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REDWOOD CITY, CA -- (Marketwire) -- 04/23/12 -- Check Point® Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet, today announced its financial results for the first quarter ended March 31, 2012.

• Total Revenue: $313.1 million, representing an 11 percent increase year over year
• Non-GAAP Operating Income: $186.7 million, representing 60 percent of revenues
• Non-GAAP EPS: $0.74, representing a 16 percent increase year over year
• Cash Flow from Operations: $275.3 million, representing a 30 percent increase year over year

"I am very pleased with our strong start to the 2012 calendar year. Check Point delivered record first quarter results with good growth across all of our key financial metrics. The growth was driven by our latest network security appliances and the continued strength of our annuity software blades," said Gil Shwed, founder, chairman, and chief executive officer of Check Point Software Technologies.

Financial Highlights:

• Total Revenue: $313.1 million, an increase of 11 percent, compared to $281.3 million in the first quarter of 2011.
• GAAP Operating Income: $172.9 million, an increase of 22 percent, compared to $141.3 million the first quarter of 2011. GAAP operating margin was 55 percent, compared to 50 percent in the first quarter of 2011.
• Non-GAAP Operating Income: $186.7 million, an increase of 16 percent, compared to $160.6 million in the first quarter of 2011. Non-GAAP operating margin was 60 percent, compared to 57 percent in the first quarter of 2011.
• GAAP Net Income and Earnings per Diluted Share: GAAP net income was $143.6 million, an increase of 18 percent, compared to $122.1 million in the first quarter of 2011. GAAP earnings per diluted share were $0.68, an increase of 19 percent, compared to $0.57 in the first quarter of 2011.
• Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $156.9 million, an increase of 14 percent, compared to $137.1 million in the first quarter of 2011. Non-GAAP earnings per diluted share were $0.74, an increase of 16 percent, compared to $0.64 in the first quarter of 2011.
• Deferred Revenues: As of March 31, 2012, Check Point had deferred revenues of $542.2 million, an increase of 18 percent, compared to $460.4 million as of March 31, 2011.
• Cash Flow: Cash flow from operations was $275.3 million, an increase of 30 percent, compared to $211.6 million in the first quarter of 2011.
• Share Repurchase Program: During the first quarter of 2012, Check Point repurchased 1.29 million shares at a total cost of $75 million.
• Cash Balances, Marketable Securities and Short Term Deposits: $3,121.2 million as of March 31, 2012, an increase of $549 million, compared to $2,572.2 million as of March 31, 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."

Check Point ThreatCloud™
On April 17, Check Point introduced ThreatCloud™, the first collaborative network to fight cybercrime. As enterprises fight threats separately, many threats are left undetected without a current way of sharing threat information across entities. To stay ahead of modern threats, businesses must collaborate -- sharing threat data between organizations -- to make security stronger and more effective.

ThreatCloud™ automatically gathers threat data from enterprises that choose to contribute and from an innovative worldwide network of threat sensors. It then analyzes the data and distributes threat intelligence to security gateways around the globe. ThreatCloud leverages Check Point's large installed base of security gateways, Check Point research and industry malware feeds enabling customers to quickly adapt their security response to new threats and protect their networks against threats that otherwise would go undetected.

ThreatCloud is available with Check Point's latest software blade release, R75.40, which also includes:

• New Anti-Bot and enhanced Antivirus Software Blades that are powered by ThreatCloud, allowing them to get real-time updates and enforce pre-emptive protection against advanced threats and other forms of sophisticated malware.
• Check Point GAiA™ unified operating system supporting all security gateways and software blades.
• Over 100 additional security features, R75.40 brings customers advanced threat prevention, security consolidation and simplified management for better visibility and control.

Industry Accolades:
Check Point also continues to receive industry awards for innovative product development and leadership worldwide, including:

• Leader in the Gartner Magic Quadrant for Unified Threat Management
• Computing Security "Encryption Product of the Year" Award - Check Point Full Disk Encryption
• SC Magazine Readers Choice Award - Best Intrusion Prevention (IPS) Solution
• Frost & Sullivan Malaysia Excellence Award - Network Security Vendor of the Year

In addition, Check Point President, Amnon Bar-Lev, was named a 2012 Channel Chief by CRN Magazine for the fifth consecutive year, based on his program innovations, growth and experience in the channel.

Shwed concluded, "Check Point's continued network security leadership is a result of our focus on providing customers with the best security available in the marketplace. ThreatCloud™ creates the first collaborative network to fight cybercrime, empowering our customers with threat intelligence and real-time protections."

