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<SEC-DOCUMENT>0001094366-08-000006.txt : 20080428
<SEC-HEADER>0001094366-08-000006.hdr.sgml : 20080428
<ACCEPTANCE-DATETIME>20080428072147
ACCESSION NUMBER:		0001094366-08-000006
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080428
DATE AS OF CHANGE:		20080428

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:		08779227

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6kearningapril28.htm
<TEXT>
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<TITLE>Radware Ltd Announces Q2 07 Results</TITLE>
<META NAME="author" CONTENT="Radware">
<META NAME="date" CONTENT="04/28/2008">
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM 6-K</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Washington D.C. 20549</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Report of Foreign Private Issuer</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Pursuant to Rule 13a-16 or 15d-16 Under</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>The Securities Exchange Act of 1934</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">For the month of April, 2008</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Commission File Number: 0-30324</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Radware Ltd.</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Translation of Registrant&#146;s Name into English)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=center><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>22 Raoul Wallenberg Street, Tel Aviv 69710, Israel</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Address of Principal Executive Offices)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F: &nbsp;&nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Form 20-F &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>X</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F___</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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: &nbsp;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Yes _______ No &nbsp;&nbsp;<U>X</U></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CONTENTS</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">This report on Form 6-K of Radware Ltd. consists of the following documents, which are attached hereto and incorporated by reference herein:</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1. Press Release: <B>Radware Ltd. Announces Q108 Results, </B>dated April 28, 2008.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SIGNATURES</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">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.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:226.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">RADWARE LTD.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Date: April 28, 2008</P>
<P style="margin:0pt; text-indent:226.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">By: /S/ Meir Moshe</P>
<P style="margin:0pt; text-indent:226.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meir Moshe</P>
<P style="margin:0pt; text-indent:226.8pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer</P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; text-indent:252pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
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<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>EXHIBIT INDEX</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Exhibit Number</P>
<P style="margin:0pt; text-indent:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Description of Exhibit</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:144pt; text-indent:-144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">1.1</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:144pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Press Release<B>: Radware Ltd. Announces Q108 Results, </B>dated April 28, 2008.</P>
<P style="margin:0pt; padding-left:144pt; text-indent:396pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
<P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=right>For Immediate Release</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>RADWARE LTD. ANNOUNCES Q108 RESULTS</B></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt"><BR></P>
<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:12pt" align=justify><B>* Quarterly revenues of $22.2 million</B></P>
<P style="margin:0pt; line-height:20pt; font-family:Times New Roman; font-size:12pt" align=justify><B>** GAAP loss per share $0.42, Non-GAAP loss per share $0.32</B></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><B>TEL AVIV, ISRAEL.; April 28, 2008</B> &#151; Radware (NASDAQ: RDWR), the leading provider of integrated application delivery solutions for business-smart networking, today reported quarterly revenues of $22.2 million for the first quarter of 2008. This represents an increase of 12% compared with revenues of $19.7 million for the first quarter of 2007. Revenues for the fourth quarter of 2007 were $24.4 million. </P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Revenues of $22.2M were just below the company&#146;s guidance for the quarter, which ranged between $23M and $24.5M. While the shipments for the quarter were within company&#146;s expectations, certain decisions made by the company with respect to revenue recognition after the end of the quarter caused our recorded revenues to fall slightly below expectations.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Net loss on a GAAP basis for the first quarter of 2008 was $8.3 million or $0.42 per diluted share, compared to a net loss of $3.6 million or $0.18 per diluted share in the first quarter of 2007 and to a net loss of $1.8 million or $0.09 per diluted share in the fourth quarter of 2007.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">For comparative purposes, net loss for the first quarter of 2008, excluding the effects of stock-based compensation expense and amortization of intangible assets and acquisition related expenses, was $6.3 million or $0.32 per diluted share, compared with a net loss of $1.2 million or $0.06 per diluted share in the first quarter of 2007 and to a net loss of $0.1 million or break-even diluted earnings per share in the fourth quarter of 2007.