11-K 1 sresp.htm THE STANDARD REGISTER COMPANY EMPLOYEE SAVINGS PLA THE STANDARD REGISTER



SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549



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FORM 11-K



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(MARK ONE)



X Annual Report pursuant to Section 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2000



__ Transition Report pursuant to Section 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______.





THE STANDARD REGISTER COMPANY

EMPLOYEE SAVINGS PLAN

(Full title of the plan)





THE STANDARD REGISTER COMPANY

(Name of issuer of the securities held pursuant to the plan)





600 Albany Street, Dayton, Ohio 45408

(Address of principal executive office)























THE STANDARD REGISTER



EMPLOYEE SAVINGS PLAN



FINANCIAL STATEMENTS



DECEMBER 31, 2000











THE STANDARD REGISTER



EMPLOYEE SAVINGS PLAN



INDEX



DECEMBER 31, 2000











Independent Auditor's Report 1
Statement of Net Assets Available for Benefits 2
Statement of Changes in Net Assets Available for Benefits 3
Notes to the Financial Statements 4-6
Independent Auditors' Report on Supplemental Information 7
Supplemental Schedules
     Schedule of Assets Held for Investment Purposes 8-9
     Schedule of Reportable Transactions 10-11
























INDEPENDENT AUDITORS' REPORT





The Standard Register Employee Savings Plan

Dayton, Ohio



We have audited the accompanying statement of net assets available for benefits of the Standard Register Employee Savings Plan as of December 31, 2000 and 1999, and the related statement of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits.



We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.



In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2000 and 1999, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.











June 8, 2001

Dayton, Ohio



THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31
2000 1999
ASSETS
  Participant directed investments, at fair value
    T. Rowe Price Associates, Inc. mutual funds 204,424,403 202,462,207
    Standard Register Company common stock 1,201,437 579,776
    Participant loans 4,581,016 4,416,930
210,206,856 207,458,913
  Employer contribution receivable - 1,259,062
  Cash - 900
      Total assets 210,206,856 208,718,875
LIABILITIES
  Excess contributions payable 758,244 509,063
NET ASSETS AVAILABLE FOR BENEFITS 209,448,612

==========

208,209,812

==========













The accompanying notes are an integral part of the financial statements.





2

THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31
2000 1999
ADDITIONS
  Investment income
    Net appreciation in fair value of investments - 17,756,210
    Interest and dividends 13,277,984 11,054,219
13,277,984 28,810,429
  Contributions
    Participant 20,677,984 19,080,327
    Employer 2,925,071 1,259,062
23,603,055 20,339,389
  Other
    Transfer from other plan - 863,853
      Total additions 36,881,039 50,013,671
DEDUCTIONS
  Net depreciation in fair value of investments 14,837,207 -
  Benefits paid directly to participants 20,653,356 23,826,291
  Administrative fees 22,650 11,700
  Miscellaneous 129,026 27,131
      Total deductions 35,642,239 23,865,122
      Net increase 1,238,800 26,148,549
NET ASSETS AVAILABLE FOR BENEFITS
  Beginning of year 208,209,812 182,061,263
  End of year 209,448,612

==========

208,209,812

==========

The accompanying notes are an integral part of the financial statements.



3

THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN



NOTES TO FINANCIAL STATEMENTS



DECEMBER 31, 2000









NOTE 1 - DESCRIPTION OF PLAN



The following description of The Standard Register Employee Savings Plan provides only general information. Participants should refer to the plan agreement for a more complete description of the Plan's provisions.



General



The Plan is a defined contribution plan established to provide participating employees of The Standard Register Company (Company) with the opportunity to plan a savings program for long-term financial security.



All full-time employees are eligible to participate in the savings plan. Contributions to the Plan are made by both employer and participant within limitations stipulated in section 401(k) of the Internal Revenue Code.



Employer Contributions



Beginning January 1, 2000, the Plan was amended to allow an employer match of 50% (up to 6% of pay) of each dollar contributed for participants who elected the Pension Equity Plan formula for benefits under the Stanreco Retirement Plan. Participants were also given the option of contributing between 1% and 21% of their eligible annual compensation. In addition, effective April 1, 2000, the Plan's sponsor began making matching contributions at the end of each pay period.



During 1999, the Standard Register Company provided a 10% matching contribution on the first six percent of the participant's pay contributed during the year. This contribution was computed and paid to the Plan after the end of each calendar year.



Participant Contributions



Participants may elect to redirect a portion of their compensation during each pay period in any amount not less than 1% (2% in 1999) nor more than 21% (19% in 1999) of their compensation during each pay period. Notwithstanding the above, employees who were highly compensated employees for the prior plan year, or who are expected to be highly compensated employees for the current plan year, shall be permitted to redirect a maximum of ten percent of their compensation during each pay period into the fund.



