XML 61 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6
Summary Of Significant Accounting Polices (Tables)
 6 Months Ended
Jun. 24, 2012
Accounting Policies [Abstract]  
Effects Of Adjustment On (Loss) Earnings Per Share
 
Quarter
 
Six Months
 
(13 weeks) Ended
 
(26 weeks) Ended
 
June 26, 2011
 
June 26, 2011
Earnings (loss) attributable to Checkpoint Systems, Inc. per share
Basic
EPS

 
Diluted
EPS

 
Basic
EPS

 
Diluted
EPS

As Previously Reported
$
0.23

 
$
0.23

 
$
0.01

 
$
0.01

Revision Adjustments:
 
 
 
 
 
 
 
Canada Adjustments
0.02

 
0.02

 
0.04

 
0.04

As Revised for Revision Adjustments
$
0.25

 
$
0.25

 
$
0.05

 
$
0.05

Discontinued Operations Adjustments
(0.01
)
 
(0.01
)
 
(0.02
)
 
(0.02
)
As Revised in this Quarterly Report on Form 10-Q
$
0.24

 
$
0.24

 
$
0.03

 
$
0.03
Effects Of Adjustment On Net (Loss) Earnings Attributable To Parent And (Loss) Income From Continuing Operations
 
Quarter
 
Six Months
 
(13 weeks) Ended
 
(26 weeks) Ended
 
June 26, 2011
 
June 26, 2011
(amounts in thousands)
Net
Earnings
Attributable to
Checkpoint
Systems, Inc.

 
Income
from Continuing
 Operations
Before Income
Taxes

 
Net
Earnings
Attributable to
Checkpoint
Systems, Inc.

 
(Loss) Income
from Continuing
 Operations
Before Income
Taxes

As Previously Reported
$
9,520

 
$
11,043

 
$
209

 
$
(104
)
Revision Adjustments:
 
 
 
 
 
 
 
Canada Adjustments
322

 
430

 
938

 
1,253

As Revised for Revision Adjustments
$
9,842

 
$
11,473

 
$
1,147

 
$
1,149

Discontinued Operations Adjustments
—

 
511

 
—

 
1,238

As Revised in this Quarterly Report on Form 10-Q
$
9,842

 
$
11,984

 
$
1,147

 
$
2,387
Effects Of Adjustment On Income Tax (Benefit) Expense And Operating (Loss) Income
 
Quarter
 
Six Months
 
(13 weeks) Ended
 
(26 weeks) Ended
 
June 26, 2011
 
June 26, 2011
(amounts in thousands)
Income Tax
Expense

 
Operating
Income

 
Income Tax
(Benefit) Expense

 
Operating
Income

As Previously Reported
$
1,521

 
$
12,610

 
$
(315
)
 
$
2,029

Revision Adjustments:
 
 
 
 
 
 
 
Canada Adjustments
108

 
430

 
315

 
1,253

As Revised for Revision Adjustments
$
1,629

 
$
13,040

 
$
—

 
$
3,282

Discontinued Operations Adjustments
179

 
511

 
433

 
1,238

As Revised in this Quarterly Report on Form 10-Q
$
1,808

 
$
13,551

 
$
433

 
$
4,520
Consolidated Statements Of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS
 
Quarter
 
(13 weeks) Ended
 
June 26, 2011
(amounts in thousands, except per share data)
As Previously
Reported

 
As Revised
for Revision
Adjustments

 
As Revised in
this Quarterly
Report on
Form 10-Q

Net revenues
$
219,931

 
$
219,931

 
$
216,810

Cost of revenues
134,439

 
134,439

 
131,826

Gross profit
85,492

 
85,492

 
84,984

Selling, general, and administrative expenses
80,695

 
80,214

 
79,195

Research and development
5,347

 
5,347

 
5,347

Restructuring expenses
1,495

 
1,495

 
1,495

Acquisition costs
2,017

 
2,017

 
2,017

Other expense
—

 
51

 
51

Other operating income
16,672

 
16,672

 
16,672

Operating income
12,610

 
13,040

 
13,551

Interest income
727

 
727

 
727

Interest expense
1,918

 
1,918

 
1,918

Other gain (loss), net
(376
)
 
