-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, A52F/xLRurj96mKUIuif7dWq/nzSqwEt832mHZ1+x5KQ/asmCGnEzVwDcprrTIrk 4oVbMJuHBgNDt5MHqga8Yg== 0000215419-06-000003.txt : 20060127 0000215419-06-000003.hdr.sgml : 20060127 20060127163022 ACCESSION NUMBER: 0000215419-06-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051222 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060127 DATE AS OF CHANGE: 20060127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CHECKPOINT SYSTEMS INC CENTRAL INDEX KEY: 0000215419 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATIONS EQUIPMENT, NEC [3669] IRS NUMBER: 221895850 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11257 FILM NUMBER: 06558261 BUSINESS ADDRESS: STREET 1: 101 WOLF DR STREET 2: P O 188 CITY: THOROFARE STATE: NJ ZIP: 08086 BUSINESS PHONE: 856-384-2460 MAIL ADDRESS: STREET 1: 101 WOLF DRIVE CITY: THOROFARE, STATE: NJ ZIP: 08086 8-K 1 form8kdec2205fin.txt FORM 8-K DECEMBER 22 2005 ITEM 801 AND 901 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): January 27, 2006 CHECKPOINT SYSTEMS, INC. - ------------------------------------------------------------------------------- (Exact name of Registrant as specified in its Articles of Incorporation) Pennsylvania 22-1895850 - -------------------------------------- --------------------------------------- (State of Incorporation) (IRS Employer Identification No.) 101 Wolf Drive, PO Box 188, Thorofare, New Jersey 08086 - -------------------------------------------------- ------------------------ (Address of principal executive offices) (Zip Code) 856-848-1800 ----------------------------------------------------------------- (Registrant's telephone number, including area code) N/A - ------------------------------------------------------------------------ (Former name or address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 8.01 Other Events This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. As previously disclosed in its Quarterly Report on Form 10-Q for the quarterly period ended September 25, 2005, Checkpoint Systems, Inc. (the "Company") has classified as held for sale the global barcode labeling businesses, and the U.S. hand-held labeling and Turn-O-Matic (R) businesses ("the disposal group"). Beginning with the quarterly period ended September 25, 2005, the operations and select assets of the disposal group were determined to be discontinued operations. Under generally accepted accounting principles, the Company is required to reclassify previously reported prior period financial statements to reflect the discontinued operations on a basis comparable to the current presentation. Generally accepted accounting principles require our financial statements that were included in our Annual Report on Form 10-K for the year ended December 26, 2004, to be updated for discontinued operations in our Annual Report on Form 10-K for the year ended December 25, 2005. In order to assist investors' understanding of the treatment of the operations of the disposal group as discontinued operations on a quarterly basis, the Company has posted to its website, and is furnishing herewith, certain financial information that has been revised in advance of filing our Annual Report on Form 10-K for the year ended December 25, 2005. The information furnished herewith is consistent with the method in which the Company's results were reported for the quarterly period ended September 25, 2005, and will be reported going forward. Item 9.01 Financial Statements and Exhibits. (d) Exhibits 99.1 Historical Quarterly and Annual Financial information reflecting the global labeling business, and U.S. hand-held labeling and Turn-O-Matic (R) businesses as Discontinued Operations. Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CHECKPOINT SYSTEMS, INC. Dated: January 27, 2006 By: /s/ W. Craig Burns Title: Executive Vice President, Chief Financial Officer and Treasurer Checkpoint Systems, Inc. Index of Exhibits Exhibit Number Description - ------ ----------- 99.1 Historical Quarterly and Annual Financial information reflecting the global labeling business, and U.S. hand- held labeling and Turn-O-Matic (R) businesses as Discontinued Operations. EX-99.1 EXHIBITS 2 exh99122205901.txt FORM 8-K DECEMBER 22 2005 FINANCIALS CHECKPOINT SYSTEMS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (dollar amounts in thousands, except per share data)
YTD Quarter (13 weeks) Ended (39 Weeks) -------------------------------------------------------- ---------------- March 27, June 26, September 25, September 25, 2005 2005 2005 2005 - ------------------------------------------------------------------------------------------------ ---------------- Net revenues $156,388 $185,635 $185,555 $527,578 Cost of revenues 88,263 103,621 105,529 297,413 - ------------------------------------------------------------------------------------------------ ---------------- Gross profit 68,125 82,014 80,026 230,165 Selling, general, and administrative expenses 60,786 60,086 55,811 176,683 Research and development 4,779 4,723 4,450 13,952 Restructuring expense -- 6,274 3,498 9,772 Litigation settlement -- -- -- -- - ------------------------------------------------------------------------------------------------ ---------------- Operating income 2,560 10,931 16,267 29,758 Interest income 586 483 582 1,651 Interest expense 973 908 717 2,598 Other gain (loss), net 178 (47) 67 198 - ------------------------------------------------------------------------------------------------ ---------------- Earnings from continuing operations 2,351 10,459 16,199 29,009 before income taxes and minority interest Income taxes 539 2,895 3,260 6,694 Minority interest 23 26 39 88 - ------------------------------------------------------------------------------------------------ ---------------- Net earnings from continuing operations 1,789 7,538 12,900 22,227 Earnings from discontinued operations, net of tax 2,042 1,963 1,320 5,325 - ------------------------------------------------------------------------------------------------ ---------------- Net Earnings $3,831 $9,501 $14,220 $27,552 - ------------------------------------------------------------------------------------------------ ---------------- Basic Earnings per Share: Net earnings from continuing operations $.05 $.20 $.34 $.58 Earnings from discontinued operations, net of tax .05 .05 .03 .14 - ------------------------------------------------------------------------------------------------ ---------------- Basic earnings per share $.10 $.25 $.37 $.72 - ------------------------------------------------------------------------------------------------ ---------------- Diluted Earnings per Share: Net earnings from continuing operations $.05 $.20 $.33 $.57 Earnings from discontinued operations, net of tax .05 .05 .03 .14 - ------------------------------------------------------------------------------------------------ ---------------- Diluted earnings per share $.10 $.25 $.36 $.71 - ------------------------------------------------------------------------------------------------ ----------------
