Check Point Software Technology Reports Q4 EPS $0.84 vs $0.82 Est; Revenues $356.8M vs $355.63M Est

Check Point® Software Technologies Ltd.

today announced record financial results for the fourth quarter and full year ending December 31, 2011. "The fourth quarter provided a great finish to an excellent year with revenues and earnings reaching all-time highs, and exceeding our initial projections for the year. We experienced exceptional performance across all key business metrics: products, annuity software blades and services. We continued to expand and elevate the security of our customers with the introduction of new and innovative software blades throughout the year. In the fourth quarter, we delivered a newly upgraded appliance product line that included our latest super-high-end 61000 systems. We are very pleased with the acceptance and enthusiasm surrounding our new products and technologies in the marketplace," said Gil Shwed, founder, chairman and chief executive officer at Check Point Software Technologies. Financial Highlights for the Fourth Quarter of 2011 Total Revenues: $356.8 million, an increase of 12 percent, compared to $318.5 million in the fourth quarter of 2010. GAAP Operating Income: $192.6 million, an increase of 19 percent, compared to $162.0 million in the fourth quarter of 2010. GAAP operating margin was 54 percent, compared to 51 percent in the fourth quarter of 2010. Non-GAAP Operating Income: $213.7 million, an increase of 16 percent, compared to $183.6 million in the fourth quarter of 2010. Non-GAAP operating margin was 60 percent, compared to 58 percent in the fourth quarter of 2010. GAAP Net Income and Earnings per Diluted Share: GAAP net income was $159.8 million, an increase of 16 percent, compared to $137.4 million in the fourth quarter of 2010. GAAP earnings per diluted share were $0.75 an increase of 17 percent, compared to $0.64 in the fourth quarter of 2010. Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $178.1 million, an increase of 14 percent, compared to $156.2 million in the fourth quarter of 2010. Non-GAAP earnings per diluted share were $0.84 an increase of 15 percent, compared to $0.73 in the fourth quarter of 2010. Deferred Revenues: As of December 31, 2011, Check Point had deferred revenues of $552.2 million, an increase of 19 percent, compared to $464.6 million as of December 31, 2010. Cash Flow: Cash flow from operations was $173.2 million, compared to $162.8 million in the fourth quarter of 2010. Share Repurchase Program: During the fourth quarter of 2011, the company repurchased 1.32 million shares at a total cost of $75 million. Cash Balances and Marketable Securities: $2,879.4 million as of December 31, 2011, an increase of $464.5 million, compared to $2,414.9 million as of December 31, 2010.