Check Point Software Technologies Ltd (CHKP) Monday reported an increase in first-quarter profit, driven by higher revenues and lower costs. Adjusted earnings beat analysts' expectations, while revenues came in below view.
Gil Shwed, founder, chairman, and chief executive officer of the company stated, "In the first quarter we significantly advanced attack prevention with the introduction of our leading-edge Threat Emulation Software Blade that prevents infections from undiscovered exploits, zero-day and targeted attacks."
Tel Aviv, Israel-based Check Point provides software products and services for information technology security. The company noted that during the quarter, it was recognized for its security leadership by Gartner, IDC and NSS Labs.
In the first quarter, the company's net income increased to $147.96 million or $0.73 per share from $143.63 million or $0.68 per share in the previous year.
On a non-GAAP basis, earnings were $0.79 a share in the recent quarter, while the company posted $0.74 per share in the first quarter of 2012.
On average, 28 analysts polled by Thomson Reuters expected earnings per share of $0.78 for the quarter. Analysts' estimates typically exclude one-time items.
Total revenues for the quarter grew 3 percent to $322.73 million from $313.12 million in the same quarter last year, but came below analysts' consensus estimates of $327.99 million.
Revenues from products and licenses declined to $106.53 million from $110.182 million a year ago. Software updates, maintenance and subscription generated revenues of $216.2 million, higher than $202.93 million in the preceding year.
As of March 31, deferred revenues were $586.4 million, compared to $542.2 million in the year-ago quarter.
Total cost of revenues declined to $37 million from $38.5 million in the prior year.
During the period, the firm repurchased 2.64 million shares at a total cost of $131.6 million.
For full-year 2012, the company's net income was $620 million, on revenues of $1.34 billion.
CHKP closed Friday's regular trading at $45.29 on the Nasdaq.
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