CHECKPOINT SYSTEMS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (dollar amounts in thousands, except per share data)
YTD Quarter (13 weeks) Ended (52 Weeks) ------------------------------------------------------------ ----------------- March 28, June 27, September 26, December 26, December 26, 2004 2004 2004 2004 2004 - -------------------------------------------------------------------------------------------------- ----------------- Net revenues $151,037 $163,487 $167,994 $189,040 $671,558 Cost of revenues 83,092 87,257 90,077 101,215 361,641 - -------------------------------------------------------------------------------------------------- ----------------- Gross profit 67,945 76,230 77,917 87,825 309,917 Selling, general, and administrative expenses 56,402 58,202 56,954 65,550 237,108 Research and development 5,544 7,493 6,416 9,072 28,525 Asset impairments -- -- -- 1,968 1,968 Restructuring expense -- -- -- (3,016) (3,016) Litigation settlement -- 19,950 -- -- 19,950 - -------------------------------------------------------------------------------------------------- ----------------- Operating income (loss) 5,999 (9,415) 14,547 14,251 25,382 Interest income 453 332 395 387 1,567 Interest expense 2,180 1,473 1,914 1,413 6,980 Other gain (loss), net 56 ( 169) (50) 382 219 - -------------------------------------------------------------------------------------------------- ----------------- Earnings (loss) from continuing 4,328 (10,725) 12,978 13,607 20,188 operations before income taxes and minority interest Income taxes 1,120 (2,262) 4,164 258 3,280 Minority interest 9 24 52 5 90 - -------------------------------------------------------------------------------------------------- ----------------- Net earnings (loss) from continuing 3,199 (8,487) 8,762 13,344 16,818 operations Earnings from discontinued operations, net of tax 2,230 2,045 1,355 (42,640) (37,010) - -------------------------------------------------------------------------------------------------- ----------------- Net earnings (loss) $5,429 $(6,442) $10,117 $(29,296) $(20,192) - -------------------------------------------------------------------------------------------------- ----------------- Basic Earnings per Share: Net earnings (loss) from continuing operations $.09 $(.22) $.23 $.35 $.46 Earnings from discontinued operations, net of tax .07 .05 .04 (1.13) (1.01) - -------------------------------------------------------------------------------------------------- ----------------- Basic earnings (loss) per share $.16 $(.17) $.27 $(.78) $(.55) - -------------------------------------------------------------------------------------------------- ----------------- Diluted Earnings per Share: Net earnings (loss) from continuing operations $.09 $(.22) $.23 $.34 $.45 Earnings from discontinued operations, net of tax .06 .05 .03 (1.08) (.99) - -------------------------------------------------------------------------------------------------- ----------------- Diluted earnings (loss) per share $.15 $(.17) $.26 $(.74) $(.54) - -------------------------------------------------------------------------------------------------- -----------------
BUSINESS SEGMENTS (unaudited) (dollar amounts in thousands)
YTD Quarter (13 weeks) Ended (39 Weeks) ------------------------------------------------------------ --------------- March 27, June 26, September 25, September 25, 2005 2005 2005 2005 - ------------------------------------------------------------------------------------------------ ---------------- Business segment net revenue: Security $117,434 $141,499 $146,991 $405,924 Labeling Services 15,775 21,112 18,128 55,015 Retail Merchandising 23,179 23,024 20,436 66,639 - ------------------------------------------------------------------------------------------------ ---------------- Total Revenues 156,388 185,635 185,555 527,578 - ------------------------------------------------------------------------------------------------ ---------------- Business segment gross profit: Security 50,650 62,817 64,486 177,953 Labeling Services 5,847 6,798 4,942 17,587 Retail Merchandising 11,628 12,399 10,598 34,625 - ------------------------------------------------------------------------------------------------ ---------------- Total gross profit $68,125 $82,014 $80,026 $230,165 - ------------------------------------------------------------------------------------------------ ----------------
YTD Quarter (13 weeks) Ended (52 Weeks) -------------------------------------------------------------- --------------- March 28, June 27, September 26, December 26, December 26, 2004 2004 2004 2004 2004 - -------------------------------------------------------------------------------------------------- --------------- Business segment net revenue: Security $112,529 $120,666 $131,858 $144,261 $509,314 Labeling Services 14,206 18,546 14,703 18,393 65,848 Retail Merchandising 24,302 24,275 21,433 26,386 96,396 - -------------------------------------------------------------------------------------------------- --------------- Total Revenues 151,037 163,487 167,994 189,040 671,558 - -------------------------------------------------------------------------------------------------- --------------- Business segment gross profit: Security 50,526 57,284 61,282 66,557 235,649 Labeling Services 4,620 6,392 4,975 6,608 22,595 Retail Merchandising 12,799 12,554 11,660 14,660 51,673 - -------------------------------------------------------------------------------------------------- --------------- Total gross profit $67,945 $76,230 $77,917 $87,825 $309,917 - -------------------------------------------------------------------------------------------------- ---------------
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