In January 2012, the Company announced a two-year strategic restructuring plan to better align its resources in support of the growing Core solutions business and reduce costs to offset the impact of declining revenues in Legacy products. When fully implemented at the end of 2013, annual savings of $60 million are expected to be realized. Through 2012, the Company achieved approximately $40 million of savings and incurred nearly all of the expected $10.0 million in cumulative costs associated with the program.
Standard Register contributed $22.7 million to the Company’s qualified pension plan in 2012, including $2.0 million more than required for the year. With relief provided by the Moving Ahead for Progress in the 21 st Century Act (MAPS-21), commonly called the highway bill, and the additional $2.0 million of funding in 2012, contributions for 2013 and 2014 are expected to be $24.8 million and $36.4 million, respectively.
Standard Register’s President and Chief Executive Officer Joseph P. Morgan, Jr., and Chief Financial Officer Robert Ginnan will host a conference call at 10:00 a.m. EDT on Friday, February 22, 2013, to review the fourth quarter results. The call can be accessed via an audio webcast accessible at http://www.standardregister.com/investorcenter.About Standard Register Standard Register (NYSE:SR), celebrating 100 years of innovation, is trusted by the world’s leading companies to advance their reputations by aligning communications with corporate standards and priorities. Providing market-specific insights and a compelling portfolio of solutions to address the changing business landscape in healthcare, financial services, commercial and industrial markets, Standard Register is the recognized leader in the management and execution of mission-critical communications. More information is available at http://www.standardregister.com. Safe Harbor Statement This press release contains forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results could differ materially from the Company’s current expectations.