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Check Point Software Technologies Reports 2016 First Quarter Financial Results

SAN CARLOS, CA, Apr 20, 2016 (Marketwired via COMTEX) -- Check Point(R) Software Technologies Ltd. CHKP, -0.87% the largest global pure-play network cybersecurity vendor, today announced its financial results for the first quarter ended March 31, 2016.

First Quarter 2016:

--  Total Revenue: $404 million, representing a 9 percent increase year
    over year
--  Non-GAAP Operating Income: $224 million, representing 55 percent of
    revenues
--  Non-GAAP EPS: $1.06, representing an 11 percent increase year over
    year
--  Deferred Revenues: $883 million, representing a 14 percent increase
    year over year


"Revenues grew nine percent while non-GAAP earnings per share achieved eleven percent growth and exceeded our projections. This success was driven primarily by advanced threat prevention capabilities which was evident in our subscription revenue growth," said Gil Shwed, founder and chief executive officer of Check Point Software Technologies, "In addition, our newly announced high-end and datacenter security appliances, optimized to deliver next generation threat prevention, got off to a great start in the marketplace."

Financial Highlights for the First Quarter of 2016:

--  Total Revenue: $404 million compared to $373 million in the first
    quarter of 2015.
--  GAAP Operating Income: $202 million compared to $197 million in the
    first quarter of 2015.
--  Non-GAAP Operating Income: $224 million compared to $216 million in
    the first quarter of 2015.
--  GAAP Net Income and Earnings per Diluted Share: GAAP net income was
    $167 million compared to $161 million in the first quarter of 2015.
    GAAP earnings per diluted share were $0.95 compared to $0.86 in the
    first quarter of 2015.
--  Non-GAAP Net Income: Non-GAAP net income was $187 million compared to
    $179 million in the first quarter of 2015.
--  Non-GAAP Earnings per Diluted Share: $1.06 compared to $0.95 in the
    first quarter of 2015.
--  Deferred Revenues: As of March 31, 2016, deferred revenues were $883
    million compared to $772 million as of March 31, 2015.
--  Cash Flow: Cash flow from operations of $324 million compared to $285
    million in the first quarter of 2015.
--  Share Repurchase Program: During the first quarter of 2016, the
    company repurchased 3.13 million shares at a total cost of $247
    million.
--  Cash Balances, Marketable Securities and Short Term Deposits: $3,729
    million as of March 31, 2016, compared to $3,734 million as of March
    31, 2015.


For information regarding the non-GAAP financial measures discussed in this release, as well as a reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures, please see "Use of Non-GAAP Financial Information" and "Reconciliation of GAAP to Non-GAAP Financial Information."

Business Highlights

Since the beginning of 2016 Check Point introduced new appliances that provide organizations of any size the power to run the most advanced threat prevention that is designed to block the most sophisticated attacks.

Announced after the end of the quarter at CPX Europe in Nice, France:

1400 Appliance Series - Designed to be operated in small businesses and branch offices. The appliances include a simple web user interface for setup and the ability to be controlled centrally in very large scale deployments.

3000 & 5000 Appliance Series -Targeted at small to mid-size enterprise sites and providing the power to run comprehensive threat prevention capabilities -- including full inspection of encrypted data.

During the quarter we announced:

15000 Appliance Series - Designed for large enterprise networks with advanced redundancy and flexible networking capabilities.

23000 Appliance Series - Designed for the most demanding networks and data centers and combining highest levels of performance, network modularity and continuous operations capabilities.

R80 Security Management - The new R80 security management platform builds on Check Point's best-in-class technology that delivers IT leaders the ability to consolidate their security environment, with a unified security policy and automation of security tasks. It's scalable, extensible architecture facilitates the management of the most complex environments, including hyper-segmented and highly dynamic networks.

Sandblast Agent - Expansion of the company's advanced security and zero-day protection technology to PC endpoint devices. In addition to the proactive protection provided by sandboxing and threat extraction, SandBlast Agent incorporates forensics capabilities to automate incident analysis, providing organizations confidence in effectively responding to current and future threats.

700 Series Small Business Appliances -A small form factor appliance that delivers enterprise-class security optimized and simplified for small businesses. These appliances feature the latest threat prevention capabilities, and are designed to be simple to deploy and easy-to-use with a web-based management platform.

We received the following industry accolades and announced the following partnership:

Number One in Worldwide Firewall Equipment Market Share - Check Point is the leader in worldwide market share in 4Q 2015 for Firewall Equipment, according to the Gartner Market Share: Enterprise Network Equipment by Market Segment, Worldwide reports.(1)

Top Position in Worldwide Combined Firewall and UTM Appliance Market - Check Point continued to be the number one vendor in worldwide combined Firewall and UTM appliance revenue for 4Q 2015, according to the IDC Worldwide Quarterly Security Appliance Tracker.(2)

Received Eleventh Recommend from NSS - Check Point's latest results earned its fifth 'Recommended' rating in the NSS Labs Next Generation Firewall Test, delivering top results with the highest block rate (99.8%) from the NSS Labs Exploit Library and tied for the highest security effectiveness score (99.6%).

CRN Channel Chief Award - CRN(R), a brand of The Channel Company, named Check Point President Amnon Bar-Lev to its prestigious list of 2016 Channel Chiefs. The executives on this annual list represent top leaders in the IT channel who excel at driving growth and revenue in their organizations through channel partners.

Check Point achieved a Common Criteria (CC) certification for Check Point R77.30 - This accomplishment adds another significant recognition in Check Point's list of industry certifications, including the previous Common Criteria certification at Evaluation Assurance Level 4+ (EAL4+) received in December 2013.

Check Point-IBM Partnership - The two companies announced an expanded alliance, including the sharing of threat intelligence, as the security industry moves to a more collaborative approach to defend against cybercrime.

Our security research organization has also continued to expose vulnerabilities in today's internet infrastructure, which included critical vulnerabilities in mobile equipment and applications, such as:

SideStepper - Check Point disclosed details about SideStepper, a vulnerability that can be used to install malicious enterprise apps on iPhone and iPad devices enrolled with a mobile device management (MDM) solution. The Check Point mobile research team presented details about this vulnerability at Black Hat Asia 2016 in Singapore.

EZCast Vulnerability - The Check Point Research Team identified network security vulnerabilities with EZCast, an HDMI dongle-based TV streamer that converts non-connected TVs into smart TVs. The findings disclosed a hacker's ability to gain full, unauthorized access to an EZCast subscriber's home network, thereby compromising personal information and taking control of home devices.

"Since the beginning of 2016 we've established a foundation for the next generation of threat prevention. We launched a new family of cybersecurity solutions designed and optimized for delivering true threat prevention at every part of the network in concert with R80, our latest next generation of security management platform. These advancements will allow enterprises of all sizes to stay one step ahead of the threats to their network, mobile and cloud environments," concluded Shwed.

(1) Gartner, Inc., Market Share: Enterprise Network Equipment by Market Segment, Worldwide, 4Q15, Christian Canales, Petr Gorodetskiy, Naresh Singh, and Joe Skorupa, March 2016. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

(2) Source: IDC Worldwide Quarterly Security Appliance Tracker 4Q2015, March 23, 2016.

Second Quarter Investor Conference Participation Schedule:

--  Jeffries 2016 Global Technology, Media and Telecom Conference
     May 12,
    2016 - Miami, FL
-- ...

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