Standard Register Reports Increased Profits, Stabilized RevenueOctober 29, 2010
Net income for the quarter was $1.4 million, compared with a loss of $5.5 million for the prior year quarter. Adjusting for pension loss amortization, pension settlement losses and restructuring and impairment charges, non-GAAP adjusted net income was $4.2 million, or $0.15 per share for the third quarter of 2010, compared with non-GAAP adjusted net income of $3.4 million, or $0.11 per share for the prior year quarter.
On a year-to-date basis, net income of $0.5 million compared with a net loss of $13.3 million for the prior year. Adjusting for pension loss amortization, pension settlement losses and restructuring and impairment charges, non-GAAP adjusted net income was $9.8 million compared with non-GAAP adjusted net income of $13.1 million for the prior year.
Capital expenditures were $12.8 million through the first nine months using a combination of $6.5 million in cash and $6.3 million through operating and capital lease agreements. In addition, the Company purchased the assets of Fusion Graphics, Inc. for $2.5 million during the second quarter. Capital expenditures are expected to end the year in the $15-17 million range. Pension funding was $17.7 million through the first nine months with an additional $7.6 million planned for the fourth quarter. Although positive during the quarter, non-GAAP cash on a net debt basis was $3.2 million negative for the first nine months.
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. Employing nearly a century of industry expertise, Lean Six Sigma methodologies and other leading technologies, the Company helps organizations increase efficiency, reduce costs, mitigate risks, grow revenue and meet the challenges of a changing business landscape. The Company offers document and label solutions, technology solutions, consulting and print supply chain services to help clients manage documents throughout their enterprises. More information is available at www.standardregister.com.
Source: Company press release.