Check Point Software Technologies Ltd. (Nasdaq: CHKP) today reported single-digit revenue and profit growth for the first quarter of 2014.
First quarter revenue rose 6% to $342 million from $323 million for the corresponding quarter of 2013. GAAP-based net profit rose to $153 million ($0.78 per share) for the first quarter from $148 million for the corresponding quarter, and non-GAAP net profit rose to $164 million ($0.84 per share) from $159 million. The company met the analysts' earnings per share consensus and edged the revenue consensus of $341.9 million.
Deferred revenue rose to $660 million at the end of March from $586 million a year earlier. Cash flow from operations rose to $172 million for the first quarter from $331 million for the corresponding quarter. Excluding tax payments from previous years, the cash flow was $284 million. The company had $3.66 billion in cash and cash equivalents at the end of March, after buying back $183 million worth of shares during the quarter.
"Combined product and software blade subscription revenue grew by 10%, driven by data center appliances and strong software blades sales. Our small appliances delivered another quarter of strong performance as customers continue to embrace these best-of-breed products. In addition, we launched the security architecture for the future - Software-Defined Protection (SDP) delivering security today to address future threats," said Check Point chairman and CEO Gil Shwed.
Published by Globes [online], Israel business news - www.globes-online.com - on April 29, 2014
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