Check Point ahead on profit but revenue misses

The network security company posted non-GAAP earnings per share of $0.79 on revenue of $322.7 million in the first quarter.

Israeli network security giant Check Point Software Technologies Ltd. (Nasdaq: CHKP) reported its first quarter results today.

The company reported a net profit of $148 million, compared with $143.6 million in the corresponding quarter of 2012. Earnings per share were $0.73, compared with $0.68 in the corresponding quarter.

Revenue totaled $322.7 million, representing a 3% rise over the $313.1 million in the first quarter of 2012. Non-GAAP net profit was $159.3 million, or $0.79 per share, compared with $156.9 million, or $0.74 per share, in the corresponding quarter.

The consensus analysts' estimate was of earnings per share of $0.78 on revenue of $328 million.

Cash flow from operations was $331.4 million, representing a 20% increase year over year. The company had cash of $3.52 billion at the end of the quarter.

Check Point's share price has fallen 29% in the past twelve months. Its market cap is currently $9 billion.

"In the first quarter we significantly advanced attack prevention with the introduction of our leading-edge Threat Emulation Software Blade that prevents infections from undiscovered exploits, zero-day and targeted attacks. We were also recognized for our security leadership by Gartner, IDC and NSS Labs. This recognition underscores our product leadership and dedication to providing the best security to our customers," said Check Point CEO Gil Shwed.

Published by Globes [online], Israel business news - - on April 22, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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