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REDWOOD CITY, CA–(Marketwire – 07/28/09) – Check Point� Software Technologies Ltd. (NASDAQ:CHKP – News), the worldwide leader in securing the Internet, today announced record financial results for the second quarter ended June 30, 2009.
“I’m pleased to report record quarterly results. Our quarterly results came in at the high-end of our projections with 12 percent year over year growth in revenues and non-GAAP earnings per share. Revenue growth came from all regions and represented our highest quarterly revenues to date,” said Gil Shwed, Chairman and Chief Executive Officer at Check Point. “The synergies associated with the successful acquisition of Nokia’s Security Appliance business contributed to these record results and enabled us to achieve non-GAAP operating margin of 52 percent.”
Financial Highlights for the Second Quarter of 2009
- Total Revenues: $223.6 million, an increase of 12 percent, compared to $199.6 million in the second quarter of 2008, and sequential quarterly growth of 15 percent.
- GAAP Operating Income: $86.7 million, up from $83.6 million a year ago. The GAAP operating income in the second quarter of 2009 included amortization of intangible assets in the amount of $4.6 million and restructuring charges of $9.0 million related to the Nokia security business acquisition.
- Non-GAAP(1) operating income: $116.4 million, an increase of 15 percent compared to $100.9 million a year ago. Non-GAAP operating margin was 52 percent, compared to 51 percent a year ago.
- GAAP Net Income and Earnings per Diluted Share: GAAP net income was $75.6 million compared to $79.2 million in the second quarter of 2008. Earnings per share were $0.36 for both periods. The GAAP net income in the second quarter of 2009 included amortization of intangible assets in the amount of $4.6 million ($0.02 per diluted share) and restructuring charges of $9.0 million ($0.04 per diluted share) related to the Nokia security business acquisition. Net of taxes these charges totaled $11.9 million ($0.06 per diluted share).
- Non-GAAP(1) Net Income and Earnings per Diluted Share: Non-GAAP net income was $100.9 million, compared to $92.7 million in the second quarter of 2008 and EPS was $0.48, an increase of 12 percent, compared to $0.43 in the second quarter of 2008.
- Deferred Revenues: As of June 30, 2009, we had deferred revenue of $362.1 million, which represented an increase of $82.9 million, or 30 percent compared to deferred revenues as of June 30, 2008.
- Cash Flow: Cash flow from operations was $112.7 million, an increase of 37 percent, compared to $82.6 million in the second quarter of 2008. We had $1.63 billion in cash and investments as of June 30, 2009.
- Share Repurchase Program: During the second quarter of 2009, we repurchased 2.2 million shares at a total cost of $50.0 million.
(1) For information regarding the non-GAAP financial measures discussed in this release, please see “Use of Non-GAAP Financial Information” and “Reconciliation of Non-GAAP to GAAP Financial Information.”
Business Highlights
Mr. Shwed continued, “During the quarter we expanded our product portfolio with the introduction of our Power-1 11000 high end appliance series, the SMART-1 management appliances and the acquisition of the IP series appliance business from Nokia. We also added over 300 people as part of the acquisition, primarily in sales and marketing, R&D and technical services. As a result, we have increased our investment in future product development and have provided further resources to support our customers and partners even given today’s economy.”
During the second quarter of 2009 we expanded its security hardware appliance portfolio, giving customers more options to deploy our leading security software. In April, we completed the acquisition of the Nokia Security Appliance Business and delivered the new Check Point IP appliance line that utilizes our revolutionary new software blade architecture. This allows prior Nokia appliance customers the ability to take advantage of integrated Intrusion Prevention System (IPS) for the first time, and was followed by the introduction of the Power-1 11000 series appliances designed for high performance environments, based on our revolutionary Software Blade architecture.
Also in the second quarter, we introduced the SMART-1 appliances, representing the next step in our efforts to simplify security management for enterprises while providing the highest level of security. SMART-1 utilizes the benefits of Check Point’s Software Blade architecture and provides flexibility and extensibility to the network administrator by unifying network, IPS and endpoint security policy management.
