Check Point on prowl for deal

Friday, 10 January 2003, 12:34 PM EST

Flush with cash but facing a decline in revenue, Check Point Software Technologies Ltd. is prowling for acquisitions, say analysts who follow the computer security company.

Nitsan Hargil, chief financial analyst with Friedman Billings Ramsey, estimates Check Point's 2002 revenues at roughly $426 million, a sharp decline from year-earlier revenues of $528 million. The good news is that the company is expected to clear $300 million in profit for the year, which would lift its cash reserves to $1.3 billion.

To offset falling revenue, however, Hargil expects Check Point to make an acquisition within a few months. "They need to do something and quick," he said. "They're not going out of business — they're still making $300 million in cash flow a year — but with revenues down 20% they need to do something quickly."

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