(376
)
 
(376
)
Earnings from continuing operations before income taxes
11,043

 
11,473

 
11,984

Income taxes
1,521

 
1,629

 
1,808

Net income from continuing operations
9,522

 
9,844

 
10,176

Loss from discontinued operations, net of tax benefit of $0, $0, and $179
—

 
—

 
(332
)
Net earnings
9,522

 
9,844

 
9,844

Less: income attributable to non-controlling interests
2

 
2

 
2

Net earnings attributable to Checkpoint Systems, Inc.
$
9,520

 
$
9,842

 
$
9,842

Basic earnings attributable to Checkpoint Systems, Inc. per share:
 
 
 
 
 
Earnings from continuing operations
$
0.23

 
$
0.25

 
$
0.25

Loss from discontinued operations, net of tax
—

 
—

 
(0.01
)
Basic earnings attributable to Checkpoint Systems, Inc. per share
$
0.23

 
$
0.25

 
$
0.24

Diluted earnings attributable to Checkpoint Systems, Inc. per share:
 
 
 
 
 
Earnings from continuing operations
$
0.23

 
$
0.25

 
$
0.25

Loss from discontinued operations, net of tax
—

 
—

 
(0.01
)
Diluted earnings attributable to Checkpoint Systems, Inc. per share
$
0.23

 
$
0.25

 
$
0.24


The As Revised in this Quarterly Report on Form 10-Q amounts include the effects of discontinued operations presentation on previously reported amounts. Refer to Note 14 to the Consolidated Financial Statements for discontinued operations presentation adjustments to previously reported amounts.

 
Six Months
 
(26 weeks) Ended
 
June 26, 2011
(amounts in thousands, except per share data)
As Previously
Reported

 
As Revised
for Revision
Adjustments

 
As Revised in
this Quarterly
Report on
Form 10-Q

Net revenues
$
404,604

 
$
404,604

 
$
398,696

Cost of revenues
248,738

 
248,738

 
243,627

Gross profit
155,866

 
155,866

 
155,069

Selling, general, and administrative expenses
155,078

 
153,527

 
151,492

Research and development
10,136

 
10,136

 
10,136

Restructuring expenses
3,092

 
3,092

 
3,092

Acquisition costs
2,203

 
2,203

 
2,203

Other expense
—

 
298

 
298

Other operating income
16,672

 
16,672

 
16,672

Operating income
2,029

 
3,282

 
4,520

Interest income
1,693

 
1,693

 
1,693

Interest expense
3,560

 
3,560

 
3,560

Other gain (loss), net
(266
)
 
(266
)
 
(266
)
(Loss) earnings from continuing operations before income taxes
(104
)
 
1,149

 
2,387

Income taxes (benefit) expense
(315
)
 
—

 
433

Net earnings from continuing operations
211

 
1,149

 
1,954

Loss from discontinued operations, net of tax benefit of $0, $0, and $433
—

 
—

 
(805
)
Net earnings
211

 
1,149

 
1,149

Less: income attributable to non-controlling interests
2

 
2

 
2

Net earnings attributable to Checkpoint Systems, Inc.
$
209

 
$
1,147

 
$
1,147

Basic earnings attributable to Checkpoint Systems, Inc. per share:
 
 
 
 
 
Earnings from continuing operations
$
0.01

 
$
0.05

 
$
0.05

Loss from discontinued operations, net of tax
—

 
—

 
(0.02
)
Basic earnings attributable to Checkpoint Systems, Inc. per share
$
0.01

 
$
0.05

 
$
0.03

Diluted earnings attributable to Checkpoint Systems, Inc. per share:
 
 
 
 
 
Earnings from continuing operations
$
0.01

 
$
0.05

 
$
0.05

Loss from discontinued operations, net of tax
—

 
—

 
(0.02
)
Diluted earnings attributable to Checkpoint Systems, Inc. per share
$
0.01

