Standard Register Reports First Quarter 2010 Financial Results
Today announced its financial results for the first quarter, which ended April 4, 2010. The Company reported revenue of $167.4 million and a net loss of $0.8 million, or $0.03 per share. The results compare to revenue of $174.6 million and a net loss of $11.0 million, or $0.38 per share, last year. Gross margin as a percent of revenue for the quarter was 32.0 percent compared with 31.1 percent in the prior year.Revenue trends continue to improve across all segments due to stabilization of the customer base, implementation of new customers, and growth through priority solutions. The Industrial business unit, in particular, posted revenue growth of 31.9 percent for the quarter. Despite unfavorable pricing conditions, gross margin improved across most business units due to cost containment efforts initiated during the prior year. In addition, the Company recognized a $1.7 million favorable LIFO adjustment related to the reduction of inventories. SG&A was lower due to cost containment efforts, but planned investments in technology, materials science, and key expertise to support our market development resulted in a net $2.3 million increase.
