Checkpoint Systems Inc reported financial results for the first quarter ended March 30, 2008.
For the first quarter of 2008, revenue was $209.6 million, an increase of 22.4%, compared to revenue of $171.2 million in the first quarter of 2007. Foreign currency had a positive impact on revenue of 8.7%, and revenue from the Alpha, SIDEP and Asialco businesses, which were acquired during the fourth quarter of 2007, accounted for approximately 9.2% of the overall sales growth in the quarter.
Net earnings for the first quarter were $4.8 million, or $0.12 per diluted share, compared to net earnings of $5.0 million, or $0.12 per diluted share, in the first quarter of 2007.
Included in net earnings for the first quarter of 2008 are after-tax charges of $0.8 million, or $0.02 per diluted share, related to a deferred compensation expense adjustment from prior periods and $0.7 million, or $0.02 per diluted share, related to restructuring activities. In 2007, net earnings for the first quarter included a charge of $0.3 million, or $0.01 per diluted share, related to the Company's restructuring activities.
"Checkpoint's first quarter results represent a good start to the year," said Rob van der Merwe, President and Chief Executive Officer of Checkpoint. "The first quarter, typically slow from a seasonal perspective for both Checkpoint and the businesses we've acquired, saw organic growth and good contributions from recent acquisitions across our most significant geographies.
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