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SAN CARLOS, CA -- (Marketwired) -- 07/18/13 -- 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, 2013.

• Total Revenue: $340.2 million, representing a 4 percent increase year over year
• Non-GAAP Operating Income: $ 197.9 million, representing 58 percent of revenues
• Non-GAAP EPS: $0.83, representing an 8 percent increase year over year
• Cash Flow from Operations: $204.7 million, representing a 30 percent increase year over year

"We are pleased with our second quarter results, which were highlighted by excellent sequential growth in our product sales. Top performers were the North American region and our new data center appliances," said Gil Shwed, founder, chairman, and chief executive officer of Check Point Software Technologies. "Our software blades continued to deliver double-digit growth year over year, with threat prevention and application control technologies driving share gains."

Financial Highlights:

• Total Revenue: $340.2 million, an increase of 4 percent, compared to $328.6 million in the second quarter of 2012.
• GAAP Operating Income: $183.3 million, an increase of 2 percent, compared to $180.5 million the second quarter of 2012. GAAP operating margin was 54 percent, compared to 55 percent in the second quarter of 2012.
• Non-GAAP Operating Income: $197.9 million, an increase of 2 percent, compared to $193.6 million in the second quarter of 2012. Non-GAAP operating margin was 58 percent, compared to 59 percent in the second quarter of 2012.
• GAAP Net Income and Earnings per Diluted Share: GAAP net income was $151.0 million, an increase of 1 percent, compared to $150.0 million in the second quarter of 2012. GAAP earnings per diluted share were $0.76, an increase of 7 percent, compared to $0.71 in the second quarter of 2012.
• Non-GAAP Net Income and Earnings per Diluted Share: Non-GAAP net income was $165.0 million, an increase of 2 percent, compared to $161.8 million in the second quarter of 2012. Non-GAAP earnings per diluted share were $0.83, an increase of 8 percent, compared to $0.77, in the second quarter of 2012.
• Deferred Revenues: As of June 30, 2013, we had deferred revenues of $580.4 million, an increase of 8 percent, compared to $536.6 million as of June 30, 2012.
• Cash Flow: Cash flow from operations was $204.7 million, an increase of 30 percent, compared to $157.5 million in the second quarter of 2012.
• Share Repurchase Program: During the second quarter of 2013, we repurchased 2.9 million shares for a total amount of $142.8 million.
• Cash Balances, Marketable Securities and Short Term Deposits: $3,570.7 million as of June 30, 2013, an increase of $368.9 million, compared to $3,201.8 million as of June 30, 2012.

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

The transformation of our appliance family that began in 2012 is complete with the introduction of our new low-end appliances designed to meet the security needs of small businesses and branch offices, the 600 and 1100 series:

600 Series Appliances - Designed to address the security needs of small businesses with less than 100 employees. The 600 Series delivers the full Check Point Software Blade architecture (Next Generation Firewall, IPS, Threat Prevention, etc.) with an extremely easy to use Web user interface and features performance up to 1.5Gbps, at prices ranging from $399-$1,200. The 600 appliance just won the Network World Clear Choice Award. See below.

1100 Series Appliances - Targeted at enterprise remote offices and optimized for large-scale deployments of hundreds of branch offices. The 1100 Series offers customers the ability to utilize the Check Point Software Blade architecture with centralized enterprise management capabilities and offers performance up to 1.5Gbps, at prices ranging from $599-$2,000.

In addition, we introduced a new data center appliance series, augmenting the 12000 and 21000 lines:

13000 Series Appliances - The 13500 Appliance, the first in a new line of 13000 Appliances, delivers blazing-fast security performance, leveraging a wide spectrum of software optimizations and accelerations that in turn maximize hardware utilization, with performance of up to 77Gbps and a starting price of $79,000.

Industry Accolades:

Network World Clear Choice Award - The Network World Clear Choice Test Shootout recognized the Check Point 640 appliance as the number one Unified Threat Management (UTM) product for small businesses, having outperformed seven other comparable products tested in both capabilities and price.

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 FY 2012 and Q1 2013, according to the IDC Worldwide Quarterly Security Appliance Tracker Q1 2013.

