Home / Knowledge / News / Information Technology / Checkpoint Systems Q3 revenues up 3.3%
Checkpoint Systems Q3 revenues up 3.3%
07
Nov '13
Checkpoint Systems, Inc. reported financial results for the third quarter ended September 29, 2013.

Third Quarter GAAP Results:

Net revenues from continuing operations in the third quarter of 2013 increased 3.3%, to $174.5 million from $168.8 million in the third quarter of 2012. During the quarter, gross profit margins were 40.3% compared with 40.7% in the 2012 third quarter. Foreign currency translation effects resulted in a $0.4 million or 0.2% increase in net revenues.

Selling, general, and administrative (SG&A) expenses in the third quarter of 2013 decreased $5.9 million or 10.4% to $51.0 million from $56.9 million in the third quarter of 2012. The third quarter of 2013 included approximately $10.0 million ($6.9 million in SG&A) of additional cost reductions from the global restructuring initiatives and continued tight expense control.

Operating expenses in the third quarter of 2013 included restructuring expenses ($0.9 million) and Shore to Shore acquisition costs associated with ongoing arbitration ($0.3 million) compared to the third quarter of 2012, which included restructuring expenses ($4.1 million) and acquisition costs ($17 thousand). Foreign currency translation effects resulted in a $0.7 million or 20.6% decrease in operating income.

Operating income in the third quarter of 2013 was $13.7 million, $10.4 million higher when compared with $3.3 million in the same period last year.

Foreign exchange transaction loss in the third quarter of 2013 was $1.1 million compared with foreign exchange gain of $0.3 million in the third quarter of 2012. The increased foreign exchange transaction loss is primarily attributed to U.S. Dollar and Euro fluctuations versus currencies in emerging markets where hedging is either impossible or impractical. Where hedging is possible and the cost is practical, the Company's practice is to hedge at least 75% of the net exposures.

Net earnings from continuing operations in the third quarter of 2013 were $0.18 per diluted share, $0.28 per share higher when compared with a net loss of $0.10 per diluted share in the same period last year.

Click here to read full results

Checkpoint Systems


Must ReadView All

'Knitting machines can be used for various applications'

Textiles | On 21st Aug 2018

'Knitting machines can be used for various applications'

Flat knitting machines have the potential of being used for a number...

Courtesy: Invista

Textiles | On 21st Aug 2018

Fujian Petrochemicals to use Invista's P8 PTA technology

Invista’s technology and licensing group, Invista Performance...

Indian team finds way to cut water use in textile industry

Textiles | On 21st Aug 2018

Indian team finds way to cut water use in textile industry

Researchers at the department of chemistry in Calicut University in...

Interviews View All

Varinder Singh Jawanda
Trendy Bharat

Sizing and fitting issues are inherent problems for companies expanding...

Janak Dhamanwala & Sunil Dhamanwala
Jansun

Moving towards sustainability is also a social change

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

Deepprakash Agrawal

Radhey Weaves is a Surat-based manufacturer of brocade fabrics. MD...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Ray Baughman
University of Texas -Dallas

<div>A team of scientists and researchers have discovered twistrons,...

Alfonso Marra
Klopman

It was in 1968 that Klopman introduced the concept of poly/cotton workwear ...

Mark Brill
Birmingham City University (BCU)

<div>A technological breakthrough could see people getting messages about...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


August 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search