0001178913-12-000261.txt : 20120201 0001178913-12-000261.hdr.sgml : 20120201 20120201060225 ACCESSION NUMBER: 0001178913-12-000261 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120201 FILED AS OF DATE: 20120201 DATE AS OF CHANGE: 20120201 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: 12560930 BUSINESS ADDRESS: STREET 1: 22 RAOUL WALLENBERG STREET CITY: TEL AVIV STATE: L3 ZIP: 69710 MAIL ADDRESS: STREET 1: 575 CORPORATE DR STREET 2: LOBBY 2 CITY: MAHWAH STATE: NJ ZIP: 07430 6-K 1 zk1210955.htm 6-K zk1210955.htm
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 February, 2012

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 o

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 o   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 Fourth Quarter 2011 Results
 
 
 
 
 
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: February 1, 2012
By:
/s/ Meir Moshe  
   
Meir Moshe
  
   
Chief Financial Officer
  
 
 
EXHIBIT INDEX
 
Exhibit
Number 
 
Description of Exhibit
   
10.1
Press Release:   Radware Ltd. Announces Fourth Quarter 2011 Results, dated February 1, 2012
EX-99 2 exhibit_10-1.htm EXHIBIT 10.1 exhibit_10-1.htm
Exhibit 10.1
 
CONTACTS

Chief Financial Officer
Meir Moshe
+972-3766-8610

Corporate Media Relations
Michael Lordi
+1 201-785-3206
mikel@radware.com
  
 
For Immediate Release

Radware Ltd. Announces Fourth Quarter 2011 Results

* Record annual Revenues of $167.0 Million
 
* Record Quarterly Revenues of $45.1 Million
 
* Record Quarterly Non-GAAP EPS $0.42
 
* Record Quarterly Non-GAAP Operating Margin of 20%

TEL AVIV, ISRAEL: February 1, 2012 — Radware (NASDAQ: RDWR), a global leader of application delivery and application security solutions for virtual and cloud data centers, today reported record quarterly revenues of $45.1 million for the fourth quarter of 2011. This represents an increase of 7% compared with revenues of $42.2 million for the third quarter of 2011, and an increase of 15% compared with revenues of $39.1 million in the fourth quarter of 2010.

Net income on a GAAP basis for the fourth quarter of 2011 was $6.6 million or $0.29 per diluted share, compared with net income of $5.4 million or $0.24 per diluted share for the third quarter of 2011 and to $3.9 million or $0.17 per diluted share in the fourth quarter of 2010.

Net income on a Non-GAAP basis for the fourth quarter of 2011 was $9.5 million or $0.42 per diluted share, compared with net income of $7.8 million or $0.34 per diluted share for the third quarter of 2011 and to $6.6 million or $0.29 per diluted share in the fourth quarter of 2010.

Revenues for 2011 amounted to $167.0 million, an increase of 16% compared with revenues of $144.1 million in 2010.

Net income on a GAAP basis for 2011 amounted to $21.3 million or $0.93 per diluted share, representing an increase of 121% compared with net income of $9.6 million or $0.44 per diluted share in 2010.

Net income on a Non-GAAP basis for 2011 amounted to $30.7 million or $1.34 per diluted share, representing an increase of 53% compared with net income of $20.1 million or $0.92 per diluted share in 2010.
 
 
 
 
 
At the end of the fourth quarter of 2011, the company’s overall cash position including cash, short-term and long-term bank deposits and marketable securities amounted to $219.1 million, representing an increase in the company's cash position of approximately $12.5 million in the fourth quarter or $40 million in the last 12 months.

“We’re very pleased with our continued record results both quarterly and yearly,” stated Roy Zisapel, president and chief executive officer, Radware. “Strong demand for our traditional and ADC virtualization products, in combination with our string of attack mitigation successes that have protected high-profile public and private sector customers, is key to this growth.”

