FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 Under
The Securities Exchange Act of 1934
For the month of October, 2004
Commission File Number: 0-30324
Radware Ltd.
(Translation of Registrant’s Name into English)
22 Raoul Wallenberg Street, Tel Aviv 69710, Israel
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F X Form 40-F___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): N/A
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): N/A
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes _______ No X
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A
CONTENTS
This report on Form 6-K of Radware Ltd. consists of the following documents, which are attached hereto and incorporated by reference herein:
1. Press Release: RADWARE LTD. ANNOUNCES RECORD RESULTS, Dated October 25, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
RADWARE LTD.
Date: October 25, 2004
By: /s/ Meir Moshe
Meir Moshe
Chief Financial Officer
EXHIBIT INDEX
Exhibit Number
Description of Exhibit
10.1
Press Release: RADWARE LTD. ANNOUNCES RECORD RESULTS, Dated October 25, 2004.
EXHIBIT 10.1
Contact:
Meir Moshe, Chief Financial Officer, Radware Ltd.
011-972-3766-8610
Dennis S. Dobson, for Radware Ltd.
(203) 255-7902
RADWARE LTD. ANNOUNCES RECORD RESULTS
* Record Quarterly revenues of $17.6 million
* Record Quarterly profit of $3.6 million or $0.19 per diluted share
Tel Aviv, Israel, October 25, 2004 — Radware (Nasdaq: RDWR), the leader in Intelligent Application Switching (IAS), ensuring the availability, performance and security of networked applications across the enterprise, today reported its twelfth consecutive quarter of growth in revenues with record revenues of $17.6 million for the third quarter of 2004, an increase of 25% compared with revenues of $14.0 million for the third quarter of 2003, and a sequential increase of 8% vs. $16.3 million revenues for the second quarter of 2004.
Net profit for the third quarter of 2004 was $3.6 million, an increase of 96% compared with net profit of $1.9 million in the third quarter of 2003 and a sequential increase of 19% vs. net profit of $3.0 million in the second quarter of 2004.
Diluted net earnings per share for the third quarter of 2004 were $0.19, compared to $0.10 in the third quarter of 2003 and $0.16 in the second quarter of 2004.
The Company continued to maintain a positive operational cash flow, and in the third quarter of 2004 generated cash in the amount of $4.0 million, leading it to a balance of $149.2 million in cash, short-term and long-term bank deposits and marketable securities.
“We are pleased with our strong results and accelerated growth”, said Roy Zisapel, President and CEO, Radware. “Our strong earnings attest to the momentum we established with carriers and enterprises worldwide.”
During the quarter ended September 30, 2004, Radware released the following significant announcements:
•
St.George Bank Deploys Radware for Guaranteed Application Availability, Performance and Security
•
Radware Raises Guidance For Third Quarter Results
•
Radware Highlights Five Year Anniversary of NASDAQ Trading by Opening the NASDAQ Market
•
F5 Networks and Radware Settle Cookie Persistence Patent Lawsuit
•
Windows IT Pro Names Radware WSD Reader's Choice Award Winner
•
Radware Partners with Oracle to Deliver Optimized and Secure Enterprise Applications
•
Radware Introduces its Next Generation SynApps Architecture
•
Ace Hardware Eliminates Downtime with Radware Application Infrastructure Solution
•
Radware Files Patent Infringement Lawsuit Against F5 Networks
Company management will host a quarterly investor conference call at 8:45 AM (EDT) on October 25, 2004. The call will focus on financial results for the quarter ended September 30, 2004, and certain other matters related to the Company’s business.
The conference call will be webcast on October 25, 2004 at 8:45 AM (EDT) in the “listen only” mode via the Internet at:
http://www.radware.com/content/company/investorrelations/default.asp
About Radware
Radware (NASDAQ:RDWR) is the Global Leader in Intelligent Application Switching, enabling the complete security, maximum performance and full availability of all mission critical networked applications while dramatically cutting operating and scaling costs.
Radware’s integrated Application Security, Application Infrastructure and End-to-End Connectivity solutions are deployed by over 2,500 enterprises and carriers worldwide. Radware offers the broadest product line in the industry, meeting application needs at every critical point across the network, including Web and Application Servers, Firewalls, VPNs, ISP links, Anti-Virus Gateways and Cache.
