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Check Point Software reports record fourth quarter and fiscal year 2009 financial results |
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Check Point's total revenues for the quarter were $272.1 million, an increase of 25 percent against $217.6 million in the fourth quarter of 2008.Operating Income was $130.6 million, 26 percent higher compared to $103.7 million in the same quarter of 2008, which included additional amortization of intangible assets in the amount of $4.9 million related to the acquisition of the Nokia security appliance business that completed during the second quarter of 2009. Net income was $109.5 million, an increase of 27 percent over the $86.5 million in the fourth quarter of 2008, and earnings per diluted share were $0.51, an increase of 24 percent compared to $0.41 in the fourth quarter of 2008. net income included the additional amortization of $4.9 million referred to earlier, which represented $0.02 in earnings per diluted share. Net of taxes, these charges totaled $4.5 million ($0.02 per diluted share). The company reported deferred revenues of $425.3 million as of December 31, 2009, 29 percent more as compared to $330.8 as of Decemeber 31, 2008. Cash flow from operations was $138.1 million, an increase of 54 percent compared to $89.4 million in the fourth quarter of 2008. The company repurchased 1.5 million shares at a total cost of $50 million during the fourth quarter. There is approximately $31.4 million remaining of the $400 million authorized in 2008 under Check Point’s share repurchase program. The company also expanded the share buyback program enabling the purchase of up to $250 million for the year. For the fiscal year 2009, the company reported revenue of $924.4 million, representing a 14 percent increase year over year. Cash flow from operations was $548.7 million, representing a 28 percent increase year over year year. Operating Income was $415.0 million, an increase of 16 percent compared to $356.5 million in 2008, and included an additional amortization of intangible assets in the amount of $14.8 million related to the acquisition of the Nokia security appliance business in 2009.Net income was $357.5 million, an increase of 10 percent compared to $324.0 million in 2008, while earnings per diluted share were $1.68, an increase of 12 percent compared to $1.50 in 2008. The net income included additional amortization of intangible assets in the amount of $14.8 million from the acquisition of the Nokia security appliance business in 2009. Net of taxes, these charges totaled $12.6 million ($0.06 per diluted share). Cash and investments balance totaled $1,847 million as of December 31, 2009 compared to $1,444 million in 2008. During the year, the company's share repurchase program saw the repurchase of 7.8 million shares at a total cost of $202.3 million. Gil Shwed, chairman and CEO at Check Point said revenue growth was generated across all geographies, with the Asia Pacific region being particularly strong. He announced an expansion in the company's share buy back program, where the Board of Directors has authorized the repurchase of up to an additional $250 million for the year of our outstanding ordinary shares in the open market or through privately negotiated transactions. The share repurchases will be funded from available working capital. |
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