Standard Register (NYSE: SR) today reported its financial
results for the second quarter ended June 28, 2009.
Results of Operations
Net Income for the second quarter 2009 was $3.2 million or $0.11
per share, compared to $1.4 million or $0.05 per share in the
comparable quarter of 2008. For the first six months, a net loss of
$7.8 million or $0.27 per share compares to net income of $3.9
million or $0.14 per share in the prior year. The year to date net
loss was primarily due to considerable non-cash pension settlement
charges of $11.9 million or $0.41 per share on an after-tax basis.
Cash flow on a net debt basis was strong in the quarter at $7.8
million due to the reduction in the dividend payment, additional
cost savings and improvements in working capital.
Revenue for the quarter was $171.0 million, compared to $198.8
in the same quarter of 2008. On a year to date basis, revenue was
$345.6 versus $406.0 in the prior year. “Our revenue continues to
be challenged by significant unit declines in our traditional
product offerings; however, we are seeing an increased level of
activity in our core markets,” said Joe Morgan, president and chief
executive officer. “The majority of the unit decline is related to
economic weakness and advancements in the use of technology,” added
Morgan. Despite the shortfall of $27.8 million in revenue in the
quarter, gross margins as a percent of revenue remained stable at
31.7 percent compared to 32.0 percent in the prior year. “Our 2008
$33 million cost reduction plan, coupled with the successful
achievement of $40 million in 2007, continued to positively impact
gross margins while reducing SG&A expenses,” added Morgan.
SG&A was $48.2 million in the quarter versus $61.5 million in
the prior quarter, down $13.3 million.
Capital expenditures were $5.0 million through the first half
and are expected to end the year in the $10-13 million range.
Pension funding was $14.5 million through six months with an
additional $10.5 million currently planned for the balance of the
year.
Dividend
Standard Register’s board of directors today declared a
quarterly dividend of $0.05 per share to be paid on September 4,
2009, to shareholders of record as of August 21, 2009. The board
will consider future dividend payments on a quarter-by-quarter
basis in accordance with its normal practice.
Conference Call
Standard Register’s president and chief executive officer Joe
Morgan and chief financial officer Bob Ginnan will host a
conference call at 10 a.m. EDT on July 24, 2009, to review the
second 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 may contain information that is 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. 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. In particular,
we will segregate and highlight cash flows related to restructuring
and contributions to our qualified pension plan, both of which are
carefully monitored by management and have a significant and
variable impact on cash flow. In addition, because our outstanding
debt is borrowed under a revolving credit agreement which currently
permits us to borrow and repay at will up to a balance of $100
million (subject to limitations related to receivable balances and
letters of credit), we measure cash flow performance prior to debt
borrowing or repayment. In effect, we evaluate cash flow as the
change in net debt (total debt less cash and cash equivalents).
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 2009 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 28, 2008. 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 (Dollars
in thousands, except per share amounts)
Second Quarter
Y-T-D 13 Weeks Ended 13 Weeks Ended 26
Weeks Ended 26 Weeks Ended 28-Jun-09
29-Jun-08 28-Jun-09
29-Jun-08 $171,015 $198,827
TOTAL
REVENUE $345,635 $406,012
116,833
135,180
COST OF SALES 237,218
277,580
54,182 63,647
GROSS MARGIN 108,417 128,432
COSTS AND
EXPENSES 48,270 61,490 Selling, general and
administrative
100,057 121,051
- (746 ) Pension
curtailments and settlements
19,747 (746 )
850 -
Asset Impairment
850 164
(394 )
(4 ) Restructuring and other exit costs
207
5
48,726 60,740
TOTAL COSTS AND EXPENSES 120,861
120,474
5,456 2,907
INCOME (LOSS)
FROM CONTINUING OPERATIONS (12,444 ) 7,958
OTHER INCOME (EXPENSE) (333 ) (523 ) Interest
expense
(636 ) (1,284 )
209
47 Other income
257 129
(124 ) (476 )
Total Other Expense
(379 ) (1,155 )
INCOME (LOSS) FROM
CONTINUING OPERATIONS 5,332 2,431
BEFORE INCOME
TAXES (12,823 ) 6,803
2,158
1,041 Income Tax Expense (Benefit)
(5,021 ) 2,919
3,174 1,390
NET INCOME (LOSS) FROM CONTINUING
OPERATIONS (7,802 ) 3,884
DISCONTINUED
OPERATIONS - 2 Gain on sale
of discontinued operations, net of taxes
-
4
$3,174 $1,392
NET INCOME (LOSS) ($7,802 )
$3,888
28,833 28,754
Average Number of Shares Outstanding - Basic
28,816 28,745
28,834 28,773 Average Number of Shares Outstanding - Diluted
28,816 28,759
$0.11 $0.05
BASIC AND DILUTED
INCOME (LOSS) PER SHARE ($0.27 ) $0.14
$0.05 $0.23 Dividends Paid Per Share
$0.28 $0.46
BALANCE SHEET (In Thousands) 28-Jun-09
28-Dec-08
ASSETS Cash & Short Term
Investments
$240 $282 Accounts Receivable
100,981
112,810 Inventories
34,938 38,718 Other Current Assets
23,108 22,060 Total Current
Assets
159,267 173,870 Plant and Equipment
95,037 102,071 Goodwill and Intangible Assets
6,848
7,752 Deferred Taxes
102,006 114,121 Other Assets
16,244 15,563 Total Assets
$379,402 $413,377
LIABILITIES AND SHAREHOLDERS' EQUITY Current Portion
Long-Term Debt
$33,480 $159 Current Liabilities
72,310 87,296 Deferred Compensation
7,272 8,362
Long-Term Debt
- 33,840 Retiree Healthcare
7,652
8,063 Pension Liability
200,098 235,457 Other Long-Term
Liabilities
5,798 5,231 Shareholders' Equity
52,792
34,969 Total Liabilities and
Shareholders' Equity
$379,402 $413,377
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