Standard Register’s Continued Listing Plan Accepted by the New York Stock Exchange
25 Junho 2012 - 9:30AM
Business Wire
Standard Register (NYSE: SR), a leader in the management and
execution of mission-critical communications, announced today that
the New York Stock Exchange (NYSE) has accepted the Company’s plan
for continued listing. As a result, the company’s common stock will
continue to be listed on the NYSE subject to quarterly reviews by
the NYSE to monitor the Company’s progress against the compliance
plan. Standard Register earlier announced that it had been notified
that it was not in compliance with the requirement for average
market capitalization of more than $50 million over a 30
trading-day period, and at the same time, its shareholder’s equity
was less than $50 million.
Under applicable NYSE procedures, Standard Register was required
to submit a plan to demonstrate its ability to achieve compliance
within 18 months. Standard Register submitted its confidential
plan, which contained many of the elements of the strategic
restructuring plan announced earlier in the year. The plan, which
is already being implemented, addresses Standard Register’s actions
to align the Company’s resources in support of its growing core
solutions business and to reduce costs to offset the impact of
declining revenue in its legacy operations.
“The NYSE’s acceptance of our plan gives us additional
confidence in our strategy. All of our employees are very focused
on delivering the results required to return to compliance,” said
Joseph P. Morgan, Jr., president and chief executive officer. “We
believe that increasing our share price and returning to the
required $50 million in market capitalization from where we are
today is achievable within the 18-month period granted under the
plan. Our first quarter results showed good progress and positive
activity, and we are on target with our restructuring plan cost
reductions and the evolution of the portfolio.”
Standard Register will report second quarter earnings in late
July.
About Standard Register
Standard Register (NYSE: SR), celebrating 100 years of
innovation, is trusted by the world’s leading companies to advance
their reputations by aligning communications with corporate
standards and priorities. Providing market-specific insights and a
compelling portfolio of solutions to address the changing business
landscape in healthcare, financial services, commercial and
industrial markets, Standard Register is the recognized leader in
the management and execution of mission-critical communications.
More information is available at www.standardregister.com.
Safe Harbor Statement
This press release contains 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 could differ
materially from the Company’s current expectations.
Factors that could cause the Company’s results to differ
materially from those expressed in forward-looking statements
include, without limitation, our access to capital for expanding in
Core solutions, the pace at which digital technologies erode the
demand for certain legacy products, the success of our plans to
deal with the threats and opportunities brought by digital
technology, results of cost containment strategies and
restructuring programs, our ability to attract and retain key
personnel, variation in demand and acceptance of the Company’s
products and services, frequency, magnitude and timing of paper and
other raw material price changes, the timing of the completion and
integration of acquisitions, general business and economic
conditions beyond the Company’s control, and the consequences of
competitive factors in the marketplace, including the ability to
attract and retain customers. 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. For more information, see the Company’s most recent Form
10-K and other filings with the Securities and Exchange
Commission.
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