Standard Register Reports First Quarter 2008 Financial Results
25 Avril 2008 - 2:00PM
Business Wire
Standard Register (NYSE: SR) today reported its financial results
for the first quarter ended March 30, 2008. Results of Operations
Net Income for the first quarter was $2.5 million or $0.09 per
share, compared to a net loss of $0.8 million or $0.03 per share in
the prior year. First quarter revenue was $207.2 million versus
$227.4 million in 2007. �Despite the lower revenue, our operating
earnings improved in the quarter and we had very strong cash flow,�
said Dennis Rediker, president and CEO of Standard Register.
Operating income before pension loss amortization, restructuring,
and impairment was $10.4 million this quarter, up 10.6 percent
compared to the comparable $9.4 million result a year earlier. The
reconciliation of these operating results to the GAAP results
appears later in this release. Net cash flow was a positive $9.7
million in the quarter, after funding $5.0 million in pension
contributions, $3.2 million in capital expenditures, and $6.7
million in dividends. Net debt ended the quarter at $41.6 million,
representing just 26.5 percent of total capital. The Company has
generated $9.3 million in positive net cash flow over the trailing
four quarters. About one-third of our revenue decline was from a
single customer who ended purchases after the first quarter of
2007. The balance of the business was off 6.0 percent. �The economy
definitely played a role in our manufacturing market, where we saw
decreased units. The impetus for our customers to continue to
aggressively pursue cost reductions was to some degree also likely
reinforced by economic conditions,� said Rediker. The Company�s
mid-year 2007 cost reduction plan contributed significantly to the
improved operating performance. This was evident in the percentage
gross margin, which remained nearly identical to last year despite
the lower revenue. In addition, SG&A expenses were $8.0 million
lower in the quarter, excluding the pension loss amortization.
Earlier this week, the Company announced a benefit freeze to its
pension plan participants, which comprise about one-third of
employees. Affected employees will become eligible for enhanced
401K benefits in line with other employees that do not participate
in the traditional pension plan. The table below reconciles the
operating earnings cited earlier to our net earnings in accordance
with GAAP. [$ Millions, rounded] � Effect on 1Q Income CONTINUING
OPERATIONS 2008 � 2007 � Chg Operations before Restructuring,
Impairment � � � � � Amortization of Past Pension Losses &�the
Pension Settlement Charge 10.4 � 9.4 � 1.0 � � Reconciliation to
Net Income / (Loss): Restructuring Expense 0.0 -2.4 2.4 Impairment
Expense -0.2 0.4 -0.6 Amortization of Past Pension Losses -5.2 �
-7.0 � 1.8 Income / (Loss) on Continuing Operations 5.1 0.4 4.7 �
Interest & Other Income / (Expense) -0.7 � -0.7 � 0.0 Pretax
Income / (Loss) 4.4 -0.4 4.7 � Income Taxes 1.9 � -0.2 � 2.1 Net
Income / (Loss) on Continuing Operations 2.5 � -0.2 � 2.7 �
DISCONTINUED OPERATIONS 0.0 -0.6 0.6 � � � � � TOTAL NET INCOME /
(LOSS) 2.5 � -0.8 � 3.3 � Earnings Per Share on Continuing
Operations 0.09 � -0.01 � 0.09 Restructuring & Impairment
Expenses 0.00 -0.04 0.04 Pension Loss Amortization & Pension
Settlement -0.11 -0.15 0.04 All Other Continuing Operations 0.20 �
0.18 � 0.02 � Discontinued Operations 0.00 � -0.02 � 0.02 Total
Earnings Per Share 0.09 � -0.03 � 0.11 Dividend Standard Register�s
board of directors declared on April 24, 2008 a quarterly dividend
of $0.23 per share to be paid on June 6, 2008, to shareholders of
record as of May 23, 2008. Chief Operating Officer The board of
directors yesterday named Joseph P. Morgan, Jr. as chief operating
officer reporting to Dennis L. Rediker. In this position, Mr.
Morgan will have responsibility for all operations of the Company.
Prior to this he was vice president, chief technology officer and
general manager, On Demand Solutions Group. He has served as an
officer of the Company since 2003. Board of Directors At the
Company�s Annual Meeting held April 24, 2008, shareholders approved
setting the number of directors at eight, as well as electing five
incumbent directors and three new directors including David P.
