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check point software posts higher q1 profit April 18, 2005 4:49am ET (Reuters)

(Pvs NEW YORK, adds details, CEO quotes)

TEL AVIV, April 18 (Reuters) - Check Point Software Technologies Ltd. posted a sharp rise in quarterly profit on higher revenue from a year earlier, buoyed by strong demand for its security software products.

First quarter net income was $73.7 million, or 29 cents per share, versus $41.9 million, or 16 cents a share, a year ago, when the company took a $23 million research and development charge, the Israeli-American company said on Monday.

Total revenue was $137.7 million, up 19 percent from $116.1 million in the year-ago quarter.

Analysts on average were expecting Check Point to earn 29 cents per share in the quarter, according to Reuters Estimates.

Excluding acquisition-related charges, the company said earnings were 30 cents per share.

Analysts on average were estimating revenues at $138.9 million, according to Reuters Estimates.

Growth was spearheaded by rising sales of two new products: ZoneAlarm security services for consumers and SmartDefense real time security updates for enterprise customers, Chairman and Chief Executive Gil Shwed said in a statement.

"In Q2, we will remain focused on execution and will continue to expand the depth and breadth of our intelligent perimeter, internal, Web and endpoint security solutions," Shwed said. (Additional reporting by Bill Rigby in New York)