-----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, MJucdvGLcFV0UnUNn6+UsEcU3B5GycalI5jlRybuX6MbOs4G6Hv2OY9pVBlfA0D0 XbUIvI/YNDLeQhKB0lCU9g== 0000215419-10-000105.txt : 20101102 0000215419-10-000105.hdr.sgml : 20101102 20101102090957 ACCESSION NUMBER: 0000215419-10-000105 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20101102 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20101102 DATE AS OF CHANGE: 20101102 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: 0729 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-11257 FILM NUMBER: 101156589 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 form8-k.htm CHECKPOINT SYSTEMS, INC. FORM 8-K form8-k.htm


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): November 2, 2010
 
CHECKPOINT SYSTEMS, INC.
(Exact name of Registrant as specified in its Articles of Incorporation)

Pennsylvania
  
22-1895850
(State of Incorporation)
  
(IRS Employer Identification No.)
     
One Commerce Square, 2005 Market Street, Suite 2410, Philadelphia, Pennsylvania
  
19103
(Address of principal executive offices)
  
(Zip Code)
     
 
856-848-1800
  
 
(Registrant’s telephone number, including area code)
  
     
 
101 Wolf Drive, PO Box 188, Thorofare, New Jersey
  
 
(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 2.02 Results of Operations and Financial Condition.
 
On November 2, 2010, Checkpoint Systems, Inc. (the “Company”) issued a press release announcing its results for the third quarter ended September 26, 2010.  A copy of the press release is furnished as Exhibit 99.1 hereto.

Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits
 
99.1 Press Release dated November 2, 2010

 
 
 


Signature

  
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.
 
By: /s/ Raymond D. Andrews
 
Name: Raymond D. Andrews
 
Title: Senior Vice President and Chief Financial Officer
   
Date: November 2, 2010
  
 

 
 
 

Checkpoint Systems, Inc.
 
Index of Exhibits


EXHIBIT
  
DESCRIPTION
     
EXHIBIT 99.1
  
Press Release dated November 2, 2010



EX-99.1 2 ex99-1.htm CHECKPOINT SYSTEMS, INC. EARNINGS RELEASE ex99-1.htm


 

Corporate Logo

News Release


COMPANY CONTACT:
Bob Powers
Vice President Investor Relations
215.553.8323



CHECKPOINT SYSTEMS, INC. ANNOUNCES
THIRD QUARTER 2010 RESULTS

Revenues Increased 4.8%, Organic Growth of 5.6%
SG&A Restructuring Plan Announced
2010 Guidance Updated


Philadelphia, Pennsylvania, November 2, 2010 – Checkpoint Systems, Inc. (NYSE: CKP) today reported financial results for the third quarter ended September 26, 2010.

Net revenues for the third quarter of 2010 were $203.3 million compared to net revenues for the third quarter of 2009 of $194.1 million.  Net earnings attributable to Checkpoint Systems, Inc. for the third quarter of 2010 were $7.1 million, or $0.17 per diluted share, compared to net earnings attributable to Checkpoint Systems, Inc. for the third quarter of 2009 of $2.6 million, or $0.07 per diluted share.  Non-GAAP net earnings attributable to Checkpoint Systems, Inc. for the third quarter of 2010 excluding restructuring expense and the impact of a change in valuation allowances were $12.0 million, or $0.30 per diluted share.  Non-GAAP net earnings attributable to Checkpoint Systems, Inc. for the third quarter of 2009 were $6.4 million, or $0.16 per diluted share.  (See accompanying Reconciliation of GAAP to Non-GAAP Financial Measures.)

“For the quarter just ended, we continued to realize organic revenue growth in all our business segments and our three major geographies.  In particular, strong growth in our Alpha business was driven by retailers who seek solutions that enhance their merchandising and loss prevention.  However, our EAS consumables business, which had been very strong through the first half of the year, slowed across most product lines and geographies.  We believe this business will be back on track by early 2011.  Additionally, our EAS systems business continues to be impacted by the prolonged economic sluggishness in Europe,” said Rob van der Merwe, Chairman, President and Chief Executive Officer of Checkpoint Systems.  “Gross margin for the quarter declined, principally due to our Appa rel Labeling Solutions business segment where changes in product mix, including the impact of lower margin products from our Brilliant Label business, continued from last quarter.

“Many of the issues that negatively affected the third quarter are projected to continue for the balance of the year and therefore we have updated guidance.  At this time we do not believe the higher end of our previous guidance is achievable and we have reflected that in our current guidance,” added van der Merwe.

Mr. van der Merwe concluded, “With today’s third quarter results we are providing broad metrics of a SG&A restructuring plan first announced late last year.  The program is expected to reduce SG&A costs by $20.0 million to $25.0 million, with roughly $15.0 million to $17.0 million of the restructuring savings expected to be realized in 2011 and the full benefit in 2012.  The cost of the program is expected to be $20.0 million to $25.0 million. Finally, we believe that the impact of current conditions on our business is temporary and that our strategy to focus on the converging fields of shrink management, merchandise visibility and apparel labeling remains sound and provides a solid foundation for future growth.”

