UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For the month of October, 2009

Commission File Number 0-28584

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
(Translation of registrant’s name into English)

5 Ha’solelim Street, Tel Aviv, Israel
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ____

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

Indicate by check mark whether the registrant by furnishing the information contained in this Form, is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________

 
INVESTOR CONTACT: MEDIA CONTACT:
Kip E. Meintzer Greg Kunkel
Check Point Software Technologies Check Point Software Technologies
+1 650.628.2040 +1 650.628.2070
ir@us.checkpoint.com press@us.checkpoint.com

CHECK POINT SOFTWARE REPORTS RECORD FINANCIAL RESULTS FOR THE
THIRD QUARTER 2009

All-Time Record Quarterly Results

  - Revenue: $233.6 million, representing 17 percent year over year growth

  - Non-GAAP EPS: $0.52, representing 19 percent year over year growth

  - Non-GAAP Operating Income: $127.5 million, representing 20 percent year over year growth, and 55 percent of revenues

  - Deferred Revenues: $360.1 million, representing 32 percent year over year growth

REDWOOD CITY, Calif., – October 22, 2009 – Check Point® Software Technologies Ltd. (NASDAQ: CHKP), the worldwide leader in securing the Internet, today announced record financial results for the third quarter ended September 30, 2009.

“I am proud of our ability to execute and deliver all-time record results across key metrics for the quarter. Our revenues came in at the high-end of our projections, with 17 percent growth, while non-GAAP earnings per share were $0.52, representing 19% growth, and exceeded our projections. This is particularly encouraging given the state of the economy and the weakness of the US dollar” said Gil Shwed, Chairman and Chief Executive Officer at Check Point, “Operationally, we performed well across all regions, with Asia Pacific having a particularly good quarter. We also continued to realize further synergies from our recent acquisition, which helped us to achieve these results and deliver non-GAAP operating margin of 55%.”

Financial Highlights for the Third Quarter of 2009

— Total Revenues: $233.6 million, an increase of 17 percent compared to $199.7 million in the third quarter of 2008.

— GAAP Operating Income: $105.5 million, an increase of 17 percent compared to $90.4 million in the third quarter of 2008. The GAAP operating income in the third quarter of 2009 included amortization of intangible assets in the amount of $5.4 million related to the Nokia security business acquisition.

— Non-GAAP 1 Operating Income: $127.5 million, an increase of 20 percent compared to $106.2 million in the third quarter of 2008. Non-GAAP operating margin was 55 percent, compared to 53 percent in the third quarter of 2008, and 52 percent during the second quarter of 2009.

— GAAP Net Income and Earnings per Diluted Share: GAAP net income was $91.5 million, an increase of 14 percent compared to $80.1 million in the third quarter of 2008. GAAP earnings per diluted share were $0.43, an increase of 17 percent compared to $0.37 in the third quarter of 2008. GAAP net income in the third quarter of 2009 included amortization of intangible assets in the amount of $5.4 million (which represented $0.03 in GAAP earnings per diluted share) related to the Nokia security business acquisition. Net of taxes, these charges totaled $5.1 million ($0.02 per diluted share).

— Non-GAAP 1 Net Income and Earnings per Diluted Share: Non-GAAP net income was $109.5 million, an increase of 16 percent compared to $94.2 million in the third quarter of 2008, and non-GAAP EPS was $0.52, an increase of 19 percent compared to $0.44 in the third quarter of 2008.

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.”

— Deferred Revenues : As of September 30, 2009, we had deferred revenue of $360.1 million, an increase of 32 percent compared to $272.9 as of September 30, 2008.

— Cash Flow: Cash flow from operations was $126.1 million, an increase of 10 percent compared to $115.1 million in the third quarter of 2008. We had $1,736.2 million in cash and investments as of September 30, 2009.

— Share Repurchase Program: During the third quarter of 2009, we repurchased 1.8 million shares at a total cost of $50 million.

