Check Point Software Technologies Ltd. Reports Record Results for Third Quarter 1999.REDWOOD CITY Redwood City, city (1990 pop. 66,072), seat of San Mateo co., W Calif., on San Francisco Bay; inc. 1868. Manufactures include commmunications, electrical, electronic, and medical equipment. , Calif.--(BUSINESS WIRE)--Oct. 21, 1999-- SVN SVN Subversion (version control system) SVN Slovenia (international traffic code) SVN Social Venture Network SVN South Vietnam SVN Secure Virtual Network SVN Supervised Visitation Network Architecture Addresses Growing E-Business' Internet Security ''This article or section is being rewritten at Internet security is the process of protecting data and privacy of devices connected to internet from information robbery, hacking, malware infection and unwanted software. Requirements Check Point Software Technologies Ltd. (Nasdaq: CHKP CHKP Check Point Software Technologies Ltd. (stock abbreviation, AMEX) ), the leader in securing the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , today announced financial results for the third quarter ended September September: see month. 30, 1999. Net revenues for the quarter were $57,799,000, compared with $35,221,000 for the same period in 1998, an increase of 64%. Net income for the quarter was $24,725,000, or $0.60 per share, compared with net income of $16,937,000, or $0.45 per share for the same period in 1998, an increase of 46% in net income and 33% in net income per share. "Business was strong in the third quarter as we continued to ride the growth in the Internet, extranet A Web site for customers rather than the general public. It can provide access to research, current inventories and internal databases, virtually any information that is private and not published for everyone. and intranet markets," said Gil Shwed Gil Shwed (Hebrew: גיל שוויד, fl. c. 2000) is an Israeli programmer and entrepreneur. He is the founder, CEO and chairman of board of Check Point Software Technologies Ltd. , founder, chairman, president and chief executive officer of Check Point Software Technologies Ltd. "Our strong financial performance is evidence of our product success in providing critical infrastructure for e-Business (Electronic-BUSINESS) Doing business online. The term is often used synonymously with e-commerce, but e-business is more of an umbrella term for having a presence on the Web. and Internet security. These Check Point solutions are the foundation for the Secure Virtual Network (SVN) architecture launched this quarter." Check Point continued its market strength around the world. Revenues from the U.S. accounted for 50% of revenues, Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). 33% and
rest of world 17%. Revenues from the Company's OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and partners were
12% of revenues, with the largest contribution coming from Nokia Nokia (nō`kēä), town (1996 pop. 26,326), Western Finland prov., SW Finland, on Lake Näsijärvi. It is an industrial community where wood and rubber products are manufactured. . In
addition, service revenues reached 23% of revenues, due to continued
strength in software subscription and educational services.The Company also announced that Hagi Hagi (hä`gē), city (1990 pop. 50,618), Yamaguchi prefecture, W Honshu, Japan, on the delta of the Abu River. It is known for the production of pottery and bamboo and was a castle town of the Mori clan during the Tokugawa era. Schwartz Schwartz is a Canadian spices brand. It is also a common surname and may refer to:
In the third quarter, Check Point announced its Secure Virtual Network (SVN) architecture. SVN defines the scope of secure internetworking internetworking - The interconnection of two or more networks, usually local area networks so that data can pass between hosts on the different networks as though they were one network. This requires some kind of router or gateway. and goes beyond the point solutions that other Virtual Private Network (VPN (Virtual Private Network) A private network that is configured within a public network (a carrier's network or the Internet) in order to take advantage of the economies of scale and management facilities of large networks. ) products provide. SVN is also an open and extensible architecture through Check Point's more than 200 Open Platform for Security (OPSEC (OPerations SECurity) The U.S. military term for concealing critical information as part of a counterintelligence plan. A form of "security by obscurity," OPSEC determines what information adversaries can obtain or piece together from observation and to provide measures for ) partners. The SVN approach provides secure and seamless See seamless integration. Internet connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. between networks, systems, applications and users across the Internet, intranets and extranets. In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the new SVN architecture, Check Point also announced a major new release of the VPN-1 product family, as well as new products that include a personal firewall/VPN client for an intranet/extranet environment and a reporting product.
Other news highlights include:
- Check Point continued its leadership with telecommunications
companies and Managed Service Providers (MSPs) with a new release
of Provider-1 and the introduction of MultiGate. Check Point's
MSP members now include Cable and Wireless USA, GTE
Internetworking, France Telecom, Sprint, Swisscom and UUNET, an
MCI WorldCom company, as well as other telecommunication and
Internet Service Provider companies
- Expanded relationship with Nokia covering the development and
distribution of the VPN-1 Appliance product family. These
products will be available exclusively from Check Point Software
and its reseller partners
- Surpassed 10 million registered licenses for VPN remote access
software, VPN-1 SecuRemote
- Check Point exceeded 100,000 customer installations. With VPN
installations now exceeding 27,000, an increase from
approximately 10,000 from the beginning of the year. VPN products
currently represent approximately 57% of the business
- Industry recognition continued as Check Point was once again
named the market leader in firewalls by International Data Corp.