Additionally, in July during our Check Point Experience in the Asia Pacific region we introduced our latest management blade, SmartWorkFlow, which enables customers to streamline security operations and achieve higher levels of compliance. We also announced our latest endpoint security solution, Endpoint Security R72, our latest version of the industry’s only single agent for endpoint security that utilizes our patent-pending WebCheck(TM) browser virtualization security technology to protect enterprise PCs against Web-based threats. Furthermore, to ease the end-user experience, Endpoint Security R72 OneCheck single authentication unlocks all endpoint security subsystems and VPN Auto-Connect simplifies remote access.
Mr. Shwed concluded: “I am proud of the record results we achieved this quarter. During my meetings with customers I encountered a great deal of enthusiasm for our strategy that was primarily focused on our software blade architecture and expanded appliance portfolio. I’d like to thank our partners and customers for their continued support of Check Point’s business.”
Conference Call and Webcast Information
Check Point will host a conference call with the investment community on July 28, 2009 at 8:30 AM ET/5:30 AM PT. To listen to the live webcast, please visit Check Point’s website at http://www.checkpoint.com/ir. A replay of the conference call will be available through August 12, 2009 at the company’s website http://www.checkpoint.com/ir or by telephone at +1 201.612.7415, passcode # 327789, account # 215.
- Net earnings for the quarter of $94.9 million;
- Diluted EPS for the quarter of $0.76;
- Net earnings for the nine months ended June 30, 2009 of $320.5 million;
- Diluted EPS for the nine months ended June 30, 2009 of $2.58, and
- Backlog of $15.8 billion
Jacobs reported today net earnings of $94.9 million, or $0.76 per diluted share, on revenues of $2.7 billion for its third quarter of fiscal 2009 ended June 30, 2009. This compares to net earnings of $108.7 million, or $0.87 per diluted share, on revenues of $2.9 billion for the corresponding period last year.
For the nine months ended June 30, 2009, Jacobs reported net earnings of $320.5 million, or $2.58 per diluted share, on revenues of $8.9 billion. This compares to net earnings of $306.4 million, or $2.46 per diluted share, on revenues of $8.1 billion for the same period in fiscal 2008.
Included in the Company’s results of operations for the nine months ended June 30, 2008 is an after-tax gain of $5.4 million, or $0.04 per diluted share, from the sale, in the first quarter of fiscal 2008, of its interest in a company that provides specialized operations and maintenance services.
Jacobs also announced backlog totaling $15.8 billion at June 30, 2009, including a technical professional services component of $8.4 billion. This compares to total backlog and technical professional services backlog of $16.6 billion and $8.1 billion, respectively, at the end of last quarter. During the quarter ended June 30, 2009, approximately $665 million was removed from backlog as a result of project cancellations ($300 million) and a shift of pass-through costs to the owners’ responsibility ($365 million). All but $20 million of the reduction came out of field services backlog.
Commenting on the results for the third quarter, Jacobs President and CEO Craig L. Martin stated, “While our public sector markets – led by national government programs – remain good, our growth there was insufficient to offset declines in our private sector markets. Consequently, our results for the quarter were disappointing. The market remains uncertain, with economic conditions, oil prices, and business confidence reflecting that uncertainty. Our business model positions us well in challenging times, so we expect to capitalize on the opportunities these times create.”
Commenting on the Company’s earnings outlook for the remainder of fiscal 2009, Jacobs Chief Financial Officer John W. Prosser, Jr. stated, “As we approach our year-end we are narrowing our guidance for fiscal 2009 to a range of $3.10 to $3.35 which is within the lower portion of our previously issued guidance of $3.10 to $3.50.”
Jacobs is hosting a conference call at 11:00 a.m. Eastern time on Tuesday, July 28, 2009, which they are webcasting live on the Internet at www.jacobs.com. The taped teleconference is accessible from any touch-tone phone and will be available 24 hours a day through August 5, 2009. The dial-in number for the audio replay is 706.645.9291 (ID 18940259).
