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    Checkpoint reports 3rd quarter loss

    AP – Tue, Nov 1, 2011

    PHILADELPHIA (AP) — Checkpoint Systems Inc., which makes radio-frequency identification tags used to help stem retail theft, said Tuesday it swung to a third-quarter loss, hurt by restructuring and other charges. Adjusted results beat Wall Street expectations.

    CEO Rob van der Merwe said that in the third quarter retailers, particularly in Europe, began stopping their automatic ordering processes from suppliers. In some cases, they're holding back on placing orders until cotton prices fall, van der Merwe said.

    "The ongoing global economic uncertainty combined with unpredictable retailer behavior has convinced us that a conservative view of the market is required and that the company needs to be immediately restructured to meet that view," he said.

    The company said it will expand its restructuring plan in an effort to save $58 million annually.

    The Philadelphia company reported a loss of $49.3 million, or $1.21 per share, for the three months ended Sept. 25. That compares with net income of $7.1 million, or 17 cents per share last year.

    Excluding one-time items related to restructuring, acquisitions and a change in valuation allowances, net income was 38 cents per share. Analysts expected net income of 30 cents per share, according to FactSet. Analysts' estimates typically exclude one-time items.

    Revenue rose 7 percent to $218.1 million from $203.3 million. Analysts expected revenue of $218 million.

    Checkpoint reaffirmed its 2011 guidance, but said it does not include costs related to the restructuring effort. It expects adjusted net income of 32 cents to 43 cents per share on revenue of $860 million to $880 million. Analysts expect net income of 54 cents per share on revenue of on revenue of $872.1 million.

    Checkpoint shares fell 24 cents to $13.01 amid a broad stock market decline.

     

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