Standard Register’s Continued Listing Plan Accepted by the New York Stock Exchange
29 Setembro 2014 - 5:05PM
Business Wire
Standard Register (NYSE: SR) 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-day trading
period and, at the same time its shareholders’ equity was less than
$50 million.
Under applicable NYSE procedures, Standard Register was required
to submit a business plan to demonstrate its ability to achieve
compliance. Standard Register submitted its confidential plan,
which provided a forward looking view into performance
expectations, including the final phase of the integration of the
WorkflowOne acquisition, improving revenue performance for legacy
and growth solutions, and proactive management of its pension
liability and funding requirements. Standard Register will be
required to achieve the minimum continued listing standards of
either average market capitalization over a consecutive 30
trading-day period of $50 million or total shareholders’ equity of
$50 million at the completion of the prescribed plan period that
terminates on July 9, 2015, unless the listing is reassessed prior
to that date.
“The NYSE’s acceptance of our business plan gives us additional
confidence and motivation,” said Joseph P. Morgan, Jr., president
and chief executive officer. “The integration is proceeding on
schedule and is ahead of our expectations in some respects, the
investments we have made in support of our growth solutions are
producing results and the Company is reducing its pension funding
obligation by approximately $33 million through 2016 as a result of
the Highway and Transportation Funding Act of 2014. Our plan is
focused on increasing revenue and gross margin over the long-term,
and we are energized by the acceptance of our plan by the NYSE. Now
we must accelerate the execution of the strategy.”
About Standard Register
Standard Register (NYSE:SR), is trusted by the world’s leading
companies to advance their reputations and add value to their
operations by aligning communications with corporate brand
standards. Providing market-specific insights and a compelling
portfolio of workflow, content and analytics solutions to address
the changing business landscape in healthcare, financial services,
manufacturing, transportation and retail markets, Standard Register
is the recognized leader in the management and execution of
mission-critical communications. More information is available at
http://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 ability to successfully integrate the acquired
assets or achieve the expected synergies of the WorkflowOne
acquisition, future pension funding requirements and recognition of
actuarial gains and losses, access to capital for expanding in our
solutions, the pace at which digital technologies and electronic
health records (EHR) adoption erode the demand for certain products
and services, 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.
Standard RegisterInvestor and media contact:Carol Merry,
614-383-1624carol.merry@fahlgren.comwww.standardregister.com
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