Standard Register Announces 2014 First Quarter Results
Standard Register, Dayton, Ohio, released its first quarter results, reporting $228.5 million in revenue and a $7.1 million net loss. Revenue increased 61 percent from $141.6 million in 2013's first quarter, which had a net income of $4.7 million.
However, 2013's first quarter did not include results from WorkflowOne, which Standard Register acquired Aug. 1, 2013. That inclusion would likely have increased revenue in that quarter to $253.7 million.
“Although we are not satisfied with the overall results, first-quarter revenue increased in a number of our growth solutions,” said Joseph P. Morgan Jr., Standard Register's president and CEO. “We are investing in the growing areas of our business and have a healthy pipeline. However, many of our solutions have long sales cycles and lengthy customized implementations, which delay realization of revenue.
"Throughout 2014, we will be focused on driving sales of our entire portfolio into our large customer base. The acquisition brought us many new opportunities and the integration is proceeding on track with—and in some respects ahead—of our internal plan.”
The company spent millions in the first quarter related to executing the acquisition, restructuring and integration of WorkflowOne. That process is on track with internal plans. This quarter, systems and data centers were integrated, while employees were reduced and three production and three warehouse facilities were closed. The company added the first of two high-speed inkjet printers to a Sacramento, Calif. site. The second was delivered to the Columbus, Ohio location last month.
Its health care business unit saw an increase of 31 percent (64.8 million) compared to last year's 2013 first quarter. It's business solutions unit went from $92.1 million to $163.7 million in back to back first quarters, a 78 percent increase.
For more information, visit standardregister.com.