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REDWOOD CITY, CA -- (Marketwire) -- 07/18/12 -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet, today announced its financial results for the second quarter ended June 30, 2012.

• Total Revenue: $328.6 million, representing a 9 percent increase year over year
• Non-GAAP Operating Income: $193.6 million, representing 59 percent of revenues
• Non-GAAP EPS: $0.77, representing a 13 percent increase year over year
• Share Repurchase Program: Expanded on-going program up to 1 billion dollars

"I'm pleased with the continued growth of our revenues and earnings in the second quarter. We've seen great acceptance of our new security appliances as a platform of choice for security consolidation. During the quarter, enterprise appliance units grew by over 20% and continued to drive market share gains," said Gil Shwed, founder, chairman, and chief executive officer of Check Point Software Technologies. "These results underscore the strength of Check Point's market position especially in light of the current macro-economic environment."

Today, the company announced in a separate release that the board of directors authorized the expansion of the on-going share repurchase program up to one billion dollars. Under the expanded plan, Check Point is authorized to repurchase up to one billion dollars of its outstanding shares during the next two years.

Financial Highlights:

• Total Revenue: $328.6 million, an increase of 9 percent, compared to $300.6 million in the second quarter of 2011.
• GAAP Operating Income: $180.5 million, an increase of 20 percent, compared to $150.1 million in the second quarter of 2011. GAAP operating margin was 55 percent, compared to 50 percent in the second quarter of 2011.
• Non-GAAP Operating Income: $193.6 million, an increase of 13 percent, compared to $171.0 million in the second quarter of 2011. Non-GAAP operating margin was 59 percent, compared to 57 percent in the second quarter of 2011.
• GAAP Net Income and Earnings per Diluted Share: GAAP net income was $150.0 million, an increase of 17 percent, compared to $128.0 million in the second quarter of 2011. GAAP earnings per diluted share were $0.71, an increase of 18 percent, compared to $0.60 in the second quarter of 2011.
• Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $161.8 million, an increase of 11 percent, compared to $145.5 million in the second quarter of 2011. Non-GAAP earnings per diluted share were $0.77, an increase of 13 percent, compared to $0.68, in the second quarter of 2011.
• Deferred Revenues: As of June 30, 2012, we had deferred revenues of $536.6 million, an increase of 17 percent, compared to $457.0 million as of June 30, 2011.
• Cash Flow: Cash flow from operations was $157.5 million, compared to $175.5 million in the second quarter of 2011.
• Share Repurchase Program: During the second quarter of 2012, we repurchased 1.4 million shares at a total cost of $75 million.
• Cash Balances, Marketable Securities and Short Term Deposits: $3,201.8 million as of June 30, 2012, an increase of $512.0 million, compared to $2,689.8 million as of June 30, 2011.

For information regarding the Non-GAAP financial measures discussed in this release, please see "Use of Non-GAAP Financial Information" and "Reconciliation of GAAP to Non-GAAP Financial Information."

Business Highlights

During the second quarter and up to today, the company has launched several new products and technologies, including:

DDoS Protector™ Appliances - Check Point expanded into a new and critical security market segment. These new solutions combat a wide range of Distributed Denial of Service (DDoS) attacks and are integrated with Check Point Security Management environment.

Security Acceleration Module - The Security Acceleration Module with advanced SecurityCore™ technology enables customers in high-performance and low latency environments, such as financial trading and investment companies, to significantly boost network performance by accelerating key security operations. Customers are able to achieve 110 Gbps of firewall throughput and sub-five micro second (5 µs) latency -- enabling the industry's highest-performing two rack-unit firewall.

Check Point ThreatCloud™ - The first collaborative network of its type to fight cybercrime. A network that automatically detects and shares new attack information in real time by collecting and correlating attack information from Check Point customer's gateways and a dedicated attack sensor network.

Anti-Bot Software Blade - Check Point shipped a new software blade that can be activated on every Check Point enterprise gateway, delivering the industry's most sophisticated and integrated solution to fight software bots and protect against advanced threats and sophisticated malware.

New Software Version R75.40 & New Secure OS (GAiA) - This includes more than 100 new features, including the Anti-Bot Software Blade, an updated Anti-Virus Software Blade powered by Check Point ThreatCloud. R75.40 also includes the company's new integrated secure operating system (GAiA) that simplifies the operations and unifies the capabilities of all the company's new and previous appliance and software lines.

ZoneAlarm Free Antivirus + Firewall - This new product is the most complete free Internet security solution for consumers. It combines the world's No.1 firewall with award-winning antivirus into one easy-to-use product that protects consumers against online attacks.