Second Quarter 2012 Investor Conference Participation Schedule:

• Bank of America Merrill Lynch 2012 Technology Conference
  May 8, 2012 - San Francisco, CA
• Jeffries Global TMT Conference
  May 9, 2012 - New York, NY
• J.P. Morgan 40th Annual Technology, Media and Telecom Conference
  May 16, 2012 - Boston, MA
• Cowen & Company 40th Annual Technology Media & Telecom Conference
  May 30, 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 April 23, 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 May 1, 2012 on the company's website or by telephone at +1.201.612.7415, replay ID number 392351, 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 stock-based compensation charges, amortization of intangible assets, net gain on marketable securities previously impaired, 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
                                                     -----------------------
                                                            March 31,
                                                     -----------------------
                                                         2012        2011
                                                     ----------- -----------
                                                     (unaudited) (unaudited)
Revenues:
  Products and licenses                              $   110,182 $   105,258
  Software updates, maintenance and subscription         202,934     176,016
                                                     ----------- -----------
Total revenues                                           313,116     281,274
                                                     ----------- -----------

Operating expenses:
  Cost of products and licenses                           19,604      17,652
  Cost of software updates, maintenance and
   subscription                                           16,039      14,297
  Amortization of technology                               2,858       7,849
                                                     ----------- -----------
Total cost of revenues                                    38,501      39,798

Research and development                                  26,842      27,643
Selling and marketing                                     59,099      58,509
General and administrative                                15,784      13,990
                                                     ----------- -----------
Total operating expenses                                 140,226     139,940
                                                     ----------- -----------

Operating income                                         172,890     141,334
Financial income, net                                     10,462      10,528
                                                     ----------- -----------
Income before taxes on income                            183,352     151,862
Taxes on income                                           39,726      29,772
                                                     ----------- -----------
Net income                                           $   143,626 $   122,090
                                                     =========== ===========
Earnings per share (basic)                           $      0.70 $      0.59
                                                     =========== ===========
Number of shares used in computing earnings per
 share (basic)                                           206,114     208,177
                                                     =========== ===========
Earnings per share (diluted)                         $      0.68 $      0.57
                                                     =========== ===========
Number of shares used in computing earnings per
 share (diluted)                                         212,469     214,934
                                                     =========== ===========



                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
          RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
                  (In thousands, except per share amounts)

                                                      Three Months Ended
                                                   ------------------------
                                                           March 31,
                                                   ------------------------
                                                       2012         2011
                                                   -----------  -----------
                                                   (unaudited)  (unaudited)

GAAP operating income                              $   172,890  $   141,334
Stock-based compensation (1)                             9,785        8,245
Amortization of intangible assets (2)                    4,004       11,031
                                                   -----------  -----------
Non-GAAP operating income                          $   186,679  $   160,610
                                                   ===========  ===========

GAAP net income                                    $   143,626  $   122,090
Stock-based compensation (1)                             9,785        8,245
Amortization of intangible assets (2)                    4,004       11,031
Net gain on Sale of marketable securities
 previously impaired(3)                                      -       (1,368)
Taxes on the above items (4)                              (503)      (2,929)
                                                   -----------  -----------
Non-GAAP net income                                $   156,912  $   137,069
                                                   ===========  ===========

GAAP Earnings per share (diluted)                  $      0.68  $      0.57
Stock-based compensation (1)                              0.05         0.04
Amortization of intangible assets (2)                     0.02         0.05
Net gain on Sale of marketable securities
 previously impaired(3)                                      -        (0.01)
Taxes on the above items (4)                             (0.01)       (0.01)
                                                   ===========  ===========

Non-GAAP Earnings per share (diluted)              $      0.74  $      0.64
                                                   ===========  ===========

Number of shares used in computing Non-GAAP
 earnings per share (diluted)                          212,469      214,934
                                                   -----------  -----------

(1) Stock-based compensation:
  Cost of products and licenses                    $        16  $        11
  Cost of software updates, maintenance and
   subscription                                             67          190
  Research and development                               1,939        1,433
  Selling and marketing                                  2,089        1,891
  General and administrative                             5,674        4,720
                                                   -----------  -----------
                                                         9,785        8,245
                                                   -----------  -----------

(2) Amortization of intangible assets:
  Amortization of technology - Cost of revenues          2,858        7,849
  Selling and marketing                                  1,146        3,182
                                                   -----------  -----------
                                                         4,004       11,031
                                                   -----------  -----------

