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News

Total security strategy drives high revenues for Check Point

Check Point : 30 October, 2008  (Company News)
Deliveries of Checkpoint Endpoint Security and Network Access Control products make high contribution to quarter earnings
Check Point Software Technologies has announced revenue of $199.7 million for the quarter ended September 30, 2008. GAAP net income and diluted earnings per share for the quarter were $80.1 million and $0.37, respectively. Non GAAP net income and diluted earnings per share for the quarter were $94.2 million and $0.44, respectively.

The regional revenue numbers for the Third Quarter of 2008 are:

42% Americas
13% APAC region and Japan
45% Europe and Middle East


"We are very pleased with our performance during the quarter and believe it can be attributed to the continued implementation of our total security strategy." said Gil Shwed, chairman and chief executive officer at Check Point. "During the quarter we added many new customer accounts across all industries despite the challenging economic environment. As a result of our successful execution we achieved financial results at the upper range of our guidance for both revenues and earnings per share."

Financial Highlights for the Third Quarter of 2008:

* Total Revenues: $199.7 million compared to $184.0 million in the third quarter of 2007.
* GAAP Net Income: $80.1 million or $0.37 per diluted share as compared to $76.7 million or $0.34 per diluted share in the third quarter of 2007.
* Non GAAP Net Income: $94.2 million or $0.44 per diluted share compared to $91.9 million or $0.41 per diluted share in the third quarter of 2007.
* Operating Income: GAAP operating income was $90.4 million, compared to GAAP operating income of $77.7 million in the third quarter of 2007. Non-GAAP operating income was $106.2 million, or 53% of revenues, compared to non-GAAP operating income of $96.3 million, or 52% of revenues, in the third quarter of 2007.
* Deferred Revenues: As of September 30, 2008, we had deferred revenues of $272.9 million, an increase of $45.7 million or 20% compared to deferred revenues as of September 30, 2007.
* Operating Cash Flow: $115.1 million in cash flow from operations compared to $88.8 million in the third quarter of 2007. During the third quarter we received $22.5 million refund from the Israeli tax authorities.
* Cash: As of September 30, 2008, we had $1.4 billion in cash and cash equivalents, deposits and marketable securities.
* Share Repurchase Program: During the third quarter of 2008, Check Point repurchased approximately 2.0 million shares at an approximate cost of $49.8 million.

Business Highlights for the Third Quarter of 2008:

Our total security strategy was extended this quarter with the general availability of Check Point Endpoint Security, the first single agent for PCs to combine the highest-rated firewall, network access control (NAC), program control, remote access, antivirus, anti-spyware, full disk encryption and media encryption with port protection. By creating a single endpoint security agent with a single client interface we dramatically simplified endpoint deployment and management for our customers. Our endpoint solution was also recognized as a leader in Gartner's Magic Quadrant for Mobile Data Protection during the quarter.

We continued to offer open choice for deployment of our network security solutions and introduced VPN-1 Virtual Edition (VE), making Check Point the first security vendor to provide unified security management for both physical networks and virtual applications. Check Point's VPN-1 VE restores the separation and security of applications on virtualized servers.
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