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April 30, 2009

Check Point Q1 profit rises 3%

Software updates, maintenance, and services revenue grew 8% to $123.26m

By CBR Staff Writer

Internet security company Check Point has reported a 3% increase in net income to $81m for the first quarter 2009, compared to $78.25m in the year-ago quarter.

For the first quarter 2009, the company posted a revenue of $195.0m, an increase of 2 percent, compared to $191.6m in the first quarter of 2008.

Operating income during the quarter grew 17% to $92.28m, while diluted EPS grew 6% to $0.38. Cash flow from operations grew 20% to $171.8m. During the quarter the company repurchased 2.3 million shares for $52.3m.

The Israel-based company said product and license revenue fell 7% to $71.74m, while revenue from software updates, maintenance, and services grew 8% to $123.26m.

Gil Shwed, chairman and chief executive at Check Point, said: Producing record first-quarter results despite the current macro economic situation is a testimony to the continued demand for internet security and to Check Point’s leadership position. Our Software Blade architecture, combined with our expanded appliance portfolio will allow us to continue providing the best solutions to our customers worldwide and will enable us to continue realizing increased revenues and earnings per share in 2009.

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