Standard Register’s Continued Listing Plan Accepted by the New York Stock Exchange
DAYTON, OH—September 30, 2014—Standard Register has announced that the New York Stock Exchange (NYSE) has accepted the company’s plan for continued listing. As a result, the company’s common stock will continue to be listed on the NYSE subject to quarterly reviews by the NYSE to monitor the company’s progress against the compliance plan. Standard Register earlier announced that it had been notified that it was not in compliance with the requirement for average market capitalization of more than $50 million over a 30-day trading period and, at the same time its shareholders’ equity was less than $50 million.
Under applicable NYSE procedures, Standard Register was required to submit a business plan to demonstrate its ability to achieve compliance. Standard Register submitted its confidential plan, which provided a forward looking view into performance expectations, including the final phase of the integration of the WorkflowOne acquisition, improving revenue performance for legacy and growth solutions, and proactive management of its pension liability and funding requirements. Standard Register will be required to achieve the minimum continued listing standards of either average market capitalization over a consecutive 30 trading-day period of $50 million or total shareholders’ equity of $50 million at the completion of the prescribed plan period that terminates on July 9, 2015, unless the listing is reassessed prior to that date.
"The NYSE’s acceptance of our business plan gives us additional confidence and motivation," said Joseph P. Morgan Jr., president and CEO. "The integration is proceeding on schedule and is ahead of our expectations in some respects, the investments we have made in support of our growth solutions are producing results and the Company is reducing its pension funding obligation by approximately $33 million through 2016 as a result of the Highway and Transportation Funding Act of 2014. Our plan is focused on increasing revenue and gross margin over the long-term, and we are energized by the acceptance of our plan by the NYSE. Now we must accelerate the execution of the strategy."
About Standard Register
Standard Register (NYSE:SR), is trusted by the world’s leading companies to advance their reputations and add value to their operations by aligning communications with corporate brand standards. Providing market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing, transportation and retail markets, Standard Register is the recognized leader in the management and execution of mission-critical communications.
Source: Standard Register.