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Standard Register Reports Fourth Quarter And Full Year 2011 Financial Results

In addition, because our credit facility is borrowed under a revolving credit agreement, which currently permits us to borrow and repay at will up to a balance of $100 million (subject to limitations related to receivables, inventories, and letters of credit), we take the measure of cash flow performance prior to borrowing or repayment of the credit facility. In effect, we evaluate cash flow as the change in net debt (credit facility debt less cash and cash equivalents).

The table below provides a reconciliation of these non-GAAP measures to their most comparable measure calculated in accordance with GAAP.

THE STANDARD REGISTER COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
(Unaudited)
 
Fourth Quarter           Y-T-D
13 Weeks Ended     13 Weeks Ended 52 Weeks Ended   52 Weeks Ended
1-Jan-12     2-Jan-11 1-Jan-12   2-Jan-11
 
$ 161,392 $ 172,684 TOTAL REVENUE $ 648,109 $ 668,377
 
  113,589         117,420   COST OF SALES   449,940       458,569  
 
47,803 55,264 GROSS MARGIN 198,169 209,808
 
COSTS AND EXPENSES
51,252 50,684 Selling, general and administrative 206,656 204,613
67 370 Pension settlement and postretirement plan amendment (19,719 ) 370
134 - Environmental remediation 203 (803 )
  5,263         243   Restructuring and other exit costs   5,198       1,733  
 
  56,716         51,297   TOTAL COSTS AND EXPENSES   192,338       205,913  
 
(8,913 ) 3,967 (LOSS) INCOME FROM OPERATIONS 5,831 3,895
 
OTHER INCOME (EXPENSE)
(692 ) (572 ) Interest expense (2,466 ) (2,189 )
  74         (536 ) Other income   632       (333 )
(618 ) (1,108 ) Total other expense (1,834 ) (2,522 )
 
(9,531 ) 2,859 (LOSS) INCOME BEFORE INCOME TAXES 3,997 1,373
 
 
  85,953         1,405   Income Tax Expense   91,695       1,005  
 
$ (95,484 )     $ 1,454   NET (LOSS) INCOME $ (87,698 )   $ 368  
 
 
 
29,094 28,948 Average Number of Shares Outstanding - Basic 29,049 28,917
29,094 28,955 Average Number of Shares Outstanding - Diluted 29,049 28,944
 
$ (3.28 ) $ 0.05 BASIC AND DILUTED (LOSS) INCOME PER SHARE $ (3.02 ) $ 0.01
 
$ 0.05 $ 0.05 Dividends per share declared for the period $ 0.20 $ 0.15
 
MEMO:
$ 5,925 $ 5,507 Depreciation and amortization $ 21,809 $ 23,255
$ 6,070 $ 4,668 Pension loss amortization $ 24,281 $ 18,672
 
 
 
SEGMENT OPERATING RESULTS
(Dollars in thousands)
(Unaudited)
Fourth Quarter Y-T-D
13 Weeks Ended 13 Weeks Ended 52 Weeks Ended 52 Weeks Ended
1-Jan-12     2-Jan-11 1-Jan-12   2-Jan-11
REVENUE
$ 44,658 $ 43,892 Financial Services $ 174,170 $ 175,677
39,654 44,689 Commercial Markets 159,392 170,636
59,332 66,315 Healthcare 236,772 250,963
  17,748         17,788   Industrial   77,775       71,101  
$ 161,392       $ 172,684   Total Revenue $ 648,109     $ 668,377  
 
GROSS MARGIN
$ 12,759 $ 13,105 Financial Services $ 50,470 $ 52,244
9,666 11,276 Commercial Markets 41,814 44,202
20,021 24,771 Healthcare 83,069 91,925
  5,357         6,112   Industrial   22,816       21,437  
$ 47,803       $ 55,264   Total Gross Margin $ 198,169     $ 209,808  
 
INCOME BEFORE TAXES
$ 1,469 $ 2,438 Financial Services $ 7,329 $ 7,361
(2,440 ) (373 ) Commercial Markets (3,959 ) (3,323 )
2,110 6,676 Healthcare 14,475 19,575
(355 ) 531 Industrial 113 (449 )
  (10,315 )       (6,413 ) Unallocated   (13,961 )     (21,791 )
$ (9,531 )     $ 2,859   Total Income Before Taxes $ 3,997     $ 1,373  
 