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">During the first quarter, the devaluation of the US dollar against the Israeli Shekel, the Euro, the Australian dollar and Asian currencies resulted in an increase in operating expenses of $1 million. In addition, certain one time expenses were realized in the first quarter.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">At the end of the first quarter the company&#146;s overall cash position, including cash, short-term and long-term bank deposits and marketable securities increased by $0.8 million, compared to the end of the fourth quarter of 2007, increasing to an amount of $155.7 million. &nbsp;</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">&#147;During the past few months, we have been focused on developing and implementing strategic and tactical plans to ensure that our business remains healthy and productive,&#148; said Roy Zisapel, President &amp; CEO of Radware. &#147;We believe that by implementing such plans coupled with our new product introductions of OnDemand Switches and SIP Director we will be able to accelerate growth and return to profitability.&#148;</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Management&#146;s expectation is to reach an annual growth rate in the mid to high teens and return to operating profitability by the fourth quarter of 2008.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><B>During the quarter ended March 31, 2008, Radware released the following significant announcements:</B></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Franklin Gothic Book">-</P>
<P style="margin:0pt; padding-left:36pt; font-family:Franklin Gothic Book"><FONT FACE="Times New Roman">Radware Leads the Next Wave of Evolution in the Application Delivery Market</FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Franklin Gothic Book">-</P>
<P style="margin:0pt; padding-left:36pt; font-family:Franklin Gothic Book"><FONT FACE="Times New Roman">Radware Drives Application Delivery Innovation with First OnDemand Switch Providing Customer-focused Capabilities</FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Franklin Gothic Book">-</P>
<P style="margin:0pt; padding-left:36pt; font-family:Franklin Gothic Book"><FONT FACE="Times New Roman">Radware First-to-Market with SIP Director a Fully SIP-aware Intelligent Application Delivery Controller</FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Franklin Gothic Book">-</P>
<P style="margin:0pt; padding-left:36pt; font-family:Franklin Gothic Book"><FONT FACE="Times New Roman">Radware Receives INTERNET TELEPHONY&#174; Magazine&#146;s Product of the Year Award</FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Franklin Gothic Book">-</P>
<P style="margin:0pt; padding-left:36pt; font-family:Franklin Gothic Book"><FONT FACE="Times New Roman">Radware Delivers First-to-Market IMS Service Delivery Solution</FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Franklin Gothic Book">-</P>
<P style="margin:0pt; padding-left:36pt; font-family:Franklin Gothic Book"><FONT FACE="Times New Roman">Radware and IPtego Partner to Deliver Enhanced SIP-Based VoIP Service Delivery</FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Franklin Gothic Book">-</P>
<P style="margin:0pt; padding-left:36pt; font-family:Franklin Gothic Book"><FONT FACE="Times New Roman">Radware Wins Info Security Products Guide 2008 Global Product Excellence Award</FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Franklin Gothic Book">-</P>
<P style="margin:0pt; padding-left:36pt; font-family:Franklin Gothic Book"><FONT FACE="Times New Roman">Radware and Splunk to Cooperate on Business Smart Networks</FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Franklin Gothic Book">-</P>
<P style="margin:0pt; padding-left:36pt; font-family:Franklin Gothic Book"><FONT FACE="Times New Roman">Radware is Named a Finalist for by the 2008 SC Magazine Awards Europe </FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Franklin Gothic Book">-</P>
<P style="margin:0pt; padding-left:36pt; font-family:Franklin Gothic Book"><FONT FACE="Times New Roman">Radware Joins the University of New Hampshire&#146;s InterOperability Laboratory VoIP Technology Consortium </FONT></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-18pt; font-family:Franklin Gothic Book">-</P>
<P style="margin:0pt; padding-left:36pt; font-family:Franklin Gothic Book"><FONT FACE="Times New Roman">Radware Becomes a Global BEA Select Partner; Expanding Support Across Both IT and Telecommunications Networks</FONT></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Company management will host a quarterly investor conference call at 8:45 AM EDT on April 28, 2008. The call will focus on financial results for the quarter ended March 31, 2008, and certain other matters related to the Company&#146;s business.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">The conference call will be webcast on April 28, 2008 at 8:45 AM EST in the &#147;listen only&#148; mode via the Internet at: <FONT COLOR=#00007F>http://www.radware.com/Company/InvestorRelations/default.aspx </FONT>and would be available for replay during the next 30 days.</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Please use the following dial-in numbers to participate in the first quarter 2008 call:<BR>
</P>
<P style="margin:0pt; font-family:Times New Roman"><B>Participants in the US call</B>: Toll Free 1-800-230-1085</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; line-height:17pt; font-family:Times New Roman"><B>Participants outside of the US call</B>: +1-612-288-0337</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><B>About Radware</B></P>
<P style="margin:0pt; font-family:Times New Roman">Radware (NASDAQ:RDWR), the global leader in integrated application delivery solutions, assures the full availability, maximum performance, and complete security of business-critical applications for more than 5,000 enterprises and carriers worldwide. With APSolute&#8482;, Radware&#8217;s comprehensive and award-winning suite of intelligent front end, access, and security products, companies in every industry can drive business productivity, improve profitability, and reduce IT operating and infrastructure costs by making their networks &#147;business smart&#148;. For more information, please visit www.radware.com. &nbsp;</P>
<P style="margin:0pt; text-indent:36pt; line-height:22pt; font-family:Times New Roman" align=center>###</P>