2013 Frost & Sullivan Malaysia Excellence Awards - 2013 Frost & Sullivan Malaysia Network Security Vendor of the Year.

ComputerWorld Hong Kong Awards - Firewall/VPN Check Point 2012 Appliances & Check Point IPS Software Blade.

Network World Asia 2013 Information Management Awards - Firewall & Network Security and Identity & Access Management.

U.S. Government & International Certifications - Check Point earned several notable U.S. Government and International certifications for its security appliances and software.

New Mobile Security Report - Check Point published its second mobile security report which revealed that the majority of businesses (79%) had a mobile security incident in the past year. The report quantifies the dramatic growth of BYOD, exposes the frequency and cost of mobile security incidents, and identifies the main mobile security challenges faced by businesses of all sizes.

"We continue to provide the highest level of defense against cyber security risks to our customers. With our unique Software Blade architecture, a single Check Point gateway can provide customers with integrated security protections that could otherwise require up to 15 disparate security products from multiple vendors. We continue to elevate our customers' security today, to address the challenges of tomorrow," Shwed concluded.

Third Quarter 2013 Investor Conference Participation Schedule:

• Needham 2013 Software and Services Conference
  August 6, 2013 - New York, NY
• Pacific Crest 15th Annual Global Technology Leadership Forum
  August 12, 2013 - Vail, CO
• Oppenheimer 16th Annual Technology, Internet and Communications Conference
  August 14, 2013 - Boston, MA
• Citi 2013 Technology Conference
  September 4, 2013 - New York, NY
• Deutsche Bank 2013 dbAccess Technology Conference
  September 10, 2013 - Las Vegas, NV

Members of Check Point's management team will present at these conferences and will 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, 2013 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, 2013 on the company's website or by telephone at +1.201.612.7415, replay ID number 417690.

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.

©2013 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, 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,
                             ----------------------- -----------------------
                                 2013        2012        2013        2012
                             ----------- ----------- ----------- -----------
                             (unaudited) (unaudited) (unaudited) (unaudited)
Revenues:
  Products and licenses      $   120,762 $   123,155 $   227,292 $   233,337
  Software updates,
   maintenance and
   subscription                  219,410     205,494     435,610     408,428
                             ----------- ----------- ----------- -----------
Total revenues                   340,172     328,649     662,902     641,765
                             ----------- ----------- ----------- -----------

Operating expenses:
  Cost of products and
   licenses                       20,916      20,671      39,765      40,275
    Cost of Software
     updates, maintenance
     and subscription             18,199      16,745      36,053      32,784
  Amortization of technology         198         536         492       3,394
                             ----------- ----------- ----------- -----------
Total cost of revenues            39,313      37,952      76,310      76,453

  Research and development        29,369      27,262      58,683      54,104
  Selling and marketing           70,481      65,815     132,310     124,914
  General and administrative      17,719      17,092      35,305      32,876
                             ----------- ----------- ----------- -----------
Total operating expenses         156,882     148,121     302,608     288,347
                             ----------- ----------- ----------- -----------

Operating income                 183,290     180,528     360,294     353,418
Financial income, net              7,608       9,774      16,450      20,236
                             ----------- ----------- ----------- -----------
Income before taxes on
 income                          190,898     190,302     376,744     373,654
Taxes on income                   39,890      40,321      77,776      80,047
                             ----------- ----------- ----------- -----------
Net income                   $   151,008 $   149,981 $   298,968 $   293,607
                             =========== =========== =========== ===========
Earnings per share (basic)   $      0.77 $      0.73 $      1.51 $      1.43
                             =========== =========== =========== ===========
Number of shares used in
 computing earnings per
 share (basic)                   196,387     205,482     197,418     205,798
                             =========== =========== =========== ===========
Earnings per share (diluted) $      0.76 $      0.71 $      1.49 $      1.39
                             =========== =========== =========== ===========
Number of shares used in
 computing earnings per
 share (diluted)                 199,946     211,320     201,265     211,894
                             =========== =========== =========== ===========