Check Point Virtual Systems - New solution for private cloud environments and data centers that enables the consolidation of up to 250 security gateways on a single hardware platform.

Industry Accolades

Computerworld Hong Kong Awards 2012 - Check Point was recognized for ten years of IT excellence and received four prestigious awards for its Firewall / VPN Software Blade, Identity Awareness Software Blade, IPS Software Blade, and 4600 Appliance.

2012 Frost & Sullivan Asia Pacific ICT Award - Named "Network Security Vendor of the Year", this is the third time Check Point has received this prestigious distinction.

IPv6 Industry Certification - R75.40 and unified operating system (OS), Check Point GAiA™, tested at the UNH Interoperability Laboratory and achieved industry certification from the IPv6 Forum.

Shwed concluded, "We continued to expand our network security arsenal with the addition of Check Point's ThreatCloud™, Anti-Bot software blades, DDoS Protector™ Appliances and the latest edition of Check Point Virtual Systems further strengthening our leadership position in network security for enterprises of all sizes, data centers and cloud environments."

Third Quarter 2012 Investor Conference Participation Schedule:

• Pacific Crest 14th Annual Global Technology Leadership Forum
  August 13, 2012 - Vail, CO
• Oppenheimer 15th Annual Technology, Internet and Communications Conference
  August 15, 2012 - Boston, MA
• Citi 2012 Technology Conference
  September 5, 2012 - New York, NY
• Deutsche Bank 2012 dbAccess Technology Conference
  September 11, 2012 - Las Vegas, NV
• ThinkEquity's 9th Annual Growth Conference
  September 13, 2012 - New York, NY

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 July 18, 2012 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 July 25, 2012 on the company's website or by telephone at +1.201.612.7415, replay ID number 397366, account # 215.

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com), the worldwide leader in securing the Internet, 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 develop new innovations based on the Software Blade Architecture, providing customers with flexible and simple solutions that can be fully customized to meet the exact security needs of any organization. Check Point is the only vendor to go beyond technology and define security as a business process. Check Point 3D Security uniquely combines policy, people and enforcement for greater protection of information assets and helps organizations implement a blueprint for security that aligns with business needs. Customers include tens of thousands of organizations of all sizes, including all Fortune and Global 100 companies. Check Point's award-winning ZoneAlarm solutions protect millions of consumers from hackers, spyware and identity theft.

©2012 Check Point Software Technologies Ltd. All rights reserved

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 non-cash equity-based compensation charges, amortization of acquired intangible assets, other than temporary impairment of marketable securities, net, and the related tax effects. 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       Six Months Ended
                             ----------------------- -----------------------
                                     June 30,                June 30,
                             ----------------------- -----------------------
                                 2012        2011        2012        2011
                             ----------- ----------- ----------- -----------
                             (unaudited) (unaudited) (unaudited) (unaudited)
Revenues:
  Products and licenses      $   123,155 $   119,288 $   233,337 $   224,546
  Software updates,
   maintenance and
   subscription                  205,494     181,356     408,428     357,372
                             ----------- ----------- ----------- -----------
Total revenues                   328,649     300,644     641,765     581,918
                             ----------- ----------- ----------- -----------

Operating expenses:
  Cost of products and
   licenses                       20,671      18,983      40,275      36,635
  Cost of Software updates,
   maintenance and
   subscription                   16,745      15,623      32,784      29,920
  Amortization of technology         536       7,850       3,394      15,699
                             ----------- ----------- ----------- -----------
Total cost of revenues            37,952      42,456      76,453      82,254

  Research and development        27,262      27,524      54,104      55,167
  Selling and marketing           65,815      64,785     124,914     123,294
  General and administrative      17,092      15,833      32,876      29,823
                             ----------- ----------- ----------- -----------
Total operating expenses         148,121     150,598     288,347     290,538
                             ----------- ----------- ----------- -----------

Operating income                 180,528     150,046     353,418     291,380
Financial income, net              9,774      10,832      20,236      21,360
                             ----------- ----------- ----------- -----------
Income before taxes on
 income                          190,302     160,878     373,654     312,740
Taxes on income                   40,321      32,887      80,047      62,659
                             ----------- ----------- ----------- -----------
Net income                   $   149,981 $   127,991 $   293,607 $   250,081
                             =========== =========== =========== ===========
Earnings per share (basic)   $      0.73 $      0.62 $      1.43 $      1.20
                             =========== =========== =========== ===========
Number of shares used in
 computing earnings per
 share (basic)                   205,482     207,129     205,798     207,650
                             =========== =========== =========== ===========
Earnings per share (diluted) $      0.71 $      0.60 $      1.39 $      1.16
                             =========== =========== =========== ===========
Number of shares used in
 computing earnings per
 share (diluted)                 211,320     214,565     211,894     215,240
                             =========== =========== =========== ===========


