Annual Report on Form 20-F
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| Item 1. | IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
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Not applicable. |
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| Item 2. | OFFER STATISTICS AND EXPECTED TIMETABLE |
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Not applicable. |
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| Item 3. | KEY INFORMATION |
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The following selected consolidated statement of income data for the years ended December 31, 2001, 2002 and 2003, and the selected consolidated balance sheet data as of December 31, 2002 and 2003, have been derived from the audited consolidated financial statements of Check Point Software Technologies Ltd. (together with its subsidiaries, the Company or Check Point) set forth elsewhere in this Form 20-F. These financial statements have been prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP). The selected consolidated statement of income data for the years ended December 31, 1999 and 2000 and the selected consolidated balance sheet data as of December 31, 1999, 2000 and 2001 have been derived from the Company's audited consolidated financial statements not included in this Form 20-F and have also been prepared in accordance with U.S. GAAP. The selected consolidated financial statements set forth below should be read in conjunction with and are qualified by reference to the Company's consolidated financial statements and the related notes as well as Item 5 - Operating and Financial Review and Prospects included elsewhere in this Form 20-F. On December 20, 1999, the Company's Board of Directors approved a two-for-one stock split in the form of a stock dividend effective January 23, 2000. On June 29, 2000 the Company's Board of Directors approved a two-for-one stock split in the form of a stock dividend effective July 14, 2000. On January 18, 2001, the Company's Board of Directors approved a three-for-two stock split in the form of a stock dividend effective February 1, 2001. All share and per share numbers herein reflect adjustments resulting from these stock splits. |
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| Year Ended December 31, | |||||||||||||||||||
| 1999 | 2000 | 2001 | 2002 | 2003 | |||||||||||||||
| (in thousands, except share data) | |||||||||||||||||||
| Consolidated Statement of Income Data: | |||||||||||||||||||
| Revenues | $ | 219,567 | $ | 425,283 | $ | 527,643 | $ | 426,989 | $ | 432,572 | |||||||||
| Operating expenses: | |||||||||||||||||||
| Cost of revenues | 22,423 | 35,265 | 26,571 | 20,693 | 18,923 | ||||||||||||||
| Research and development | 18,923 | 30,309 | 33,221 | 28,709 | 29,314 | ||||||||||||||
| Selling and marketing | 68,229 | 110,003 | 109,086 | 104,606 | 111,007 | ||||||||||||||
| General and administrative | 13,069 | 20,409 | 22,002 | 17,969 | 17,644 | ||||||||||||||
| Total operating expenses | 122,644 | 195,986 | 190,880 | 171,977 | 176,888 | ||||||||||||||
| Operating income | 96,923 | 229,297 | 336,763 | 255,012 | 255,684 | ||||||||||||||
| Financial income, net | 12,962 | 29,147 | 44,760 | 49,314 | 43,506 | ||||||||||||||
| Income before taxes on income | 109,885 | 258,444 | 381,523 | 304,326 | 299,190 | ||||||||||||||
| Taxes on income | 14,104 | 37,231 | 59,603 | 49,246 | 55,311 | ||||||||||||||
| Net Income | $ | 95,781 | $ | 221,213 | $ | 321,920 | $ | 255,080 | $ | 243,879 | |||||||||
| Basic net earnings per share (1) | $ | 0.43 | $ | 0.95 | $ | 1.34 | $ | 1.04 | $ | 0.98 | |||||||||
| Shares used in computing basic | |||||||||||||||||||
| net earnings per share (1) | 222,930 | 232,611 | 240,008 | 244,097 | 247,691 | ||||||||||||||
| Diluted net earnings per share (1) | $ | 0.39 | $ | 0.84 | $ | 1.25 | $ | 1.00 | $ | 0.96 | |||||||||
| Shares used in computing diluted | |||||||||||||||||||
| net earnings per share (1) | 246,456 | 262,515 | 258,075 | 254,772 | 255,083 | ||||||||||||||
| (1) | See Note 2p of Notes to the Consolidated Financial Statements for an explanation of the determination of shares used in computing net earnings per share. |