CHECKPOINT SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
| | | | | | | | | | | | | | | | | | | |
| | Quarter (13 weeks) |
| | Quarter (13 weeks) |
| | Quarter (13 weeks) |
| | Quarter (14 weeks) |
| | YTD (53 weeks) |
|
| (amounts in thousands, except per share data) | March 25, 2012 |
| | June 24, 2012 |
| | September 23, 2012 |
| | December 30, 2012 |
| | December 30, 2012 |
|
| Net revenues | $ | 144,194 |
| | $ | 177,604 |
| | $ | 168,813 |
| | $ | 200,178 |
| | $ | 690,789 |
|
| Cost of revenues | 91,173 |
| | 107,080 |
| | 100,153 |
| | 121,541 |
| | 419,947 |
|
| Gross profit | 53,021 |
| | 70,524 |
| | 68,660 |
| | 78,637 |
| | 270,842 |
|
| Selling, general, and administrative expenses | 65,603 |
| | 65,220 |
| | 56,881 |
| | 61,385 |
| | 249,089 |
|
| Research and development | 4,454 |
| | 4,020 |
| | 4,335 |
| | 3,591 |
| | 16,400 |
|
| Restructuring expenses | 1,718 |
| | 21,266 |
| | 4,112 |
| | 1,326 |
| | 28,422 |
|
| Goodwill impairment | — |
| | 64,437 |
| | — |
| | 38,278 |
| | 102,715 |
|
| Litigation settlement | — |
| | — |
| | — |
| | 295 |
| | 295 |
|
| Acquisition costs | 14 |
| | 96 |
| | 17 |
| | 205 |
| | 332 |
|
| Other expense (income) | 745 |
| | — |
| | — |
| | (4,652 | ) | | (3,907 | ) |
| Other operating income | — |
| | — |
| | — |
| | 2,043 |
| | 2,043 |
|
| Operating (loss) income | (19,513 | ) | | (84,515 | ) | | 3,315 |
| | (19,748 | ) | | (120,461 | ) |
| Interest income | 500 |
| | 395 |
| | 396 |
| | 466 |
| | 1,757 |
|
| Interest expense | 1,935 |
| | 1,939 |
| | 4,668 |
| | 2,105 |
| | 10,647 |
|
| Other gain (loss), net | (150 | ) | | (146 | ) | | 325 |
| | (1,760 | ) | | (1,731 | ) |
| Loss from continuing operations before income taxes | (21,098 | ) | | (86,205 | ) | | (632 | ) | | (23,147 | ) | | (131,082 | ) |
| Income taxes (benefit) expense | (10,196 | ) | | 5,624 |
| | 3,648 |
| | 8,288 |
| | 7,364 |
|
| Net loss from continuing operations | (10,902 | ) | | (91,829 | ) | | (4,280 | ) | | (31,435 | ) | | (138,446 | ) |
| Loss from discontinued operations, net of tax (benefit) expense of ($80), $77, $117, $133, and $247 | (368 | ) | | (2,357 | ) | | (1,105 | ) | | (4,129 | ) | | (7,959 | ) |
| Net loss | (11,270 | ) | | (94,186 | ) | | (5,385 | ) | | (35,564 | ) | | (146,405 | ) |
| Less: loss attributable to non-controlling interests | (279 | ) | | (25 | ) | | (51 | ) | | (174 | ) | | (529 | ) |
| Net loss attributable to Checkpoint Systems, Inc. | $ | (10,991 | ) | | $ | (94,161 | ) | | $ | (5,334 | ) | | $ | (35,390 | ) | | $ | (145,876 | ) |
| | | | | | | | | | |
| Basic loss attributable to Checkpoint Systems, Inc. per share: | | | | | | | | | |
| Loss from continuing operations | $ | (0.26 | ) | | $ | (2.24 | ) | | $ | (0.10 | ) | | $ | (0.76 | ) | | $ | (3.36 | ) |
| Loss from discontinued operations, net of tax | (0.01 | ) | | (0.06 | ) | | (0.03 | ) | | (0.10 | ) | | (0.20 | ) |
| Basic loss attributable to Checkpoint Systems, Inc. per share | $ | (0.27 | ) | | $ | (2.30 | ) | | $ | (0.13 | ) | | $ | (0.86 | ) | | $ | (3.56 | ) |
| Diluted loss attributable to Checkpoint Systems, Inc. per share: | | | | | | | | | |
| Loss from continuing operations | $ | (0.26 | ) | | $ | (2.24 | ) | | $ | (0.10 | ) | | $ | (0.76 | ) | | $ | (3.36 | ) |
| Loss from discontinued operations, net of tax | (0.01 | ) | | (0.06 | ) | | (0.03 | ) | | (0.10 | ) | | (0.20 | ) |
| Diluted loss attributable to Checkpoint Systems, Inc. per share | $ | (0.27 | ) | | $ | (2.30 | ) | | $ | (0.13 | ) | | $ | (0.86 | ) | | $ | (3.56 | ) |
BUSINESS SEGMENTS (UNAUDITED)
|
| | | | | | | | | | | | | | | | | | | |
| | Quarter (13 weeks) |
| | Quarter (13 weeks) |
| | Quarter (13 weeks) |
| | Quarter (14 weeks) |
| | YTD (53 weeks) |
|
| (amounts in thousands) | March 25, 2012 |
| | June 24, 2012 |
| | September 23, 2012 |
| | December 30, 2012 |
| | December 30, 2012 |
|
| Business segment net revenue: | | | | | | | | | |
| Shrink Management Solutions | $ | 88,003 |
| | $ | 113,276 |
| | $ | 114,509 |
| | $ | 134,332 |
| | $ | 450,120 |
|
| Apparel Labeling Solutions | 40,399 |
| | 51,749 |
| | 41,759 |
| | 51,060 |
| | 184,967 |
|
| Retail Merchandising Solutions | 15,792 |
| | 12,579 |
| | 12,545 |
| | 14,786 |
| | 55,702 |
|
| Total | $ | 144,194 |
| | $ | 177,604 |
| | $ | 168,813 |
| | $ | 200,178 |
| | $ | 690,789 |
|
| Business segment gross profit: | | | | | | | | | |
| Shrink Management Solutions | $ | 39,361 |
| | $ | 50,467 |
| | $ | 52,672 |
| | $ | 56,203 |
| | $ | 198,703 |
|
| Apparel Labeling Solutions | 6,621 |
| | 14,904 |
| | 10,101 |
| | 15,035 |
| | 46,661 |
|
| Retail Merchandising Solutions | 7,039 |
| | 5,153 |
| | 5,887 |
| | 7,399 |
| | 25,478 |
|
| Total gross profit | $ | 53,021 |
| | $ | 70,524 |
| | $ | 68,660 |
| | $ | 78,637 |
| | $ | 270,842 |
|