(IDC) and in the VPN appliance market by Infonetics
- Check Point received numerous awards, including PC Magazine's
Editors' Choice Award.
"The Company continued to excel in new product introductions,
partnerships and sales," continued Mr. Shwed. "We will work hard to
continue to serve our customers to secure the Internet."
About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. is the worldwide leader in
securing the Internet. The company's integrated architecture includes
network security (VPN-1/FireWall, Provider-1 and Check Point
RealSecure), traffic control (FloodGate-1 and ConnectControl), and IP
address management (Meta IP). Check Point Software solutions enable
customers to implement centralized policy-based management with
enterprise-wide distributed deployment. Via the OPSEC Alliance, Check
Point Software's products seamlessly integrate with "best-of-breed"
products from more than 200 leading industry partners. The company has
U.S. headquarters in Redwood City, California and international
headquarters in Ramat-Gan, Israel. For more information, please call
(800) 429-4391 or (650) 628-2000 or visit http://www.checkpoint.com or
http://www.opsec.com.
Note to Editors: Check Point, the Check Point logo, FireWall-1,
FloodGate-1, INSPECT, IQ Engine, Meta IP, Open Security Extension,
OPSEC, Provider-1, User-to-Address Mapping, VPN-1, VPN-1 Accelerator
Card, VPN-1 Appliance, VPN-1 Certificate Manager, VPN-1 Gateway, VPN-1
SecuRemote, VPN-1 SecureServer, Secure Virtual Network and
ConnectControl are trademarks or registered trademarks of Check Point
Software Technologies Ltd. or its affiliates. All other product names
mentioned herein are trademarks or registered trademarks of their
respective owners. The products described in this document are
protected by U.S. Patent No. 5,606,668 and 5,835,726 and may be
protected by other U.S. Patents, foreign patents, or pending
applications.
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In thousands, except per share amount)
Three Months Ended Nine Months Ended
September 30 September 30
--------------------------- -----------------------------
(unaudited)
1998 1999 1998 1999
-------------------------- -----------------------------
Net
revenues $35,221 $57,799 $101,448 $151,622
Cost of
revenues 3,367 6,053 9,236 15,856
------------------------- -----------------------------
Gross
profit 31,854 51,746 92,212 135,766
--------------------------- ----------------------------
Operating
expenses:
Research and
development,
net* 2,641 4,892 7,798 13,288
Sales and
marketing 9,930 18,343 28,536 46,730
General and
administrative 2,724 3,385 8,379 9,466
--------------------------- ---------------------------
Total operating
expenses 15,295 26,620 44,713 69,484
--------------------------- ---------------------------
Operating
income 16,559 25,126 47,499 66,282
Financial
income, net 1,424 3,609 4,032 8,938
Other income,
net - - 2,581 192
--------------------------- -----------------------------
Income before
income taxes 17,983 28,735 54,112 75,412
Income taxes 1,046 4,010 2,847 9,452
--------------------------- -----------------------------
Net
income $16,937 $24,725 $51,265 $65,960
=========================== =============================
Earnings per
share
(Basic) $0.48 $0.66 $1.46 $1.79
=========================== =============================
Number of shares
used in computing earnings
per share
(Basic) 35,366 37,351 35,229 36,920
==============================================================
Earnings per share (Fully
diluted) $0.45 $0.60 $1.34 $1.62
==============================================================
Number of shares used in computing earnings
per share
(Fully diluted) 38,017 41,421 38,302 40,594
==============================================================
*Net of participation by
the chief
scientist 342 - 450 -
==============================================================
CHECK POINT SOFTWARE TECHNOLOGIES LTD.
SELECTED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
ASSETS
September 30, December 31,
1999 1998
--------------- -----------------
(unaudited) (audited)
Current assets:
Cash & cash equivalents,
short term deposits and
marketable
securities $162,791 $82,672
Trade receivables,
net 42,483 26,746
Other receivables and
prepaid expenses 8,273 6,925
--------------- -----------------
Total current
assets 213,547 116,343
--------------- -----------------
Long term investments in
marketable securities and
bank deposits 106,479 87,678
--------------- -----------------
Other long term
investments 450 225
Long term prepaid
expenses 1,100 -
Net property and
equipment 8,939 7,181
Severance pay
fund 910 704
Deferred income
taxes 175 104
--------------- -----------------
$331,600 $212,235
=============== =================
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deferred revenues $40,780 $11,798
Trade payables and
other accrued
liabilities $37,246 $23,673
--------------- ------------------
Total current
liabilities $78,026 $35,471
--------------- ------------------
Accrued severance
pay 1,482 1,057
--------------- ------------------
Total shareholders'
equity 252,092 175,707
--------------- ------------------
$331,600 $212,235
=============== ==================
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