Restructuring, other charges hurt Checkpoint Systems 1Q
THOROFARE, N.J.—Security-products maker Checkpoint Systems Inc. on Wednesday said first-quarter profit fell 3 percent due to restructuring and other one-time charges, but sales rose due to acquisitions and the weaker dollar.
Quarterly profit fell to $4.8 million, or 12 cents per share, from $5 million, or 12 cents per share last year. Excluding one-time items, including a deferred compensation expense adjustment and restructuring charges, net income was 16 cents per share.
Revenue rose 22 percent to $209.6 million from $171.2 million last year, helped by the benefit of the weaker dollar and acquisitions.
The company expects 2008 earnings from continuing operations will be between $1.65 and $1.75 per share, with revenue growth in the low double digits.
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