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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Checkpoint Systms, Inc. | NYSE:CKP | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.14 | 0 | 01:00:00 |
Pennsylvania
|
22-1895850
|
||||||
(State of Incorporation)
|
(IRS Employer Identification No.)
|
||||||
101 Wolf Drive, PO Box 188, Thorofare, New Jersey
|
08086
|
||||||
(Address of principal executive offices)
|
(Zip Code)
|
||||||
856-848-1800
|
|||||||
(Registrant’s telephone number, including area code)
|
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
|
(d)
|
Exhibits
|
99.1
|
Press Release dated August 3, 2015 issued by Checkpoint Systems, Inc.
|
Checkpoint Systems, Inc. | |||
Date: August 3, 2015
|
By:
|
/s/ James M. Lucania | |
Name: James M. Lucania | |||
Title: Acting Chief Financial Officer and Treasurer | |||
EXHIBIT
|
DESCRIPTION
|
|
EXHIBIT 99.1
|
Press Release dated August 3, 2015
|
•
|
Net revenues decreased 13.7% to $147.6 million compared with $170.9 million for the second quarter of 2014, due to an organic decrease of 5.2% and foreign currency effects of 8.5%.
|
◦
|
Merchandise Availability Solutions (MAS) revenues decreased 18.1% to $91.3 million versus the second quarter of 2014, partially driven by foreign currency translation effects of $10.0 million or 9.0%. The organic decline of 9.1% was attributable to EAS Systems, Alpha® and EAS Consumables, reflecting the sunset of North American and European chain-wide projects which occurred in the second quarter of 2014, partially offset by an increase in RFID solution sales in Europe.
|
◦
|
Apparel Labeling Solutions (ALS) revenues decreased 1.5% to $47.0 million, as foreign currency translation effects of $2.5 million, or 5.3%, offset a 3.8% organic revenue increase. RFID label revenues grew more than 20% year-over-year, while our legacy ticket and tag business was effectively flat despite significant competitive pricing pressures in certain geographies.
|
◦
|
Retail Merchandising Solutions (RMS) revenues decreased 21.3% to $9.3 million, nearly all related to the year-over-year decline in the Euro. Organic revenues declined 3.5%, reflecting the sunset of a major project in North America and softer retail display sales in Asia.
|
•
|
Gross profit margin was 41.7%, just under 70 basis points lower than the second quarter of 2014.
|
◦
|
MAS gross profit margin was 47.2%, more than 120 basis points higher than the 46.0% recorded in the second quarter of 2014. The increase was principally due to significant margin improvements in EAS Systems, Alpha® and RFID Solutions as we realize the benefits of our operational initiatives in field service, professional services, pricing and supply chain optimization. The margin improvement was partially offset by the stronger US Dollar eroding overall supply chain margins, as well as unfavorable manufacturing variances in our EAS Consumables factories from lower production volumes and higher input costs.
|
◦
|
ALS gross profit margin was 31.6% compared with 36.2% in the second quarter of 2014. The decrease was due to the weaker Euro, accelerated depreciation for certain machinery in Asia that has been removed from production, under-absorption due to lower production volumes and competitive pricing pressures in certain geographies due to market oversupply.
|
◦
|
RMS gross profit margin was 38.1%, 420 basis points better than 33.9% in the second quarter of 2014. The increase was primarily due to our margin improvement initiatives.
|
•
|
SG&A expenses were $51.9 million compared with $55.4 million in the second quarter of 2014. The decrease is primarily related to foreign currency translation effects of $4.8 million. The benefits of our cost reduction initiatives were offset by incremental spending increases related to our strategic initiatives.
|
•
|
Operating loss was $4.5 million compared with $13.0 million of income in the second quarter of 2014. The 2015 operating loss includes a $9.0 million one-time litigation settlement expense.
|
•
|
Net loss was $0.13 per diluted share versus income of $0.23 per diluted share in the second quarter of 2014.
|
•
|
Non-GAAP operating income was $4.8 million compared with $13.3 million in the second quarter of 2014. (See accompanying Reconciliation of GAAP to Non-GAAP Financial Measures.)
|
•
|
Non-GAAP earnings per diluted share was $0.10 compared with $0.25 in the same period last year. (See accompanying Reconciliation of GAAP to Non-GAAP Financial Measures.)
|
•
|
Adjusted EBITDA was $12.9 million, compared with $21.0 million in the second quarter of 2014. (See accompanying Reconciliation of GAAP to Non-GAAP Financial Measures.)
|
•
|
Cash provided by operating activities was $0.1 million compared with $12.7 million in the second quarter of 2014. The 2015 figure includes the effect of a $9.0 million one-time litigation settlement payment. Capital expenditures were $4.7 million in the second quarter of 2015 compared to $3.5 million in the second quarter of 2014.
|
•
|
Net revenues are expected to be in the range of $575 million to $625 million, unchanged from prior guidance.
|
•
|
Adjusted EBITDA is expected to be in the range of $55 million to $68 million, unchanged from prior guidance.