Participant Loans



An active participant may obtain a loan by direct application with the Trustee. A loan may be the maximum of $50,000 or 40% of the participant's nonforfeitable individual account balance, whichever is lower. The minimum loan amount shall be $1,000. If the loan is to be used to acquire the participant's principal residence, then the minimum loan amount is $10,000. The maximum loan term is four years, nine months for regular loans and 15 years for principal residence loans. The minimum term for all loans is one year.









4

NOTE 1 - DESCRIPTION OF PLAN (CONTINUED)



Non-discrimination Tests



There is a limit placed on the percent of compensation deferred by those participants found in the highest paid one-third of all eligible employees. The Company compares the deferral percentages against several tests as prescribed by law. If the tests are not met, the Company reduces the contribution percentage of the group comprising the highest paid one-third of all participants until the tests are met. If, at the end of the year, the tests are still not met, the Company reclassifies the amount of salary redirection made by the participants in this top one-third group. The Company then moves the necessary amount of pre-taxed money out of the salary redirection account, subjects this amount to taxability and refunds such excess to the participant. Excess contributions at December 31, 2000 and 1999 amounted to $758,244 and $509,063, respectively.



If a participant terminates or retires, the participant's non-vested portion of the Company match is used to reduce future Company contributions.



NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



Basis of Accounting



The financial statements of the Plan are prepared on the accrual method of accounting.



Payment of Benefits



Benefits are recorded when paid.



Use of Estimates



The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the values reported for investments at the date of the financial statements, and related investment income during the reported period. Actual results could differ from these estimates.



Plan Trustee



Investments are held by T. Rowe Price Trust Company, the Plan's trustee.



Administrative Expenses



Substantially all administrative expenses are paid by the Plan's sponsor.



NOTE 3 - INVESTMENTS



The T. Rowe Price Mutual Funds and Standard Register Company Common Stock are stated at fair value by the market values of the underlying securities. Participant loans are stated at cost, which approximates fair value.



During 2000 and 1999, the Plan's investments (including investments bought, sold and held during the year) (depreciated) appreciated in value by a net ($14,837,207) and $17,756,210, respectively, as follows:



2000 1999
T. Rowe Price Associates, Inc. mutual funds $(14,686,177) $ 17,773,891
Standard Register Company common stock (151,030) (17,681)
     Total $(14,837,207)

==========

$ 17,756,210

==========

5

NOTE 4 - PLAN TERMINATION



The Company expects to continue the Plan indefinitely, but continuance is not assumed as a contractual obligation and the Company reserves the right at any time by action of its Board of Directors to terminate the Plan. The allocation and distribution of contributions would be in accordance with the approved plan agreement.



NOTE 5 - INCOME TAX STATUS



The Internal Revenue Service has ruled that the Plan qualifies under Section 401(b) of the Internal Revenue Code and therefore, is not subject to tax under present income tax law. Once qualified, the Plan is required to operate in conformity with the Internal Revenue Code to maintain its qualification. The Plan's sponsor is not aware of any action or event that has occurred that might affect the Plan's qualified status.



The Plan obtained its latest determination letter on August 17, 1995, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, the plan administrator and the Plan's tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the plan's financial statements.



NOTE 6 - CONCENTRATIONS OF INVESTMENT RISK



Financial instruments that potentially subject the plan to significant concentrations of risk consist primarily of mutual funds and common stock. These investments are subject to the normal risks associated with financial markets.



The following presents investments that represent 5 percent or more of the Plan's net assets.



December 31,
2000 1999
T. Rowe Price Associates, Inc. Mutual Funds
  Stable Value Common Trust Fund $ 63,968,957 $ 67,212,546
  New Horizons Fund 47,799,642 43,984,391
  Equity Index Fund 43,377,726 48,678,760
  Balanced Fund 23,327,605 23,994,696
  Mid Cap Growth Fund 14,846,762 9,730,829




NOTE 7 - TRANSFER FROM OTHER PLAN



During 1999, the Standard Register Company, the Plan's sponsor, acquired an operating facility from DuPont Company. Employees from this facility became employees of the Standard Register Company and their Dupont qualified plan balances, totaling $863,853, were transferred into the Standard Register Employee Savings Plan.























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INDEPENDENT AUDITORS' REPORT

ON SUPPLEMENTAL INFORMATION







The Standard Register Employee Savings Plan

Dayton, Ohio





Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan's management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.











