP-based net loss by 76% to $1.7 million ($0.09 per share) for the second quarter from $7.1 million for the corresponding quarter.

Radware posted a record $27.1 million revenue for the second quarter, 13% more than the $24 million for the corresponding quarter. The second quarter figure beat the analysts' consensus of $25.1 million revenue.

Radware had $114.7 million in cash and cash equivalents at the end of June.

Radware CEO Roy Zisapel said, "This quarter's results demonstrate the strong business model leverage we have as we were able to organically grow our core business while concurrently recording revenues from our newly acquired Nortel Alteon business." He added, "With the addition of the Alteon business, we further believe we have a solid platform for continued growth."

Radware closed at $8.99 yesterday. The share has risen 66.8% so far this year.

Published by Globes [online], Israel business news - - on July 27, 2009

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

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