Selected analysis and discussion for the third quarter of 2010:
 
·  
Net revenues increased 4.8%.  Organic growth comprised 5.6% of the increase driven by the Shrink Management Solutions and Apparel Labeling Solutions business segments, notably Alpha High Theft Solutions® and CheckView®.  Non-comparable acquisition growth contributed 2.4% of the increase resulting from the acquisition of Brilliant Label Manufacturing, Ltd.  Foreign currency effects resulted in a 3.2% net revenues decline driven principally by the strengthened dollar versus the euro.

·  
Gross profit margin was 40.3% compared to 43.6% for the third quarter of 2009.  The decrease was principally due to lower gross margins in the apparel labeling and EAS consumables businesses.

·  
GAAP operating income was $13.1 million compared to $13.4 million for the third quarter of 2009.  Non-GAAP operating income excluding restructuring expense was $14.2 million, or 7.0% of net revenues.  Non-GAAP operating income for the third quarter of 2009 was $13.6 million, or 7.0% of net revenues.  (See accompanying Reconciliation of GAAP to Non-GAAP Financial Measures.)

·  
Restructuring expense was $1.2 million due to our previously announced manufacturing restructuring plan and the initial stages of our selling, general, and administrative restructuring plan.

·  
Effective tax rate was 41.9% compared to 77.6% for the third quarter of 2009.

·  
Cash flow used in operating activities was $17.1 million compared to cash flow provided by operating activities of $22.5 million for the third quarter of 2009.

·  
At September 26, 2010, cash and cash equivalents were $164.3 million compared to $162.1 million at December 27, 2009, and total debt was $143.0 million compared to $116.9 million at December 27, 2009. Capital expenditures were $7.5 million for the third quarter of 2010.


 
 
 

Outlook for 2010

Based on an assessment of current market conditions, Checkpoint has updated guidance for 2010.  This guidance does not include the impact of unusual charges, such as additional restructuring expense, that the Company may incur during the year and assumes a continuation of current exchange rates.

·  
Net revenues are expected to be in the range of $825.0 million to $840.0 million.

·  
Non-GAAP diluted net earnings per share attributable to Checkpoint Systems, Inc. are expected to be in the range of $1.00 to $1.08.

·  
Non-GAAP operating income margin is expected to be in the range of 6.5% to 6.9%.

·  
An annualized tax rate is expected to be in the range of 16% to 18%.

·  
Free cash flow (cash flow from operations less capital expenditures) is expected to be in the range of $10.0 million to $20.0 million.

Checkpoint Systems will host a conference call today, November 2, 2010, at 10:00 AM Eastern Time, to discuss its third quarter 2010 results.  The conference call will be simultaneously broadcast live over the Internet.  Listeners may access the webcast at http://ir.checkpointsystems.com.  A replay will be available following the event.


Checkpoint Systems, Inc.

Checkpoint Systems is a global leader in shrink management, merchandise visibility and apparel labeling solutions.  Checkpoint enables retailers and their suppliers to reduce shrink, improve shelf availability and leverage real-time data to achieve operational excellence.  Checkpoint solutions are built upon 40 years of RF technology expertise, diverse shrink management offerings, a broad portfolio of apparel labeling solutions, market-leading RFID applications, innovative high-theft solutions and its Web-based Check-Net® data management platform.  As a result, Checkpoint customers enjoy increased sales and profits by improving supply-chain efficiencies, by facilitating on-demand label printing and by providing a secure open-merchandising environment enhancing the consumer’s shopping experience.  For more information, visit www.checkpointsystems.com.

Caution Regarding Forward-Looking Statements

This press release includes information that constitutes forward-looking statements.  Forward-looking statements often address our expected future business and financial performance, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” or “will.”  By their nature, forward-looking statements address matters that are subject to risks and uncertainties.  Any such forward-looking statements may involve risk and uncertainties that could cause actual results to differ materially from any future results encompassed within the forward-looking statements.  Factors that could cause or contribute to such differences include: our ability to integrate our acquisitions and to achieve our financial and operational goals for our acquisitions; changes in international business conditions; foreign currency exchange rate and interest rate fluctuations; lower than anticipated demand by retailers and other customers for our products; slower commitments of retail customers to chain-wide installations and/or source tagging adoption or expansion; possible increases in per unit product manufacturing costs due to less than full utilization of manufacturing capacity as a result of slowing economic conditions or other factors; our ability to provide and market innovative and cost-effective products; the development of new competitive technologies; our ability to maintain our intellectual property; competitive pricing pressures causing profit erosion; the availability and pricing of component parts and raw materials; possible increases in the payment time for receivables as a result of economic conditions or other market factors; changes in regulations or standards applicable to our pro ducts; the ability to implement cost reduction in field service, sales, and general and administrative expense, and our manufacturing and supply chain operations without significantly impacting revenue and profits; our ability to maintain effective internal control over financial reporting; and additional matters disclosed in our Securities and Exchange Commission filings.  We do not undertake to update our forward-looking statements, except as required by applicable securities laws.

