-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M0avTNLMtgNmqa3n9RE+S7JbHOccDUiMVhuH9fUiWtlORZknvQp2zB2zGyOtxzef 4nnWKbst9JxHCQkYTiMpuA== 0001179591-02-000011.txt : 20021106 0001179591-02-000011.hdr.sgml : 20021106 20021106111309 ACCESSION NUMBER: 0001179591-02-000011 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20021106 FILED AS OF DATE: 20021106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RADWARE LTD CENTRAL INDEX KEY: 0001094366 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30324 FILM NUMBER: 02810632 BUSINESS ADDRESS: STREET 1: ATIDIM TECHNOLOGICAL PARK BUILDING 4 CITY: TEL AVIV 61131 ISRAE STATE: L3 ZIP: 00000 MAIL ADDRESS: STREET 1: 575 CORPORATE DR STREET 2: SUITE 205 CITY: MAHWAH STATE: NJ ZIP: 07430 6-K 1 form6k06112002.txt 6-K 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, 2002 1-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 THIRD QUARTER RESULTS Dated October 29, 2002. 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: November _6_, 2002 By:/s/ Meir Moshe ----------------------- Meir Moshe Chief Financial Officer EXHIBIT INDEX Exhibit Number Description of Exhibit 10.1 Press Release: RADWARE LTD. ANNOUNCES THIRD QUARTER RESULTS Dated October 29, 2002. 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 THIRD QUARTER RESULTS * Quarter revenues of $11.0 million, inline with guidance * Quarterly Loss of $0.02 per share, 2 cents better than guidance Tel Aviv, Israel, October 29, 2002-- Radware (Nasdaq: RDWR), the leader in Intelligent Application Switching, ensuring availability, performance and integrity of networked applications, today reported revenues of $11.0 million for the third quarter of 2002, an increase of 36% compared with sales of $8.1 million for the third quarter of 2001. Net loss for the third quarter of 2002 was $0.4 million or $0.02 per share, compared to net loss of $3.2 million or $0.18 per share in the third quarter of 2001. The company had a positive operational cash flow for the first three quarters of 2002, and has $125 million in cash, short-term and long-term bank deposits. "In the third quarter we continued to increase our market share and our revenues worldwide", said Roy Zisapel, President and CEO of Radware. "As a result we continue to sequentially improve quarter by quarter all the financial parameters of our business." During the quarter ended September 30, 2002, Radware released the following significant announcements: o Radware - the First in the Industry to Mitigate Apache SSL Worm Attacks o Radware and SecureNet Join Forces to Provide Denial of Service Protection to Corporate and Government Clients o Radware Wins Two "Best of EnterpriseVision" Awards o Mission Critical Systems and Radware partner to offer highly available and flexible security solutions o Leading Korean Telecommunication Companies Implement Radware's Global IP Application Switching Solution Company management will host a quarterly investor conference call at 8:45 AM EST on October 29, 2002. The call will focus on financial results for the quarter ended September 30, 2002, and certain other matters related to the Company's business. The conference call will be webcast on October 29, 2002 at 8:45 AM (EST in the "listen only" mode via the Internet at: http://www.radware.com/content/about/investor.asp - ------------------------------------------------- About Radware Radware is dedicated to providing Intelligent Application Switching, guaranteeing the best operation and servicing of IP applications and enterprise traffic across the Internet. Radware aligns application needs with the network infrastructure to seamlessly allocate resources, optimize application operations and extend security, ensuring the integrity of critical business processes. Radware's solutions address the needs of corporate enterprises, service providers, and e-commerce business through one or more of our award winning products including: Web Server Director (WSD), Cache Server Director (CSD), FireProof, Content Inspection Director (CID), LinkProof, Peer Director, CertainT 100. Our comprehensive suite of products service end-to-end application operations, providing robust and scalable network traffic assurance. Get certain, from click to content, across your network -- with Radware. For more information, please visit us 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, 2001 September 30, 2002 ------------------- ------------------- (unaudited) Current assets Cash, cash equivalents and Short Term investments 125,680 66,604 Trade receivables, net 7,868 8,452 Other receivables and prepaid expenses 1,174 1,201 Inventories 4,781 3,542 ----- ----- 139,503 79,799 Property and equipment, net 4,037 3,718 ----- ----- Long-term bank deposit - 58,270 ------ ------ Other assets 921 1,116 --- ----- Total assets 144,461 142,903 ======= ======= Current liabilities Trade payables 2,541 2,633 Other payables and accrued expenses 12,051 12,248 ------ ------ 14,592 14,881 ------ ------ Accrued severance pay 930 1,148 --- ----- Minority's interest 1 41 - -- Total liabilities 15,523 16,070 ------ ------ Shareholders' equity Share capital 413 415 Additional paid-in capital 131,615 131,839 Deferred compensation (394) (161) Accumulated deficit (2,696) (5,260) ------- ------- Total shareholders' equity 128,938 126,833 ------- ------- Total liabilities and shareholders' equity 144,461 142,903 ======= =======
Condensed Consolidated Statements Of Operations (U.S. Dollars In thousands, except per share data) For the Three For the Three For the Nine For the Nine -------------- -------------- ------------- ------------ months ended months ended months ended months ended ------------- ------------- ------------- ------------ September 30, 2001 September 30, 2002 September 30, 2001 September 30, 2002 ------------------ ------------------ ------------------ ------------------ (Unaudited) (Unaudited) (Unaudited) (Unaudited) Sales 8,104 11,001 33,924 31,662 Cost of sales 1,491 1,981 5,975 5,786 ------ ------ ------- ------ Gross profit 6,613 9,020 27,949 25,876 Research & Development, net 2,127 1,947 6,153 5,875 Sales & Marketing 7,506 7,455 22,485 22,430 General & Administrative 1,635 1,144 3,559 3,202 ------ ------ ------- ------ Total operating expenses 11,268 10,546 32,197 31,507 Operating profit (loss) (4,655) (1,526) (4,248) (5,631) Financial income, net 1,459 1,153 5,375 3,100 ------ ------ ------- ------- Income (loss) before taxes on income (3,196) (373) 1,127 (2,531) Taxes on income - - (389) - Minority's interest (42) 1 (14) (33) ------ ----- ------ ------- Net income (loss) (3,238) (372) 724 (2,564) ======= ====== ====== ======= Basic net income (loss) per share $ (0.02) $ (0.20) $ 0.04 $ (0.15) ============ ========== =========== ============ Weighted Average shares used to compute Basic net income (loss) per share 16,435,828 16,584,277 16,393,144 16,563,140 Diluted net income (loss) per share $ (0.18) $ (0.02) $ 0.04 $ (0.15) ============ ========== =========== ============ Weighted Average shares used to compute Diluted net income (loss) per share 17,554,288 16,584,277 17,532,324 16,563,140
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