CHECKPOINT REPORTS RECORD THIRD QUARTER REVENUES
CHECKPOINT REPORTS RECORD THIRD QUARTER REVENUES THOROFARE, N.J., Oct. 8 /PRNewswire/ -- Checkpoint Systems, Inc.
(OTC, NASDAQ: CHECK), today reported results for the third quarter and nine months ended Sept. 27, 1992.
Third quarter net revenues rose 74 percent to a record $19,159,000 from $11,014,000 for the same period last year. Net earnings for the third quarter were $1,272,000 or 13 cents per share, compared with a net loss of $1,282,000 or 14 cents per share in the prior year's third quarter. For the first nine months of 1992, net revenues were $49,948,000, a 38 percent increase from $36,079,000 for the comparable period of 1991. Net earnings for the first three quarters were $2,365,000 or 24 cents per share, compared with a net loss of $161,000 or two cents per share for the prior year's first nine months. A.E. Wolf, president and chief executive officer, reported, "Third quarter and nine month shipments were the best on record. Unit growth rates increased by over 55 percent for our Electronic Article Merchandising(SM) (EAM(SM)) hardware and disposable circuit product lines compared to last year's first nine months. Our market share strategy is working as planned." Wolf further stated that, "Increased volumes and continued manufacturing process improvements have resulted in a 1.6 percent increase in gross profit over the second quarter of 1992.", "In summary, our plan is working. We are gaining market share and making money while doing it. Domestic and international business activity remains strong, resulting in a record backlog going into the fourth quarter," Wolf concluded. Checkpoint Systems, Inc. is the leading developer and manufacturer of advanced microprocessor and radio frequency-based merchandising and security systems. The company bases its Electronic Merchandising (EAM) and Electronic Access Control (EAC) systems on Electronic Signatures(R) technology which makes unique radio signals assignable to items or people. Using detectable, paper thin, disposable circuits that can be activated or deactivated without contact, the company has more than 60,000 EAM systems installed worldwide. Checkpoint's Threshold EAC systems employ proximity technology for personnel identification in security sensitive environments to control and monitor access to locations and equipment. CHECKPOINT SYSTEMS, INC. Financial Highlights (In thousands, except per share data -- unaudited) 13 Weeks 39 Weeks Periods ended 9/27/92 9/29/91 9/27/92 9/29/91 Net revenues $19,159 $11,014 $49,948 $36,079 Cost of revenue 10,102 6,501 26,894 18,113 Gross profit 9,057 4,513 23,054 17,966 S,G, & A expenses 7,451 6,088 20,521 18,079 Interest income 20 54 105 143 Interest expense 63 80 240 230 Income (loss) before income taxes 1,563 (1,601) 2,398 (200) Income taxes (benefit) 291 (319) 33 (39) Net earnings (loss) 1,272 (1,282) 2,365 (161) Net earnings (loss) per share $.13 ($.14) $.24 ($.02) Weighted average number of common and common equivalent shares 9,816 9,451 9,790 9,440 -0- 10/8/92 /CONTACT: Steven G. Selfridge of Checkpoint, 800-257-5540, ext. 2473/ (CHEK) CO: Checkpoint Systems, Inc. ST: New Jersey IN: SU: ERN
LR-SM -- NY027 -- 7770 10/08/92 10:51 EDT
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|Date:||Oct 8, 1992|
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