<P style="margin:0pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">This press release may contain forward-looking statements that are subject to risks and uncertainties. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, general business conditions in the Application Switching and Network Security industry, changes in demand for Application Switching and Network Security products, the timing and amount or cancellation of orders and other risks detailed from time to time in Radware's filings with the Securities and Exchange Commission, including Radware's Form 20-F.</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=103.2>&nbsp;</TD><TD valign=top width=432 colspan=5><P style="margin:0pt; font-family:Times New Roman" align=center><B>Condensed Consolidated Balance Sheets</B></P>
</TD></TR>
<TR><TD valign=top width=103.2>&nbsp;</TD><TD valign=top width=432 colspan=5><P style="margin:0pt; font-family:Times New Roman" align=center><B>(U.S. Dollars in Thousands)</B></P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=center><B>December 31,</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>&nbsp;2007</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=center><B>March 31,</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>&nbsp;2008</B></P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=center>(Audited)</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=center>(Unaudited)</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B>Current assets</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Cash and cash equivalents </P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>61,376</P>
</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>72,160</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Short-term marketable securities</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>80,498</P>
</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>40,256</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Trade receivables, net</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>17,192</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>11,967</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; padding-left:9pt; text-indent:-9pt; font-family:Times New Roman">Other receivables and prepaid expenses</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>3,195</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>4,390</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Inventories</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>5,428</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>5,956</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>167,689</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>134,729</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; line-height:13pt; font-family:Humanst521 Lt BT; font-size:11pt"><B><U>Long-term investments</U></B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Long-term bank deposit</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>10,236</P>
</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>10,069</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Long-term marketable securities</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>2,735</P>
</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>33,191</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Severance pay funds</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>3,940</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>4,464</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>16,911</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>47,724</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Property and equipment, net</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>12,217</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>12,763</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B>Other assets</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; padding-left:9pt; text-indent:-9pt; font-family:Times New Roman">Intangible assets, net, long-term deferred taxes and other long-term assets</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>5,776</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>5,640</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Goodwill</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>13,474</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>13,474</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>19,250</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>19,114</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Total assets</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>216,067</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>214,330</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B>Current liabilities</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Trade payables</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>7,537</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>6,120</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; padding-left:9pt; text-indent:-9pt; font-family:Times New Roman">Deferred revenues, other payables and accrued expenses</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>26,438</P>
</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>30,801</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>33,975</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-top:0.5pt solid #000000; border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>36,921</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Accrued severance pay</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>5,379</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>6,008</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Total liabilities</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>39,354</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>42,929</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman"><B>Shareholders&#146; equity</B></P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Share capital</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>482</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>488</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Additional paid-in capital</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>176,004</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>179,654</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; padding-left:9pt; text-indent:-9pt; font-family:Times New Roman">Accumulated other comprehensive &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;income (loss)</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>150</P>
