CHECKPOINT ‘DISAPPOINTED’ WITH 2nd-QUARTER RESULTS
Checkpoint Systems Inc. reports net income of $4.3 million, or 14 cents per diluted share exclusive of nonrecurring integration expenses, in the second quarter of 2000. Net earnings for the second quarter of 1999 were $4.1 million, or also 14 cents per diluted share. Including pretax integration expenses of $4 million, net income for the 2000 second quarter was $1.9 million, or 6 cents per diluted share. The company reported revenue for the second quarter 2000 of $167 million vs. $87.3 million for the second quarter of 1999. The results of the second quarter of 2000 include the contribution from Meto AG, which was acquired in December 1999.
Kevin P. Dowd, president and CEO, says, “We were somewhat disappointed with second-quarter results, with revenues below our expectations as we aggressively moved ahead with our integration of Meto. Our revenue shortfall primarily occurred in Europe and was caused by temporary disruptions in the business from the consolidation of offices and warehouse facilities during the quarter.” Checkpoint is a provider of RF source tagging, bar-code labeling systems EAS, handheld labeling systems and retail merchandising systems.
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