Check Point releases impressive FY2008, Q4 2008 financial results

to $808 million and non-GAAP operating income growth of 15 percent to $426 million.”

Here are financial Highlights for Q4 which ended 31 December 2008:

  • Total Revenues: $217.6 million, compared to $206.7 million in the fourth quarter of 2007.
  • Operating Income: GAAP operating income was $103.7 million, or 48 percent of revenues, compared to $88.2 million, or 43 percent of revenues in the fourth quarter of 2007. Non-GAAP operating income was $120.7 million, or 55 percent of revenues, compared to $107.4 million, or 52 percent of revenues in the fourth quarter of 2007.
  • Net Income: GAAP net income was $86.5 million compared to $87.9 million in the fourth quarter of 2007. Non-GAAP net income was $105.6 million compared to $102.5 million in the fourth quarter of 2007.
  • Earnings per Diluted Share (EPS): GAAP EPS was $0.41 compared to $0.39 in the fourth quarter of 2007. Non-GAAP EPS was $0.50 compared to $0.46 in the fourth quarter of 2007.
  • Deferred Revenues: $330.8 million, which represented an increase of $57.1 million, or 21 percent, compared to deferred revenues of $273.7 as of 31 December 2007.
  • Share Repurchase Program: During the fourth quarter of 2008, Check Point repurchased approximately 3.4 million shares at a total cost of $66.7 million.

Shwed continued: “During the course of the year we continued to experience good performance from all geographies, including the United States and Europe. The investments we have made in emerging markets began to pay off as we realized over 20 percent growth in Asia and Eastern Europe and over 40 percent growth in Latin America and the Middle East. We continued to demonstrate our operational discipline by completing 2008 with record operating margins (Non-GAAP) of 53 percent for the full year and 55 percent in the fourth quarter.”

Here are financial highlights for the year ending 31 December 2008:

  • Revenues: $808.5 million, an increase of 11 percent compared to $730.9 million in 2007.
  • Operating Income: GAAP operating income was $356.5 million, or 44 percent of revenues, compared to $279.6 million, or 38 percent of revenues in 2007. Non-GAAP operating income grew by 15 percent and was $425.8 million, or 53 percent of revenues, compared to $370.6 million, or 51 percent of revenues in 2007.
  • Net Income: GAAP net income was $324.0 million, an increase of 15 percent, compared to $281.1 million in 2007. Non-GAAP net income was $386.0 million, an increase of 8 percent compared to $358.7 in 2007.
  • Earnings per Diluted Share (EPS): GAAP EPS was $1.50, an increase of 20 percent, compared to $1.25 in 2007. Non-GAAP EPS was $1.78, an increase of 12 percent, compared to $1.59 in 2007.
  • Cash Flow: Cash flow from operations was $429.9 million, an increase of 16 percent, compared to $371.6 million in 2007.
  • Cash and Investments Balance: $1.444 billion as of 31 December 2008 compared to $1.242 billion in 2007.
  • Share Repurchase Program: During 2008, Check Point repurchased approximately 10.9 million shares at an approximate total cost of $239.5 million of the 2008 and the 2007 plans approved by the board. There is approximately $233.7 million remaining of the $400 million authorized under Check Point’s share repurchase program in 2008.