                   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,
                         ------------------------  ------------------------
                             2013         2012         2013         2012
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)

GAAP operating income    $   183,290  $   180,528  $   360,294  $   353,418
Stock-based compensation
 (1)                          13,752       11,920       24,922       21,705

Amortization of
 intangible assets (2)           826        1,181        1,748        5,185
                         -----------  -----------  -----------  -----------
Non-GAAP operating
 income                  $   197,868  $   193,629  $   386,964  $   380,308
                         ===========  ===========  ===========  ===========

GAAP net income          $   151,008  $   149,981  $   298,968  $   293,607
Stock-based compensation
 (1)                          13,752       11,920       24,922       21,705
Amortization of
 intangible assets (2)           826        1,181        1,748        5,185
Taxes on the above items
 (3)                            (551)      (1,260)      (1,311)      (1,763)
                         -----------  -----------  -----------  -----------
Non-GAAP net income      $   165,035  $   161,822  $   324,327  $   318,734
                         ===========  ===========  ===========  ===========

GAAP Earnings per share
 (diluted)               $      0.76  $      0.71  $      1.49  $      1.39
Stock-based compensation
 (1)                            0.07         0.06         0.12         0.10
Amortization of
 intangible assets (2)          0.01         0.01         0.01         0.02
Taxes on the above items
 (3)                           (0.01)       (0.01)       (0.01)       (0.01)
                         -----------  -----------  -----------  -----------
Non-GAAP Earnings per
 share (diluted)         $      0.83  $      0.77  $      1.61  $      1.50
                         ===========  ===========  ===========  ===========

Number of shares used in
 computing Non-GAAP
 earnings per share
 (diluted)                   199,946      211,320      201,265      211,894
                         ===========  ===========  ===========  ===========

(1) Stock-based
 compensation:
  Cost of products and
   licenses              $        23  $        22  $        41  $        38
  Cost of software
   updates, maintenance
   and subscription              249          238          448          305
  Research and
   development                 2,802        2,614        4,789        4,553
  Selling and marketing        3,312        2,738        5,572        4,827
  General and
   administrative              7,366        6,308       14,072       11,982
                         -----------  -----------  -----------  -----------
                         $    13,752  $    11,920  $    24,922  $    21,705
                         -----------  -----------  -----------  -----------

(2) Amortization of
 intangible assets:
  Amortization of
   technology-cost of
   revenues                      198          536          492        3,394
  Selling and marketing          628          645        1,256        1,791
                         -----------  -----------  -----------  -----------
                                 826        1,181        1,748        5,185
                         -----------  -----------  -----------  -----------

(3) Taxes on the above
 items                          (551)      (1,260)      (1,311)      (1,763)
                         -----------  -----------  -----------  -----------

Total, net               $    14,027  $    11,841  $    25,359  $    25,127
                         ===========  ===========  ===========  ===========



                   CHECK POINT SOFTWARE TECHNOLOGIES LTD.
                 CONDENSED CONSOLIDATED BALANCE SHEET DATA

                               (In thousands)

                                   ASSETS
                                                  June 30,     December 31,
                                                    2013           2012
                                               -------------  -------------
                                                (unaudited)     (audited)
Current assets:
Cash and cash equivalents                      $     166,490  $     574,802
Marketable securities and short-term deposits      1,074,023        928,535
Trade receivables, net                               263,717        373,755
Prepaid expenses and other current assets             55,218         47,827
                                               -------------  -------------
Total current assets                               1,559,448      1,924,919
                                               -------------  -------------

Long-term assets:
Marketable securities                              2,330,139      1,792,027
Property and equipment, net                           37,502         36,973
Severance pay fund                                     6,106          6,038
Deferred tax asset, net                               29,200         25,553
Other intangible assets, net                          17,463         19,211
Goodwill                                             727,875        727,875
Other assets                                          20,355         19,797
                                               -------------  -------------
Total long-term assets                             3,168,640      2,627,474
                                               -------------  -------------

Total assets                                       4,728,088  $   4,552,393
                                               =============  =============


