Standard Register (NYSE: SR) today announced its financial results for the third quarter of 2013. The Company reported revenue of $199.3 million and a net loss of $23.2 million or $3.92 per diluted share. The results compare to third quarter 2012 revenue of $145.7 million and net income of $2.5 million or $0.43 per diluted share. Results for the third quarter and first three quarters of 2013 include two months of results from WorkflowOne, which Standard Register acquired on August 1, 2013.
Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA), which excludes certain items as detailed in the attached reconciliation, was $8.0 million compared to $9.3 million for the third quarter of 2012.
“We continue to be challenged by revenue declines in certain printed and transactional forms, however, we are encouraged by the execution of key investments focused on growth solutions and overall rapid pace of integrating WorkflowOne,” said Joseph P. Morgan, Jr., president and chief executive officer. “The acquisition has expanded both our customer base and portfolio of solutions, and we are beginning to realize synergies, including some initial cross-selling of each other’s capabilities. With greater financial stability and flexibility, we are in a more manageable position with our pension obligation and have more resources for investment and executing our strategy. It is an exciting transformational time for our company as we focus on the evolving opportunities of applying workflow, content and analytics to our customers’ communication needs.”
Third Quarter Results
Total revenue for the third quarter of 2013 was $199.3 million compared to $145.7 million in the prior year quarter. Net loss for the third quarter of 2013 was $23.2 million or $3.92 per diluted share compared to net income of $2.5 million or $0.43 per diluted share last year. The change in pension accounting had the effect of adjusting net income for the third quarter of 2012 to $2.5 million from a net loss of $2.6 million. The third quarter of 2013 includes WorkflowOne revenue of $68.3 million and a net loss of $0.6 million, along with $18.5 million of acquisition, integration and restructuring expenses.