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| 7/19/2012 1:10:17 PM |
CHECK POINT SOFTWARE TECHNOLOGIES REPORTS 2012 SECOND QUARTER FINANCIAL RESULTS
REDWOOD CITY, CA – July 18, 2012 Check Point® Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet, today announced its financial results for the second quarter ended June 30, 2012.
- Total Revenue: $328.6 million, representing a 9 per cent increase year over year
- Non-GAAP Operating Income: $193.6 million, representing 59 per cent of revenues
- Non-GAAP EPS: $0.77, representing a 13 per cent increase year over year
- Share Repurchase Program: Expanded on-going program up to 1 billion dollars
“I’m pleased with the continued growth of our revenues and earnings in the second quarter. We’ve seen great acceptance of our new security appliances as a platform of choice for security consolidation. During the quarter, enterprise appliance units grew by over 20 per cent and continued to drive market share gains,” said Gil Shwed, founder, chairman, and chief executive officer of Check Point Software Technologies. “These results underscore the strength of Check Point’s market position especially in light of the current macro-economic environment.”
The company announced in a separate release that the board of directors authorized the expansion of the on-going share repurchase program up to one billion dollars. Under the expanded plan, Check Point is authorized to repurchase up to one billion dollars of its outstanding shares during the next two years.
Financial Highlights:
Total Revenue: $328.6 million, an increase of 9 per cent, compared to $300.6 million in the second quarter of 2011.
GAAP Operating Income: $180.5 million, an increase of 20 per cent, compared to $150.1 million in the second quarter of 2011. GAAP operating margin was 55 per cent, compared to 50 percent in the second quarter of 2011.
Non-GAAP Operating Income: $193.6 million, an increase of 13 per cent, compared to $171.0 million in the second quarter of 2011. Non-GAAP operating margin was 59 per cent, compared to 57 per cent in the second quarter of 2011.
GAAP Net Income and Earnings per Diluted Share: GAAP net income was $150.0 million, an increase of 17 per cent, compared to $128.0 million in the second quarter of 2011. GAAP earnings per diluted share were $0.71, an increase of 18 per cent, compared to $0.60 in the second quarter of 2011.
Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $161.8 million, an increase of 11 per cent, compared to $145.5 million in the second quarter of 2011. Non-GAAP earnings per diluted share were $0.77, an increase of 13 per cent, compared to $0.68, in the second quarter of 2011.
Deferred Revenues: As of June 30, 2012, we had deferred revenues of $536.6 million, an increase of 17 per cent, compared to $457.0 million as of June 30, 2011.
Cash Flow: Cash flow from operations was $157.5 million, compared to $175.5 million in the second quarter of 2011.
Share Repurchase Program: During the second quarter of 2012, we repurchased 1.4 million shares at a total cost of $75 million.
Cash Balances, Marketable Securities and Short Term Deposits: $3,201.8 million as of June 30, 2012, an increase of $512.0 million, compared to $2,689.8 million as of June 30, 2011.
For information regarding 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.”
Business Highlights
During the second quarter and up to today, the company has launched several new products and technologies, including:
DDoS Protector™ Appliances – Check Point expanded into a new and critical security market segment. These new solutions combat a wide range of Distributed Denial of Service (DDoS) attacks and are integrated with Check Point Security Management environment.
Security Acceleration Module – The Security Acceleration Module with advanced SecurityCore™ technology enables customers in high-performance and low latency environments, such as financial trading and investment companies, to significantly boost network performance by accelerating key security operations. Customers are able to achieve 110 Gbps of firewall throughput and sub-five micro second (5 µs) latency - enabling the industry's highest-performing two rack-unit firewall.
Check Point ThreatCloud™ – The first collaborative network of its type to fight cybercrime. A network that automatically detects and shares new attack information in real time by collecting and correlating attack information from Check Point customer’s gateways and a dedicated attack sensor network.
Anti-Bot Software Blade – Check Point shipped a new software blade that can be activated on every Check Point enterprise gateway, delivering the industry’s most sophisticated and integrated solution to fight software bots and protect against advanced threats and sophisticated malware.
New Software Version R75.40 & New Secure OS (GAiA) – This includes more than 100 new features, including the Anti-Bot Software Blade, an updated Anti-Virus Software Blade powered by Check Point ThreatCloud. R75.40 also includes the company’s new integrated secure operating system (GAiA) that simplifies the operations and unifies the capabilities of all the company’s new and previous appliance and software lines.
ZoneAlarm Free Antivirus + Firewall – This new product is the most complete free Internet security solution for consumers. It combines the world’s No.1 firewall with award-winning antivirus into one easy-to-use product that protects consumers against online attacks.
Check Point Virtual Systems – New solution for private cloud environments and data centers that enables the consolidation of up to 250 security gateways on a single hardware platform.
Industry Accolades
Computerworld Hong Kong Awards 2012 – Check Point was recognized for ten years of IT excellence and received four prestigious awards for its Firewall / VPN Software Blade, Identity Awareness Software Blade, IPS Software Blade, and 4600 Appliance.
2012 Frost & Sullivan Asia Pacific ICT Award – Named “Network Security Vendor of the Year,” this is the third time Check Point has received this prestigious distinction.
IPv6 Industry Certification – R75.40 and unified operating system (OS), Check Point GAiA™, tested at the UNH Interoperability Laboratory and achieved industry certification from the IPv6 Forum.
Shwed concluded, “We continued to expand our network security arsenal with the addition of Check Point’s ThreatCloud™, Ant
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