Standard Register Announces Cost Reduction Plan
20 Julho 2007 - 2:14PM
Business Wire
Standard Register (NYSE:SR) today completed a restructuring action
as part of an overall plan to reduce its annual operating costs by
$40 million. Earlier this year, the Company consolidated its
manufacturing and warehousing operations in a move expected to save
approximately $5 million annually. Today�s action eliminated
approximately 250 positions, primarily in management and overhead,
representing $22 million annually in compensation and related
costs. Other new initiatives that target purchasing costs and other
non-compensation expenditures are expected to lower costs by an
additional $13 million annually. These actions, including the
earlier restructuring, are expected to reduce second half 2007
costs by $15 million versus the levels incurred in the first six
months of the year. The remaining balance of the $40 million in
annual savings is expected next year. Separation costs associated
with today�s restructuring are estimated at $3.5 million, which
will be recorded in the third quarter. �We are engaged in an
industry undergoing fundamental change,� said Standard Register�s
president and chief executive officer, Dennis Rediker. �Digital
technology is, as is almost always the case with any disruptive
change, both friend and foe. Our traditional business documents are
essential for the conduct of business, but many are being replaced
or devalued by software. On the other hand, digital technology
introduces new opportunities, such as print-on-demand services, for
those willing to invest. Our Company�s history is one of adapting
to change and our goal is to persevere and grow in the digital age.
This cost reduction program is a necessary step for the Company to
achieve its long-term objectives,� said Rediker. Conference Call
Standard Register will hold an investor teleconference on Monday,
July 23 at 10 a.m. Eastern to review these actions with analysts
and shareholders. President and CEO Dennis Rediker and CFO Craig
Brown will host the call. You may access the call via audio Webcast
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, 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, e-business solutions, consulting, and print supply chain
services to help clients manage documents across their enterprise.
More information is available at 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 2007 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 31,
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.
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