Jacobs, with annual revenues exceeding $12 billion, is one of the world’s largest and most diverse providers of technical, professional, and construction services.
LONDON (MarketWatch) — Fixed-income trading helped lift second-quarter profit at Deutsche Bank /quotes/comstock/13*!db/quotes/nls/db (DB 73.88, +0.97, +1.33%) /quotes/comstock/11e!fdbk (DE:DBK 47.45, -4.63, -8.89%) by 67% to 1.1 billion euros ($1.57 billion), with revenue up 46% to 7.9 billion euros in the absence of write-downs. Analysts polled by Thomson Reuters had expected a profit of 989.5 million euros on revenue of 7.21 billion euros. The current-quarter result was affected by the absorption of 1.4 billion euros of specific charges, mainly in noninterest expenses and provision for credit losses, which were in part counterbalanced by 758 million euros of specific positive revenue effects.
Net income down to $521 mln from $533 mln
* Profit ex-items up 25 pct to $742 mln
* Sales up 20 pct at $3.4 bln
(Adds details, CFO quote, share reaction)
By Steven Scheer
TEL AVIV, July 28 (Reuters) – Teva Pharmaceutical Industries (TEVA.O), the world’s largest generic drugmaker, reported a slight decline in quarterly profit and predicted its acquisition of Barr Pharmaceuticals would yield better-than-expected results.
The second-quarter profit beat analysts’ expectations but an appreciation in the dollar cut sales by 9 percent, or $256 million, Israeli-based Teva (TEVA.TA) said on Tuesday.
Teva bought rival Barr in late 2008 and Chief Executive Officer Shlomo Yanai indicated that Teva was interested in more acquisitions.
“Teva has a legacy of doing acquisitions,” he told a news conference, noting that acquisitions have become a trend in the drugs sector.
He declined to say whether another deal was imminent.
“Barr was a great acquisition,” Chief Financial Officer Eyal Desheh said. “It’s ahead of plan in our integration and we believe synergies will come out higher — significantly higher.”
Teva posted net income of $521 million, or 58 cents per diluted share, compared with $533 million, or 65 cents per share, a year earlier.
Excluding one-off items that related mainly to the Barr acquisition, net income rose to $742 million, a 25 percent increase from last year, while earnings per diluted share was 15 percent higher at 83 cents, beating the average forecast from analysts of 81 cents a share.
Sales totalled $3.4 billion, a 20 percent rise from the same period last year, compared with the average forecast of $3.5 billion from analysts polled by Reuters Estimates.
Teva’s branded drug Copaxone remained the number one multiple sclerosis therapy globally, with record sales of $682 million in the quarter, up 21 percent from a year ago.
The company said its global market share for Copaxone was 28 percent, ahead of Biogen’s (BIIB.O) Avonex, which was 24 percent and 21 percent for Merck KGaA’s (MRCG.DE) Rebif. Continued…
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TOKYO (MarketWatch) — Japan’s biggest electronics maker Hitachi Ltd. /quotes/comstock/!6501 (JP:6501 304.00, +10.00, +3.40%) /quotes/comstock/13*!hit/quotes/nls/hit (HIT 31.98, +0.71, +2.27%) said Tuesday it swung to a group net loss of 82.7 billion yen ($870.5 million) in the April-June quarter, compared with a profit of 31.6 billion yen in the year-earlier period. The fiscal first-quarter loss was deeper than the consensus for a 79.9 billion yen loss, according to Dow Jones Newswires. The company maintained its forecast for a net loss of 270 billion yen in the year through March 2010, which would be its third straight fiscal year of losses. The forecast misses the consensus average for a 246 billion yen loss according to a survey of 13 analysts polled by Thomson Reuters.