|
•
|
Non-GAAP diluted net earnings per share is expected to be in the range of $0.40 to $0.50, assuming an effective tax rate of approximately 35%, unchanged from prior guidance.
|
June 28,
2015
|
December 28,
2014
|
||||||
ASSETS
|
|||||||
CURRENT ASSETS:
|
|||||||
Cash and cash equivalents
|
$
|
99,104
|
$
|
135,537
|
|||
Accounts receivable, net of allowance of $7,642 and $8,526
|
109,643
|
131,720
|
|||||
Inventories
|
92,462
|
91,860
|
|||||
Other current assets
|
24,733
|
25,928
|
|||||
Deferred income taxes
|
5,334
|
5,557
|
|||||
Total Current Assets
|
331,276
|
390,602
|
|||||
REVENUE EQUIPMENT ON OPERATING LEASE, net
|
1,060
|
1,057
|
|||||
PROPERTY, PLANT, AND EQUIPMENT, net
|
77,336
|
76,332
|
|||||
GOODWILL
|
166,083
|
173,569
|
|||||
OTHER INTANGIBLES, net
|
58,584
|
64,940
|
|||||
DEFERRED INCOME TAXES
|
22,901
|
25,284
|
|||||
OTHER ASSETS
|
5,934
|
6,882
|
|||||
TOTAL ASSETS
|
$
|
663,174
|
$
|
738,666
|
|||
LIABILITIES AND EQUITY
|
|||||||
CURRENT LIABILITIES:
|
|||||||
Short-term borrowings and current portion of long-term debt
|
$
|
186
|
$
|
236
|
|||
Accounts payable
|
41,122
|
48,928
|
|||||
Accrued compensation and related taxes
|
19,245
|
27,511
|
|||||
Other accrued expenses
|
36,860
|
44,204
|
|||||
Income taxes
|
—
|
1,278
|
|||||
Unearned revenues
|
8,337
|
7,663
|
|||||
Restructuring reserve
|
3,089
|
6,255
|
|||||
Accrued pensions — current
|
4,104
|
4,472
|
|||||
Other current liabilities
|
16,519
|
17,504
|
|||||
Total Current Liabilities
|
129,462
|
158,051
|
|||||
LONG-TERM DEBT, LESS CURRENT MATURITIES
|
65,146
|
65,161
|
|||||
FINANCING LIABILITY
|
31,349
|
33,094
|
|||||
ACCRUED PENSIONS
|
99,306
|
108,920
|
|||||
OTHER LONG-TERM LIABILITIES
|
28,682
|
30,140
|
|||||
DEFERRED INCOME TAXES
|
15,163
|
15,369
|
|||||
COMMITMENTS AND CONTINGENCIES
|
|||||||
STOCKHOLDERS’ EQUITY:
|
|||||||
Preferred stock, no par value, 500,000 shares authorized, none issued
|
—
|
—
|
|||||
Common stock, par value $.10 per share, 100,000,000 shares authorized, 46,117,768 and 45,840,171 shares issued, 42,081,856 and 41,804,259 shares outstanding
|
4,612
|
4,584
|
|||||
Additional capital
|
424,067
|
441,882
|
|||||
Accumulated deficit
|
(18,483
|
)
|
(12,331
|
)
|
|||
Common stock in treasury, at cost, 4,035,912 and 4,035,912 shares
|
(71,520
|
)
|
(71,520
|
)
|
|||
Accumulated other comprehensive income, net of tax
|
(44,610
|
)
|
(34,684
|
)
|
|||
TOTAL STOCKHOLDERS' EQUITY
|
294,066
|
327,931
|
|||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
663,174
|
$
|
738,666
|
Quarter
|
Six months
|
|||||||||||||
(13 weeks) Ended
|
(26 weeks) Ended
|
|||||||||||||
June 28,
2015
|
June 29,
2014
|
June 28,
2015
|
June 29,
2014
|
|||||||||||
Net revenues
|
$
|
147,550
|
$
|
170,925
|
$
|
276,092
|
$
|
318,331
|
||||||
Cost of revenues
|
86,053
|
98,418
|
158,058
|
183,538
|
||||||||||
Gross profit
|
61,497
|
72,507
|
118,034
|
134,793
|
||||||||||
Selling, general, and administrative expenses
|
51,891
|
55,369
|
103,197
|
109,715
|
||||||||||
Research and development
|
4,921
|
3,810
|
9,464
|
7,692
|
||||||||||
Restructuring expense
|
284
|
341
|
1,588
|
2,233
|
||||||||||
Litigation settlement
|
8,980
|
—
|
8,980
|
—
|
||||||||||
Acquisition costs
|
41
|
—
|
120
|
—
|
||||||||||
Other operating income
|
(132
|
)
|
—
|
(493
|
)
|
—
|
||||||||
Operating (loss) income
|
