Check Point Software Technologies Ltd. (Nasdaq: CHKP) has again broken records. Revenue rose 15% to $300.6 million for the second quarter of 2011 from $261.1 million for the corresponding quarter of 2010. The company beat the analysts' revenue consensus of $296 million.
Non-GAAP operating profit rose 18% to $171 million for the second quarter from $144.7 million, from the corresponding quarter, and the operating margin widened to 57% from 55%.
GAAP-based net profit rose 24% to $128 million ($0.60 per share) for the second quarter from $102.9 million for the corresponding quarter. Non-GAAP net profit rose 19% to $145.5 million ($0.68 per share) from $122.4 million. The company beat the analysts' earnings per share consensus of $0.66.
Cash flow from operations rose 18% to $175.5 million for the second quarter from $148.9 million for the corresponding quarter. The company had $2.69 billion in cash and cash equivalents at the end of June, $549 million more than a year earlier.
Check Point bought back 1.38 million shares during the second quarter for of $75 million.
Check Point chairman and CEO Gil Shwed said, "The first half of 2011 produced great results. We continued to outperform our projections in the second quarter."
Shwed added, "Our security focus is continuing to pay off. I'm pleased to see that customers are adopting more software blades to enhance their threat protection and raise the level of security in their organization. We will continue to deliver on our 3D security vision combining policy, people and enforcement to provide the best protection for our customers."
Check Point also announced the promotion of Amnon Bar-Lev to compamy president.
Check Point's share price closed at $56.58 on Friday, giving a market cap of $11.8 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on July 18, 2011
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