Standard Register Announces Strategic Restructuring, Workforce Reduction
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Costs associated with the restructuring program are expected to reduce fourth quarter 2011 earnings by approximately $5.5 million net of tax. The balance of the costs will reduce 2012 earnings by approximately $1.5 million net of tax.
Standard Register will also record a non-cash charge to tax expense of $70-$90 million to establish a valuation allowance against certain deferred tax assets. The action is necessary under accounting standards that require recording a valuation allowance when it is more likely than not that a portion of the asset will not be realized. The valuation allowance will be maintained until sufficient evidence exists to support its reversal.
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