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To: Clint E. who wrote (22210)	7/21/1999 12:12:00 AM
From: Clint E.	Respond to of 69811

Tuesday July 20 6:46 PM ET,,,,Check Point Says E-Commerce Boosting Profit SAN FRANCISCO (Reuters) - Check Point Software Technologies Ltd (Nasdaq:CHKP - news). Tuesday reported strong earnings growth in the second quarter and forecast further gains this year on robust demand for its Internet security systems. Check Point, co-headquartered in Redwood City, Calif. and Israel, said second-quarter net profit climbed 28 percent to $21.5 million from the year ago level of $16.8 million, and earnings per share advanced to 53 cents, topping last year's 44 cents and the consensus forecast of 51 cents. Revenue in the second quarter jumped 46 percent to $50.1 million from $34.3 million a year ago. In an interview, the company said it expected third-quarter earnings to grow as much as 10 percent over the second quarter. Check Point's stock climbed $3.875 to $60.125 to end at an all-time closing high on the Nasdaq, despite a general downturn in stocks, as at least one brokerage house upgraded its view on Check Point. Check Point linked its strong gains to the wide adoption of its software that creates secure packets for communicating or transacting business over the Internet. ''We remain very bullish,'' Check Point Executive Vice President Jerry Ungerman said in an interview. ''This macro issue that the world always talks about, Y2K, has not impacted us,'' Ungerman said. He was referring to concerns over the year 2000 computer bug, which have left some companies hesitant to invest in new software. ''We are increasing slightly over what our (earnings) guidance has been. We think third quarter could be as much as 10 percent over the second quarter,'' Ungerman said. Ungerman said private studies indicate a 12-fold increase in virtual public networks, in which it is a market leader, over the next three years. The growth of the virtual networks is fueled by companies looking for secure ways to conduct internal business operations and handle transactions with customers over the public Internet. ''Check Point's focus on Internet and e-commerce security has paid off, evidenced by our strong performance in the quarter,'' said Gil Shwed, president and chief executive, in a statement. BancBoston Robertson Stephens upgraded Check Point to a buy from a ''long-term attractive'' after the report, citing improved visibility and growth in the virtual private network market. ========------------========------------========------------=========