TEL AVIV, Israel, April 25, 2013 /PRNewswire/ --
Radware ® (NASDAQ: RDWR), a global leader of application delivery and application security solutions for virtual and cloud data centers, today reported quarterly revenues of $45.1 million for the first quarter of 2013 and announced it will host a Financial Analyst day for Monday, May 6th, 2013.
Net income on a GAAP basis for the first quarter of 2013 was $4.5 million or $0.10 per diluted share, compared with net income of $6.9 million or $0.15 per diluted share for the first quarter of 2012.
Net income on a Non-GAAP basis for the first quarter of 2013 was $7.0 million or $0.15 per diluted share, compared with net income of $9.0 million or $0.19 per diluted share for the first quarter of 2012.At the end of the first quarter 2013, following the cash payment related to the acquisition of Strangeloop Networks Inc. in the amount of approximately $8.4 million, the company's overall cash position including cash, short-term and long term bank deposits and marketable securities amounted to $273.6 million, representing a decrease in the company's cash position of approximately $1.3 million in the first quarter of 2013. The earnings per share presented for all prior periods were restated to reflect the effects of the stock split that occurred April 12, 2013. "Despite lower than expected quarterly revenues, we continue to see a long term strong market need for delivering and securing applications across enterprise, carrier and cloud data centers. We believe we will be able to translate the growth in mobile data, cyber threats and attacks, and cloud computing to revenue growth in 2013," stated Roy Zisapel president and chief executive officer, Radware.