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SAN CARLOS, CA -- (Marketwired) -- 10/23/14 -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet, today announced its financial results for the third quarter ended September 30, 2014.

• Total Revenue: $370 million, representing an 8 percent increase year over year
• Non-GAAP Operating Income: $215 million, representing 58 percent of revenues
• Non-GAAP EPS: $0.93, representing a 9 percent increase year over year
• Deferred Revenues: $660 million, representing a 16 percent increase year over year

"The third quarter represented another great quarter with results coming in at the high-end of our projections. We continued to deliver double-digit growth in our combined products and software blades revenues. Growth was driven by demand for our data center and enterprise security appliances and next generation threat prevention software blades," said Gil Shwed, founder, chairman, and chief executive officer of Check Point Software Technologies.

Financial Highlights for the Third Quarter of 2014:

• Total Revenue: $370 million compared to $344 million in the third quarter of 2013.
• GAAP Operating Income: $197 million compared to $186 million in the third quarter of 2013.
• Non-GAAP Operating Income: $215 million compared to $201 million in the third quarter of 2013. Non-GAAP operating margin was 58 percent, same as in the third quarter of 2013.
• GAAP Net Income and Earnings per Diluted Share: GAAP net income was $161 million compared to $160 million in the third quarter of 2013. GAAP earnings per diluted share were $0.84 compared to $0.80 in the third quarter of 2013.
• Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $177 million compared to $169 million in the third quarter of 2013. Non-GAAP earnings per diluted share were $0.93 compared to $0.85 in the third quarter of 2013.
• Deferred Revenues: As of September 30, 2014, deferred revenues were $660 million compared to $567 million as of September 30, 2013.
• Cash Flow: Cash flow from operations was $202 million compared to $195 million in the third quarter of 2013.
• Share Repurchase Program: During the third quarter of 2014, the company repurchased 2.8 million shares at a total cost of $192 million.
• Cash Balances, Marketable Securities and Short Term Deposits: $3,656 million as of September 30, 2014, compared to $3,664 million as of September 30, 2013.

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
During the third quarter of 2014 Check Point launched new data center appliances: 13800 Appliance and 21800 Appliance.

13800 Appliance - Check Point launched the 13800 Appliance, extending the 13000 Data Center Appliance line. The 13800 offers exceptional security protections and advanced performance, with up to 3,800 SecurityPower™ units (SPU) and 6.5 Gbps of IPS throughput.

21800 Appliance - Check Point augmented the 21000 Data Center Appliance family with the 21800 Appliance. The 21800 delivers up to 4,300 SPU and 7 Gbps of IPS throughput, supplies the low latency required by the most demanding network environments, and provides high reliability and serviceability to minimize maintenance costs.

Check Point Malware and Vulnerability Research Teams Update:
Check Point security research teams have continued to find vulnerabilities to critical infrastructure in various technologies including mobile platforms, Telco infrastructure, web infrastructure and security products.

Man in the Binder - Researchers at Check Point studied Android's unique operating system (OS) architecture and demonstrated the potential capture of data and information being stored and communicated on Android devices through the Binder, the message passing mechanism in Inter-process Communication (IPC).

Bugzilla - Check Point uncovered a critical privilege escalation vulnerability in the popular bug-tracking platform called Bugzilla. Check Point's security researchers informed the Mozilla Foundation, and the team leading the Bugzilla project quickly fixed the exploit.

TR-069 Deployments - Check Point uncovered a number of critical zero-day vulnerabilities that might have resulted in the compromise of millions of homes and business worldwide, through flaws in several TR-069 server implementations. Check Point has provided guidance to many telcos and technology providers to remedy the situation.

Vulnerabilities Discovered in Three Network Security Vendors' System Admin Portals - Check Point discovered vulnerabilities in the Admin WebUI portals of three network security vendors. If targeted and exploited, these vulnerabilities would give hackers administrative control over the vendors' security systems, potentially leaving business networks exposed to attacks. Check Point has notified the relevant vendors and provided them with the information to remedy the vulnerabilities.

Industry Accolades:
Number One in Worldwide Firewall Equipment Market Share - Check Point increased its lead in the worldwide market share for Firewall Equipment in Q2 2014, according to the Gartner Market Share: Enterprise Network Equipment by Market Segment, Worldwide, 2Q14 report.

Leader in the Gartner Magic Quadrant for Unified Threat Management - Check Point is positioned as a Leader in the Gartner Magic Quadrant for Unified Threat Management (UTM). This is the company's fourth consecutive year in the Leaders quadrant.

Leader in Gartner's Magic Quadrant for Mobile Data Protection - Check Point is positioned as a Leader in Gartner's Magic Quadrant for Mobile Data Protection (MDP). The company has been in the Leaders quadrant for eight consecutive years.

