A pair of acquisitions and increased stock-option-related compensation charges took a toll on the IT security company Check Point Software Technologies ( CHKP), as net income declined while revenue rose by just 3%. Net income fell to $79.5 million, or 35 cents a share, compared with $89.2 million in the fourth quarter of 2005 or 36 cents a share. Net income in the latest qurter included equity-based compensation expenses of $9 million and acquisition-related in-process R&D of $1.1 million. Excluding charges, net income was $90.9 million, or or 40 cents a share, slightly above Thomson Financial expectations of $88.34 million, or 39 cents a share. Revenue increased 3% to $160.1 million during the fourth quarter, compared with $156.1 million during the same time last year. Analysts had been expecting $158.2 million. Shares of Check Point were recently down 25 cents, or 1.1%, to $22.95. In November, Check Point announced a cash tender offer to acquire Protect Data AB , the parent company of automatic data encryption company Pointsec. It also acquired the real-time intrusion-prevention company NFR Security. Check Point plans to bring new products based on its acquisitions to the market in the first quarter of 2007. The acquisitions were widely seen as an attempt by Check Point to rev up its growth and enter newer security segments. In its conference call with analysts, Check Point said it would like to add more pieces, especially in the area of core network security and data security. However, CEO and Chairman Gil Shwed said Check Point is unlikely to make more M&A moves soon. "I don't think you should expect too much happening in the near future because we have twin acquisitions to integrate," he said. In December, Check Point also launched an updated version of its consumer-focused ZoneAlarm Internet security product , the ZoneAlarm Internet Security Suite 7.0, which combines antivirus, antispyware and firewall technologies into a single box. During the fourth quarter, Check Point repurchased 1.4 million shares at a total cost of $31.7 million, bringing total shares repurchased during 2006 to 23.2 million shares at a total cost of $435.5 million.