Key Developments: Checkpoint Systems Inc (CKP.N)
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Latest Key Developments (Source: Significant Developments)
Checkpoint Systems Inc Appoints Jeff Richard As Executive Vice President and Chief Financial Officer
Checkpoint Systems Inc announced the appointment of Jeff Richard as Executive Vice President and Chief Financial Officer, effective May 28, 2013. Mr. Richard will replace Raymond D. Andrews who is retiring from Checkpoint on July 31, 2013. Mr. Andrews will remain with the Company in the interim to ensure an orderly transition of responsibilities. Full Article
Checkpoint Systems Inc Raises FY 2013 Revenue Guidance; Reaffirms FY 2013 Earnings Guidance
Checkpoint Systems Inc announced that for fiscal 2013, it expects net revenues to be in the range of $675 million to $695 million. Prior guidance was net revenues in the range of $665 million to $685 million. Non-GAAP operating income is expected to be $45 million to $50 million, which is unchanged from prior guidance. Prior guidance was operating income margins of 6.8% to 7.3%, equivalent to $45 million to $50 million. Non-GAAP diluted net earnings per share (EPS) attributable to Checkpoint Systems, Inc. are expected to be in the range of $0.65 to $0.75 which is unchanged from prior guidance. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $680 million and EPS of $0.72 for fiscal 2013. Full Article
Checkpoint Systems Inc Completes Sale of U.S. And Canadian CheckView Business
Checkpoint Systems Inc announced that it has completed the sale of its U.S. and Canadian CheckView business to an affiliate of Platinum Equity, a California-based private equity firm. On March 25, 2013, the Company announced that it had reached a definitive agreement with Platinum Equity to acquire all continuing business operations and assets associated with the U.S. and Canadian CheckView business. Full Article
Checkpoint Systems Inc Launches New Digital Solution In Fight Against Organized Retail Crime
Checkpoint Systems Inc announced that it is launching MetalPoint HyperGuard, a new digital, software-driven solution that detects the most common tools such as foil bags or magnets used by organized retail crime (ORC) groups to shoplift in stores. With the latest Global Retail Theft Barometer showing an increase in losses associated with ORC, affecting 47.5% of retailers globally, the MetalPoint HyperGuard was developed based on specific retailer feedback and gives loss prevention managers an additional tool to help identify potential shoplifters as soon as they enter the store. The MetalPoint HyperGuard has three detection capabilities: foil bag detection, magnet detection (available May 2013) and metal cart/trolley detection, all of which run concurrently to improve alarm reliability and deter organized criminals from using tactics to avoid detection. Full Article
Checkpoint Systems Inc Announces Definitive Agreement to Sell U.S. and Canadian CheckView Business
Checkpoint Systems Inc announced that it has entered into a definitive agreement to sell its U.S. and Canadian CheckView business to an affiliate of Platinum Equity, a California-based private equity firm. The sale includes all continuing business operations and assets associated with the U.S. and Canadian CheckView business. The transaction is expected to close by the end of April 2013. The divestiture follows an extensive review of Checkpoint`s businesses in 2012 at which time the Company`s Board of Directors determined that the U.S. and Canadian CheckView business will better serve its customers as an independent, entrepreneurial and more focused organization. Checkpoint will continue to pursue its redefined strategy to provide solutions that improve merchandise availability in retail stores. The Company`s portfolio includes electronic article surveillance systems and services to combat theft, radio frequency identification products to improve inventory accuracy, and tickets, tags and labels for merchandising apparel. Full Article
Checkpoint Systems Inc Issues FY 2013 Revenue Guidance Below Analysts' Estimates; EPS Guidance In Line With Analysts' Estimates
Checkpoint Systems Inc announced that for fiscal 2013, it expects net revenues in the range of $665.0-$685.0 million and non-GAAP diluted net earnings per share in the range of $0.65-$0.75. The guidance does not include the impact of acquisitions, divestitures, restructuring and one-time or unusual charges resulting from debt refinancing, litigation, certain tax reserves and gains or losses generated by non-routine operating matters which the Company may record during the year. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $753.2 million and EPS of $0.75 for fiscal 2013. Full Article
Checkpoint Systems Inc Announces Intention to Sell U.S. and Canadian CheckView Business
Checkpoint Systems Inc announced its intention to sell its U.S. and Canadian CheckView business. Following an extensive review of Checkpoint's portfolio in 2012, the Company's Board of Directors determined that the U.S. and Canadian CheckView business will better serve its customers as an independent, entrepreneurial and more focused organization. An investment banker has been engaged to assist in the sale and discussions are taking place with a potential buyer interested in leveraging the customer relationships, retail monitoring center and other assets residing in CheckView in a nimble stand-alone platform. Checkpoint will continue to pursue its redefined strategy to provide solutions that improve merchandise availability in retail stores. This planned divestiture is expected to enable focused attention and investment in both the CheckView business and Checkpoint's core businesses. Full Article
Checkpoint Systems Inc Announces Management Changes
Checkpoint Systems Inc announced that Board of Directors elected George Babich, Jr. to the position of President and Chief Executive Officer, effective immediately. Mr. Babich, age served as interim President and Chief Executive Officer of Checkpoint since May 2012. Full Article
Checkpoint Systems Inc Lowers FY 2012 Revenue Guidance; Narrows FY 2012 EPS Guidance
Checkpoint Systems Inc announced that for fiscal 2012, it expects net revenues to be in the range of $750 million to $760 million. This includes an expected negative year-over-year impact of foreign exchange rate changes of approximately $27 million to $29 million. Prior guidance was net revenues in the range of $765 million to $785 million. Non-GAAP diluted net loss per share to be in the range of $0.19 to $0.27. Prior guidance was a loss in the range of $0.18 to $0.33 per share. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $774 million for fiscal 2012. Full Article
Tesco Chooses Checkpoint Systems Inc To Implement EAS Technology To Improve Products’ On-Shelf Availability
Checkpoint Systems Inc announced that it has been chosen by Tesco to implement a global EAS program to improve on-shelf availability of products, open merchandising and the consumer shopping experience. As part of the program, Tesco is upgrading its systems with the latest EAS technology by installing Checkpoint’s EVOLVE ECO, high-performance, energy-lean RF-EAS systems across Tesco’s entire estate in the UK. EVOLVE ECO antennas provide energy savings of up to 75 percent over existing competitive solutions, helping Tesco reduce its operational costs and carbon footprint. The UK installation will be completed ahead of Christmas. Full Article

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