Network solutions developer Radware Ltd. (Nasdaq: RDWR; TASE:RDWR) today reported its financial results for the fourth quarter of 2009. The company reported higher than expected profit and its best ever annual revenue.

Revenue for the fourth quarter of 2009 amounted to $32.1 million, 10% up from $29.2 million, in the preceding quarter and 29% up from $24.9 million in the corresponding quarter of 2008.

Total revenue for 2009 was $108.9 million, up 15% from $94.6 million in 2008.

GAAP-based profit for the fourth quarter of 2009 was $1.7 million ($0.09 per share) compared with 0.2 million ($0.01 per share) in the third quarter of 2009, and a net loss of $7.1 million in the fourth quarter of 2008.

At the end of 2009, the company's overall cash position including cash, short-term and long-term bank deposits and marketable securities totaled $126.1 million. Radware CEO Roy Zisapel said, "This year marked a key turning point for Radware. 2009 saw record revenues along with acceleration in growth rates throughout the year, resulting our crossing the $100 million revenue mark for the year with strong profitability momentum. We are confident that with continuous execution on the growth opportunities in our market and specifically with next-generation enterprise data center and mobile data drivers, we will be able to continue to grow our market share, revenues and profits in 2010."

Despite the good results Radware's share was down 1.21% on Nasdaq today to $15.48, giving a market cap of $292.71 million.

Published by Globes [online], Israel business news - www.globes-online.com - on February 2, 2010

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