During the fourth quarter 2011, Radware released the following significant announcements:

 
·
Radware Provides Application Delivery Control for Juniper Networks MX Series 3D Universal Edge Router
 
·
Radware Ltd. Announces Third Quarter 2011 Results
 
·
Radware Announces $20 Million Share Buyback And Refines Guidance for Third Quarter 2011
 
·
Radware Wins Fourth Consecutive INTERNET TELEPHONY Excellence Award
 
·
Radware Announces the First Application Delivery Fabric For the ITaaS Economy
 
·
Radware to Deliver Attack Mitigation System Solution To Tier 1 Wireless Carrier in North America
 
·
Radware Joins OpenStack Community
 
·
Radware’s Attack Mitigation System Helps Installazioni Impianti Ensure Business Continuity and Defend Against Malicious Network Attacks

Company management will host a quarterly investor conference call at 8:45am ET on February 1, 2012. The call will focus on financial results for the quarter ending December 31, 2011 and certain other matters related to the Company’s business.

The conference call will be webcast on February 1, 2012 at 8:45am ET in the “listen only” mode via the Internet at: http://www.radware.com/Company/InvestorRelations/default.aspx and will be available for replay during the next 30 days.

Please use the following dial-in numbers to participate in the fourth quarter 2011 call:

Participants in the US call: Toll Free +1 877-392-9880
International participants call: +1 760-666-3769

About Radware
Radware (NASDAQ: RDWR), is a global leader of application delivery and application security solutions for virtual and cloud data centers. Its award-winning solutions portfolio delivers full resilience for business-critical applications, maximum IT efficiency, and complete business agility.  Radware’s solutions empower more than 10,000 enterprise and carrier customers worldwide to adapt to market challenges quickly, maintain business continuity and achieve maximum productivity while keeping costs down.  For more information, please visit www.radware.com.

Radware encourages you to join our community and follow us on LinkedIn, Radware Blog, Twitter, YouTube and the Radware Connect app for iPhone®.
 
 
 
 
 
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles (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 expenses, in accordance with ASC No. 718, amortization of intangible assets, and exchange rate differences, net on balance sheet items included in finance income. Such exchange rate differences may vary from period to period due to changes in exchange rates driven by general market conditions or other circumstances outside of the normal course of Radware's operations. Management believes that exclusion of these charges allows comparisons of operating results that are consistent across past, present and future periods. Radware’s management believes the non-GAAP financial information provided in this release is useful to investors for the purpose of understanding and assessing 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 statements concerning Radware’s future prospects that are “forward-looking statements” under the Private Securities Litigation Reform Act of 1995.  These statements are based on current expectations and projections that involve a number of risks and uncertainties.  There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts and estimates.  These risks and uncertainties, as well as others, are discussed in greater detail in Radware’s Annual Report on Form 20-F and Radware’s other filings with the Securities and Exchange Commission.  Forward-looking statements speak only as of the date on which they are made and Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made.  Radware’s public filings are available from the Securities and Exchange Commission’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.
 
 
 
 
 
Consolidated Balance Sheets
  
(U.S. Dollars in thousands)
  
         
   
December 31,
 2010
    
December 31,
 2011
  
   
(Audited)
    
(Unaudited)
  
Current assets
            
Cash and cash equivalents
     15,284       17,386  
Available-for-sale marketable securities
     24,200       10,334  
Short term bank deposits
     51,441       88,773  
Trade receivables, net
     16,543       12,565  
Other receivables and prepaid expenses
     3,402       3,625  
Inventories
     9,722       12,147  
      120,592       144,830  
Long-term investments
                
Available-for-sale marketable securities
     82,864       102,644  
Long-term bank deposits
     5,000       -  
Severance pay funds
     3,342       3,047  
      91,206       105,691  
                 
Property and equipment, net
     11,801       11,084  
                 
Other assets
                
Intangible assets, net
     12,011       8,163  
Deferred tax asset, net
     41       811  
Other long-term assets
     519       554  
Goodwill
     24,465       24,465  
                 
