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Checkpoint Systems, Inc. Announces Fourth Quarter And Full-Year 2012 Results

Stocks in this article: CKP

(b) Excludes CheckView ® Discontinued Operations.

(c) After adjusting the 2012 base for $22.0 million in revenue reductions resulting from eliminating non-strategic products and sales units in our Apparel Labeling Solutions, Retail Merchandising Solutions and Library businesses.

(d) After adjusting the 2012 base for $7.6 million in gross profit reductions resulting from eliminating non-strategic products and sales units in our Apparel Labeling Solutions, Retail Merchandising Solutions and Library businesses.

(e) After increasing the adjusted non-GAAP 2012 base by $3.1 million to restore R&D expenditures to $19.5 million, consistent with our normal historical level for R&D spend.

Checkpoint Systems will host a conference call today, March 5, 2013, at 8:30 a.m. Eastern Time, to discuss its fourth quarter and full-year 2012 results. The conference call will be simultaneously broadcast live over the Internet. Listeners may access a webcast of the call at http://ir.checkpointsystems.com. A replay will be available following the event.

Financial Summary (a) (Unaudited) (amounts in millions, except per share data)

    Quarter Ended       Twelve Months Ended
      December 30, 2012     December 25, 2011       December 30, 2012     December 25, 2011
Net revenues     $ 200.2       $ 225.1         $ 690.8       $ 763.7
               
From Continuing

Operations

From Discontinued

Operations

Total

Company

      December 30, 2012     December 25, 2011       December 30, 2012     December 25, 2011       December 30, 2012     December 25, 2011
Quarter Ended            
As Reported (GAAP)
Net loss (b) $ (31.3 ) $ (14.3 ) $ (4.1 ) $ (4.8 ) $ (35.4 ) $ (19.1 )
Diluted loss per share (b) $ (0.76 ) $ (0.35 ) $ (0.10 ) $ (0.12 ) $ (0.86 ) $ (0.47 )
Non-GAAP (c)
Net earnings (loss) (b) $ 3.9 $ (4.8 ) $ (4.1 ) $ (4.8 ) $ (0.2 ) $ (9.6 )
Diluted earnings (loss) per share (b)     $ 0.09       $ (0.12 )       $ (0.10 )     $ (0.12 )       $ (0.01 )     $ (0.24 )
Twelve Months Ended
As Reported (GAAP)
Net loss (b) $ (137.9 ) $ (65.4 ) $ (8.0 ) $ (1.2 ) $ (145.9 ) $ (66.6 )
Diluted loss per share (b) $ (3.36 ) $ (1.61 ) $ (0.20 ) $ (0.03 ) $ (3.56 ) $ (1.64 )
Non-GAAP (c)
Net earnings (loss) (b) $ (10.6 ) $ 12.7 $ (8.0 ) $ (1.2 ) $ (18.6 ) $ 11.5
Diluted earnings (loss) per share (b)     $ (0.26 )     $ 0.31         $ (0.19 )     $ (0.03 )       $ (0.45 )     $ 0.28  
 

(a) See accompanying reconciliation of GAAP to Non-GAAP financial measures.(b) Attributable to Checkpoint Systems, Inc.(c) Excludes goodwill impairment expenses, restructuring expenses, and other items identified in the accompanying addendum.

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