TEL AVIV, Israel, Oct. 6 /PRNewswire-FirstCall/ -- Radware (Nasdaq: RDWR), the leading provider of integrated application delivery solutions for business-smart networking, today raised its guidance for the third quarter of 2009. The company anticipates quarterly revenues to be at a record level, in the range of $28.8 to $29 million, and higher than the previous guidance of $27.3 to $27.7 million stated by executive management on the second quarter 2009 earnings call. EPS on a Non-GAAP basis is also expected to increase and is now estimated at 9-10 cents per diluted share versus the 5-6 cents per share previously indicated, effectively doubling prior projections.
"Despite the challenging economic conditions our business continues to grow based on our leading product offering - the OnDemand Switch platform series - coupled with the traction we are gaining from the Alteon acquisition." stated Roy Zisapel, CEO Radware. "The growth in sales, with our high gross margins and cost control efforts has thus resulted in a significant increase in our profitability."
The company will report final third quarter results on its earnings conference call scheduled for Tuesday, November 3rd at 0845 EDT.
About Radware
Radware (Nasdaq: RDWR), the global leader in integrated application delivery solutions, assures the full availability, maximum performance, and complete security of business-critical applications for nearly 10,000 enterprises and carriers worldwide. With APSolute®, Radware's comprehensive and award-winning suite of application delivery and network security products, companies in every industry can drive business productivity, improve profitability, and reduce IT operating and infrastructure costs by making their networks "business smart". For more information, please visit www.radware.com.
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Radware uses non-GAAP measures of net income and earnings per share, which are adjustments from results based on GAAP to exclude stock-based compensation expense, in accordance with SFAS 123R, and amortization of intangible assets and acquisition related expenses. Radware's management believes the non-GAAP financial information provided in this release is useful to investors for the purpose of understanding and assessment of Radware's ongoing operations. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such has determined that it is important to provide this information to investors.
This press release may contain forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the Application Switching or Network Security industry, changes in demand for Application Switching or Network Security products, the timing and amount or cancellation of orders and other risks detailed from time to time in Radware's filings with the Securities and Exchange Commission, including Radware's Form 20-F.
Chief Financial Officer Radware Ltd.
Meir Moshe
Tel: +972-3 766-8610
Corporate Relations
Radware Inc.
Christine Aruza
Tel: +1 201 785 3236
ir@radware.com
SOURCE Radware Ltd
For further information: Meir Moshe, Chief Financial Officer of Radware Ltd., +972-3-766-8610; or Christine Aruza, Corporate Relations of Radware Inc., +1-201-785-3236, ir@radware.com
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