Standard Register Announces Preliminary 2005 Financial Results
23 Février 2006 - 8:53PM
PR Newswire (US)
DAYTON, Ohio, Feb. 23 /PRNewswire-FirstCall/ -- Standard Register
(NYSE:SR) today announced preliminary financial results for the
fourth quarter and total year ended January 1, 2006. Management and
audit work related to income taxes has not yet been completed. The
Company has elected to release its preliminary pre-tax results in
order to provide useful information to investors in the expected
timeframe. The Company expects to make its full earnings release
shortly. Results of Continuing Operations Revenue on Continuing
Operations was $223.0 million in the quarter, compared to $236.2
million for the fourth quarter 2004. The prior year reporting
period included an extra accounting week, which added an
approximation of $17.0 million to 2004's fourth-quarter and
total-year revenues. On a normalized 13-week quarter basis, revenue
was up 1.8 percent. Total 2005 Revenue on Continuing Operations was
$901.9 million, up 1.3 percent from the prior year; adjusting for
the extra week, revenue increased by an estimated 3.3 percent.
Pre-tax income on Continuing Operations was $2.4 million for the
fourth quarter, compared to $0.4 million in 2004. For the total
year, pre-tax income on Continuing Operations improved from a loss
last year of $73.1 million to a profit of $8.9 million. The
improved 2005 operating profit is primarily attributed to the
increase in revenue, lower costs, and significantly reduced
restructuring and impairment expenses. The table isolates the
effects of restructuring and impairment for the fourth quarter and
total years 2005 and 2004. [$ Millions] Effect on Effect on
Fourth-Quarter Income Total-Year Income 2005 2004 Chg 2005 2004 Chg
CONTINUING OPERATIONS Operations Before Restructuring &
Impairment 2.8 2.7 0.1 13.4 -8.5 21.9 Restructuring Expense -0.2
-1.6 1.3 -2.3 -13.6 11.3 Impairment Expense -0.1 -0.1 -0.1 -0.3
-48.5 48.2 Income/(Loss) on Operations 2.4 1.0 1.4 10.8 -70.6 81.5
Interest & Other Income/ (Expense) -0.1 -0.6 0.6 -1.9 -2.4 0.5
Pretax Income/(Loss) 2.4 0.4 2.0 8.9 -73.1 82.0 "We continued to
make good operating progress in 2005," said Dennis Rediker,
president and chief executive officer of Standard Register.
"Setting aside restructuring and impairment charges, our 2005
pre-tax income on Continuing Operations increased $21.9 million
over 2004 and was $36.0 million higher than in 2003." Cash Flow The
Company continued to generate cash and pay down debt. "The Company
netted positive cash flow of $15.9 million during 2005 -- after
funding all of our operating needs, $20.2 million in capital
expenditures, $15.0 million in pension contributions, $5.2 million
in restructuring costs, and $26.6 million in dividend payments,"
said Rediker. The balance sheet remains very strong with net debt
(total debt less cash and short-term investments) ending the year
at $21.4 million. End-of-year net debt balances for 2004 and 2003
were $37.3 million and $48.1 million, respectively. Outlook "The
market for many of our products and services, particularly our
traditional printed products, remains very price competitive.
Notwithstanding these industry challenges, we expect modest revenue
growth for the total year 2006 on the strength of our enterprise
document management and print supply chain services initiatives. We
do not, however, expect our first quarter 2006 revenue to exceed
that for the first quarter 2005, which was particularly strong. We
will also continue to focus on productivity improvements, asset
management, and maintaining a strong balance sheet," said Rediker.
Presentation of Information in This Press Release This press
release presents information that excludes restructuring,
impairment, and income tax expenses. These financial measures are
considered non-GAAP. Generally a non-GAAP financial measure is a
numerical measure of a company's performance, financial position,
or cash flows where amounts are either excluded or included not in
accordance with generally accepted accounting principles. Standard
Register believes that this information will enhance an overall
understanding of its financial performance due to the non-
operational nature in the above items and the significant change
from period to period. The presentation of non-GAAP information is
not meant to be considered in isolation or as a substitute for
results prepared in accordance with accounting principles generally
accepted in the United States. Conference Call The conference call,
originally scheduled for February 24, 2006, at 10:00 A.M. EST, will
be rescheduled shortly. About Standard Register Standard Register
is a premier document services provider, trusted by companies to
manage the critical documents they need to thrive in today's
competitive climate. Relying on nearly 100 years of industry
expertise, Lean Six Sigma methodologies and leading technologies,
we help organizations increase efficiency, reduce costs, mitigate
risks, grow revenue and meet the challenges of a changing business
landscape. In addition to our marketing communication solutions, we
offer document and label solutions, e-business solutions,
consulting, and print supply chain services to help clients manage
documents across their enterprise. More information is available at
http://www.standardregister.com/. Safe Harbor Statement This report
includes 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 for fiscal year 2006 and beyond
could differ materially from the Company's current expectations.
Forward-looking statements are identified by words such as
"anticipates," "projects," "expects," "plans," "intends,"
"believes," "estimates," "targets," and other similar expressions
that indicate trends and future events. Factors that could cause
the Company's results to differ materially from those expressed in
forward-looking statements include, without limitation, variation
in demand and acceptance of the Company's products and services,
the frequency, magnitude and timing of paper and other
raw-material-price changes, general business and economic
conditions beyond the Company's control, timing of the completion
and integration of acquisitions, the consequences of competitive
factors in the marketplace, cost-containment strategies, and the
Company's success in attracting and retaining key personnel.
Additional information concerning factors that could cause actual
results to differ materially from those projected is contained in
the Company's filing with The Securities and Exchange Commission,
including its report on Form 10-K for the year ended January 1,
2006. The Company undertakes no obligation to revise or update
forward-looking statements as a result of new information since
these statements may no longer be accurate or timely. The financial
information presented in this news release represents preliminary
financial results, but the audit has not yet been completed. Under
Section 404 of the Sarbanes-Oxley Act, integrated audit
requirements will not be met until the Company has completed all of
the steps necessary to file these financial statements with the
SEC. First Call Analyst: FCMN Contact: DATASOURCE: Standard
Register CONTACT: Media, Julie McEwan, +1-937-221-1825, or , or
Investors, Robert J. Cestelli, +1-937-221-1304, or , both of
Standard Register Web site: http://www.standardregister.com/
Copyright
Spire (NYSE:SR)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Spire (NYSE:SR)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024