Mr. Shwed concluded, “We continued to realize good traction from our latest product introductions, including the new SMART-1 management appliances, the high-end Power-1 11000 series and low-end UTM-1 130 appliances. Our Software Blade Architecture experienced excellent adoption by our customers as they continue to recognize the benefits of a secure, flexible and easily managed security platform.”

Conference Call and Webcast Information
Check Point will host a conference call with the investment community on October 22, 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 October 29, 2009 at the company’s website http://www.checkpoint.com/ir or by telephone at +1 201.612.7415, passcode # 335046, account # 215.

About Check Point Software Technologies Ltd.
Check Point Software Technologies Ltd. (www.checkpoint.com), a worldwide leader in securing the Internet, is the only vendor to delivers Total Security for networks, data and endpoints, unified under a single management framework. Check Point provides customers uncompromised protection against all types of threats, reduces security complexity and lowers total cost of ownership. Check Point first pioneered the industry with FireWall-1 and its patented stateful inspection technology. Today, Check Point continues to innovate with the development of the Software Blade architecture. The dynamic Software Blade architecture delivers secure, flexible and simple solutions that can be fully customized to meet the exact security needs of any organization or environment. Check Point customers include tens of thousands of businesses and organizations of all sizes, including [all Fortune 100 companies. Check Point’s award-winning ZoneAlarm solutions protect millions of consumers from hackers, spyware and identity theft.

© 2009 Check Point Software Technologies Ltd. All rights reserved.

Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Check Point uses non-GAAP measures of net income, operating income and earnings per share, which are adjustments from results based on GAAP to exclude non-cash equity-based compensation charges, impairment of marketable securities, amortization of acquired intangible assets, restructuring-related charges and the related tax affects. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such has determined that it is important to provide this information to investors. Check Point’s management also believes the non-GAAP financial information provided in this release is useful to investors’ understanding and assessment of Check Point’s on-going core operations and prospects for the future. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP.

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(In thousands, except per share amounts)

Three Months Ended
Nine Months Ended
September 30,
September 30,
2009
2008
2009
2008
(unaudited) (unaudited) (unaudited) (unaudited)
 
Revenues:                    
   Products and licenses     $ 86,882   $ 81,925   $ 241,427   $ 244,277  
   Software updates, maintenance and    
   services       146,759     117,795     410,867     346,646  
Total revenues       233,641     199,720     652,294     590,923  
     
Operating expenses:    
   Cost of products and licenses       18,598     10,267     45,061     28,953  
   Cost of software updates,    
   maintenance and services       10,033     6,941     26,637     20,792  
   Amortization of technology       7,471     5,800     20,501     18,754  
Total cost of revenues       36,102     23,008     92,199     68,499  
     
   Research and development       22,426     23,193     65,681     69,762  
   Selling and marketing       56,379     50,796     160,390     161,044  
   General and administrative       13,190     12,294     40,487     38,865  
   Restructuring       67     -     9,101     -  
Total operating expenses       128,164     109,291     367,858     338,170  
     
Operating income       105,477     90,429     284,436     252,753  
Financial income, net       7,825     10,039     24,368     30,351  
Other than temporary impairment on    
marketable securities       -     (2,288 )   -     (2,288 )
Income before income taxes       113,302     98,180     308,804     280,816  
Taxes on income       21,839     18,119     60,817     43,324  
Net income     $ 91,463   $ 80,061   $ 247,987   $ 237,492  
     
Earnings per share (basic)     $ 0.44   $ 0.37   $ 1.18   $ 1.10  
Number of shares used in computing    
earnings per share (basic)       208,738     213,728     209,465     215,247  
     
Earnings per share (diluted)     $ 0.43   $ 0.37   $ 1.17   $ 1.09  
Number of shares used in computing    
earnings per share (diluted)       211,688     216,567     211,790     217,942  

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
RECONCILIATION OF NON-GAAP TO GAAP FINANCIAL INFORMATION

(In thousands, except per share amounts)