Total assets
     260,635       295,598  
                 
Current liabilities
                
Trade payables
     5,913       5,099  
Deferred revenues
     32,907       28,593  
Other payables and accrued expenses
     14,316       15,139  
      53,136       48,831  
                 
Long-term liabilities
                
Deferred revenues
     18,610       23,901  
Accrued severance pay
     3,899       3,545  
      22,509       27,446  
                 
Shareholders’ equity
                
Share capital
     506       528  
Additional paid-in capital
     218,593       233,353  
Accumulated other comprehensive income (loss)
     125       (1,663 )
Treasury stock, at cost
     (18,036 )     (18,036 )
Retained earnings (accumulated deficit)
     (16,198 )     5,139  
Total shareholders’ equity
     184,990       219,321  
                 
Total liabilities and shareholders' equity
     260,635       295,598  
 
 
 
 
 
Reconciliation of Supplemental Financial Information
(U.S. Dollars in thousands, except share and per share data)
 
   
For the three months
ended December 31,
    
For the Year ended
 December 31,
  
   
2010
    
2011
    
2010
    
2011
  
   
(Unaudited)
    
(Unaudited)
    
(Audited)
    
(Unaudited)
  
                         
Revenues
     39,054       45,090       144,119       167,020  
Cost of revenues
     7,968       8,626       29,204       33,357  
Gross profit
     31,086       36,464       114,915       133,663  
Operating expenses:
                                
Research and development
     8,280       9,146       31,660       36,064  
Selling and marketing
     16,947       18,516       64,609       69,543  
General and administrative
     2,534       2,501       10,190       9,629  
Total operating expenses
     27,761       30,163       106,459       115,236  
Operating income
     3,325       6,301       8,456       18,427  
Financial income, net
     855       787       2,057       4,200  
Income before income taxes
     4,180       7,088       10,513       22,627  
Income taxes
     (256 )     (468 )     (879 )     (1,290 )
Net income
     3,924       6,620       9,634       21,337  
                                 
Basic net earnings per share
   $ 0.19     $ 0.31     $ 0.49     $ 1.02  
                                 
Weighted average number of shares used
   to compute basic net earnings per share
       20,360,557         21,149,334         19,557,545         20,952,866  
                                 
Diluted net earnings per share
   $ 0.17     $ 0.29     $ 0.44     $ 0.93  
                                 
Weighted average number of shares used
   to compute diluted net earnings per share
       22,796,721         22,716,083         21,733,638         22,888,064  
 
 
 
 
 
Reconciliation of Supplemental Financial Information
  
(U.S. Dollars in thousands, except share and per share data)
 
  
   
For the Three months ended
December 31,
    
For the Year
ended December 31,
  
   
2010
    
2011
    
2010
    
2011
  
    (Unaudited)    
(Unaudited)
    
(Unaudited)
     (Unaudited)  
                                 
GAAP net income
      3,924        6,620       9,634       21,337  
                                 
Stock-based compensation expenses, included in:
                                
Cost of revenues
     16       20       63       66  
Research and development
     304       337       1,247       1,124  
Selling and marketing
     627       1,013       2,393       3,135  
General and administrative
     409       261    
1,789
    
1,133
  
      1,356       1,631    
5,492
    
5,458
  
Amortization of intangible assets included in:
                                
                                 
Cost of revenues
     540       541       1,757       2,164  
Selling and marketing
  
531
    
421
    
2,284
    
1,684
  
   
1,071
    
­962
       4,041       3,848  
Exchange rate differences, net on balance
   sheet items included in financial income, net
     212       306       921       43  
                                 
Non-GAAP net income
      6,563        9,519       20,088       30,686  
                                 
Non-GAAP diluted net earnings per share
   $ 0.29     $ 0.42     $ 0.92     $ 1.34  
                                 
Weighted average number of shares used
   to compute Non-GAAP diluted net
   earnings per share
         22,796,721           22,716,083           21,733,638           22,888,064  
 
 
 
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