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
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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