</TD><TD valign=bottom width=24>&nbsp;</TD><TD valign=bottom width=120><P style="margin:0pt; font-family:Times New Roman" align=right>(488)</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; padding-left:9pt; text-indent:-9pt; font-family:Times New Roman">Treasury stock, at cost</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>(11,049)</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>(11,049)</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; padding-left:9pt; text-indent:-9pt; font-family:Times New Roman">Retained earnings </P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>11,126</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>2,796</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; font-family:Times New Roman">Total shareholders&#146; equity</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>176,713</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>171,401</P>
</TD></TR>
<TR><TD valign=top width=255.467 colspan=2>&nbsp;</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120>&nbsp;</TD><TD valign=top width=24><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;&nbsp;</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=120>&nbsp;</TD></TR>
<TR><TD valign=top width=255.467 colspan=2><P style="margin:0pt; padding-left:9pt; text-indent:-9pt; font-family:Times New Roman">Total liabilities and shareholders' equity</P>
</TD><TD valign=top width=15.733>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>216,067</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=120><P style="margin:0pt; font-family:Times New Roman" align=right>214,330</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=493.4 colspan=4><P style="margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=center><B>Condensed Consolidated Statements of Operations</B></P>
</TD></TR>
<TR><TD valign=top width=493.4 colspan=4><P style="margin:0pt; font-family:Times New Roman" align=center><B>(U.S. Dollars in thousands, except share and per share data)</B></P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2>&nbsp;</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B><U>For the Three months ended March 31, 2007</U></B></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B><U>For the Three months ended March 31, 2008</U></B></P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2>&nbsp;</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=center>(Unaudited)</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=center>(Unaudited)</P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2>&nbsp;</TD><TD valign=top width=113.4>&nbsp;</TD><TD valign=top width=103.933>&nbsp;</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Revenues</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,719 </P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22,165 </P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Cost of revenues</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5,087 </U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,596 </U></P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Gross profit</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14,632 </U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,569 </U></P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Operating expenses:</P>
</TD><TD valign=top width=113.4>&nbsp;</TD><TD valign=top width=103.933>&nbsp;</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Research and development, net</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right>5,207</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>7,298</P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Sales and marketing</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13,026 </P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,260 </P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">General and administrative</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,756 </U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,417 </U></P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Total operating expenses</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19,989 </U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,975 </U></P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Operating loss</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right>(5,357)</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>(9,406)</P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Financial income, net</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,763</U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,303</U></P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Income (loss) before income taxes </P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right>(3,594)</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>(8,103)</P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Income taxes </P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 &nbsp;</U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(227) &nbsp;</U></P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Net income (loss)</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,571) &nbsp;</U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,330) &nbsp;</U></P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman"><BR></P>
</TD><TD valign=top width=113.4>&nbsp;</TD><TD valign=top width=103.933>&nbsp;</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Basic net earnings (loss) per share</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right><B><U>&nbsp;$ (0.18) </U></B></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><B><U>&nbsp;$ (0.42) </U></B></P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; padding-left:7.1pt; text-indent:-7.1pt; font-family:Times New Roman">Weighted average number of shares used to compute basic net earnings (loss) per share</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>19,424,479</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>19,701,258</P>
</TD></TR>
<TR><TD valign=top width=144.2><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
