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TheStreet Open House

Radware Beats, Returns to Profitability

TEL AVIV, Israel ( TheStreet) -- Networking specialist Radware (RDWR) beat analysts' earnings and sales estimates Monday, as the company returned to profitability with its second-quarter results.

Radware, which recently bought Nortel's (NT) Alteon switch business, reported revenue of $27.1 million, up from $24 million in the same period last year, and above analysts' estimate of $25.11 million.

Excluding charges, Radware earned 4 cents a share on net income of $800,000, compared to a net loss of 25 cents a share and $5 million in the same period last year. Analysts surveyed by Thomson Reuters had expected a loss of 4 cents a share.

"This is an indicator of the strength of our company's execution during a difficult economic climate, and, with the addition of the Alteon business, we further believe we have a solid platform for continued growth," said Radware CEO Roy Zisapel in a statement.

On a GAAP basis Radware posted a net loss of 9 cents a share on a loss of $1.7 million, although this narrowed significantly from losses of 36 cents a share and $7.1 million in the same period last year.

Radware makes application delivery and network security products, and is one of a number of firms touting technology for tackling potentially debilitating cyber attacks.

The Tel Aviv, Israel-based firm, which competes with Cisco (CSCO) , Citrix (CTXS) and F5 Networks (FFIV) , ended the first quarter with overall cash of $114.7 million, up $600,000 from the prior quarter.

"We expect higher and better results next quarter," said Zisapel, during a conference call before the marked opened. The networking firm expects sales between $27.3 million and $27.7 million and earnings between 5 cents and 6 cents a share. Analysts surveyed by Thomson Reuters had expected revenue of $25.86 million and a loss of 1 cent a share.

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