Check Point Software Technologies Reports Record 2012 First Quarter Financial Results
(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 24 April 2012
Release date- 23042012 - Redwood City, CA - Check Point Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet, today announced its financial results for the first quarter ended March 31, 2012.
'I am very pleased with our strong start to the 2012 calendar year. Check Point delivered record first quarter results with good growth across all of our key financial metrics. The growth was driven by our latest network security appliances and the continued strength of our annuity software blades,' said Gil Shwed, founder, chairman, and chief executive officer of Check Point Software Technologies.
Total Revenue: $313.1 million, an increase of 11 percent, compared to $281.3 million in the first quarter of 2011.
GAAP Operating Income: $172.9 million, an increase of 22 percent, compared to $141.3 million the first quarter of 2011. GAAP operating margin was 55 percent, compared to 50 percent in the first quarter of 2011.
Non-GAAP Operating Income: $186.7 million, an increase of 16 percent, compared to $160.6 million in the first quarter of 2011 . Non-GAAP operating margin was 60 percent, compared to 57 percent in the first quarter of 2011.
GAAP Net Income and Earnings per Diluted Share: GAAP net income was $143.6 million, an increase of 18 percent, compared to $122.1 million in the first quarter of 2011. GAAP earnings per diluted share were $0.68, an increase of 19 percent, compared to $0.57 in the first quarter of 2011.
Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $156.9 million, an increase of 14 percent, compared to $137.1 million in the first quarter of 2011. Non-GAAP earnings per diluted share were $0.74, an increase of 16 percent, compared to $0.64 in the first quarter of 2011.
Deferred Revenues : As of March 31, 2012, Check Point had deferred revenues of $542.2 million, an increase of 18 percent, compared to $460.4 million as of March 31, 2011 .
Cash Flow: Cash f low from operations was $275.3 million, an increase of 30 percent, compared to $ 211.6 million in the first quarter of 2011.
Share Repurchase Program : During the first quarter of 2012, Check Point repurchased 1.29 million shares at a total cost of $75 million.
Cash Balances, Marketable Securities and Short Term Deposits: $3,121.2 million as of March 31, 2012, an increase of $549 million, compared to $2,572.2 million as of March 31, 2011.
For information regardi ng the Non-GAAP financial measures discussed in this release, please see 'Use of Non-GAAP Financial Information' and 'Reconciliation of GAAP to Non-GAAP Financial Information.'
Check Point ThreatCloud
On April 17, Check Point introduced ThreatCloud, the first collaborative network to fight cybercrime. As enterprises fight threats separately, many threats are left undetected without a current way of sharing threat information across entities. To stay ahead of modern threats, businesses must collaborate - sharing threat data between organizations - to make security stronger and more effective.
ThreatCloud automatically gathers threat data from enterprises that choose to contribute and from an innovative worldwide network of threat sensors. It then analyzes the data and distributes threat intelligence to security gateways around the globe . ThreatCloud leverages Check Point's large installed base of security gateways, Check Point research and industry malware feeds enabling customers to quickly adapt their security response to new threats and protect their networks against threats that otherwise would go undetected.
ThreatCloud is available with Check Point's latest software blade release, R75.40 , which also includes:
New Anti-Bot and enhanced Antivirus Software Blades that are powered by ThreatCloud, allowing them to get real-time updates and enforce pre-emptive protection against advanced threats and other forms of sophisticated malware.
Check Point GAiA unified operating system supporting all security gateways and software blades.
Over 100 additional security features, R75.40 brings customers advanced threat prevention, security consolidation and simplified management for better visibility and control.
Check Point also continues to receive industry awards for innovative product development and leadership worldwide, including:
Leader in the Gartner Magic Quadrant for Unified Threat Management
Computing Security 'Encryption Product of the Year' Award - Check Point Full Disk Encryption
SC Magazine Readers Choice Award - Best Intrusion Prevention (IPS) Solution
Frost & Sullivan Malaysia Excellence Award - Network Security Vendor of the Year
In addition, Check Point President, Amnon Bar-Lev, was named a 2012 Channel Chief by CRN Magazine for the fifth consecutive year, based on his program innovations, growth and experience in the channel.
Shwed concluded, 'Check Point's continued network security leadership is a result of our focus on providing customers with the best security available in the marketplace. ThreatCloud creates the first collaborative network to fight cybercrime, empowering our customers with threat intelligence and real-time protections.'
Second Quarter 2012 Investor Conference Participation Schedule:
Bank of America Merrill Lynch 2012 Technology Conference
May 8, 2012 - San Francisco, CA
Jeffries Global TMT Conference
May 9,2012 - New York, NY
J.P. Morgan 40th Annual Technology, Media and Telecom Conference
May 16, 2012 - Boston, MA
Cowen & Company 40th Annual Technology Media & Telecom Conference
May 30, 2012 - New York, NY
Members of Check Point's management team will present at these conferences and discuss the latest company strategies and initiatives. Check Point's conference presentations are expected to be available via webcast on the company's web site. To view these presentations and access the most updated information please visit the company's web site at www.checkpoint.com/ir. The schedule is subject to change.
Conference Call and Webcast Information
Check Point will host a conference call with the investment community on April 23, 2012 at 8:30 AM ET/5:30 AM PT. To listen to the live webcast, please visit the website at: www.checkpoint.com/ir. A replay of the conference call will be available through May 1, 2012 on the company's website or by telephone at +1.201.612.7415, replay ID number 392351, account # 215.
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com), the worldwide leader in securing the Internet, provides customers with uncompromised protection against all types of threats, reduces security complexity and lowers total cost of ownership. Check Point first pioneered the industry with FireWall-1 and its patented stateful inspection technology. Today, Check Point continues to develop new innovations based on the Software Blade Architecture, providing customers with flexible and simple solutions that can be fully customized to meet the exact security needs of any organization. Check Point is the only vendor to go beyond technology and define security as a business process. Check Point 3D Security uniquely combines policy, people and enforcement for greater protection of information assets and helps organizations implement a blueprint for security that aligns with business needs. Customers include tens of thousands of organizations of all sizes, including all Fortune and Global 100 companies. Check Point's award-winning ZoneAlarm solutions protect millions of consumers from hackers, spyware and identity theft.
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Check Point uses non-GAAP measures of net income, operating income, operating margin and earnings per share, which are adjustments from results based on GAAP to exclude non-cash stock-based compensation charges, amortization of intangible assets, net gain on marketable securities previously impaired, and the related tax effects. Check Point's management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of Check Point's ongoing core operations and prospects for the future. Historically, Check Point has also publicly presented these supplemental non-GAAP financial measures in order to assist the investment community to see the Company 'through the eyes of management,' and thereby enhance understanding of its operating performance. 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 statements 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.
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