 
 
 

Checkpoint Systems, Inc.
Consolidated Statements of Operations
(amounts in thousands, except per share data)
(unaudited)

 
Quarter
(13 weeks) Ended
  
Nine Months
(39 weeks) Ended
 
September 26,
2010
September 27,
2009
  
September 26,
2010
September 27,
2009
           
Net revenues
$ 203,324
$ 194,078
  
$ 598,956
$ 534,941
Cost of revenues
121,445
109,404
  
345,762
306,046
Gross profit
81,879
84,674
  
253,194
228,895
           
Selling, general, and administrative expenses
62,774
66,210
  
202,809
189,724
Research and development
4,868
4,874
  
14,776
14,811
Restructuring expenses
1,175
153
  
2,810
1,212
Litigation settlement
−
−
  
−
1,300
Operating income
13,062
13,437
  
32,799
21,848
Interest income
842
419
  
2,208
1,340
Interest expense
1,704
1,878
  
4,725
5,063
Other gain (loss), net
(88)
(523)
  
(1,284)
296
Earnings from operations before income taxes
12,112
11,455
  
28,998
18,421
Income taxes
5,071
8,884
  
9,487
11,190
Net earnings
7,041
2,571
  
19,511
7,231
Less: (loss) attributable to noncontrolling interests
(40)
(68)
  
(116)
(332)
Net earnings attributable to Checkpoint Systems, Inc.
$     7,081
$     2,639
  
$   19,627
$     7,563
Net earnings attributable to Checkpoint Systems, Inc., per Common Shares:
           
Basic earnings per share
$       0.18
$       0.07
  
$       0.49
$       0.19
           
Diluted earnings per share
$       0.17
$       0.07
  
$       0.49
$       0.19


 
 
 

Checkpoint Systems, Inc.
Summary Consolidated Balance Sheet
(amounts in thousands)

 
September 26,
2010
December 27,
2009
 
(unaudited)
  
     
Cash and Cash Equivalents
$    164,263
$    162,097
Working Capital
$    304,349
$    241,809
Current Assets
$    507,712
$    482,690
Total Debt
$    142,990
$    116,872
Total Equity
$    583,822
$    558,554
Total Assets
$ 1,029,841
$ 1,024,233


 
 
 

Reconciliation of Non-GAAP Financial Measures in Accordance with SEC Regulation G

Checkpoint Systems, Inc. reports financial results in accordance with U.S. GAAP and herein provides some Non-GAAP measures.  These Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures.  These Non-GAAP measures are intended to supplement the Company's presentation of its financial results that are prepared in accordance with GAAP.  The Company uses the Non-GAAP measures presented to evaluate and manage the Company's operations internally.  The Company is also providing this information to assist investors in performing additional financial analysis that is consistent with financial models developed by research analysts who follow the Company.

Set forth below is a reconciliation of the Non-GAAP financial measures used in this release to the most directly comparable measures based on GAAP.

Checkpoint Systems, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(amounts in thousands, except percents)
(unaudited)

 
Quarter
(13 weeks) Ended
  
Nine Months
(39 weeks) Ended
Reconciliation of GAAP to Non-GAAP Operating Income:
September 26,
2010
September 27,
2009
  
September 26,
2010
September 27,
2009
           
Net revenues
$ 203,324
$ 194,078
  
$ 598,956
$ 534,941
           
GAAP operating income
13,062
13,437
  
32,799
21,848
           
Non-GAAP adjustments:
          
           
Restructuring expenses
1,175
153
  
2,810
1,212
Litigation settlement
−
−
  
−
1,300
Adjusted Non-GAAP operating income
$   14,237
$   13,590
  
$   35,609
$   24,360
           
GAAP operating margin
6.4%
6.9%
  
5.5%
4.1%
Adjusted Non-GAAP operating margin
7.0%
7.0%
  
5.9%
4.6%


 
 
 

Checkpoint Systems, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures continued
(amounts in thousands, except per share data)
(unaudited)

 
Quarter
(13 weeks) Ended
  
Nine Months
(39 weeks) Ended
Reconciliation of GAAP to Non-GAAP Earnings attributable to Checkpoint Systems, Inc.:
September 26,
2010
September 27,
2009
  
September 26,
2010
September 27,
2009
           
Earnings attributable to Checkpoint Systems, Inc., as reported
$   7,081
$   2,639
  
$ 19,627
$   7,563
           
Non-GAAP adjustments:
          
           
Restructuring expenses, net of tax
647
159
  
2,030
900
Litigation settlement, net of tax
−
−
  
−
801
Valuation allowance adjustment
4,261
3,595
  
4,261
3,595
Adjusted net earnings attributable to Checkpoint Systems, Inc.
$ 11,989
$   6,393
  
$ 25,918
$ 12,859
           
Reported diluted shares
40,499
39,753
  
40,366
39,489
           
Adjusted diluted shares
40,499
39,753
  
40,366
39,489
           
Reported net earnings attributable to Checkpoint Systems, Inc., per share – diluted
$     0.17
$     0.07
  
$     0.49
$     0.19
           
Adjusted net earnings attributable to Checkpoint Systems, Inc., per share – diluted
$     0.30
$     0.16
  
$     0.64
$     0.33

















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