Check Point (CHKP) Posts Q2 Earnings, Business Highlights

QualityStocks would like to highlight Check Point Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet. The company provides customers with uncompromised protection against all types of threats, reducing security complexity, and lowering total cost of ownership.

In the company’s news yesterday,

Check Point Software posted its financial results for the second quarter ended June 30, 2011, surpassing previous quarterly guidance.

“The first half of 2011 produced great results. We continued to outperform our projections in the second quarter. These good results are driven by increased sales of enterprise gateways with more software blades attached. In particular, our IPS and Application Control software blades have shown significant growth in the second quarter,” Gil Shwed, company founder, chairman and CEO stated in the press release.

Total revenue increased 15 percent to $300.6 million compared to $261.1 million reported in the second quarter of 2010.

Operating income increased 23 percent to $150.0 million compared to $122.1 million in the comparable quarter of the year prior.

The company reported net income of $128.0 million, or $0.60 per diluted share, a 24 percent increase over net income of $102.9 million, or $0.48 per diluted share, for the second quarter of 2010.

As of June 30, 2011, Check Point had cash balances, marketable securities and short-term deposits of $2689.8 million compared to $2140.9 million in the comparable three months of the year prior.

The company also pointed out several business highlights for the quarter, including the roll-out of two new products: ZoneAlarm SocialGuard, which enables parents to protect their children from social threats found online; and ZoneAlarm 2012 Suite, a cloud-based service that detects existing and emerging threats.

“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,” Shwed concluded. “We will continue to deliver on our 3D security vision combining policy, people and enforcement to provide the best protection for our customers.”

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Forward-Looking Statement:

This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.