Business Solutions revenue declined 8.4 percent, to $92.1 million from $100.6 million in the first quarter last year. More than half of this decline is due to reductions in revenue with a large financial services customer that reorganized its distribution channels and restructured operations. Revenue from this customer declined $5.4 million in the quarter and the revenue loss is expected to be $18 to $20 million for the year. Lower volumes in printed documents also contributed to the revenue decline. Operating profit quadrupled, to $2.9 million compared to $0.7 million last year. The increase was primarily attributable to expense management and growth in labeling orders driven by improvements in the overall economy affecting many industries that Standard Register serves.
- People:
- Joseph P. Morgan
- Places:
- Dayton, Ohio