(3) Net gain on Sale of marketable securities
 previously impaired                                         -       (1,368)
                                                   -----------  -----------

(4) Taxes on the above items                              (503)      (2,929)
                                                   -----------  -----------

Total, net                                         $    13,286  $    14,979
                                                   ===========  ===========



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

                                   ASSETS
                                                   March 31,   December 31,
                                                     2012          2011
                                                 ------------  ------------
                                                  (unaudited)    (audited)
Current assets:
Cash and cash equivalents                        $    416,152  $    493,546
Marketable securities and short-term deposits         982,009       865,994
Trade receivables, net                                243,391       357,418
Prepaid expenses and other current assets              50,760        53,045
                                                 ------------  ------------
Total current assets                                1,692,312     1,770,003
                                                 ------------  ------------

Long-term assets:
Marketable securities                               1,722,993     1,519,865
Property and equipment, net                            37,105        36,639
Severance pay fund                                      6,248         6,052
Deferred tax asset, net                                24,328        25,296
Other intangible assets, net                           22,235        26,239
Goodwill                                              727,875       727,875
Other assets                                           17,332        16,094
                                                 ------------  ------------
Total long-term assets                              2,558,116     2,358,060
                                                 ------------  ------------

Total assets                                        4,250,428  $  4,128,063
                                                 ============  ============

                              LIABILITIES AND
                            SHAREHOLDERS' EQUITY

Current liabilities:
Deferred revenues                                $    485,278  $    490,655
Trade payables and other accrued liabilities          267,683       271,815
                                                 ------------  ------------
Total current liabilities                             752,961       762,470
                                                 ------------  ------------

Long-term deferred revenues                            56,933        61,523
Income tax accrual                                    234,888       219,469
Deferred tax liability, net                                 -         1,274
Accrued severance pay                                  10,927        10,236
                                                 ------------  ------------
                                                      302,748       292,502

                                                 ------------  ------------
Total liabilities                                   1,055,709     1,054,972
                                                 ------------  ------------

Shareholders' equity:
Share capital                                             774           774
Additional paid-in capital                            656,155       630,508
Treasury shares at cost                            (1,595,573)   (1,543,886)
Accumulated other comprehensive income                 16,691        12,650
Retained earnings                                   4,116,672     3,973,045
                                                 ------------  ------------
Total shareholders' equity                          3,194,719     3,073,091
                                                 ------------  ------------
Total liabilities and shareholders' equity       $  4,250,428  $  4,128,063
                                                 ============  ============
Total cash and cash equivalents, marketable
 securities and short-term deposits              $  3,121,154  $  2,879,405
                                                 ============  ============


                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                      SELECTED CONSOLIDATED CASH FLOW
                               (In thousands)

                                                      Three Months Ended
                                                   ------------------------
                                                           March 31,
                                                   ------------------------
                                                       2012         2011
                                                   -----------  -----------
                                                   (unaudited)  (unaudited)
Cash flow from operating activities:
Net income                                         $   143,626  $   122,090
Adjustments to reconcile net income to net cash
 provided by operating activities:
Depreciation of property, plant and equipment            1,952        1,729
Amortization of intangible assets                        4,004       11,031
Stock-based compensation                                 9,785        8,245
Realized loss on marketable securities, net                 62            -
Decrease in trade and other receivables, net           113,161       83,225
Decrease in deferred revenues, trade payables and
 other accrued liabilities                              (1,110)     (13,858)
Excess tax benefit from stock-based compensation           378          (53)
Deferred income taxes, net                               3,475         (804)
                                                   -----------  -----------
Net cash provided by operating activities              275,333      211,605
                                                   -----------  -----------

Cash flow from investing activities:
Investment in property and equipment                    (2,418)      (1,861)
                                                   -----------  -----------
Net cash used in investing activities                   (2,418)      (1,861)
                                                   -----------  -----------

Cash flow from financing activities:
Acquisition of non-controlling interest                      -       (5,516)
Proceeds from issuance of shares upon exercise of
 options                                                39,554       31,515
Purchase of treasury shares                            (74,999)     (75,000)
Excess tax benefit from stock-based compensation          (378)          53
                                                   -----------  -----------
Net cash used in financing activities                  (35,823)     (48,948)
                                                   -----------  -----------

Unrealized (loss) gain on marketable securities,
 net                                                     4,657       (3,539)
                                                   -----------  -----------

Increase in cash and cash equivalents and
 marketable securities                                 241,749      157,257

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