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Standard Register Reports Third Quarter 2012 Financial Results

Stocks in this article: SR

Standard Register (NYSE: SR), a leader in critical communications management solutions, today announced its financial results for the third quarter and first nine months of 2012. The Company reported third-quarter 2012 revenue of $145.7 million and a net loss of $2.6 million or $0.09 per share. The results compare to prior year third quarter revenue of $157.5 million and net income of $8.4 million or $0.29 per share. The 2011 third quarter included a $20.2 million ($12.2 million after tax) one-time benefit related to termination of the Company’s postretirement healthcare plan, so comparable results improved $1.2 million over the prior year quarter.

Non-GAAP net income from operations after adjustments for pension loss amortization, pension settlement, restructuring charges, postretirement plan termination, tax effect of adjustments and deferred tax valuation allowances was $2.5 million or $0.09 per share for the third quarter of 2012, compared to break even for the same period in 2011.

Through the first nine months of 2012, the Company reported revenue of $458.4 million and a net loss of $8.9 million or $0.30 per share. The first nine months results compare to last year’s revenue of $486.7 million and net income of $7.8 million or $0.27 per share for the same period of 2011. Non-GAAP adjusted net income from operations for the first nine months of 2012 was $8.2 million or $0.29 per share compared to non-GAAP adjusted net income of $6.8 million or $0.24 per share for the nine months of 2011.

The Company previously announced the loss of a portion of its business with a large financial services customer due to the customer’s restructuring. Revenue from this customer declined $10.6 million in the third quarter ($3.7 million in Core solutions and $6.9 million in Legacy products) and $16.6 million in the first nine months ($5.3 million in Core solutions and $11.3 million in Legacy products). The Company has revised its expectation for 2012 to a loss of $24 to $25 million in revenue from this customer, $8 million in Core solutions and the balance in Legacy products.

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