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Updated: 9:50 a.m. Friday, April 20, 2012 | Posted: 9:49 a.m. Friday, April 20, 2012
Staff Report
Standard Register lost more than $5.1 million, or 18 cents per basic and diluted share, in the first quarter of 2012, down from the $428,000, or penny a share, the company earned in the same quarter last year.
Revenue was down slightly, at about $157.6 million in the 13 weeks that ended April 1, 2012, from about $164.9 million in the same period in 2011.
In January, the company said it was embarking on a restructuring that included cutting about 75 Dayton-area workers and up to 15 percent of the company’s total work force. At the time, Standard Register had 2,600 full-time workers, including 614 at its local headquarters.
The restructuring was expected to produce an estimated $45 million in annual savings, the company said at the time.
“We saw significant positive activity in the first quarter of 2012 as healthcare, financial services and commercial markets business units grew core solutions during the period,” Joe Morgan, Standard Register president and chief executive, said in a statement. “Combined with the on-schedule implementation of our restructuring plan, this gives us good momentum.”
The company plans a conference call at 10 a.m. Friday. It can be accessed at the company’s website, www.standardregister.com/investorcenter.
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