</TD><TD valign=top width=131.867>&nbsp;</TD><TD valign=top width=113.4>&nbsp;</TD><TD valign=top width=103.933>&nbsp;</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; font-family:Times New Roman">Diluted net earnings (loss) per share</P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right><B><U>&nbsp;$ (0.18) </U></B></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><B><U>&nbsp;$ (0.42) </U></B></P>
</TD></TR>
<TR><TD valign=top width=276.067 colspan=2><P style="margin:0pt; padding-left:7.1pt; text-indent:-7.1pt; font-family:Times New Roman">Weighted average number of shares used to compute diluted net earnings (loss) per share</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
</TD><TD valign=top width=113.4><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>19,424,479</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>19,701,258</P>
</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<TABLE cellspacing=0><TR><TD valign=top width=493.4 colspan=3><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B>Reconciliation of Supplemental Financial Information</B></P>
</TD></TR>
<TR><TD valign=top width=493.4 colspan=3><P style="margin:0pt; font-family:Times New Roman" align=center><B>(U.S. Dollars in thousands, except share and per share data)</B></P>
</TD></TR>
<TR><TD valign=top width=285.533>&nbsp;</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B><U>For the Three months ended March 31, 2007</U></B></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=center><B><U>For the Three months ended March 31, 2008</U></B></P>
</TD></TR>
<TR><TD valign=top width=285.533>&nbsp;</TD><TD valign=top width=103.933>&nbsp;</TD><TD valign=top width=103.933>&nbsp;</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">GAAP Net income (loss)</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3,571) </U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8,330) </U></P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; padding-left:9pt; text-indent:-9pt; font-family:Times New Roman">Stock-based compensation expenses, included in: </P>
</TD><TD valign=top width=103.933>&nbsp;</TD><TD valign=top width=103.933>&nbsp;</TD></TR>
<TR><A NAME="OLE_LINK1"></A><A NAME="OLE_LINK2"></A><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">Cost of revenues</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>18</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>29</P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">Research and development, net</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>217</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>409</P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">Sales and marketing</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>318</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>638</P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">General and administrative</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>381</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>668</P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">Income taxes</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</U></P>
</TD></TR>
<TR><TD valign=top width=285.533>&nbsp;</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934</U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,744</U></P>
</TD></TR>
<TR><A NAME="OLE_LINK3"></A><A NAME="OLE_LINK4"></A><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">Amortization of intangible assets and acquisition related expenses, included in:</P>
</TD><TD valign=top width=103.933>&nbsp;</TD><TD valign=top width=103.933>&nbsp;</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">Cost of revenues</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>74</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>188</P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">Research and development, net</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>79</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">Sales and marketing</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>39</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>39</P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">General and administrative</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right>-</P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">Income taxes</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24</U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41</U></P>
</TD></TR>
<TR><TD valign=top width=285.533>&nbsp;</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216</U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268</U></P>
</TD></TR>
<TR><TD valign=top width=285.533>&nbsp;</TD><TD valign=top width=103.933>&nbsp;</TD><TD valign=top width=103.933>&nbsp;</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman">One-time inventory write-off</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,200 &nbsp;</U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;</U></P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Non-GAAP Net income (loss)</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,221)</U></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6,318)</U></P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman">Non-GAAP Diluted net earnings (loss) per share</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right><B><U>&nbsp;$ (0.06) </U></B></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right><B><U>&nbsp;$ (0.32) </U></B></P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; padding-left:7.1pt; text-indent:-7.1pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; padding-left:7.1pt; text-indent:-7.1pt; font-family:Times New Roman">Weighted average number of shares used to compute Non-GAAP Diluted net earnings (loss) per share</P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>19,424,479</P>
</TD><TD valign=top width=103.933><P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=right>19,701,258</P>
</TD></TR>
<TR><TD valign=top width=285.533><P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
</TD><TD valign=top width=103.933>&nbsp;</TD><TD valign=top width=103.933>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman"><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:11pt" align=right><BR></P>
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