;
Home / Knowledge / News / Information Technology / Net earnings from continuing operations soar at Checkpoint
Net earnings from continuing operations soar at Checkpoint
14
Aug '14
Net earnings from continuing operations in the second quarter ending June 29, 2014, soared at NYSE listed Checkpoint Systems to $0.23 per diluted share versus $0.02 per diluted share in the same period of last year.

This was due to operating income in the second quarter of 2014 shooting up by more than 100% to $13.0 million, $6.6 million higher, compared with $6.4 million in the same period of last fiscal year. At the same time, foreign currency translation effects resulted in a $0.6 million reduction in operating income.

Net revenues from continuing operations in the second quarter of 2014 fell marginally by 0.8%, to $170.9 million from $172.3 million in the same quarter of 2013. Foreign currency translation effects resulted in a $1.0 million or 0.6% increase in net revenues.

During the quarter, gross profit margins were 42.4% compared with 40.6% in the corresponding second quarter of 2013.

Selling, general, and administrative (SG&A) expenses in the second quarter under review fell $1.8 million or 3.2% to $55.4 million from $57.2 million in the same quarter of 2013. The second quarter of 2014 included approximately $2.4 million ($1.6 million in SG&A) of additional cost reductions from global restructuring initiatives.

Net earnings from continuing operations in the second quarter of 2014 were $0.23 per diluted share versus $0.02 per diluted share in the same period last year.

Adjusted Non-GAAP operating income from continuing operations was $13.3 million in the second quarter of 2014, $4.1 million higher when compared with $9.2 million in the same period last year.

Adjusted EBITDA was $21.0 million in the second quarter of 2014, $3.1 million higher when compared with $17.9 million in the second quarter of 2013. Adjusted Non-GAAP net earnings from continuing operations in the second quarter of 2014 was $0.25 per diluted share compared to $0.11 per diluted share in the same period last year.

Checkpoint Systems' President and Chief Executive Officer, George Babich, said, "I am pleased with our second quarter performance as we continue to execute our three-year plan. Gross profit margins increased almost 200 basis points over the second quarter last year, and nearly 400 basis points year to date, over the first half of 2013.

“Gross profit margins were again higher across nearly all core product lines, driven by continued manufacturing cost reductions, the benefits of Project LEAN and manufacturing and supply chain efficiencies. Gross margins were also favorably impacted by the mix of revenues toward EAS consumables, reflecting the recurring portion of our recent market share gains.” Mr. Babich added.

Checkpoint Systems' said it will continue to develop additional cost savings and margin enhancement initiatives over and above those in the global restructuring initiatives and that the value of these opportunities currently is expected to be $12 million to $15 million by the end of 2014, with an annualized benefit of $15 million to $20 million.

Fibre2fashion News Desk - India


Must ReadView All

Global yarn production up in Q2/18; fabric dips slightly

Textiles | On 10th Dec 2018

Global yarn production up in Q2/18; fabric dips slightly

Global yarn production increased by 5 per cent between Q1/18 and...

Courtesy: Intertextile shanghai hometextiles

Textiles | On 10th Dec 2018

Intertextile Shanghai Home expects 200 suppliers

Around 200 suppliers from China and other countries will display...

Courtesy: Rakez

Textiles | On 10th Dec 2018

Over 50 Indian firms eyeing operations in UAE's RAKEZ

Over 50 Indian firms are interested in expanding operations in Ras Al ...

Interviews View All

Priyanka, Studio Priyanka Rajiv

Priyanka
Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Top executives, Textile industry, India

Top executives
Textile industry, India

The event should be organised every year

Jim Desai, Blaiva Fabricaa

Jim Desai
Blaiva Fabricaa

Fashion industry likely to remain labour-intensive in coming years

Paolo Crespi,

Paolo Crespi

For.Tex is an Italy-based leading producer of dyes and thickeners, and is...

Ravindra Jain, Ashish Baid,

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Kamal Kulshreshth,

Kamal Kulshreshth

Colorjet is among the fastest-growing wide format digital inkjet print...

S Ziya Gumuser, Teknomelt

S Ziya Gumuser
Teknomelt

Turkish nonwoven manufacturer Teknomelt has been around for only seven...

Pierre Wiertz, EDANA

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Silke Brand-Kirsch, Schlegel und Partner GmbH

Silke Brand-Kirsch
Schlegel und Partner GmbH

<div>Schlegel und Partner is the market research and consultancy company...

Jay Ramrakhiani, Occasions Elegance Wear

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Robert Brunner, Devereux

Robert Brunner
Devereux

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

Sonam & Paras Modi, SVA

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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


December 2018

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

news category


Related Categories:

Advanced Search