Learn more on how Radware Intelligent Application Switching Solutions can enable the security, performance and availability of mission critical applications at
www.radware.com.
###
This press release contains forward-looking statements. Such statements involve various risks that may cause actual results to differ materially. These risks and uncertainties include, but are not limited to: market demand for the Company’s products, successful implementation of the Company’s products, economic and competitive factors, international market conditions, technological developments, the ability to finance operations and other factors which are detailed in the Company’s SEC filings.
Condensed Consolidated Balance Sheets | |||||
(U.S. Dollars in Thousands) | |||||
December 31, 2003 | September 30, 2004 | ||||
(Audited) | (Unaudited) | ||||
Current assets | |||||
Cash and cash equivalents | 31,771 | 26,804 | |||
Short-term bank deposits | - | 64,243 | |||
Short-term marketable securities | 31,111 | 18,849 | |||
Trade receivables, net | 9,690 | 11,654 | |||
Other receivables and prepaid expenses | 1,089 | 1,835 | |||
Inventories | 2,998 | 3,583 | |||
76,659 | 126,968 | ||||
Long-term investments | |||||
Long-term bank deposits | 72,017 | 9,661 | |||
Long-term marketable securities | 4,122 | 29,680 | |||
Severance pay funds | 1,435 | 1,730 | |||
77,574 | 41,071 | ||||
Property and equipment, net | 3,479 | 3,720 | |||
Other assets, net | 402 | 1,003 | |||
Total assets | 158,114 | 172,762 | |||
Current liabilities | |||||
Trade payables | 4,285 | 3,897 | |||
Deferred revenues, other payables and accrued expenses | 11,897 | 14,343 | |||
16,182 | 18,240 | ||||
Accrued severance pay | 1,625 | 2,070 | |||
Minority interest | 61 | - | |||
Total liabilities | 17,868 | 20,310 | |||
Shareholders’ equity | |||||
Share capital | 439 | 448 | |||
Additional paid-in capital | 138,552 | 141,268 | |||
Accumulated other comprehensive loss | (38) | 10 | |||
Retained earnings | 1,293 | 10,726 | |||
Total shareholders’ equity | 140,246 | 152,452 | |||
Total liabilities and shareholders' equity | 158,114 | 172,762 | |||
Condensed Consolidated Statements Of Operations | ||||||
(U.S. Dollars In thousands, except share and per share data) | ||||||
For the Three months ended September 30, 2003 | For the Three months ended September 30, 2004 | For the Nine months ended September 30, 2003 | For the Nine months ended September 30, 2004 | |||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||
Revenues | 14,014 | 17,572 | 39,775 | 49,392 | ||
Cost of revenues | 2,520 | 3,130 | 7,151 | 8,789 | ||
Gross profit | 11,494 | 14,442 | 32,624 | 40,603 | ||
Research and development | 2,147 | 2,660 | 6,189 | 7,464 | ||
Sales and marketing | 7,329 | 7,989 | 22,234 | 23,496 | ||
General and administrative | 1,048 | 1,192 | 3,108 | 3,250 | ||
Total operating expenses | 10,524 | 11,841 | 31,531 | 34,210 | ||
Operating income | 970 | 2,601 | 1,093 | 6,393 | ||
Financial income, net | 919 | 1,137 | 2,832 | 3,212 | ||
Income before taxes on income | 1,889 | 3,738 | 3,925 | 9,605 | ||
Taxes on income | - | 113 | - | 206 | ||
Income after taxes on income | 1,889 | 3,625 | 3,925 | 9,399 | ||
Minority interest in losses (earnings) of a subsidiary | (39) | - | (73) | 34 | ||
Net income | 1,850 | 3,625 | 3,852 | 9,433 | ||
Basic net earnings per share | $ 0.11 | $ 0.20 | $ 0.23 | $ 0.53 | ||
Weighted average number of shares used to compute basic net earnings per share | 17,181,665 | 18,055,063 | 17,094,728 | 17,912,380 | ||
Diluted net earnings per share | $ 0.10 | $ 0.19 | $ 0.21 | $ 0.48 | ||
Weighted average number of shares used to compute diluted net earnings per share | 19,150,890 | 19,399,481 | 18,287,744 | 19,684,063 | ||