THOROFARE, N.J. (AP) -- Checkpoint Systems Inc.'s second-quarter loss narrowed, benefiting from lower expenses and cost savings from its restructuring efforts. But the Thorofare, N.J. company, which makes products such as tags that help retailers combat theft, posted an adjusted profit that fell short of analyst expectations, and shares slid Tuesday.
For the period ended June 30, Checkpoint lost $13.1 million, or 31 cents per share. That compares with a loss of $94.2 million, or $2.30 per share, in the same months a year earlier. Last year's quarter included a $64.4 million charge to write down the value of its clothing label business. Revenue declined 3 percent to $172 million from $177.6 million.
Excluding restructuring expenses, acquisition-related costs and other items, the company said it earned an 11-cent per-share profit from continuing operations. But analysts, on average, expected earnings of 18 cents per share, according to a FactSet poll.
Shares of Checkpoint declined $2.03, or 11 percent, to $15.75 in afternoon trading. The stock has still gained about 45 percent this year. It closed at a 52-week high of $17.78 Monday.
The company's overhead expenses fell 13 percent to $56.9 million, while restructuring costs shrank 92 percent to $1.6 million. The company's restructuring efforts reduced costs in the second quarter by an additional $14.5 million, Checkpoint said. It has made nearly all of the 2,500 job cuts it expected.
Checkpoint now expects revenue of $685 million to $700 million for the year, up from $675 million to $695 million. It kept its 2013 earnings forecast, excluding one-time items, of 65 cents to 75 cents per share. That brackets analyst expectations.