US sales boosted the revenue and net profit of Check Point Software Technologies Ltd. (Nasdaq: CHKP) for the second quarter of 2013, beating the analysts' consensus. Revenue rose 4% to $340.2 million for the second quarter from $328.6 million for the corresponding quarter of 2012.
GAAP-based net profit rose 1% to $151 million ($0.76 per share) for the second quarter from $150 million for the corresponding quarter, and non-GAAP net profit rose 2% to $161.8 million ($0.83 per share) from $165 million. The company beat the analysts' consensus of $0.81 revenue per share on $337.2 million revenue.
Cash flow from operations rose 30% to $204.7 million for the second quarter from $157.5 million for the corresponding quarter, boosting the cash balance to $3.57 billion at the end of June from $3.2 billion a year earlier. Deferred revenue rose 8% $580.4 million at the end of June from $536.6 million a year earlier. During the quarter, the company bought back 2.9 million shares for $142.8 million.
"We are pleased with our second quarter results, which were highlighted by excellent sequential growth in our product sales. Top performers were the North American region and our new data center appliances," said Check Point chairman and CEO Gil Shwed. "Our software blades continued to deliver double-digit growth year over year, with threat prevention and application control technologies driving share gains."
Published by Globes [online], Israel business news - www.globes-online.com - on July 18, 2013
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