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

                  (In thousands, except per share amounts)

                         ------------------------  ------------------------
                            Three Months Ended         Six Months Ended
                         ------------------------  ------------------------
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)

GAAP operating income    $   180,528  $   150,046  $   353,418  $   291,380
Stock-based compensation
 (1)                          11,920        9,900       21,705       18,145
Amortization of
 intangible assets (2)         1,181       11,032        5,185       22,063
                         -----------  -----------  -----------  -----------
Non-GAAP operating
 income                  $   193,629  $   170,978  $   380,308  $   331,588
                         ===========  ===========  ===========  ===========

GAAP net income          $   149,981  $   127,991  $   293,607  $   250,081
Stock-based compensation
 (1)                          11,920        9,900       21,705       18,145
Amortization of
 intangible assets (2)         1,181       11,032        5,185       22,063
Gain on Sale of
 marketable securities
 previously impaired (3)           -         (649)           -       (2,017)
Taxes on the above items
 (4)                          (1,260)      (2,759)      (1,763)      (5,688)
                         -----------  -----------  -----------  -----------
Non-GAAP net income      $   161,822  $   145,515  $   318,734  $   282,584
                         ===========  ===========  ===========  ===========

GAAP Earnings per share
 (diluted)               $      0.71  $      0.60  $      1.39  $      1.16
Stock-based compensation
 (1)                            0.06         0.04         0.10         0.08
Amortization of
 intangible assets (2)          0.01         0.05         0.02         0.10
Gain on Sale of
 marketable securities
 previously impaired (3)           -        (0.00)           -        (0.01)
Taxes on the above items
 (4)                           (0.01)       (0.01)       (0.01)       (0.02)
                         -----------  -----------  -----------  -----------
Non-GAAP Earnings per
 share (diluted)         $      0.77  $      0.68  $      1.50  $      1.31
                         ===========  ===========  ===========  ===========

Number of shares used in
 computing Non-GAAP
 earnings per share
 (diluted)                   211,320      214,565      211,894      215,240
                         ===========  ===========  ===========  ===========

(1) Stock-based
 compensation:
  Cost of products and
   licenses              $        22  $        19  $        38  $        30
  Cost of software
   updates, maintenance
   and subscription              238          255          305          445
  Research and
   development                 2,614        2,022        4,553        3,455
  Selling and marketing        2,738        1,690        4,827        3,581
  General and
   administrative              6,308        5,914       11,982       10,634
                         -----------  -----------  -----------  -----------
                         $    11,920  $     9,900  $    21,705  $    18,145
                         -----------  -----------  -----------  -----------

(2) Amortization of
 intangible assets:
  Amortization of
   technology-cost of
   revenues                      536        7,850        3,394       15,699
  Selling and marketing          645        3,182        1,791        6,364
                         -----------  -----------  -----------  -----------
                               1,181       11,032        5,185       22,063
                         -----------  -----------  -----------  -----------
(3) Gain on Sale of
 marketable securities
 previously impaired               -         (649)           -       (2,017)
                         -----------  -----------  -----------  -----------
(4) Taxes on the above
 items                        (1,260)      (2,759)      (1,763)      (5,688)
                         -----------  -----------  -----------  -----------
Total, net               $    11,841  $    17,524  $    25,127  $    32,503
                         ===========  ===========  ===========  ===========


                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                 CONDENSED CONSOLIDATED BALANCE SHEET DATA
                               (In thousands)

                                   ASSETS
                                                  June 30,     December 31,
                                                    2012           2011
                                               -------------  --------------
                                                (unaudited)     (audited)
Current assets:
Cash and cash equivalents                      $     291,062  $     493,546
Marketable securities and short-term deposits      1,080,710        865,994
Trade receivables, net                               249,242        357,418
Prepaid expenses and other current assets             51,139         53,045
                                               -------------  --------------
Total current assets                               1,672,153      1,770,003
                                               -------------  --------------

