Check Point reports 2Q profit up 14 percent

Check Point Software Technologies Ltd. Tuesday reported a 14 percent increase in second-quarter profit, meeting adjusted Wall Street expectations as new Internet security products generated growth in revenues.

Net income was $79.2 million for the quarter, or 36 cents per share, compared with $69.5 million, or 31 cents per share, in the year-ago period.

Excluding stock-based compensation and acquisition-related charges, Check Point earned $92.7 million, or 43 cents per share, an increase of 8 percent from $85.7 million, or 38 percent per share, in the same period in 2007.

Revenue for the quarter increased 13 percent to $199.6 million, compared with $176.2 million a year ago. Product and license revenue grew 16 percent to $85 million.

Analysts polled by Thomson Financial, on average, estimated earnings of 43 cents per share on revenue of $195.1 million.

The company attributed the revenue growth to its security products, including a new line of high-performance appliances known a Power-1. The company has also added products to its UTM-1 Total Security line while boosting the number of products priced at less than $5,000.