Check Point Software Technologies Ltd. (CHKP) Thursday reported a higher profit for the fourth quarter, as revenues grew 25% from the previous year. On a per share basis, earnings topped Wall Street view. Further, the company announced an expansion of its share buy back program.
The company's fourth-quarter net income rose to $109.54 million or $0.51 per share from $86.47 million or $0.41 per share in the fourth quarter of 2008.
On a Non-GAAP basis, net income increased to $129.47 million or $0.61 per share from $105.64 million or $0.50 per share in the year-ago quarter. On average, 21 analysts polled by Thomson Reuters expected the company to earn $0.57 per share for the quarter. Analysts' estimates typically exclude special items.
Fourth-quarter total revenues increased to $272.12 million from $217.57 million in the same period last year. Analysts expected $257.76 million in revenues for the quarter.
Revenue from Products and licenses increased to $120.21 million from $94.04 million in the previous year. Software updates, maintenance and services generated $151.92 million, compared to $123.53 million last year.
Net income for the full year increased to $357.52 million or $1.68 per share from $323.97 million or $1.50 per share in the prior year. Non-GAAP net income for the year was $435.31 million or $2.05 per share, compared to $385.96 million or $$1.78 per share last year. Full-year revenues increased to $924.42 million from $808.49 million in the previous year. Analysts expected full-year earnings of $2.02 per share on revenues of $910.03 million.
Additionally, the Check Point Board of Directors authorized the repurchase of up to an additional $250 million of its outstanding ordinary shares for the year in the open market or through privately negotiated transactions.
CHKP closed Wednesday's regular trade at $33.17, up from the previous close of $32.98, on 2.24 million shares.
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