Radware Ltd. (Nasdaq: RDWR; TASE: RDWR) today published its financial report for the fourth quarter and full year of 2008. The networking solutions developer reported a net loss that was half that expected by analysts, though revenue was lower than expected.
Radware posted $24.9 million for the fourth quarter of 2008, 2% more than for the $24.4 million revenue for the corresponding quarter of 2007. The analysts' consensus was $25.4 million revenue.
GAAP-based net loss was $7.1 million ($0.38 per share), nearly four times the net loss of $1.8 million for the corresponding quarter. Non-GAAP net loss was $400,000 ($0.02 per share) for the fourth quarter, quadruple the net loss of $100,000 for the corresponding quarter. The analysts' consensus was a non-GAAP loss per share of $0.04
For the year as a whole, Radware posted $94.6 million revenue, 7% more than the $88.6 million revenue in 2007. GAAP-based net loss was $31 million ($1.60 per share), compared with a net loss of $12 million in 2007. Non-GAAP-based net loss was $16 million ($0.82 per share), compared with a net loss of $4.9 million in 2007.
Radware had $133.9 million in cash and cash equivalents at the end of 2008.
Radware CEO Roy Zisapel said that the strength of the company's products combined with improved operational efficiency would "steer the company toward profitability."
In December, Radware fired 15 employees in Israel, after earlier laying off 25 employees, mostly in the US.
Radware's share fell 3% yesterday on Nasdaq to $5.60, and fell 3.8% on the TASE to NIS 23.29.
Published by Globes [online], Israel business news - www.globes-online.com - on February 10, 2009
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