Retail security firm Checkpoint Systems, Inc. (NYSE: CKP) announced results for its fiscal fourth quarter on Friday, posting an earnings increase of 93 percent on higher volumes in its core business and foreign exchange.
Shares of the company jumped more than 15 percent to $22.98 by mid-afternoon trading on the New York Stock Exchange.
The Thorofare, N.J., security products company reported earnings of $18 million, or 45 cents a share, up from $9.33 million, or 23 cents a share, a year earlier.
Excluding tax costs and a capital lease settlement, the company's earnings from continuing operations rose to $20.6 million, or 51 cents a share, from $11.3 million, or 28 cents a share, a year earlier.
The results beat the expectations of analysts polled by Thomson Financial, who had expected earnings of 38 cents per shares.
We are pleased with our strong financial performance for the fourth quarter, said George Off, Chairman and Chief Executive Officer of Checkpoint. We reported the best quarterly results from continuing operations in our company's history.
Checkpoint said it remained cautious about the softness in the retail market, however it says operational and management changes in 2006 will enhance profitability in 2007. The firm forecast revenue growth of 3 to 5 percent in 2007 over the $687.8 million reported in 2006.