Check Point Q1 Earnings Barely Beat Street

Check Point Software Technologies Tuesday posted first-quarter earnings that barely beat lowered Wall Street expectations.

The security-software vendor, based here, reported a net income of $63.5 million on $104.6 million in revenue for the quarter ended March 31. That compares with a net income of $83.7 million on $145 million in revenue for the same quarter a year ago.

First-quarter earnings of 25 cents per share on a diluted basis beat First Call/Thomson Financial consensus estimates of 24 cents by a penny.

Earlier this month, the company warned that its revenue would fall in the range of $104 million to $105 million, about 15 percent lower than it previously anticipated, due to slow IT spending.

"In the first quarter, Check Point continued to generate strong earnings despite the slow business environment," Check Point Software Technologies President Jerry Ungerman, said in a conference call.

Gil Shwed, Check Point chairman and chief executive, said the company made headway in new markets, including the SMB and wireless markets.

Shares of Check Point closed Tuesday at $18.20, down 43 cents.

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