June 8, 2001

Dayton, Ohio













































7

THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN
EMPLOYER IDENTIFICATION NUMBER 31-0455440
PLAN NUMBER 015
SCHEDULE H, PART IV, 4i
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 2000
Identity of Issue and Fair
(a) Description of Investment Cost Value
T. ROWE PRICE ASSOCIATES, INC. MUTUAL FUNDS
* Stable Value Common Trust Fund 63,968,957 63,968,957
* New Horizons Fund 54,976,254 47,799,642
* Equity Index Fund 47,995,448 43,377,726
* Balanced Fund 23,924,725 23,327,605
* International Stock Fund 9,194,875 7,275,512
* Spectrum Income Fund 1,402,371 1,417,948
* Mid Cap Growth Fund 15,203,852 14,846,762
* Small Cap Value Fund 1,714,419 1,706,987
* Equity Income Fund 690,149 703,264
        Total T. Rowe Price mutual funds 219,071,050 204,424,403
COMMON STOCK
* Standard Register Company, 84,311.346 shares 1,289,966 1,201,437
PARTICIPANT LOANS (interest rates from 7.0% to 9.5%) 4,581,016 4,581,016
      Total Investments 224,942,032

==========

210,206,856

==========

An (*) in column (a) identifies a person to be a party-in-interest to the plan.





8

THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN
EMPLOYER IDENTIFICATION NUMBER 31-0455440
PLAN NUMBER 015
SCHEDULE H, PART IV, 4i
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
DECEMBER 31, 1999
Identity of Issue and Fair
(a) Description of Investment Cost Value
T. ROWE PRICE ASSOCIATES, INC. MUTUAL FUNDS
* Stable Value Common Trust Fund 67,212,546 67,212,546
* New Horizons Fund 37,694,680 43,984,391
* Equity Index Fund 41,954,564 48,678,760
* Balanced Fund 22,777,058 23,994,696
* International Stock Fund 6,230,791 7,693,313
* Spectrum Income Fund 1,229,467 1,167,672
* Mid Cap Growth Fund 8,563,353 9,730,829
        Total T. Rowe Price mutual funds 185,662,459 202,462,207
COMMON STOCK
* Standard Register Company, 29,923.936 shares 805,919 579,776
PARTICIPANT LOANS (interest rates from 7.0% to 9.5%) 4,416,930 4,416,930
      Total Investments 190,885,308 207,458,913
An (*) in column (a) identifies a person to be a party-in-interest to the plan.

9

THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN
EMPLOYER IDENTIFICATION NUMBER 31-0455440
PLAN NUMBER 015
SCHEDULE H, PART IV, 4j
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 2000
Fair
Value of
Identity Cost of Asset on Net
of Party Purchase Selling Asset Transaction Realized
Involved Description of Asset Price Price Sold Date Gain
Category (iii) - Series of Transactions in Excess of 5 Percent of Plan Assets
T. Rowe Price Stable Value Common
  Trust Fund 10,318,566 13,576,523 13,576,523 23,895,089 -
T. Rowe Price New Horizons Fund 15,806,320 5,227,956 4,485,028 21,034,276 742,928
T. Rowe Price Equity Index Fund 8,411,930 8,759,463 6,694,725 17,171,393 2,064,738






























There were no reportable category (i), (ii), or (iv) transactions for the year ended December 31, 2000.



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THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN
EMPLOYER IDENTIFICATION NUMBER 31-0455440
PLAN NUMBER 015
SCHEDULE H, PART IV, 4j
SCHEDULE OF REPORTABLE TRANSACTIONS
FOR THE YEAR ENDED DECEMBER 31, 1999
Fair
Value of
Identity Cost of Asset on Net
of Party Purchase Selling Asset Transaction Realized
Involved Description of Asset Price Price Sold Date Gain
Category (iii) - Series of Transactions in Excess of 5 Percent of Plan Assets
 T. Rowe Price Stable Value Common
  Trust Fund 7,372,456 12,275,655 12,275,655 19,648,111 -
 T. Rowe Price International Stock Fund 4,209,515 4,012,992 3,953,632 8,222,507 59,360
 T. Rowe Price Equity Index Fund 4,902,085 10,835,188 9,189,313 15,737,273 1,645,875
 T. Rowe Price Mid Cap Growth Fund 2,224,733 2,212,434 1,995,021 4,437,167 217,413
 T. Rowe Price Balanced Fund 1,483,726 3,978,464 3,525,325 5,462,190 453,139
There were no reportable category (i), (ii), or (iv) transactions for the year ended December 31, 1999.


11















CONSENT OF INDEPENDENT AUDITORS





We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-51181) pertaining to The Standard Register Employee Savings Plan of our report dated June 8, 2001 with respect to the financial statements and schedules of The Standard Register Employee Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 1998.







Dayton, Ohio

June 8, 2001