Standard Register Reports Increased Profits, Stabilized Revenue
DAYTON, OH—Oct. 29, 2010—Standard Register announced its financial results for the third quarter, which ended Oct. 3, 2010. For the quarter, it had revenue of $163.6 million and a net profit of $1.4 million. That compares to last year's quarterly revenue of $163.5 million and a net loss of $5.5 million, which included $10.6 million of restructuring expense primarily related to the MyC3 strategic earnings improvement initiative announced during the quarter.
Through the first nine months, Standard Register reported revenue of $495.7 million and a net profit of $0.5 million. Those results compare to last year's revenue for the period of $509.2 million and a net loss of $13.3 million, which in addition to the MyC3 restructuring incurred during the quarter, included pension settlement charges of $20.4 million.
Results from Operations
The company posted its sixth consecutive quarter of stabilizing revenue trends resulting in growth for the quarter of $0.1 million, net income of $1.4 million, and positive cash flow of $7.7 million when measured from a non-GAAP net debt basis.
"Returning the company to growth has been a principal objective of our turnaround," stated Joseph Morgan, president and CEO. "Revenue, profits and cash flow are the key metrics that we use internally to measure our progress. To see all three metrics move in a positive direction during the quarter provides validation that our strategy is working."
Healthcare rebounded from the prior quarter, posting one percent revenue growth over the prior year third quarter with solid growth in patient communications, wristbands and labels, and workflow solutions. The Industrial market segment continues to show steady growth of twelve percent over the prior year, primarily due to continued but moderating economic recovery within its manufacturing customer base, growth from new customers in both our Mexico and domestic operations and new revenues from in-mold labeling solutions.