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Radware Racks Up Record Revenue

TEL AVIV ( TheStreet -- Radware (RDWR - Get Report) beat Wall Street's estimates in its third-quarter results, boosted by record revenue, and took a swipe at rival gearmakers.

Radware, which competes with Cisco (CSCO - Get Report), F5 Networks (FFIV - Get Report), and Citrix (CTXS - Get Report), reported record sales of $29.2 million, up from $23.5 million in the same period last year, and just above the $29.2 million expected by analysts.

Excluding items, the firm earned 12 cents a share on net income of $2.3 million, compared to a loss of 22 cents a share and a net loss of $4.3 million in the same period last year. Analysts surveyed by Thomson Reuters had predicted earnings of 8 cents a share.

"We are pleased to report yet another record quarter of results along with a significant increase in profitability," said Roy Zisapel, the Radware CEO, in a statement. "For several quarters now we have been able to sequentially increase market share."

The company is also capitalizing on its acquisition of Nortel's (NT) Alteon switch business earlier this year, according to Zisapel.

On a GAAP basis, Radware earned a penny a share on net income of $200,000, compared with a loss of 44 cents a share and a net loss of $8.5 million in the same period last year.

Radware's numbers, which were released before market open, were not completely out of the blue. The application delivery specialist recently raised its third-quarter estimates, citing sales growth and tight cost controls.

-- Reported by James Rogers in New York

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