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 Q2 2014, according to the IDC Worldwide Quarterly Security Appliance Tracker Q2 2014.

"Our security focus and advanced threat research has paid off once again this quarter with advanced protections against several new types of cyber-attacks. We continue to expand the reach of our security leadership with new technologies to fight the most critical cyber threats," concluded Shwed.

Fourth Quarter 2014 Investor Conference Participation Schedule:

• RBC Global Technology Conference
  November 11, 2014 - New York, NY
• Wells Fargo Securities Media & Technology Conference
  November 12, 2014 - New York, NY
• UBS Global Technology Conference
  November 19, 2014 - Sausalito, CA
• Credit Suisse Annual Technology Conference
  December 3, 2014 - Scottsdale, AZ
• Raymond James Supply Chain Conference
  December 9, 2014- New York, NY
• Barclays Global Technology Conference
  December 10, 2014- San Francisco, CA

Members of Check Point's management team will present at these conferences and discuss the latest company strategies and initiatives. Check Point's conference presentations are expected to be available via webcast on the company's web site. To view these presentations and access the most updated information please visit the company's web site at www.checkpoint.com/ir. The schedule is subject to change.

Conference Call and Webcast Information
Check Point will host a conference call with the investment community on October 23, 2014 at 8:30 AM ET/5:30 AM PT. To listen to the live webcast, please visit the website at: www.checkpoint.com/ir. A replay of the conference call will be available through November 1, 2014 on the company's website or by telephone at +1.201.612.7415, replay ID number 13593342.

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com), the worldwide leader in securing the Internet, is the only vendor to deliver Total Security for networks, data and endpoints, unified under a single management framework. Check Point provides customers with uncompromised protection against all types of threats, reduces security complexity and lowers total cost of ownership. Check Point first pioneered the industry with FireWall-1 and its patented stateful inspection technology. Today, Check Point continues to innovate with the development of the Software Blade Architecture™. The dynamic Software Blade Architecture delivers secure, flexible and simple solutions that can be fully customized to meet the exact security needs of any organization or environment. Check Point customers include tens of thousands of businesses and organizations of all sizes including all Fortune 100 companies. Check Point's award-winning ZoneAlarm solutions protect millions of consumers from hackers, spyware and identity theft.

©2014 Check Point Software Technologies Ltd. All rights reserved

Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding continued expansion of the reach of our security leadership with new technologies to fight the most critical cyber threats. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; customer acceptance and purchase of our existing solutions and new solutions; the market for IT security continuing to develop; competition from other products and services; and general market, political, economic and business conditions. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 28, 2014. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Check Point uses non-GAAP measures of net income, operating income, operating margin and earnings per share, which are adjustments from results based on GAAP to exclude stock-based compensation charges, amortization of intangible assets and the related tax affects. Check Point's management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of Check Point's ongoing core operations and prospects for the future. Historically, Check Point has also publicly presented these supplemental non-GAAP financial measures in order to assist the investment community to see the Company "through the eyes of management," and thereby enhance understanding of its operating performance. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such has determined that it is important to provide this information to investors.

                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                      CONSOLIDATED STATEMENT OF INCOME

                  (In thousands, except per share amounts)


                                Three Months Ended      Nine Months Ended
                             ----------------------- -----------------------
                                  September 30,           September 30,
                             ----------------------- -----------------------
                                 2014        2013        2014        2013
                             ----------- ----------- ----------- -----------
                             (unaudited) (unaudited) (unaudited) (unaudited)
Revenues:
 Products and licenses       $   126,029 $   119,526 $   358,310 $   343,971
 Software Blades
  subscriptions                   67,164      55,046     192,664     156,550
                             ----------- ----------- ----------- -----------
Total revenues from products
 and software blades             193,193     174,572     550,974     500,521
 Software updates and
  maintenance                    177,177     169,555     524,200     506,508
                             ----------- ----------- ----------- -----------
Total revenues                   370,370     344,127   1,075,174   1,007,029
                             ----------- ----------- ----------- -----------

Operating expenses:
 Cost of products and
  licenses                        24,076      21,727      66,489      61,492
 Cost of software blades
  subscriptions                    1,269       1,095       3,871       3,941
                             ----------- ----------- ----------- -----------
Total cost of products and
 software blades                  25,345      22,822      70,360      65,433
 Cost of Software updates
  and maintenance                 19,324      17,247      54,078      50,454
 Amortization of technology           60          60         180         552
                             ----------- ----------- ----------- -----------
Total cost of revenues            44,729      40,129     124,618     116,439

 Research and development         32,605      30,034      99,022      88,717
 Selling and marketing            74,741      68,783     223,176     201,093
 General and administrative       20,914      18,690      56,558      53,995
                             ----------- ----------- ----------- -----------
Total operating expenses         172,989     157,636     503,374     460,244
                             ----------- ----------- ----------- -----------

