Standard Register (NYSE: SR), a leader in the management and execution
of mission-critical communications, announced today 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 trading-day period, and at the same
time, its shareholder’s equity was less than $50 million.
Under applicable NYSE procedures, Standard Register was required to
submit a plan to demonstrate its ability to achieve compliance within 18
months. Standard Register submitted its confidential plan, which
contained many of the elements of the strategic restructuring plan
announced earlier in the year. The plan, which is already being
implemented, addresses Standard Register’s actions to align the
Company’s resources in support of its growing core solutions business
and to reduce costs to offset the impact of declining revenue in its
legacy operations.
“The NYSE’s acceptance of our plan gives us additional confidence in our
strategy. All of our employees are very focused on delivering the
results required to return to compliance,” said Joseph P. Morgan, Jr.,
president and chief executive officer. “We believe that increasing our
share price and returning to the required $50 million in market
capitalization from where we are today is achievable within the 18-month
period granted under the plan. Our first quarter results showed good
progress and positive activity, and we are on target with our
restructuring plan cost reductions and the evolution of the portfolio.”
Standard Register will report second quarter earnings in late July.
About Standard Register
Standard Register (NYSE: SR), celebrating 100 years of innovation, is
trusted by the world’s leading companies to advance their reputations by
aligning communications with corporate standards and priorities.
Providing market-specific insights and a compelling portfolio of
solutions to address the changing business landscape in healthcare,
financial services, commercial and industrial markets, Standard Register
is the recognized leader in the management and execution of
mission-critical communications. More information is available at www.standardregister.com.
Safe Harbor Statement
This press release contains forward-looking statements covered by the
Private Securities Litigation Reform Act of 1995. Because such
statements deal with future events, they are subject to various risks
and uncertainties and actual results could differ materially from the
Company’s current expectations.
Factors that could cause the Company’s results to differ materially from
those expressed in forward-looking statements include, without
limitation, our access to capital for expanding in Core solutions, the
pace at which digital technologies erode the demand for certain legacy
products, the success of our plans to deal with the threats and
opportunities brought by digital technology, results of cost containment
strategies and restructuring programs, our ability to attract and retain
key personnel, variation in demand and acceptance of the Company’s
products and services, frequency, magnitude and timing of paper and
other raw material price changes, the timing of the completion and
integration of acquisitions, general business and economic conditions
beyond the Company’s control, and the consequences of competitive
factors in the marketplace, including the ability to attract and retain
customers. The Company undertakes no obligation to revise or update
forward-looking statements as a result of new information, since these
statements may no longer be accurate or timely. For more information,
see the Company’s most recent Form 10-K and other filings with the
Securities and Exchange Commission.
