Checkpoint Q4'FY13 revenue slips 3%

01 Apr '14

2 min read

Checkpoint Systems, Inc. reported financial results for the fourth quarter and full-year ended December 29, 2013.

The Company announced that it concluded the restatement of prior period results for the first nine months of 2013 and fiscal years 2012 and 2011. The restatement of consolidated financial statements for the 2012 and 2011 fiscal years, as well as quarterly financial data for the first three quarters of 2013 and all four quarters of 2012 are complete and are included in the Company's Form 10-K for the fiscal year ended December 29, 2013, that was filed with the Securities and Exchange Commission. All comparisons in this press release reflect restated financial results for those periods.

Fourth Quarter GAAP Results

Net revenues from continuing operations in the fourth quarter of 2013 decreased 3.0%, to $194.4 million from $200.5 million in the fourth quarter of 2012. Foreign currency translation effects resulted in a $0.6 million or 0.3% decrease in net revenues. During the quarter, gross profit margins were 38.8% compared with 39.4% in the 2012 fourth quarter.

Selling, general, and administrative (SG&A) expenses in the fourth quarter of 2013 decreased $6.5 million or 10.6% to $54.7 million from $61.1 million in the fourth quarter of 2012. The fourth quarter of 2013 included approximately $7.8 million ($5.2 million in SG&A) of additional cost reductions from the global restructuring initiatives and continued tight expense control.

Operating expenses in the fourth quarter of 2013 included restructuring expenses ($6.3 million) and Shore to Shore acquisition costs associated with ongoing arbitration ($0.3 million) compared to the fourth quarter of 2012, which included restructuring expenses ($1.3 million) and acquisition costs ($0.2 million).

Operating income in the fourth quarter of 2013 was $5.5 million, $24.6 million higher when compared with $19.1 million of operating loss in the same period last year. Foreign currency translation effects resulted in a $1.0 million reduction in operating income.

Net loss from continuing operations in the fourth quarter of 2013 was $0.12 per diluted share, a $0.61 per share improvement over the net loss of $0.73 per diluted share in the same period last year.

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Checkpoint Systems

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