Three Months Ended
Nine Months Ended
September 30,
September 30,
2009
2008
2009
2008
(unaudited) (unaudited) (unaudited) (unaudited)
 
GAAP operating income     $ 105,477   $ 90,429   $ 284,436   $ 252,753  
Stock-based compensation (1)       7,695     6,857     22,769     24,313  
Amortization of intangible assets (2)       14,301     8,893     36,647     28,090  
Restructuring (3)       67     -     9,101     -  
Non-GAAP operating income     $ 127,540   $ 106,179   $ 352,953   $ 305,156  
     
GAAP net income     $ 91,463   $ 80,061   $ 247,987   $ 237,492  
Stock-based compensation (1)       7,695     6,857     22,769     24,313  
Amortization of intangible assets (2)       14,301     8,893     36,647     28,090  
Restructuring (3)       67     -     9,101     -  
Other than temporary impairment * (4)       -     2,288     -     2,288  
Taxes on stock-based compensation,    
amortization of intangible assets and    
other than temporary impairment (5)       (4,040 )   (3,849 )   (10,662 )   (11,867 )
Non-GAAP net income     $ 109,486   $ 94,250   $ 305,842   $ 280,316  
     
GAAP Earnings per share (diluted)     $ 0.43   $ 0.37   $ 1.17   $ 1.09  
Stock-based compensation (1)       0.04     0.04     0.11     0.11  
Amortization of intangible assets (2)       0.07     0.04     0.17     0.13  
Restructuring (3)       -     -     0.04     -  
Other than temporary impairment * (4)       -     0.01     -     0.01  
Taxes on stock-based compensation,    
amortization of intangible assets and    
other than temporary impairment (5)       (0.02 )   (0.02 )   (0.05 )   (0.05 )
Non-GAAP Earnings per share (diluted)     $ 0.52   $ 0.44   $ 1.44   $ 1.29  
     
Number of shares used in computing    
Non-GAAP earnings per share (diluted)       211,688     216,567     211,790     217,942  
     
(1) Stock-based compensation:    
      Cost of products and licenses     $ 14   $ 15   $ 35   $ 42  
      Cost of software updates,    
      maintenance and services       236     133     536     510  
      Research and development       1,998     1,364     4,771     3,665  
      Selling and marketing       1,769     1,696     4,485     5,862  
      General and administrative       3,678     3,649     12,942     14,234  
        7,695     6,857     22,769     24,313  
     
(2) Amortization of intangible assets:    
      Cost of products and licenses       7,471     5,800     20,501     18,754  
      Selling and marketing       6,830     3,093     16,146     9,336  
        14,301     8,893     36,647     28,090  
     
(3) Restructuring       67     -     9,101     -  
     
(4) Other than temporary impairment*    
      Financial income, net       -     2,288     -     2,288  
     
(5) Taxes on stock-based    
      compensation, amortization of    
      intangible assets and other than    
      temporary impairment       (4,040 )   (3,849 )   (10,662 )   (11,867 )
     
Total , net     $ 18,023   $ 14,189   $ 57,855   $ 42,824  

* Relates to impairment of Lehman Brothers bonds.

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(In thousands)
ASSETS

September 30,
2009
December 31,
2008
(unaudited) (unaudited)
 
Current assets:            
Cash and cash equivalents     $ 608,221   $ 543,190  
Short-term deposit       -     26,302  
Marketable securities       348,898     344,895  
Trade receivables, net       191,156     251,771  
Other current assets       34,477     28,372  
Total current assets       1,182,752     1,194,530  
     
Long-term assets:    
Marketable securities       779,045     529,445  
Property, plant and equipment, net       39,956     40,248  
Severance pay fund       6,315     5,817  
Deferred income taxes, net       16,926     19,003  
Intangible assets, net       123,448     123,151  
Goodwill       708,458     664,602  
Other assets       21,167     16,820  
Total long-term assets       1,695,315     1,399,086  
     
