Standard Register Announces Q3 Growth of 10 Percent in Revenue Compared to Previous Year
DAYTON, OH—October 24, 2014—Standard Register (NYSE: SR) today announced its financial results for the third quarter of 2014.
The Company reported revenue of $219.4 million and a net loss of $5.6 million or $0.65 per share. The results compare to third quarter 2013 revenue of $199.4 million and a net loss of $23.2 million or $3.92 per share.
Adjusted EBITDA, which excludes certain items as detailed in the attached reconciliation, was $15.5 million compared to $8.5 million for the third quarter of 2013.
Results for the third quarter of 2013 include two months of operations from WorkflowOne, which Standard Register acquired on Aug. 1, 2013.
"We are continuing to see the results from our efforts to increase sales of our entire portfolio of products and solutions, improve margins through consolidation of operations and contain all other costs. The net effect for the quarter was continued improvement in gross margin and Adjusted EBITDA," said Joseph Morgan Jr., president and CEO. "The focused, purposeful investments we have made in growth areas are also producing results, including penetration of our customer base for promotional products, sales of multi-year software subscription solutions in healthcare technology, and double-digit growth in our label production and promotional products storage and distribution operations in Mexico.
Morgan added: "Our expertise in integrating electronic and written communications is adding value across our customer base. Recent business wins are coming on line and contributing to revenue. Today, we are in a stronger position, with improved sales performance, a robust pipeline, and a degree of stabilization in the declining demand for traditional printed forms."
Third Quarter Results
Total revenue increased 10.0 percent to $219.4 million from $199.4 million in the 2013 third quarter. On a pro forma basis, including a full third quarter of WorkflowOne in 2013, revenue declined 5.3 percent from $231.7 million.