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 January, 2007
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 results, Dated
January 29, 2007
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: January 29, 2007
By: /S/ Meir Moshe
Meir Moshe
Chief Financial Officer
EXHIBIT INDEX
Exhibit Number
Description of Exhibit
1.1
Press Release: Radware Ltd. Announces results,
dated January 29, 2007.
Dennis S. Dobson, Inc.
Dennis S. Dobson, CEO
Financial Public Relations
1522 Mill Plain Road
Fairfield, CT 06430
Global Financial Public Relations For Technology Companies
Telephone 203-255-7902
Fax 203-255-7961
E-Mail Address-IR@radware.com
FOR IMMEDIATE RELEASE
Contact:
Meir Moshe, Chief Financial Officer, Radware Ltd.
011-972-3766-8610
Dennis S. Dobson, for Radware Ltd.
(203) 255-7902
RADWARE LTD. ANNOUNCES RESULTS
* Quarterly revenues of $21.1 million
* Annual revenues of $81.4 million
Tel Aviv, Israel, January 29, 2007 — Radware (NASDAQ: RDWR), the leading provider of intelligent integrated solutions for ensuring the fast, reliable and secure delivery of networked and Web-enabled applications over IP today reported revenues of $21.1 million for the fourth quarter of 2006. The results, which are just below guidance, represent a 4% increase compared with revenues of $20.2 million for the third quarter of 2006 and a slight increase compared with revenues of $21.0 million for the fourth quarter of 2005.
Total revenues for 2006 were $81.4 million, an increase of 5% compared with revenues of $77.6 million in 2005.
Net income on a GAAP basis for the fourth quarter of 2006 was $0.1 million or $0.01 per diluted share, compared to net loss of $1.1 million or $0.06 per diluted share in the third quarter of 2006.
For comparative purposes, net income excluding the effects of stock-based compensation expense for the fourth quarter of 2006 was $0.9 million or $0.05 per diluted share, compared with net income of $0.6 million or $0.03 per diluted share in the third quarter of 2006 and net income of $2.4 million or $0.12 per diluted share in the fourth quarter of 2005.
Net loss on a GAAP basis for 2006 was $1.3 million or $0.07 per diluted share. Net income excluding the effects of stock-based compensation expense for 2006 was $3.2 million or $0.16 per diluted share, compared with net income of $9.3 million or $0.47 per diluted share in 2005.
In the fourth quarter of 2006 the Company continued to maintain a positive operational cash flow. The company’s cash position, including cash, short-term and long-term bank deposits and marketable securities, increased during the fourth quarter in $0.2 million, to an amount of $164.1 million, after deduction of an additional amount of $3 million invested in the purchase of V-Secure assets during the quarter.
“Improving sales performance continues to be a top priority. Our international business continued to grow very well this quarter, resulting in record sales results in both EMEA and APAC. At the same time we are approaching finalization of our U.S. sales force restructuring with the hiring of a seasoned sales force and the revitalization our Federal unit,” said Roy Zisapel, CEO of Radware. He added, “While the new sales force will need to ramp up, we strongly believe we now have a mature sales organization in place to drive our Americas’ business forward.”
During the quarter ended December 31, 2006, Radware released the following significant announcements:
–
Radware Sets New Price/Performance Standard for Integrated IPS and DoS Application Security
–
Mohawk Industries Deploys Radware for Fast, Secure and Reliable Access to Critical Applications as Part of Its Data Center Consolidation Strategy
–
Radware and Forum Systems to Offer Industry's First Integrated Application Delivery Solution to Optimize XML-based Web Services
–
Radware Appoints Application Delivery Industry Veteran Charles Robertello as Americas Vice President of Sales
Company management will host a quarterly investor conference call at 8:45 AM EDT on January 29, 2007. The call will focus on financial results for the quarter ended December 31, 2006, and certain other matters related to the Company’s business.
