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March 31, 2014
18:50 EDTCKPCheckpoint Systems completes restatement of prior period results
Checkpoint Systems announced restated financial results for the first nine months of 2013 and fiscal years 2012 and 2011. The restated consolidated financial statements for the 2012 and 2011 fiscal years, as well as quarterly financial data for the first three quarters of 2013 and all four quarters of 2012 are included in the company's Annual Report on Form 10-K for the fiscal year ended December 29, 2013, filed with the SEC. As previously announced, the restatement is the result of corrections made for the combined effect of financial statement errors attributable to the accounting for the future extension of sales-type lease arrangements in Spain during the second quarter ended June 26, 2011, as well as certain other previously disclosed out-of-period adjustments and balance sheet reclassifications. This transaction was previously reported in the company’s current report on Form 8-K filed on June 17, 2011. The company assessed the impact of these errors on the prior interim and annual financial statements and concluded that the combined impact of these errors was material to these financial statements. The restatement had no effect on the cash received from the transaction. The restatement resulted from the identification of errors during the review of our financial statements for the fourth quarter of 2013. During fiscal 2016 through 2018, when we are permitted to recognize the lease receivables upon the commencement of the lease extensions, we expect to de-recognize both the associated receivables and the related financing liability and record other operating income on the sale. The restatement results in a reduction in net earnings for the first nine months of 2013 by $2M, a reduction in net earnings for fiscal year 2012 by $0.6M and a reduction in net earnings for fiscal year 2011 by $16.9M.
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September 22, 2014
07:58 EDTCKPCheckpoint Systems selected by Inditex for RFID technology
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