Standard Register also announced the suspension of its quarterly dividend in keeping with Ohio law, which requires that cash dividends be paid only out of a corporation’s statutory surplus. Because of the decline in book equity related to additional fourth quarter actuarial losses in the Company’s pension plan and the valuation allowance established against deferred tax assets, there is not currently a statutory surplus. The suspension of the dividend results in the annual retention of approximately $6 million of capital by the Company. The 2012 first quarter dividend which was declared in December 2011 will be paid on March 9, 2012.“The actions we’ve announced today will more appropriately align our resources with our revenue expectations and in support of our core solutions business. Importantly, they will also assist us in achieving positive cash flow and in making investments in talent, technology and operational infrastructure, as well as sales and marketing optimization, to drive growth,” said Joseph P. Morgan, Jr., president and chief executive officer. “We are accelerating our strategy of providing solutions to enable our customers to align their brand communications with their corporate priorities and standards. We have a solid base of customers as well as significant opportunities to grow market share in each of our market-facing business units.”
Standard Register Announces Strategic Restructuring
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