SR Spire Inc

Standard Register (NYSE: SR) today announced a strategic and organizational realignment to position the company for long-term growth, while maintaining its strong balance sheet. The company will organize around the healthcare, industrial and commercial market segments, among other initiatives. �Re-focusing our go-to-market approach will allow for increased market coverage in these key areas while improving overall client satisfaction,� said Standard Register�s acting chief executive officer, Joe Morgan. In addition, the company will reduce annualized costs by $33 million. �The continued decline in demand for our traditional offerings have led us to refine our strategic direction to invest in areas with long-term growth opportunity,� said Morgan. �Current economic conditions have accelerated the pace of our actions.� In the third quarter of 2008, a freeze of pension benefits, consolidation of some print centers and warehouses and a reorganization of field sales support were implemented resulting in annualized savings of $13 million. The actions announced today include policy changes and other measures that will result in $9 million in savings annually. In addition, a 5 percent reduction in force will be completed before year end creating an additional annualized savings of $11 million. Separation costs associated with the restructuring are estimated at $2.2 million, the majority of which will be recorded in the fourth quarter. Last year the company was successful in achieving its full cost and expense reduction targets. Cost reduction actions of $40 million were announced in July 2007. These initiatives included a workforce reduction, consolidation of facilities and other cost-saving measures. �For the past several months we�ve been addressing our strategic issues head on with several teams conducting external research and working on the marketplace issues we face for the long term. Simplification of what we do will be a big part of moving forward, as will the continuation of relentless cost management,� said Morgan. �Our strategy work has illuminated many exciting opportunities. We have prioritized and selected the approach that will bring the greatest return. The time is perfect to execute under a very clear model.� About Standard Register Standard Register (NYSE: SR) 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 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.