Morgan continued, “Macro-trends are affecting our traditional printing business, but Standard Register has maintained strong customer relationships. Our qualified pension plan is still a challenge in this low interest rate environment; however we exceeded our 2012 obligation by funding $22.7 million in contributions to the plan during 2012. We are on track with our restructuring plan and ended the year with $8.2 million in positive cash flow on a net debt basis.”The Company previously announced reductions in volume and freight business with a large financial services customer that reorganized its distribution channels and restructured its operations. Revenue from this customer declined $24.2 million ($17.6 million in Legacy products and $6.6 million in Core solutions) in 2012 and is estimated to decline an additional $18 million to $20 million in 2013.
Standard Register Reports Fourth Quarter 2012 Financial Results
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