Standard Register Continues Upward Performance Trend in Q1
Dayton, Ohio-based Standard Register announced its financial results for the first quarter of 2013. The company reported revenue of $141.6 million and a net loss of $2.0 million or $0.07 per share. The results compare to first quarter 2012 revenue of $157.6 million and a net loss of $5.1 million or $0.18 per share.
Non-GAAP net income from operations, after adjustments for pension loss amortization, pension settlement, restructuring charges and related tax effects, was $3.3 million or $0.11 per share compared to $1.9 million or $0.06 per share for the first quarter of 2012.
"Our progress continued in the quarter with improvement in operating profit and positive cash flow, and increasing demand for our solutions enabled by technology," said Joseph P. Morgan, Jr., president and chief executive officer. "Our investments have been very targeted to support efficiency and our technology-enabled growth solutions. As a result, we expect to achieve positive cash flow for 2013. We also expect the decline in revenue to slow during the rest of the year."
First Quarter Results
Total revenue declined 10.2 percent to $141.6 million compared to $157.6 million in the prior year quarter. The decline was primarily the result of reduced volumes in printed clinical forms and transactional documents. As the company focuses on the technology portfolio of solutions and services that are providing growth, it will report on solutions sets (Marketing Communications, Customer Communications, Product Marking and Labeling, Patient Identification and Safety, Patient Information Solutions and Document Management), and no longer define its business with the terms "Core" and "Legacy."
Health care revenue declined 13.2 percent, to $49.5 million compared to $57.0 million in the first quarter of 2012. Operating profit declined 19.2 percent to $2.1 million from $2.6 million in the prior year quarter. Large one-time projects in the first quarter of 2012 and continued declines in clinical documents had an impact on the results comparison. Health care technology solutions sales to both new and existing customers increased in the quarter, and the technology pipeline remains strong.