Operating income                 197,381     186,491     571,800     546,785
Financial income, net              7,313       9,098      21,760      25,548
                             ----------- ----------- ----------- -----------
Income before taxes on
 income                          204,694     195,589     593,560     572,333
Taxes on income                   43,647      35,888     119,772     113,664
                             ----------- ----------- ----------- -----------
Net income                   $   161,047 $   159,701 $   473,788 $   458,669
                             =========== =========== =========== ===========
Earnings per share (basic)   $      0.86 $      0.82 $      2.50 $      2.33
                             =========== =========== =========== ===========
Number of shares used in
 computing earnings per
 share (basic)                   187,293     194,931     189,736     196,570
                             =========== =========== =========== ===========
Earnings per share (diluted)
                             $      0.84 $      0.80 $      2.45 $      2.29
                             =========== =========== =========== ===========
Number of shares used in
 computing earnings per
 share (diluted)                 190,984     198,668     193,360     200,380
                             =========== =========== =========== ===========

                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
          RECONCILIATION OF GAAP TO NON GAAP FINANCIAL INFORMATION

                  (In thousands, except per share amounts)

                            Three Months Ended         Nine Months Ended
                         ------------------------  ------------------------
                               September 30,             September 30,
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)

GAAP operating income    $   197,381  $   186,491  $   571,800  $   546,785
Stock-based compensation
 (1)                          16,979       13,642       46,037       38,564
Amortization of
 intangible assets (2)           518          662        1,588        2,410
                         -----------  -----------  -----------  -----------
Non-GAAP operating
 income                  $   214,878  $   200,795  $   619,425  $   587,759
                         ===========  ===========  ===========  ===========

GAAP net income          $   161,047  $   159,701  $   473,788  $   458,669
Stock-based compensation
 (1)                          16,979       13,642       46,037       38,564
Amortization of
 intangible assets (2)           518          662        1,588        2,410
Taxes on the above items
 (3)                          (1,751)      (5,115)      (8,619)      (6,426)
                         -----------  -----------  -----------  -----------
Non-GAAP net income      $   176,793  $   168,890  $   512,794  $   493,217
                         ===========  ===========  ===========  ===========

GAAP Earnings per share
 (diluted)               $      0.84  $      0.80  $      2.45  $      2.29
Stock-based compensation
 (1)                            0.09         0.07         0.24         0.19
Amortization of
 intangible assets (2)             -            -            -         0.01
Taxes on the above items
 (3)                               -        (0.02)       (0.04)       (0.03)
                         -----------  -----------  -----------  -----------
Non-GAAP Earnings per
 share (diluted)         $      0.93  $      0.85  $      2.65  $      2.46
                         ===========  ===========  ===========  ===========

Number of shares used in
 computing Non-GAAP
 earnings per share
 (diluted)                   190,984      198,668      193,360      200,380
                         ===========  ===========  ===========  ===========

(1) Stock-based
 compensation:
  Cost of products and
   licenses              $        14  $        19  $        52  $        60
  Cost of software
   updates and
   maintenance                   293          266          718          714
  Research and
   development                 2,241        2,108        6,995        6,897
  Selling and marketing        3,526        3,201        9,728        8,773
  General and
   administrative             10,905        8,048       28,544       22,120
                         -----------  -----------  -----------  -----------
                              16,979       13,642       46,037       38,564
                         -----------  -----------  -----------  -----------

(2) Amortization of
 intangible assets:
Amortization of
 technology-cost of
 revenues                         60           60          180          552
  Selling and marketing          458          602        1,408        1,858
                         -----------  -----------  -----------  -----------
                                 518          662        1,588        2,410
                         -----------  -----------  -----------  -----------
(3) Taxes on the above
 items                        (1,751)      (5,115)      (8,619)      (6,426)
                         -----------  -----------  -----------  -----------
Total, net               $    15,746  $     9,189  $    39,006  $    34,548
                         ===========  ===========  ===========  ===========


                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                 CONDENSED CONSOLIDATED BALANCE SHEET DATA

                               (In thousands)

                                   ASSETS
                                                     September    December
                                                        30,         31,
                                                        2014        2013
                                                    ----------- -----------
                                                    (unaudited)  (audited)
Current assets:
Cash and cash equivalents                           $   249,861 $   408,432
Marketable securities and short-term deposits           989,969     758,382
Trade receivables, net                                  216,351     379,648
Prepaid expenses and other current assets                66,197      53,856
                                                    ----------- -----------
Total current assets                                  1,522,378   1,600,318
                                                    ----------- -----------