The conference call will be webcast on January 29, 2007 at 8:45 AM EDT in the “listen only” mode via the Internet at:
http://www.radware.com/content/company/investorrelations/default.asp
Please use the following dial-in numbers to participate in the fourth quarter 2006 call:
Participants in the U.S. call: 1-800-230-1085 (Toll Free)
Participants outside the U.S. call: 1-612-288-0329
About Radware
Radware (NASDAQ:RDWR) is the global leader in integrated application delivery solutions, assuring the full availability, maximum performance and complete security of all business critical networked applications while dramatically cutting operating and scaling costs. Over 5,000 enterprises and carriers worldwide use Radware application-smart switches to drive business productivity and improve profitability by adding critical application intelligence to their IP infrastructure, making networks more responsive to specific business processes. Radware's APSolute product family provides the most complete set of application front-end, remote access and security capabilities for application-smart networking to ensure faster, more reliable and secure business transactions. Learn more on how Radware application delivery solutions can enable you to get the most of your investments in IT infrastructure and people. www.radware.com.
###
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 industry, changes in demand for Application Switching 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.
Condensed Consolidated Balance Sheets | |||||
(U.S. Dollars in Thousands) | |||||
December 31, 2005 | December 31, 2006 | ||||
(Audited) | (Audited) | ||||
Current assets | |||||
Cash and cash equivalents | 56,263 | 25,324 | |||
Short-term bank deposits | 10,195 | - | |||
Short-term marketable securities | 60,443 | 115,051 | |||
Trade receivables, net | 14,661 | 17,453 | |||
Other receivables and prepaid expenses | 1,451 | 1,996 | |||
Inventories | 5,254 | 6,892 | |||
148,267 | 166,716 | ||||
Long-term investments | |||||
Long-term bank deposit | 9,458 | 9,602 | |||
Long-term marketable securities | 28,134 | 14,154 | |||
Severance pay funds | 2,178 | 2,907 | |||
39,770 | 26,663 | ||||
Property and equipment, net | 5,968 | 9,253 | |||
Other assets | |||||
Intangible assets, net, long-term deferred taxes and other long-term assets | 3,888 | 3,582 | |||
Goodwill | 6,454 | 9,454 | |||
10,342 | 13,036 | ||||
Total assets | 204,347 | 215,668 | |||
Current liabilities | |||||
Trade payables | 5,329 | 6,956 | |||
Deferred revenues | 12,424 | 15,712 | |||
Other payables and accrued expenses | 6,509 | 6,642 | |||
24,262 | 29,310 | ||||
Accrued severance pay | 2,659 | 3,944 | |||
Total liabilities | 26,921 | 33,254 | |||
Shareholders’ equity | |||||
Share capital | 470 | 478 | |||
Additional paid-in capital | 153,010 | 170,110 | |||
Accumulated other comprehensive loss | (404) | (242) | |||
Deferred stock compensation | (67) | - | |||
Treasury stock, at cost | - | (11,069) | |||
Retained earnings | 24,417 | 23,137 | |||
Total shareholders’ equity | 177,426 | 182,414 | |||
Total liabilities and shareholders' equity | 204,347 | 215,668 | |||
Reconciliation of Supplemental Financial Information | |||||
(U.S. Dollars in thousands, except share and per share data) | |||||
For the Three months ended December 31, 2005 | For the Three months ended December 31, 2006 | For the Year ended December 31, 2005 | For the Year ended December 31, 2006 | ||
GAAP Net income (loss) | 2,354 | 110 | 9,344 | (1,280) | |
Stock-based compensation expenses, included in: | |||||
Cost of revenues | - | 2 | - | 63 | |
Research and development, net | - | 197 | - | 1,111 | |
Sales and marketing | - | 324 | - | 2,541 | |
General and administrative | - | 311 | - | 798 | |
Income taxes | - | - | - | - | |
- | 834 | - | 4,513 | ||
Non-GAAP Net income | 2,354 | 944 | 9,344 | 3,233 | |
Non-GAAP Diluted net earnings per share | $0.12 | $0.05 | $0.47 | $0.16 | |
Weighted average number of shares used to compute Non-GAAP diluted net earnings per share |
19,932,691 | 19,531,928 |
20,072,192 | 19,808,950 | |