                   LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Deferred revenues                              $     510,114  $     524,627
Trade payables and other accrued liabilities         429,105        346,568
                                               -------------  -------------
Total current liabilities                            939,219        871,195
                                               -------------  -------------

Long-term deferred revenues                           70,261         65,063
Income tax accrual                                   287,336        259,547
Deferred tax liability, net                            3,927              -
Accrued severance pay                                 10,614         10,279
                                               -------------  -------------
                                                     372,138        334,889

                                               -------------  -------------
Total liabilities                                  1,311,357      1,206,084
                                               -------------  -------------

Shareholders' equity:
Share capital                                            774            774
Additional paid-in capital                           716,882        693,212
Treasury shares at cost                           (2,189,568)    (1,955,328)
Accumulated other comprehensive income                (3,370)        14,606
Retained earnings                                  4,892,013      4,593,045
                                               -------------  -------------
Total shareholders' equity                         3,416,731      3,346,309
                                               -------------  -------------
Total liabilities and shareholders' equity     $   4,728,088  $   4,552,393
                                               =============  =============
Total cash and cash equivalents, marketable
 securities and short-term deposits            $   3,570,652  $   3,295,364
                                               =============  =============



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

                            Three Months Ended         Six Months Ended
                         ------------------------  ------------------------
                                 June 30,                  June 30,
                         ------------------------  ------------------------
                             2013         2012         2013         2012
                         -----------  -----------  -----------  -----------
                         (unaudited)  (unaudited)  (unaudited)  (unaudited)
Cash flow from operating
 activities:
Net income               $   151,008  $   149,981  $   298,968  $   293,607
Adjustments to reconcile
 net income to net cash
 provided by operating
 activities:
Depreciation of property
 and equipment                 2,081        1,830        4,097        3,782
Amortization of
 intangible assets               826        1,181        1,748        5,184
Stock-based compensation      13,752       11,920       24,922       21,705
Realized gain on
 marketable securities            40         (159)      (1,074)         (97)
Decrease (increase) in
 trade and other
 receivables, net             10,875       (7,300)     105,251      105,861
Increase (decrease) in
 deferred revenues,
 trade payables and
 other accrued
 liabilities                  29,065       (1,130)     112,561       (2,239)
Excess tax benefit from
 stock-based
 compensation                 (1,934)        (143)      (6,105)         235
Deferred income taxes,
 net                          (1,054)       1,347       (4,267)       4,822
                         -----------  -----------  -----------  -----------
Net cash provided by
 operating activities        204,659      157,527      536,101      432,860
                         -----------  -----------  -----------  -----------

Cash flow from investing
 activities:

Investment in property
 and equipment                (2,044)      (1,283)      (4,626)      (3,701)
                         -----------  -----------  -----------  -----------
Net cash used in
 investing activities         (2,044)      (1,283)      (4,626)      (3,701)
                         -----------  -----------  -----------  -----------

Cash flow from financing
 activities:
Proceeds from issuance
 of shares upon exercise
 of options                    6,785        2,070       33,430       41,624
Purchase of treasury
 shares                     (142,797)     (75,000)    (274,434)    (149,999)
Excess tax benefit from
 stock-based
 compensation                  1,934          143        6,105         (235)
                         -----------  -----------  -----------  -----------
Net cash used in
 financing activities       (134,078)     (72,787)    (234,899)    (108,610)
                         -----------  -----------  -----------  -----------

Unrealized gain (loss)
 on marketable
 securities, net             (21,276)      (2,799)     (21,288)       1,858
                         -----------  -----------  -----------  -----------

Increase in cash and
 cash equivalents,
 marketable securities
 and short term deposits      47,261       80,658      275,288      322,407

Cash and cash
 equivalents, marketable
 securities and short
 term deposits at the
 beginning of the period   3,523,391    3,121,154    3,295,364    2,879,405
                         -----------  -----------  -----------  -----------

Cash and cash
 equivalents, marketable
 securities and short
 term deposits at the
 end of the period       $ 3,570,652  $ 3,201,812  $ 3,570,652  $ 3,201,812
                         ===========  ===========  ===========  ===========