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Radware Ltd. Announces Second Quarter 2012 Results

Stocks in this article: RDWR

This press release may contain statements concerning Radware ' s future prospects that are  " forward-looking statements "  under the Private Securities Litigation Reform Act of 1995.  These statements are based on current expectations and projections that involve a number of risks and uncertainties.  There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts and estimates.  These risks and uncertainties, as well as others, are discussed in greater detail in Radware ' s Annual Report on Form 20-F and Radware ' s other filings with the Securities and Exchange Commission.  Forward-looking statements speak only as of the date on which they are made and Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made.  Radware ' s public filings are available from the Securities and Exchange Commission ' s website at  www.sec.gov    or may be obtained on Radware ' s website at  www.radware.com .

                         Condensed Consolidated Balance Sheets
                              (U.S. Dollars in thousands)
 
                                          December 31,        June 30,
                                                 2011            2012
                                                           (Unaudited)
    Current assets
    Cash and cash equivalents                  17,386          12,044
    Available-for-sale marketable
    securities                                 10,334           5,671
    Short-term bank deposits                   88,773         118,041
    Trade receivables, net                     12,565          17,733
    Other receivables and prepaid
    expenses                                    3,625           3,332
    Inventories                                12,147          12,493
                                              144,830         169,314
    Long-term investments
    Available-for-sale marketable
    securities                                102,644         114,479
    Severance pay funds                         3,047           2,823
                                              105,691         117,302
 
    Property and equipment, net                11,084          10,663
 
    Other assets
    Intangible assets, net                      8,163           6,645
    Other long-term assets                      1,365           1,143
    Goodwill                                   24,465          24,465
 
    Total assets                              295,598         329,532
 
    Current liabilities
    Trade payables                              5,099           4,798
    Deferred revenues, other
    payables and accrued expenses              43,732          56,899
                                               48,831          61,697
 
    Long-term liabilities                      27,446          20,675
 
    Shareholders' equity
    Share capital                                 528             546
    Additional paid-in capital                233,353         244,559
    Accumulated other comprehensive
    income (loss)                             (1,663)             528
    Treasury stock, at cost                  (18,036)        (18,036)
    Retained earnings                           5,139          19,563
    Total shareholders' equity                219,321         247,160
 
    Total liabilities and
    shareholders' equity                      295,598         329,532
 
                   Condensed Consolidated Statements of Income
           (U.S. Dollars in thousands, except share and per share data)
                                                         
                                  For the Three months       For the Six months
                                      ended June 30,           ended June 30,
                                                            
                                      2011        2012        2011        2012
                                (Unaudited) (Unaudited) (Unaudited) (Unaudited)
 
    Revenues                        41,115      46,802      79,734      91,823
    Cost of revenues                 8,318       8,810      16,197      17,342
    Gross profit                    32,797      37,992      63,537      74,481
    Operating expenses:
    Research and development         9,092       8,943      17,796      18,095
    Selling and marketing           17,339      19,017      33,745      37,704
    General and administrative       2,436       2,427       4,785       4,831
    Total operating expenses        28,867      30,387      56,326      60,630
    Operating income                 3,930       7,605       7,211      13,851
    Financial income, net            1,298         989       2,637       2,491
    Income before taxes on
    income                           5,228       8,594       9,848      16,342
    Taxes on income                  (298)     (1,043)       (529)     (1,918)
    Net Income                       4,930       7,551       9,319      14,424
 
    Basic net earnings per
    share
                                    $ 0.24      $ 0.35      $ 0.45      $ 0.67
    Weighted average number of
    shares used to compute
    basic net earnings per
    share                       20,927,549  21,859,625  20,801,998  21,677,698
 
    Diluted net earnings per
    share
                                    $ 0.21      $ 0.32      $ 0.41      $ 0.62
    Weighted average number of
    shares used to compute
    diluted net earnings per
    share                       22,976,000  23,399,494  23,001,985  23,268,450
                 Reconciliation of Supplemental Financial Information
             (U.S. Dollars in thousands, except share and per share data)
 
                              For the Three months       For the Six months
                                  ended June 30,           ended June 30,

                              2011           2012           2011           2012
                        (Unaudited)    (Unaudited)    (Unaudited)    (Unaudited)
    GAAP net Income          4,930          7,551          9,319         14,424
    Stock-based
    compensation
    expenses,
    included in:
    Cost of
    revenues                    16             17             31             38
    Research and
    development                286            279            539            607
    Selling and
    marketing                  781            860          1,391          1,826
    General and
    administrative             345            254            663            528
                             1,428          1,410          2,624          2,999
    Amortization of
    intangible
    assets included
    in:
    Cost of
    revenues                   541            467          1,082            935
    Selling and
    marketing                  421            292            842            583
                              ­ 962            759          1,924          1,518
    Exchange rate
    differences, net on
    balance sheet items
    included in finance
    expenses (income)         (67)            287          (496)             19
    Non-GAAP net
    income                   7,253         10,007         13,371         18,960
 
    Non-GAAP
    diluted net
    earnings per
    share                   $ 0.32         $ 0.43         $ 0.58         $ 0.81
    Weighted
    average number
    of shares used
    to compute
    Non-GAAP
    diluted net
    earnings per
    share
                        22,976,000     23,399,494     23,001,985     23,268,450
 

Contacts Chief Financial Officer Meir Moshe +972-3766-8610 Corporate Media Relations Michael Lordi +1 201-785-3206 mikel@radware.com

SOURCE Radware Ltd

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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