Bailis, Michael E. Kohlsdorf and R. Eric McCarthey. Conference Call
Standard Register president and chief executive officer Dennis L.
Rediker and chief financial officer Craig J. Brown will host a
conference call at 10 a.m. EDT on April 25, 2008, to review the
first quarter results. The call can be accessed via an audio web
cast which is accessible at:
http://www.standardregister.com/investorcenter. Presentation of
Information in This Press Release This press release presents
information that excludes restructuring, impairment charges, and
amortization of past pension losses. 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 (GAAP).
This information is intended to enhance an overall understanding of
the financial performance due to the non-operational nature of
these items and the significant change from period to period. This
presentation is consistent with the manner in which the Board of
Directors internally evaluates performance. The presentation of
non-GAAP information is not meant to be considered in isolation or
as a substitute for results prepared in accordance with principles
generally accepted in the United States. 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. Employing nearly a century of
industry expertise, Lean Six Sigma methodologies and other leading
technologies, the company helps organizations increase efficiency,
reduce costs, mitigate risks, grow revenue and meet the challenges
of a changing business landscape. It offers document and label
solutions, technology solutions, consulting and print supply chain
services to help clients manage documents throughout their
enterprises. 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 2008 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 December 30,
2007. 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 STANDARD
REGISTER COMPANY � � � STATEMENT OF OPERATIONS Y-T-D (In Thousands,
except Per Share Amounts) 13 Weeks Ended 13 Weeks Ended 30-Mar-08 �
1-Apr-07 � TOTAL REVENUE $207,185 $227,431 � COST OF SALES 138,164
� � 151,496 � � GROSS MARGIN 69,021 75,935 � COSTS AND EXPENSES
Selling, General and Administrative 56,966 66,918 Depreciation and
Amortization 6,831 6,655 Asset Impairment 164 (409 ) Restructuring
9 � � 2,406 � � TOTAL COSTS AND EXPENSES 63,970 � � 75,570 � �
INCOME FROM CONTINUING OPERATIONS 5,051 365 � OTHER INCOME
(EXPENSE) Interest Expense (761 ) (797 ) Other income 82 � � 68 �
Total Other Expense (679 ) (729 ) � � INCOME (LOSS) FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES 4,372 (364 ) � � Income Tax Expense
(Benefit) 1,878 � � (175 ) � NET INCOME (LOSS) FROM CONTINUING
OPERATIONS 2,494 (189 ) � DISCONTINUED OPERATIONS Gain on sale of
discontinued operations, net of taxes 2 - Loss from discontinued
operations, net of taxes - (639 ) � � � � NET INCOME (LOSS) 2,496 �
� ($828 ) � � Average Number of Shares Outstanding - Basic 28,736
28,635 Average Number of Shares Outstanding - Diluted 28,744 28,635
� BASIC AND DILUTED INCOME (LOSS) PER SHARE Income (Loss) from
continuing operations $0.09 ($0.01 ) Loss from discontinued
operations - � � (0.02 ) Net Income (Loss) per share $0.09 � �
($0.03 ) � Dividends Paid Per Share $0.23 $0.23 � � � BALANCE SHEET
(In Thousands) 30-Mar-08 � 30-Dec-07 � ASSETS Cash & Short Term
Investments $3,412 $697 Accounts Receivable 117,147 130,212
Inventories 43,605 45,351 Other Current Assets 22,963 � � 22,523 �
Total Current Assets 187,127 198,783 � Plant and Equipment 107,283
110,975 Goodwill and Intangible Assets 7,834 7,861 Deferred Taxes
77,120 80,852 Other Assets 19,712 21,075 � � � Total Assets
$399,076 � � $419,546 � � LIABILITIES AND SHAREHOLDERS' EQUITY
Current Portion Long-Term Debt $0 $21 Current Liabilities 74,229
87,342 Deferred Compensation 10,521 12,010 Long-Term Debt 45,000
51,988 Retiree Healthcare 19,445 19,496 Pension Liability 129,357
133,647 Other Long-Term Liabilities 5,036 5,083 Shareholders'
Equity 115,488 109,959 � � � Total Liabilities and Shareholders'
Equity $399,076 � � $419,546 �
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