 
$
0.05

 
$
0.03
Consolidated Statements Of Comprehensive Income
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
Quarter
 
Six Months
 
(13 weeks) Ended
 
(26 weeks) Ended
 
June 26, 2011
 
June 26, 2011
(amounts in thousands)
As
Previously
Reported

 
As Revised in
this Quarterly
Report on
Form 10-Q

 
As
Previously
Reported

 
As Revised in
this Quarterly
Report on
Form 10-Q

Net earnings
$
9,522

 
$
9,844

 
$
211

 
$
1,149

Amortization of pension plan actuarial losses (gains), net of tax
12

 
12

 
(244
)
 
(244
)
Change in realized and unrealized losses on derivative hedges, net of tax
57

 
57

 
(1,762
)
 
(1,762
)
Foreign currency translation adjustment
3,490

 
3,497

 
22,085

 
22,017

Comprehensive income
13,081

 
13,410

 
20,290

 
21,160

Less: comprehensive income attributable to non-controlling interests
2

 
2

 
2

 
2

Comprehensive income attributable to Checkpoint Systems, Inc.
$
13,079

 
$
13,408

 
$
20,288

 
$
21,158
Consolidated Statements Of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
June 26, 2011
Six months (26 weeks) ended
As
Previously
Reported

 
As Revised in
this Quarterly
Report on
Form 10-Q

Cash flows from operating activities:
 
 
 
Net earnings
$
211

 
$
1,149

Adjustments to reconcile net earnings to net cash provided by operating activities:
 

 
 
Depreciation and amortization
17,861

 
17,861

Deferred taxes
1,812

 
2,127

Stock-based compensation
4,779

 
4,779

Provision for losses on accounts receivable
889

 
889

Excess tax benefit on stock compensation
(594
)
 
(594
)
Loss on disposal of fixed assets
5

 
5

(Increase) decrease in current assets, net of the effects of acquired companies:
 

 
 
Accounts receivable
(3,043
)
 
(3,056
)
Inventories
(21,245
)
 
(21,352
)
Other current assets
(10,894
)
 
(11,011
)
Increase (decrease) in current liabilities, net of the effects of acquired companies:
 

 
 
Accounts payable
4,526

 
4,300

Income taxes
(5,331
)
 
(5,348
)
Unearned revenues
16,163

 
16,163

Restructuring reserve
(62
)
 
(62
)
Other current and accrued liabilities
28,152

 
28,498

Net cash provided by operating activities
33,229

 
34,348

Cash flows from investing activities:
 
 
 
Acquisition of property, plant, and equipment and intangibles
(9,416
)
 
(9,416
)
Acquisition of businesses, net of cash acquired
(48,937
)
 
(48,937
)
Change in restricted cash
(355
)
 
(355
)
Other investing activities
192

 
192

Net cash used in investing activities
(58,516
)
 
(58,516
)
Cash flows from financing activities:
 
 
 
Proceeds from stock issuances
1,569

 
1,569

Excess tax benefit on stock compensation
594

 
594

Proceeds from short-term debt
196

 
196

Payment of short-term debt
(877
)
 
(877
)
Net change in factoring and bank overdrafts
47

 
47

Proceeds from long-term debt
31,117

 
31,117

Payment of long-term debt
(5,310
)
 
(5,310
)
Net cash provided by financing activities
27,336

 
27,336

Effect of foreign currency rate fluctuations on cash and cash equivalents
7,980

 
7,940

Net increase in cash and cash equivalents
10,029

 
11,108

Cash and cash equivalents:
 

 
 

Beginning of period
173,802

 
172,473

End of period
$
183,831

 
$
183,581
Schedule Of Movement Of Warranty Reserves
The following table sets forth the movement in the warranty reserve which is located in the Other Accrued Expenses section of our Consolidated Balance Sheets:
(amounts in thousands)
 
Six months ended
June 24,
2012

Balance at beginning of year
$
5,857

Accruals for warranties issued, net
2,613

Settlements made
(2,730
)
Foreign currency translation adjustment
(87
)
Balance at end of period
$
5,653