Boston, MA 02/21/2014 (wallstreetpr) – Standard Register Co (NYSE:SR) is improving its performance rather fast since it added WorkflowOne to its portfolio. The company reported attractive profit figure and promised even better things in future. So then shares soared almost 40 percent in the early morning trading session.
The company which is based in Dayton and deals in document management as well as business communications announced that its net income in the fourth quarter touched $9.1 million, meaning $1.14 per share. But in the corresponding quarter a year ago, the company suffered a loss of $35.3 million, translating to each diluted share taking a beating of $6.03.
Fourth quarter figures
The latest net income reported includes $6 million tax benefit and one-time $5.6 million benefit related to vacation policy change. The fiscal 2012 fourth quarter loss included negative adjustment of $40.8 million related to pension expenses.
Standard Register Co (NYSE:SR) realized a revenue uptick of 70 percent to $242 million in the just reported fourth quarter. That compared to $143.6 million revenue generated in the fourth quarter of 2012. However, it is important noting that the said fiscal 2012 fourth quarter revenue was without revenue input from WorkflowOne.
Explaining the results
Standard Register Co (NYSE:SR) has revealed that it made good progress in 2013 towards its long-term growth, the CEO Joe Morgan said in a statement. Among other things, the CEO said, they expanded portfolio solutions, opportunities and customer base and that such were attained thanks to the acquisition of WorkflowOne.
The major highlight that the CEO addressed concerning the company’s performance was that they are undertaking rapid integration of WorkflowOne. Talk about integration and SR is undertaking headquarters consolidation that it said is nearly complete. And among other things, printing facilities numbering roughly four are either already closed or have been earmarked for closure this year.
That being done, Standard Register Co (NYSE:SR) hopes that it will be able to save $40 million annually starting 2015 going forward.
The future is forecasted
Standard Register Co (NYSE:SR) believes that now it is far much better placed to take advantages that the market present and to benefit from future operations. The company hopes that with WorkflowOne, its solutions to customers and expertise in delivering the solutions have just been massively boosted.
While the fourth quarter has resulted in such impressive profit, full-year 2013 remained in the red, but a little bit better than fiscal 2012. The company eked revenue of $719.8 million in fiscal 2013, but suffered $7.4 million net loss or $1.16 per share diluted. In full-year 2012 things were different as Standard Register Co (NYSE:SR) registered $602 million in revenue, but went ahead to suffered $28.5 million loss or $4.88 per share diluted.