 
 
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
1-Jan-12   2-Jan-11
 
ASSETS
Cash and cash equivalents $ 1,569 $ 531
Accounts receivable 113,403 122,308
Inventories 48,822 54,061
Other current assets   9,058       11,101  
Total current assets 172,852 188,001
 
Plant and equipment 73,950 74,149
Goodwill and intangible assets 14,479 8,822
Deferred taxes 23,996 102,996
Other assets   8,584       10,819  
Total assets $ 293,861     $ 384,787  
 
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY
Current portion long-term debt $ 2,470 $ 1,467
Other current liabilities 80,973 77,296
Deferred compensation 5,777 6,306
Long-term debt 60,149 42,926
Retiree healthcare obligation - 4,931
Pension benefit obligation 236,206 185,174
Other long-term liabilities 7,339 6,883
Shareholders' (deficit) equity   (99,053 )     59,804  
Total liabilities and shareholders' (deficit) equity $ 293,861     $ 384,787  
 
 
 
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
 
52 Weeks Ended
1-Jan-12   2-Jan-11
 
Net income (loss) plus non-cash items $ 32,477 $ 44,355
Working capital 7,176 (339 )
Restructuring payments (1,227 ) (5,409 )
Contributions to qualified pension plan (25,000 ) (24,000 )
Other (1)   (171 )     (2,819 )
Net cash provided by operating activities   13,255       11,788  
Capital expenditures, net (14,186 ) (8,403 )
Acquisitions, net (4,905 ) (2,464 )
Proceeds from sale of equipment   1,845       359  
Net cash used in investing activities   (17,246 )     (10,508 )
Net change in borrowings under credit facility 12,661 4,019
Principal payments on long-term debt (1,721 ) (1,477 )
Dividends paid (5,836 ) (5,807 )
Other   105       153  
Net cash provided by (used in) financing activities   5,209       (3,112 )
Effect of exchange rate   (180 )     (41 )
Net change in cash $ 1,038     $ (1,873 )
 
(1) Includes deferred compensation and non-qualified pension payments and changes in other non-current assets and liabilities
 
 
 
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(Dollars in thousands, except per share amounts)
(Unaudited)
Fourth Quarter Y-T-D
13 Weeks Ended 13 Weeks Ended

52 Weeks Ended

52 Weeks Ended
1-Jan-12     2-Jan-11 1-Jan-12   2-Jan-11
 
$ (95,484 ) $ 1,454 GAAP Net (Loss) Income $ (87,698 ) $ 368
Adjustments
 
6,070 4,668 Pension loss amortization 24,281 18,672
67 370 Pension settlement and postretirement plan amendment (19,719 ) 370
5,263 758 Restructuring and impairment charges* 5,198 2,248
(4,501 ) (2,302 ) Tax effect of adjustments (at statutory rates) (3,850 ) (8,454 )
  89,478         -   Deferred tax valuation   89,478       -  
$ 893       $ 4,948   Non-GAAP Net (Loss) Income $ 7,690     $ 13,204  
 
 
$ (3.28 ) $ 0.05 GAAP (Loss) Income Per Share $ (3.02 ) $ 0.01
Adjustments, net of tax:
$ 0.12 0.10 Pension loss amortization 0.50 0.39
$ - 0.01 Pension settlement and postretirement plan amendment (0.41 ) 0.01
$ 0.11 0.02 Restructuring and impairment charges 0.11 0.05
$ 3.08         -   Deferred tax valuation   3.08       -  
$ 0.03       $ 0.18   Non-GAAP (Loss) Income Per Share $ 0.26     $ 0.46  
 
 
GAAP Net Cash Flow $ 1,038 $ (1,873 )
Adjustments:

Credit facility borrowed

  (12,661 )     (4,019 )
Non-GAAP Net Cash Flow $ (11,623 )   $ (5,892 )
 
* Includes impairment recorded in other income




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