Total assets     $ 2,878,067   $ 2,593,616  
     
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current liabilities:    
Deferred revenues     $ 322,764   $ 289,998  
Trade payables and other accrued liabilities       145,191     112,556  
Total current liabilities       467,955     402,554  
     
Long-term deferred revenues       37,361     40,799  
Income tax accrual       121,138     101,230  
Deferred tax liability, net       15,127     22,225  
Accrued severance pay       11,125     10,943  
     
Total liabilities       652,706     577,751  
     
Shareholders' equity:    
Share capital       774     774  
Additional paid-in capital       512,200     503,408  
Treasury shares at cost       (1,173,239 )   (1,105,250 )
Accumulated other comprehensive income (loss)       16,895     (4,673 )
Retained earnings       2,868,731     2,621,606  
Total shareholders' equity       2,225,361     2,015,865  
Total liabilities and shareholders' equity     $ 2,878,067   $ 2,593,616  
Total cash and cash equivalents, deposits and    
marketable securities     $ 1,736,164   $ 1,443,832  

CHECK POINT SOFTWARE TECHNOLOGIES LTD.
SELECTED CONSOLIDATED CASH FLOW DATA
(In thousands)

Three Months Ended
Nine Months Ended
September 30,
September 30,
2009
2008
2009
2008
(unaudited) (unaudited) (unaudited) (unaudited)
 
Cash flow from operating activities:                    
Net income     $ 91,463   $ 80,061   $ 247,987   $ 237,492  
Adjustments to reconcile net income to net cash provided by    
operating activities:    
Depreciation and amortization of property, plant and equipment       2,190     2,257     7,226     6,548  
Other than temporary impairment       -     2,288     -     2,288  
Decrease (increase) in trade and other receivables, net       (50 )   1,770     85,050     38,638  
     
Increase in deferred revenues, trade payables and other    
accrued liabilities       15,494     20,836     24,769     25,380  
     
Amortization of intangible assets       14,301     8,893     36,647     28,090  
Realized loss on marketable securities       -     -     1,896     -  
Stock-based compensation       7,695     6,857     22,768     24,313  
Excess tax benefit from stock-based compensation       (2,474 )   (3,531 )   (6,988 )   (9,560 )
Deferred income taxes, net       (2,487 )   (4,338 )   (8,729 )   (12,661 )
Net cash provided by operating activities       126,132     115,093     410,626     340,528  
     
Cash flow from investing activities:    
Cash paid in conjunction with the acquisition of Protect Data, net       -     -     -     (9,042 )
Cash paid in conjunction with the acquisition of Nokia       -     -     (57,540 )   -  
Investment in property, plant and equipment       (1,043 )   (2,412 )   (3,644 )   (6,938 )
Net cash used in investing activities       (1,043 )   (2,412 )   (61,184 )   (15,980 )
     
Cash flow from financing activities:    
     
Proceeds from issuance of shares upon exercise of options       20,166     11,504     62,469     27,276  
Purchase of treasury shares       (50,000 )   (49,825 )   (152,286 )   (172,825 )
Excess tax benefit from stock-based compensation       2,474     3,531     6,988     9,560  
Net cash used in financing activities       (27,360 )   (34,790 )   (82,829 )   (135,989 )
     
Unrealized gain (loss) on marketable securities, net       8,255     (19,420 )   25,719     (28,824 )
     
Increase in cash and cash equivalents, deposits and    
marketable securities       105,984     58,471     292,332     159,735  
     
Cash and cash equivalents, deposits and marketable securities    
at the beginning of the period       1,630,180     1,342,773     1,443,832     1,241,509  
Cash and cash equivalents, deposits and marketable securities    
at the end of the period     $ 1,736,164   $ 1,401,244   $ 1,736,164   $ 1,401,244  

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




October 22, 2009 		CHECK POINT SOFTWARE TECHNOLOGIES LTD.


By: /s/ Tal Payne
——————————————
Tal Payne
Chief Financial Officer

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