Long-term assets:
Marketable securities                              1,830,040      1,519,865
Property and equipment, net                           36,558         36,639
Severance pay fund                                     5,867          6,052
Deferred tax asset, net                               23,127         25,296
Other intangible assets, net                          21,055         26,239
Goodwill                                             727,875        727,875
Other assets                                          17,802         16,094
                                               -------------  --------------
Total long-term assets                             2,662,324      2,358,060
                                               -------------  --------------

Total assets                                   $   4,334,477  $   4,128,063
                                               =============  ==============


                              LIABILITIES AND
                            SHAREHOLDERS' EQUITY

Current liabilities:
Deferred revenues                              $     474,073  $     490,655
Trade payables and other accrued liabilities         276,317        271,815
                                               -------------  -------------
Total current liabilities                            750,390        762,470
                                               -------------  -------------

Long-term deferred revenues                           62,492         61,523
Income tax accrual                                   230,861        219,469
Deferred tax liability, net                                -          1,274
Accrued severance pay                                 10,212         10,236
                                               -------------  -------------
                                                     303,565        292,502

                                               -------------  -------------
Total liabilities                                  1,053,955      1,054,972
                                               -------------  -------------

Shareholders' equity:
Share capital                                            774            774
Additional paid-in capital                           662,226        630,508
Treasury shares at cost                           (1,662,510)    (1,543,886)
Accumulated other comprehensive income                13,380         12,650
Retained earnings                                  4,266,652      3,973,045
                                               -------------  -------------
Total shareholders' equity                         3,280,522      3,073,091
                                               -------------  -------------
Total liabilities and shareholders' equity     $   4,334,477  $   4,128,063
                                               =============  =============

Total cash and cash equivalents, marketable
 securities and short-term deposits            $   3,201,812  $   2,879,405
                                               =============  =============


                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                    SELECTED CONSOLIDATED CASH FLOW DATA

                               (In thousands)

                            Three Months Ended         Six Months Ended
                         ------------------------  ------------------------
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)
Cash flow from operating
 activities:
Net income               $   149,981  $   127,991  $   293,607  $   250,081
Adjustments to reconcile
 net income to net cash
 provided by operating
 activities:
Depreciation of property
 and equipment                 1,830        1,824        3,782        3,553
Amortization of
 intangible assets             1,181       11,032        5,184       22,063
Stock-based compensation      11,920        9,900       21,705       18,145
Realized gain on
 marketable securities          (159)      (2,481)         (97)      (2,481)
Decrease (increase) in
 trade and other
 receivables, net             (7,300)      (3,319)     105,861       79,906
Increase (decrease) in
 deferred revenues,
 trade payables and
 other accrued
 liabilities                  (1,130)      35,622       (2,239)      21,764
Excess tax benefit from
 stock-based
 compensation                   (143)      (2,035)         235       (2,088)
Deferred income taxes,
 net                           1,347       (3,025)       4,822       (3,829)
                         -----------  -----------  -----------  -----------
Net cash provided by
 operating activities        157,527      175,509      432,860      387,114
                         -----------  -----------  -----------  -----------

Cash flow from investing
 activities:
Cash paid in conjunction
 with acquisitions, net
 of acquired cash                  -         (985)           -       (6,501)
Investment in property
 and equipment                (1,283)      (1,623)      (3,701)      (3,484)
                         -----------  -----------  -----------  -----------
Net cash used in
 investing activities         (1,283)      (2,608)      (3,701)      (9,985)
                         -----------  -----------  -----------  -----------

Cash flow from financing
 activities:
Proceeds from issuance
 of shares upon exercise
 of options                    2,070        8,036       41,624       39,551
Purchase of treasury
 shares                      (75,000)     (75,000)    (149,999)    (150,000)
Excess tax benefit from
 stock-based
 compensation                    143        2,035         (235)       2,088
                         -----------  -----------  -----------  -----------
Net cash used in
 financing activities        (72,787)     (64,929)    (108,610)    (108,361)
                         -----------  -----------  -----------  -----------

Unrealized gain (loss)
 on marketable
 securities, net              (2,799)       9,633        1,858        6,094
                         -----------  -----------  -----------  -----------

Increase in cash and
 cash equivalents,
 marketable securities
 and short term deposits      80,658      117,605      322,407      274,862

Cash and cash
 equivalents, marketable
 securities and short
 term deposits at the
 beginning of the period   3,121,154    2,572,203    2,879,405    2,414,946
                         -----------  -----------  -----------  -----------

Cash and cash
 equivalents, marketable
 securities and short
 term deposits at the
 end of the period       $ 3,201,812  $ 2,689,808  $ 3,201,812  $ 2,689,808
                         ===========  ===========  ===========  ===========