Thursday, Checkpoint Systems, Inc. (CKP), a supplier of retail shrink management solutions, reported a net loss from continuing operations for the fourth quarter as revenues declined from last year, due to softness in demand for EAS systems and labels in Europe and for CheckView store monitoring solutions in the U.S. The company also provided adjusted earnings per share and revenue outlook for the fiscal 2009.
The Thorofare, New Jersey-based company reported net loss from continuing operations for the fourth quarter of $61.7 million or $1.58 per share, compared to net earnings from continuing operations of $24.5 million or $0.60 per share in the fourth quarter of 2007.
Non-GAAP net earnings from continuing operations for the fourth quarter of 2008 were $4.9 million or $0.12 per share, down from $21.2 million, or $0.52 per share in the year-ago quarter.
On average, 3 analysts polled by Thomson Reuters estimated the company to report $0.40 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the quarter declined 9.7% to $237.3 million from $262.7 million in the prior year quarter. Analysts had a consensus revenue estimate of $240.97 million for the quarter.
For the full year, Net loss from continuing operations was $29.8 million, or $0.76 per share, compared to net earnings from continuing operations of $58.4 million, or $1.43 per share for the year 2007.
Non-GAAP net earnings from continuing operations declined to $35.5 million or $0.89 per share from $56.5 million or $1.39 per share for the year 2007.
Net revenues for fiscal 2008 rose 9.9% to $917.1 million from $834.2 million for the year 2007.
Looking ahead to 2009, the company projects non-GAAP net earnings per share from continuing operations to be in the range of $0.65 - $0.85 and net revenues between $780 million and $820 million.
Wall Street analysts estimate earnings of $1.02 per share on revenue of $886.61 million.
CKP is currently trading at $7.57, down $0.48 or 5.96% on the NYSE.
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