Business Solutions revenue declined to $295.1 million from $309.3 million in the first nine months of the prior year and nearly all of the 5 percent decline was from the loss of business at the large financial services customer. Operating income increased by 19 percent to $5.6 million from $4.8 million (or $1.6 million excluding the postretirement plan allocation of $3.2 million).Consolidated gross margin as a percent of revenue was 30 percent in the first nine months of 2012, compared to 31 percent for the same period in 2011. SG&A expense declined 11 percent in the first nine months of 2012, to $138.6 million from $155.5 million in the prior year. SG&A expense for the first nine months of 2011 included a credit of $3.3 million from amortization of prior service credits before the termination of the postretirement healthcare benefits plan.
Standard Register Reports Third Quarter 2012 Financial Results
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