CHECKPOINT SYSTEMS REPORTS 1991 RESULTS
CHECKPOINT SYSTEMS REPORTS 1991 RESULTS THOROFARE, N.J., Jan. 22 /PRNewswire/ -- Checkpoint Systems, Inc.
(NASDAQ: CHEK) today reported results for the fourth quarter and fiscal year ended Dec. 29, 1991.
Fourth quarter 1991 net earnings were $669,000 or 7 cents per share, compared with net earnings of $2,456,000 or 26 cents per share for last year's same quarter. Net revenues rose 8 percent to $16,864,000 from $15,634,000 for the final three months of the prior year. Net earnings for the year 1991 were $508,000 or 5 cents per share compared with net earnings of $6,932,000 or 72 cents per share for 1990. For 1991, net revenues were $52,943,000, a 7 percent decrease from the $56,742,000 in 1990. "Revenue growth in the fourth quarter was in accordance with expectations for recovery from a very weak third quarter," A.E. Wolfe, president and chief executive officer, said. "During the latter part of the year, we implemented aggressive competitive strategies including more flexible financing alternatives for our customers. In addition, we made investments in our manufacturing facilities to ensure our position as the low-cost producer of disposable security circuits. As a result, key national retail accounts are enjoying the resultant financial benefits that come with the application and implementation of our products and programs. And, they are beginning to see the benefits of implementing the Impulse(SM) program, in which security circuits are embedded into products or packaging before they reach the stores," Wolf added. "Late in 1991, we broadened our product offerings with Viewpoint(TM), a point-of-sale camera surveillance system, and ColorTag(R), a highly sophisticated portable price marking device. The addition of these new products allow us to offer our customers more solutions for all of their merchandising and loss prevention needs," he noted. "We feel confident that the strategies implemented in 1991 will result in increased market share during 1992. We begin 1992 with a backlog of approximately double 1991's beginning backlog and are excited about the prospects for 1992," Wolfe 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 Article Merchandising(SM) (EAM)(SM) and Electronic Access Control (EAC) systems on Electronic Signatures(R) technology which makes 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 57,000 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. Operating Results (Unaudited) Periods ended 13 Weeks 52 Weeks 12/29/91 12/30/90 12/29/91 12/30/90 Net revenues $16,864,000 $15,634,000 $52,943,000 $56,742,000 Cost of revenues 10,366,000 7,383,000 28,479,000 26,370,000 Gross profits 6,498,000 8,251,000 24,464,000 30,372,000 SG&A expenses 5,567,000 6,108,000 23,646,000 23,871,000 Interest income 28,000 54,000 171,000 374,000 Interest expense 124,000 71,000 354,000 168,000 Inc. bef. income taxes 835,000 2,126,000 635,000 6,707,000 Income taxes (benefit) 166,000 (330,000) 127,000 (225,000) Net earnings 669,000 2,456,000 508,000 6,932,000 Net earnings per share $.07 $.26 $.05 $.72 Wtd. avg. no. of common and common equiv. shares 9,572,000 9,511,000 9,591,000 9,579,000 -0- 1/22/92 /CONTACT: Steven G. Selfridge of Checkpoint Systems, 800-257-5540, ext. 2473/ (CHEK) CO: Checkpoint Systems Inc. ST: New Jersey IN: SU: ERN
CK-TS -- NY047 -- 2261 01/22/92 11:46 EST
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|Date:||Jan 22, 1992|
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