Business Solutions revenue for the third quarter was $94.2 million, a decrease of 6 percent compared to third quarter 2011 revenue of $99.8 million. Excluding the loss of business from the large financial services customer, revenue increased $5.0 million over the prior year. Core solutions growth, particularly in customer communications and on-demand publishing, was partially offset by net unit decreases in Legacy transactional products. Operating income for the third quarter was $2.3 million compared to $2.0 million in the third quarter last year. Excluding the postretirement plan allocation of $3.2 million, year over year operating income improved significantly.Consolidated gross margin as a percent of revenue was 29.0 percent, unchanged from the third quarter of 2011. Some new business at lower margins and declining sales in higher margin products were offset by savings from ongoing restructuring activities and other cost-saving initiatives. Selling, general and administrative (SG&A) expenses declined 16 percent in the quarter.
Standard Register Reports Third Quarter 2012 Financial Results
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