-----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, K9pVfWtejFRJHmCFdhIWgZTK1ubzj5KZosnkxnLSidX04COqx8tLJj5MxFhkIa6q 1vfSngfEceYzz/+Pk392FA== 0001179591-03-000069.txt : 20030729 0001179591-03-000069.hdr.sgml : 20030729 20030729102403 ACCESSION NUMBER: 0001179591-03-000069 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030729 FILED AS OF DATE: 20030729 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: 03807395 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 form6kq22003.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 July, 2003 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 July 28, 2003. 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: July 29, 2003 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 July 28, 2003. 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 * Quarter record revenues of $13.2 million * Quarterly profit of $0.07 per diluted share Tel Aviv, Israel, July 28, 2003-- Radware (Nasdaq: RDWR), the leader in Intelligent Application Switching (IAS), ensuring availability, performance and the security of networked applications, today reported record revenues of $13.2 million for the second quarter of 2003, an increase of 25% compared with sales of $10.6 million for the second quarter of 2002, and an increase of 5% sequentially vs. $12.6 million sales for the first quarter of 2003. Net profit for the second quarter of 2003 was $1.2 million or $0.07 per diluted share, compared to net loss of $0.8 million or $0.05 loss per share in the second quarter of 2002 and net profit of $0.8 million or net earnings per share of $0.05 in the first quarter of 2003. This quarter is marked also by Radware's return to operating profit. Operating profit for the second quarter of 2003 was $0.3 million, compared to operating loss of $1.9 million in the second quarter of 2002 and operating loss of $0.2 million in the first quarter of 2003. The company continues to maintain positive operating cash flow. During this quarter the company generated cash of $2.5 million, which led to a balance of $129.4 million in cash, short-term and long-term bank deposits and marketable securities. "This was an excellent quarter for Radware, as we delivered our seventh consecutive quarter of sequential growth in sales", said Roy Zisapel, President and CEO, Radware. "Deployment of our security solutions was especially strong this past quarter as carriers and financial institutions implemented Radware's application switching solutions for comprehensive site-wide security". During the quarter ended June 30, 2003, Radware released the following significant announcements: o Radware Delivers Content Inspection Director (CID) Version 2.0 - Unmatched Anti-Virus Scanning and Content Filtering o Radware on Course in the Higher Education Market - Addresses the Need for Connectivity, Availability and Security at Universities and Educational Institutions Worldwide o Audiovox is One of More Than 1,100 LinkProof Customers Who Benefit from High Network Availability, Performance, and Optimization o Today's Accuweather Forecast: "Continuous High Availability and Optimum Online Performance" o Radware Deploys Its Application Switching Solutions to Ensure Clear Link Internet Service for Dacom Corporation o Radware's Application Switching Is The Power Behind a Web Infrastructure For 450,000 Student Applicants To UK's Universities and Colleges o Radware and Allasso to Sign European Distribution Partnership for Application Switching Solutions Company management will host a quarterly investor conference call at 8:45 AM EST on July 28, 2003. The call will focus on financial results for the quarter ended June 30, 2003, and certain other matters related to the Company's business. The conference call will be webcast on July 28, 2003 at 8:45 AM (EST in the "listen only" mode via the Internet at: http://www.radware.com/content/company/investorrelations/default.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), Content Inspection Director (CID), FireProof, 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, the uncertainty related to the outcome and expenses of litigation and other factors which are detailed in the company's SEC filings. Condensed Consolidated Balance Sheets (U.S. Dollars In thousands) December 31, June 30, 2002 2003 ------------------- ------------------- Current assets Cash, cash equivalents and short-term marketable securities 52,274 55,518 Trade receivables, net 8,695 8,475 Other receivables and prepaid expenses 1,152 1,630 Inventories 2,988 2,488 ----- ----- 65,109 68,111 Property and equipment, net 3,644 3,283 ----- ----- Long-term bank deposit and marketable securities 73,027 73,880 ------ ------ Other assets 1,218 1,390 ----- ----- Total assets 142,998 146,664 ======= ======= Current liabilities Trade payables 2,612 2,498 Deferred revenues, other payables and accrued expenses 11,807 12,803 ------ ------ 14,419 15,301 ------ ------ Accrued severance pay 1,191 1,439 ----- ----- Minority's interest 31 55 -- -- Total liabilities 15,641 16,795 ------ ------ Shareholders' equity Share capital 424 426 Additional paid-in capital 132,005 132,625 Treasury stock (254) (254) Deferred compensation (98) (47) Accumulated other comprehensive income (loss) 89 (74) Accumulated deficit (4,809) (2,807) ------- ------- Total shareholders' equity 127,357 129,869 ------- ------- Total liabilities and shareholders' equity 142,998 146,664 ======= =======
Consolidated Statements Of Operations (U.S. Dollars In thousands, except per share data) For the Three For the Three For the Six For the Six months ended months ended months ended months ended June 30, 2002 June 30, 2003 June 30, 2002 June 30, 2003 -------- -------- -------- ------- Sales 10,560 13,172 20,661 25,761 Cost of sales 1,948 2,365 3,805 4,631 ------ ------ ----- ----- Gross profit 8,612 10,807 16,856 21,130 Research & Development 1,916 2,093 3,928 4,042 Sales & Marketing 7,550 7,358 14,975 14,905 General & Administrative 1,024 1,053 2,058 2,060 ------ ------ ----- ----- Total operating expenses 10,490 10,504 20,961 21,007 Operating profit (loss) (1,878) 303 (4,105) 123 Financial income, net 1,089 918 1,947 1,913 Minority's interest (7) (20) (34) (34) ---- ---------- ---- ------ Net income (loss) (796) 1,201 (2,192) 2,002 ========== =========== ========= ======= Basic net income (loss) per share $ (0.05) $ 0.07 $ (0.13) $ 0.12 ========== ========== ======== ======== Weighted Average shares used to compute Basic net income (loss) per share 16,565,566 17,074,974 16,552,630 17,050,539 Diluted net income (loss) per share $ (0.05) $ 0.07 $ (0.13) $ 0.11 ========== ========== ============ ========= Weighted Average shares used to compute Diluted net income (loss) per share 16,565,566 18,235,990 16,552,630 17,803,378
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