Long-term assets:
Marketable securities                                 2,416,123   2,463,110
Property and equipment, net                              39,424      37,991
Severance pay fund                                        5,823       6,488
Deferred tax asset, net                                  13,447      13,557
Other intangible assets, net                             14,602      16,191
Goodwill                                                727,875     727,875
Other assets                                             26,453      20,907
                                                    ----------- -----------
Total long-term assets                                3,243,747   3,286,119
                                                    ----------- -----------

Total assets                                        $ 4,766,125 $ 4,886,437
                                                    =========== ===========

                              LIABILITIES AND
                            SHAREHOLDERS' EQUITY

Current liabilities:
Deferred revenues                                   $   545,358 $   586,696
Trade payables and other accrued liabilities            253,480     396,102
                                                    ----------- -----------
Total current liabilities                               798,838     982,798
                                                    ----------- -----------

Long-term liabilities:
Long-term deferred revenues                             114,765      84,927
Income tax accrual                                      228,214     205,420
Deferred tax liability, net                                 570         308
Accrued severance pay                                     9,999      10,887
                                                    ----------- -----------
                                                        353,548     301,542
                                                    ----------- -----------

Total liabilities                                     1,152,386   1,284,340
                                                    ----------- -----------

Shareholders' equity:
Share capital                                               774         774
Additional paid-in capital                              835,922     774,917
Treasury shares at cost                              (2,942,705) (2,421,278)
Accumulated other comprehensive income                      115       1,839
Retained earnings                                     5,719,633   5,245,845
                                                    ----------- -----------
Total shareholders' equity                            3,613,739   3,602,097
                                                    ----------- -----------
Total liabilities and shareholders' equity
                                                    $ 4,766,125 $ 4,886,437
                                                    =========== ===========
Total cash and cash equivalents, marketable
 securities and short-term deposits                 $ 3,655,953 $ 3,629,924
                                                    =========== ===========


                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                    SELECTED CONSOLIDATED CASH FLOW DATA

                               (In thousands)

                            Three Months Ended         Nine Months Ended
                         ------------------------  ------------------------
                               September 30,             September 30,
                         ------------------------  ------------------------
                             2014         2013         2014         2013
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)
Cash flow from operating
 activities:
Net income               $   161,047  $   159,701  $   473,788  $   458,669
Adjustments to reconcile
 net income to net cash
 provided by operating
 activities:
Depreciation of property
 and equipment                 2,244        2,205        6,683        6,302
Amortization of
 intangible assets               518          662        1,588        2,410
Stock-based compensation      16,979       13,642       46,037       38,564
Realized gain on
 marketable securities          (152)        (226)        (306)      (1,300)
Decrease in trade and
 other receivables, net       22,167        7,595      152,182      112,846
Increase (decrease) in
 deferred revenues,
 trade payables and
 other accrued
 liabilities                     913       19,986     (128,587)     132,547
Excess tax benefit from
 stock-based
 compensation                   (874)      (3,075)      (2,826)      (9,180)
Deferred income taxes,
 net                            (381)      (5,012)      (6,068)      (9,279)
                         -----------  -----------  -----------  -----------
Net cash provided by
 operating activities        202,461      195,478      542,491      731,579
                         -----------  -----------  -----------  -----------

Cash flow from investing
 activities:

Investment in property
 and equipment                (3,584)      (2,759)      (8,115)      (7,385)
                         -----------  -----------  -----------  -----------
Net cash used in
 investing activities         (3,584)      (2,759)      (8,115)      (7,385)
                         -----------  -----------  -----------  -----------

Cash flow from financing
 activities:
Proceeds from issuance
 of shares upon exercise
 of options                   14,067       18,030       61,485       51,460
Purchase of treasury
 shares                     (192,401)    (128,276)    (573,271)    (402,710)
Excess tax benefit from
 stock-based
 compensation                    874        3,075        2,826        9,180
                         -----------  -----------  -----------  -----------
Net cash used in
 financing activities       (177,460)    (107,171)    (508,960)    (342,070)
                         -----------  -----------  -----------  -----------

Unrealized gain (loss)
 on marketable
 securities, net              (8,248)       8,089          613      (13,199)
                         -----------  -----------  -----------  -----------

Increase in cash and
 cash equivalents,
 marketable securities
 and short term deposits      13,169       93,637       26,029      368,925

Cash and cash
 equivalents, marketable
 securities and short
 term deposits at the
 beginning of the period   3,642,784    3,570,652    3,629,924    3,295,364
                         -----------  -----------  -----------  -----------

Cash and cash
 equivalents, marketable
 securities and short
 term deposits at the
 end of the period       $ 3,655,953  $ 3,664,289  $ 3,655,953  $ 3,664,289
                         ===========  ===========  ===========  ===========