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RadView Software Reports 2005 Fourth Quarter and Year Results

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midastouch017   Thursday, 04/06/06 01:40:45 AM
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RadView Software Reports 2005 Fourth Quarter and Year Results
Wednesday April 5, 4:49 pm ET


{With the improvement & Fortissimo defenite agreement
just signed makes the current price very attractive
}

BURLINGTON, Mass.--(BUSINESS WIRE)--April 5, 2006--RadView Software Ltd. (OTCBB: RDVWF - News), a premier provider of solutions for verifying the performance, scalability and integrity of business critical Web applications, today reported financial results for the fourth quarter and year ended December 31, 2005.

Revenues for fiscal year 2005 were $5,645,000 compared to $4,663,000 in 2004. The Company's net loss for fiscal year 2005 was $2,465,000, or $0.12 per share, compared to a net loss of $3,780,000 million, or $0.19 per share, in 2004.

Revenues for the fourth quarter of 2005 were $1,251,000 compared to $1,329,000 for the same period last year. The Company's net loss for the fourth quarter of 2005 was $518,000, or $0.03 per share, compared to a net loss of $866,000, or $0.04 per share, for the same period last year.

"We are encouraged by the improvement in our annual revenues and the substantial reduction in our loss," said Ilan Kinreich, President and CEO of RadView. "We look forward to continuing our efforts toward future profitability while expanding our presence in the marketplace."

The Company separately announced the signing of definitive agreements on April 4, 2006 for a financing with Fortissimo on behalf of itself and several co-investors, with a minimum initial investment of $1,500,000 and, at the election of the investors, an additional investment of up to $2,250,000.

About RadView

RadView(TM) Software Ltd. (OTCBB: RDVWF - News) is a leading provider of solutions for verifying the performance, scalability and integrity of business-critical Web applications. Deployed at over 1,600 customers worldwide from major industries such as financial services, retail, manufacturing, education and technology, RadView's award-winning products enable customers to reduce costs while improving the quality of their Web applications throughout the development lifecycle. Corporate offices are located in Burlington, MA. For more information visit www.radview.com or call 1-888-RADVIEW.

Statements concerning RadView's business outlook or future performance; anticipated revenues, expenses or other financial items; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements" as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: our limited operating history and history of losses; need for additional financing; market acceptance of our products; ability to develop new products and enhance existing products; impact of significant competition; and other factors detailed in RadView's filings with the Securities and Exchange Commission. RadView assumes no obligation to update the information in this release. RadView, WebLOAD, WebRM, WebLOAD Analyzer and WebFT are trademarks of RadView Software Ltd. Other names may be trademarks of their respective owners.

RADVIEW SOFTWARE LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

Three Months Ended Year Ended
December 31, December 31,
----------------- ------------------
2005 2004 2005 2004
-------- -------- -------- ---------
Revenues:
Software licenses $575 $783 $3,138 $2,456
Services 676 546 2,507 2,207
-------- -------- -------- ---------
Total Revenues 1,251 1,329 5,645 4,663
-------- -------- -------- ---------
Cost of Sales:
Software licenses 26 22 147 86
Services 38 86 255 327
-------- -------- -------- ---------
Total Cost of Sales 64 108 402 413
-------- -------- -------- ---------

Gross Profit 1,187 1,221 5,243 4,250
-------- -------- -------- ---------
Operating Expenses:
Sales and marketing 607 897 3,287 3,542
Research and development 395 709 2,229 2,631
General and administrative 590 467 2,004 1,831
-------- -------- -------- ---------
Total Operating Expenses 1,592 2,073 7,520 8,004
-------- -------- -------- ---------
Operating loss (405) (852) (2,277) (3,754)

Interest income (expense), net (105) 7 (177) 19
Other expense (8) (21) (11) (45)
-------- -------- -------- ---------
Net loss $(518) $(866) $(2,465) $(3,780)
======== ======== ======== =========
Basic and diluted net loss per
share $(0.03) $(0.04) $(0.12) $(0.19)
======== ======== ======== =========
Weighted average number of shares
used in computing basic and
diluted net loss per share 20,526 20,526 20,526 19,826
======== ======== ======== =========


RADVIEW SOFTWARE LTD. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

December 31, December 31,
2005 2004
------------ ------------
ASSETS
Current Assets:
Cash, cash equivalents and restricted cash $206 $2,163
Accounts receivable, net 679 605
Prepaid expenses and other current assets 179 375
------------ ------------
Total current assets 1,064 3,143
------------ ------------
Property and Equipment, net 144 164
Other Assets 383 607
------------ ------------
Total Assets $1,591 $3,914
============ ============

LIABILITIES AND SHAREHOLDERS' DEFICIT
Current Liabilities:
Revolving line of credit $70 $-
Accounts payable 570 239
Accrued expenses 1,134 1,112
Restructuring reserve, current - 29
Deferred revenue 1,659 1,905
------------ ------------
Total current liabilities 3,433 3,285
------------ ------------
Long-term Liabilities:
Accrued severance 539 713
------------ ------------
Total Liabilities 3,972 3,998
------------ ------------
Shareholders' Deficit:
Ordinary shares 51 51
Treasury shares, at cost (100) (100)
Additional paid-in capital 56,981 56,813
Accumulated deficit (59,313) (56,848)
------------ ------------
Total Shareholders' Deficit (2,381) (84)
------------ ------------
Total Liabilities and Shareholders'
Deficit $1,591 $3,914
============ ============



Contact:
RadView Software Ltd.
Christopher Dineen, 781-238-1111
Chief Financial Officer
or
Press:
Beth Baglio, 781-238-1111
Senior Marketing Manager

--------------------------------------------------------------------------------
Source: RadView Software Ltd.

http://biz.yahoo.com/bw/060405/20060405006052.html?.v=1

Dubi


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