Information security company Check Point Software Technologies Ltd. (Nasdaq: CHKP) today reported single-digit revenue and profit growth for the fourth quarter and full year of 2013, beating the analysts' consensus.
Fourth quarter revenue rose 5% to $387.1 million from $368.6 million for the corresponding quarter of 2012. GAAP-based net profit rose 13% to $194.1 million ($0.99 per share) for the fourth quarter from $174 million for the corresponding quarter, and non-GAAP net profit rose 4% to $192 million ($0.98 per share) from $185.1 million.
Full-year revenue rose 4% to $1.39 billion in 2013 from $1.34 billion in 2012. GAAP-based net profit rose 5% to $652.8 million ($3.27 per share) in 2013 from $620 million in 2012, and non-GAAP net profit rose 3% to $685.2 million ($3.43 per share) from $667.9 million. Cash flow from operations was $789.9 million
Deferred revenue rose 14% to $671.6 million at the end of 2013 from $589.7 million a year earlier. Cash balance rose 9% to $3.63 billion at the end of 2013 from $3.3 billion a year earlier.
Check Point beat the analysts' consensus of earning per share of $0.95 on $383.6 million revenue for the fourth quarter. It also beat the full-year earnings per share consensus of $3.41, and was in line with the revenue consensus.
Check Point announced that it will buy back $1 billion worth of shares, at up to $200 million per quarter, after buying back 10.1 million shares for $538 million during 2013.
In 2014, Check Point sees revenue rising 7.6% to $1.45-1.5 billion and non-GAAP net profit of $689-728 million ($3.5-3.7 per share) with the strengthening of the shekel reducing profit by $5-10 million. In the first quarter of 2014, Check Point sees revenue of $330-350 million and earnings per share of $0.79-0.86.
CEO Gil Shwed said that the company is seeking acquisitions with synergy.
Published by Globes [online], Israel business news - www.globes-online.com - on January 28, 2014
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