Mixed Q1 for Check Point Software

REDWOOD CITY, Calif.–Check Point Software Technologies Ltd. said its revenues for the first quarter of 2007 were $164 million (all figures U.S. dollars), an increase of 23 per cent over the same period a year ago. However net income was down.

“Our business in the first quarter produced healthy financial results and marks a good start to 2007,” said Gil Shwed, chairman and chief executive officer. “These results reflect growth in our network security business with the success of our new products and subscription programs as well as our expansion into the data security market.”

Network security products contributed $146.5 million to revenues, an increase of 10 percent, compared to the first quarter of 2006. Data security products contributed $17.5 million to revenues through the acquisition of Protect Data.

Net income on a GAAP basis was $46.9 million, compared to $61.6 million in the first quarter of 2006. The primary differences in GAAP net income in the first quarter of 2007 compared to the first quarter of 2006 are the acquisition related charges as follows: an in-process R&D charge in the amount of $17.0 million related to the acquisition of Protect Data and additional acquisition related charges (net) of $5.4 million related to the acquisitions of Protect Data and NFR Security.

During the quarter the company brought out its UTM-1 security appliances for the mid-market.

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