Nortel unit acquisition pays off for Radware

Third quarter revenue rose 7.8% over the preceding quarter.

Radware Ltd. (Nasdaq: RDWR) today published its financial report for the third quarter of 2009. The networking solutions provider reported record results, as it reaped the fruits of its acquisition of Nortel Networks unit Alteaon early this year.

Radware posted $29.2 million revenue for the third quarter, 24% more than the $23.5 million revenue for the corresponding quarter of 2008, and 7.8% more than the $27.1 revenue for the preceding quarter.

GAAP-based net profit was $151,000 ($0.01 per share), compared with a net loss of $8.5 million for the corresponding quarter. Non-GAAP net profit was $2.3 million ($0.12 per share) for the third quarter, compared with a net loss of $4.3 million for the corresponding quarter. The company beat the analysts' consensus of $0.08 per share.

Radware had $120.2 million in cash and cash equivalents at the end of September, $5.4 million more than at the end of June.

Radware CFO Meir Moshe told "Globes", "All variables point to growth and improvement in the company's business situation and to strong activity in the industry."

Radware's share rose 1.5% at the opening on Nasdaq today to $11.72, giving a market cap of $221 million.

Published by Globes [online], Israel business news - - on November 3, 2009

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

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