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Coach reported earnings per share of 43 cents for the three months ended June, excluding unusual items, in line with the view of analysts polled by Reuters, but lower than the 50 cents a share the company earned in the year-ago period.
The clothing and accessories maker said sales fell 1 percent in the fourth quarter to $778 million. The revenue fell just short of analysts’ expectations of $783.41 million.
The company said its fiscal full-year earnings came in at $1.91 per share.
Shares in Coach cnbc_comboQuoteMove(‘popup_COH_ID0EOF15839609’);[COH 28.43 
-0.88 (-3%) 
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fell on Monday after an analyst noted the luxury handbag maker’s share price had jumped lately and downgraded the stock, according to Associated Press.
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Q2 lpu $0.72 vs estimate of $1.20
* Q2 rev fell 10 pct to $303.9 mln
* Sees FY rev $1.20-$1.30 bln
July 28 (Reuters) – Coal producer Alliance Resources Partners LP (ARLP.O) reported a second-quarter profit that lagged consensus estimates, hurt by lower sales volume and higher expenses, and cut its full-year revenue and production forecast.
For the quarter, the company’s net income was $41.5 million, or 72 cents per limited partner unit (lpu), compared with $36.7 million, or 68 cents per lpu, a year earlier. Revenue rose 10 percent to $303.9 million.
Analysts on average were expecting earnings of $1.20 on revenue of $316.2 million, according to Reuters Estimates.
Alliance Resources cut its revenue outlook, excluding transportation revenues, to $1.20 billion to $1.30 billion, from $1.29 billion to $1.37 billion. It also cut its 2009 capital spending forecast to $350 million to $400 million from $375 million to $425 million.
“ARLP is currently anticipating coal production for 2009 in a range of 25.9 to 26.4 million tons,” said CEO Joseph Craft in a statement.
Shares of the company closed at $37.66 Monday on Nasdaq. They fell nearly 3 percent to $36.36 before-the-bell.
For the alerts, please double click [ID:nWNBB3801] (Reporting by Arup Roychoudhury in Bangalore; Editing by Jarshad Kakkrakandy) ([email protected]; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: [email protected]))
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NEW YORK, July 28 (Reuters) – AMB Property Corp (AMB.N), which owns, operates and develops warehouse and distribution centers, said quarterly funds from operations halved from a year earlier.
AMB posted second-quarter FFO of $50.9 million, or 34 cents per share, compared with $108.8 million, or $1.05 per share, a year earlier.
Excluding charges, FFO was 37 cents per share. FFO, a performance measure for real estate investment trusts, removes the profit-reducing effect of depreciation, a noncash accounting item.
AMB posted net income of $17.1 million, or 12 cents a share, down from $72.4 million, or 73 cents a share.
The company and its chief competitor, ProLogis (PLD.N), have been hard hit by the credit crisis, which has inhibited sales of commercial properties. Both companies rely on global trade to drive demand for their buildings, which store goods bound for markets around the world. (Reporting by Nick Zieminski; Editing by Lisa Von Ahn)
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National Oilwell Varco /quotes/comstock/13*!nov/quotes/nls/nov (NOV 36.24, -1.20, -3.21%) earned $220 million, or 53 cents a share, compared to $421 million, or $1.05 a share, in the year-ago period.
Revenue was virtually flat at about $1.9 billion.
On an adjusted basis, the Houston maker of drilling-equipment said it earned 90 cents a share compared to $1.04 in the year-earlier period, while analysts polled by FactSet Research were looking for earnings of 88 cents a share, on average.
Its backlog fell to $8.7 billion from $9.6 billion at the end of the first quarter.
Shares of National Oilwell Varco added 1.8% in premarket trading to $59.84
“Our strong book of business and solid balance sheet positions us well to navigate the current challenging marketplace, which witnessed further steep rig count declines and fierce pricing pressure during the second quarter, particularly in North America,” the company said.
“We are using this time to streamline our business and invest for future growth, while continuing to execute on our customer’s requirements.”
The company said timing remains uncertain on a recovery in the business.
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