(4,488
|
)
|
12,987
|
(4,822
|
)
|
15,153
|
||||||||
Interest income
|
232
|
285
|
459
|
552
|
||||||||||
Interest expense
|
990
|
1,199
|
1,928
|
2,455
|
||||||||||
Other gain (loss), net
|
(859
|
)
|
(442
|
)
|
(488
|
)
|
(528
|
)
|
||||||
(Loss) earnings before income taxes
|
(6,105
|
)
|
11,631
|
(6,779
|
)
|
12,722
|
||||||||
Income tax (benefit) expense
|
(698
|
)
|
1,777
|
(627
|
)
|
2,997
|
||||||||
Net (loss) earnings
|
$
|
(5,407
|
)
|
$
|
9,854
|
$
|
(6,152
|
)
|
$
|
9,725
|
||||
Net (loss) earnings per common share:
|
||||||||||||||
Basic (loss) earnings per share
|
$
|
(0.13
|
)
|
$
|
0.23
|
$
|
(0.14
|
)
|
$
|
0.23
|
||||
Diluted (loss) earnings per share
|
$
|
(0.13
|
)
|
$
|
0.23
|
$
|
(0.14
|
)
|
$
|
0.23
|
||||
Dividend declared per share
|
$
|
—
|
$
|
—
|
$
|
0.50
|
$
|
—
|
Quarter
|
Six months
|
||||||||||||
(13 weeks) Ended
|
(26 weeks) Ended
|
||||||||||||
Reconciliation of GAAP to Non-GAAP Operating (Loss) Income and Adjusted EBITDA:
|
June 28,
2015
|
June 29,
2014
|
June 28,
2015
|
June 29,
2014
|
|||||||||
Net revenues, as reported
|
$
|
147,550
|
$
|
170,925
|
$
|
276,092
|
$
|
318,331
|
|||||
Operating (loss) income, as reported
|
(4,488
|
)
|
12,987
|
(4,822
|
)
|
15,153
|
|||||||
Non-GAAP Adjustments:
|
|||||||||||||
Management transition expense
|
—
|
—
|
827
|
—
|
|||||||||
Restructuring expenses
|
284
|
341
|
1,588
|
2,233
|
|||||||||
Litigation settlement
|
8,980
|
—
|
8,980
|
—
|
|||||||||
Acquisition costs
|
41
|
—
|
120
|
—
|
|||||||||
Adjusted Non-GAAP operating income
|
4,817
|
13,328
|
6,693
|
17,386
|
|||||||||
Other gain (loss), net (a)
|
—
|
(95
|
)
|
—
|
(65
|
)
|
|||||||
Depreciation and amortization expense
|
6,516
|
6,326
|
13,206
|
12,490
|
|||||||||
Stock compensation expense
|
1,539
|
1,397
|
2,998
|
2,898
|
|||||||||
Adjusted EBITDA
|
$
|
12,872
|
$
|
20,956
|
$
|
22,897
|
$
|
32,709
|
GAAP operating margin
|
(3.0
|
)%
|
7.6
|
%
|
(1.7
|
)%
|
4.8
|
%
|
|
Adjusted Non-GAAP operating margin
|
3.3
|
%
|
7.8
|
%
|
2.4
|
%
|
5.5
|
%
|
|
(a) Represents other gain (loss), net per the Consolidated Statements of Operations less foreign exchange gain (loss).
|
Quarter
|
Six months
|
|||||||||||||
(13 weeks) Ended
|
(26 weeks) Ended
|
|||||||||||||
Reconciliation of GAAP to Non-GAAP Net (Loss) Earnings:
|
June 28,
2015
|
June 29,
2014
|
June 28,
2015
|
June 29,
2014
|
||||||||||
(Loss) earnings, as reported
|
$
|
(5,407
|
)
|
$
|
9,854
|
$
|
(6,152
|
)
|
$
|
9,725
|
||||
Non-GAAP Adjustments:
|
||||||||||||||
Management transition expense, net of tax
|
—
|
—
|
827
|
—
|
||||||||||
Restructuring expenses, net of tax
|
225
|
251
|
1,302
|
1,669
|
||||||||||
Litigation settlement, net of tax
|
8,980
|
—
|
8,980
|
—
|
||||||||||
Acquisition costs, net of tax
|
41
|
—
|
120
|
—
|
||||||||||
Interest expense on financing liability, net of tax
|
352
|
398
|
706
|
789
|
||||||||||
Adjusted net earnings
|
$
|
4,191
|
$
|
10,503
|
$
|
5,783
|
$
|
12,183
|
||||||
Reported diluted shares
|
42,956
|
42,324
|
42,806
|
42,287
|
||||||||||
Adjusted diluted shares
|
43,123
|
42,324
|
43,054
|
42,287
|
||||||||||
Reported net (loss) earnings per share - diluted
|
$
|
(0.13
|
)
|
$
|
0.23
|
$
|
(0.14
|
)
|
$
|
0.23
|
||||
Adjusted net earnings per share - diluted
|
$
|
0.10
|
$
|
0.25
|
$
|
0.13
|
$
|
0.29
|
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