DAYTON, Ohio, April 27 /PRNewswire-FirstCall/ -- Standard Register
(NYSE:SR) today reported its financial results for the first
quarter ended April 2, 2006. "Our revenue exceeded our expectations
in the first quarter and our quarterly earnings, before
restructuring and impairment, increased 19 percent over the prior
year - our seventh consecutive quarterly improvement," said Dennis
L. Rediker, president and CEO of Standard Register. Revenue was
$231.7 million, compared to last year's $232.0 million. The net
earnings were dampened by restructuring and impairment charges
totaling $2.9 million, primarily related to the closing of the
Company's Terre Haute plant. The plant's productive capacity is
being redistributed to other facilities to improve overall
efficiency and lower ongoing operating costs starting in the third
quarter. Excluding the restructuring and impairment charges, first
quarter pre-tax income from continuing operations improved from
$5.0 million last year to $5.9 million in the current year. The
following table isolates the effects of restructuring and
impairment on the quarter's earnings. The Company adopted SFAS 123
(R), accounting for share-based compensation, which had a
negligible effect on earnings in the quarter. [ $ Millions, rounded
] Effect on First Quarter Income 2006 2005 Chg CONTINUING
OPERATIONS Operations before Restructuring & Impairment 5.9 5.0
1.0 Restructuring Expense -1.2 -0.5 -0.7 Impairment Expense -1.7 --
-1.7 Income on Operations 3.0 4.5 -1.5 Interest & Other Income
/ (Expense) -0.5 -0.6 0.1 Pretax Income 2.5 3.9 -1.4 Income Taxes
1.1 1.7 -0.6 Net Income 1.4 2.2 -0.8 DISCONTINUED OPERATIONS -- 0.1
-0.1 CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE 0.1 -- 0.1
TOTAL NET INCOME 1.5 2.4 -0.9 "The improved operating performance
resulted from good progress made on several fronts," said Rediker.
"We saw good top-line growth plus cost improvement in our POD
Services segment, which accounted for the majority of our improved
gross margin. In addition, our Commercial Print, Document Systems
and InSystems businesses also contributed to the
quarter-over-quarter increase in margins." Net debt (total debt
less cash and short-term investments) increased $10.5 million in
the quarter to $31.9 million, primarily the result of seasonal
payments of bonuses earned in the prior year and pension
contributions. One year ago, the net debt balance was $42.8
million, indicating a trailing 12 months net positive cash flow of
$10.9 million. The balance sheet remains strong, as indicated by a
quarter-end net debt to total capital ratio of 15.4 percent.
Outlook "We are encouraged by the good start to the year," said
Rediker. "In addition, recent new contract signings are expected to
help our top-line in 2006 and offset the continuing pressure on the
price of traditional products. Our guidance for 2006 remains
unchanged - modest revenue growth for the whole of the year." Paper
companies have announced additional price hikes in the quarter and
we have raised our target selling prices in an effort to recover
these increases. We expect to recover these cost increases over the
next several quarters. Dividend Standard Register's board of
directors today declared a quarterly dividend of $0.23 per share to
be paid on June 9, 2006, to shareholders of record as of May 26,
2006. Presentation of Information in This Press Release This press
release presents information that excludes restructuring and
impairment charges. 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 a.m. EDT on April 28, 2006, to review the first quarter
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 STATEMENT OF OPERATIONS Y-T-D (In Thousands,
except Per Share Amounts) 13 Weeks Ended 13 Weeks Ended 02-Apr-06
03-Apr-05 TOTAL REVENUE $231,658 $231,979 COST OF SALES 147,644
150,187 GROSS MARGIN 84,014 81,792 COSTS AND EXPENSES Research and
Development 4,536 2,666 Selling, General and Administrative 64,732
63,960 Depreciation and Amortization 8,812 10,173 Restructuring
1,213 528 Asset Impairment 1,694 - TOTAL COSTS AND EXPENSES 80,987
77,327 INCOME FROM CONTINUING OPERATIONS BEFORE CUMULATIVE EFFECT
OF A CHANGE IN ACCOUNTING PRINCIPLE 3,027 4,465 OTHER INCOME
(EXPENSE) Interest Expense (515) (666) Investment and Other Income
35 99 Total Other Expense (480) (567) INCOME FROM CONTINUING
OPERATIONS BEFORE INCOME TAXES AND CUMULATIVE EFFECT OF A CHANGE IN
ACCOUNTING PRINCIPLE 2,547 3,898 Income Tax Expense 1,126 1,690 NET
INCOME FROM CONTINUING OPERATIONS BEFORE CUMULATIVE EFFECT OF A
CHANGE IN ACCOUNTING PRINCIPLE 1,421 2,208 DISCONTINUED OPERATIONS
Gain on sale of discontinued operations, net of taxes - 146 NET
INCOME BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE
1,421 2,354 Cumulative effect of a change in accounting principle
78 - NET INCOME $1,499 $2,354 Average Number of Shares Outstanding
- Basic 28,877 28,544 Average Number of Shares Outstanding -
Diluted 28,985 28,565 BASIC AND DILUTED EARNINGS PER SHARE $0.05
$0.08 Dividends Paid Per Share $0.23 $0.23 BALANCE SHEET (In
Thousands) 02-Apr-06 01-Jan-06 ASSETS Cash & Short Term
Investments $2,949 $13,609 Accounts Receivable 127,531 123,006
Inventories 46,266 47,033 Other Current Assets 31,282 30,255 Total
Current Assets 208,028 213,903 Plant and Equipment 125,658 129,989
Goodwill and Intangible Assets 16,146 16,866 Deferred Taxes 83,556
83,937 Other Assets 30,949 31,217 Total Assets $464,337 $475,912
LIABILITIES AND SHAREHOLDERS' EQUITY Current Portion Long-Term Debt
$615 $611 Current Liabilities 83,474 99,437 Deferred Compensation
16,454 16,357 Long-Term Debt 34,232 34,379 Retiree Healthcare
42,940 43,885 Pension Liability 110,324 107,236 Other Long-Term
Liabilities 545 555 Shareholders' Equity 175,753 173,452 Total
Liabilities and Shareholders' Equity $464,337 $475,912 DATASOURCE:
Standard Register CONTACT: Media, Julie McEwan, +1-937-221-1825, or
; or Investors, Robert J. Cestelli, +1-937-221-1304, or , both
Standard Register Web site: http://www.standardregister.com/
http://www.standardregister.com/investorcenter
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