DAYTON, Ohio, March 6 /PRNewswire-FirstCall/ -- Standard Register
(NYSE:SR) today reported its financial results for the fourth
quarter and total year ended January 1, 2006. This news release
updates a February 23, 2006, announcement of the Company's
preliminary unaudited pretax results for the quarter and year. The
revenue, pretax profit, cash flow and other information included in
the earlier announcement are unchanged in the final audited report.
Results of 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. Net Income was at break-even
for the quarter, versus a profit last year of $13.4 million. The
prior year fourth quarter included a $12.8 million after- tax gain
on the sale of the Company's former equipment service business. For
the total year, Net Income was $1.4 million, compared to a Net Loss
in 2004 of $30.2 million. The gain on sale and the operating
results of the equipment service business are reported as
discontinued operations. Net Income on Continuing Operations was at
break-even for the fourth quarter, compared to a profit of $0.3
million in the prior year. The current quarter's results included
an unfavorable income tax adjustment of $1.4 million to reserve
against a Canadian deferred tax asset. For the year, Net Income on
Continuing Operations improved from a loss last year of $44.7
million to a profit in 2005 of $0.8 million. The Company's 2004
results included impairment charges of $48.5 million, including a
$47.1 million charge to eliminate the goodwill of its InSystems
subsidiary. The improved 2005 operating profit is attributed
primarily to the increase in revenue, lower costs, and
significantly reduced restructuring and impairment expenses. The
table isolates the effects of restructuring, impairment, and
certain tax adjustments for the fourth quarter and total years 2005
and 2004. Effect on Effect on [$ Millions] Fourth-Quarter
Total-Year Income Income CONTINUING OPERATIONS 2005 2004 Chg 2005
2004 Chg 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 Ohio Tax Law Change 2.9 2.9
Insystems Deferred Tax Adjustment 1.4 1.4 Other Income Taxes 1.0
0.1 0.9 3.8 -28.4 32.1 Net Income / (Loss) 0.0 0.3 -0.4 0.8 -44.7
45.5 DISCONTINUED OPERATIONS Operations After Tax 0.2 -0.2 1.7 -1.7
Gain on Sale After Tax 12.8 -12.8 0.6 12.8 -12.3 Total After Tax
0.0 13.0 -13.0 0.6 14.5 -14.0 TOTAL NET INCOME / (LOSS) 0.0 13.4
-13.4 1.4 -30.2 31.6 "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, the Ohio tax law change, and
the InSystems deferred tax adjustment. 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). We
believe that this information will enhance an overall understanding
of our 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 our 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. Conference Call Standard
Register president and chief executive officer, Dennis L. Rediker,
and chief financial officer, Craig Brown, will host a conference
call at 10:00 a.m. EST on March 7, 2006, to review the
fourth-quarter and full-year results. The call can be accessed via
an audio webcast which is accessible at:
http://www.standardregister.com/investorcenter. 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. It offers 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 STANDARD
REGISTER COMPANY Fourth Quarter STATEMENT OF OPERATIONS Y-T-D 13
Weeks 14 Weeks (In Thousands, except Per Share Ended Ended Amounts)
52 Weeks Ended 01-Jan-06 02-Jan-05 01-Jan-06 02-Jan-05 $223,030
$236,162 REVENUE $901,915 $890,249 145,589 153,297 COST OF SALES
583,303 565,980 77,441 82,865 GROSS MARGIN 318,612 324,269
OPERATING EXPENSES 3,521 2,660 Research and development 11,041
12,900 61,873 66,355 Selling, general and 254,956 276,995
administrative 9,241 11,183 Depreciation and amortization 39,217
42,909 - - Goodwill impairment - 47,059 146 77 Asset impairment 303
1,418 224 1,552 Restructuring 2,266 13,609 75,005 81,827 TOTAL
OPERATING EXPENSES 307,783 394,890 2,436 1,038 INCOME (LOSS) FROM
CONTINUING 10,829 (70,621) OPERATIONS OTHER INCOME (EXPENSE) (603)
(716) Interest Expense (2,483) (2,646) 524 77 Investment and other
income 560 209 (79) (639) Total Other Expense (1,923) (2,437) 2,357
399 INCOME (LOSS) FROM CONTINUING 8,906 (73,058) OPERATIONS BEFORE
INCOME TAXES 2,384 56 Income tax expense (benefit) 8,057 (28,362)
(27) 343 NET INCOME (LOSS) FROM 849 (44,696) CONTINUING OPERATIONS
DISCONTINUED OPERATIONS - 195 Income from discontinued - 1,658
operations, net of taxes (2) 12,820 Gain (loss) on sale of 550
12,820 discontinued operations, net of taxes $(29) $13,358 NET
INCOME (LOSS) $1,399 $(30,218) 28,829 28,543 Average Number of
Shares 28,738 28,536 Outstanding - Basic 28,829 28,570 Average
Number of Shares 28,766 28,536 Outstanding - Diluted BASIC AND
DILUTED EARNINGS (LOSS) PER SHARE $- $0.01 Income (loss) from
continuing $0.03 $(1.57) operations - 0.01 Income from discontinued
- 0.06 operations - 0.45 Gain on sale of discontinued 0.02 0.45
operations $- $0.47 Net income (loss) per share $0.05 $(1.06) $0.23
$0.23 Dividends Paid Per Share $0.92 $0.92 BALANCE SHEET (In
Thousands) 01-Jan-06 02-Jan-05 ASSETS Cash & cash equivalents
$13,609 $44,088 Accounts receivable 123,006 128,396 Inventories
47,033 51,796 Other current assets 30,255 27,960 Total current
assets 213,903 252,240 Plant and equipment 129,989 147,160 Goodwill
and intangible assets 16,866 19,746 Deferred taxes 83,937 86,505
Other assets 31,217 37,322 Total assets $475,912 $542,973
LIABILITIES AND SHAREHOLDERS' EQUITY Current portion long-term debt
$611 $80,549 Other current liabilities 99,437 108,475 Deferred
compensation 16,357 16,832 Long-term debt 34,379 867 Retiree
healthcare 43,885 46,826 Pension liability 107,236 83,273 Other
long-term liabilities 555 746 Shareholders' equity 173,452 205,405
Total liabilities and shareholders' equity $475,912 $542,973
DATASOURCE: Standard Register CONTACT: News 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/
http://www.standardregister.com/investorcenter
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