-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TxJt2wEyTDBMxWZ9pf2oByVHxZD0LGU9tO3mxTzb+t8IbKbEG1CravmwpDghpj8m ovWizGZvhdWFnfT73Bz7kg== 0000906318-99-000093.txt : 19990817 0000906318-99-000093.hdr.sgml : 19990817 ACCESSION NUMBER: 0000906318-99-000093 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990704 FILED AS OF DATE: 19990816 FILER: COMPANY DATA: COMPANY CONFORMED NAME: STANDARD REGISTER CO CENTRAL INDEX KEY: 0000093456 STANDARD INDUSTRIAL CLASSIFICATION: MANIFOLD BUSINESS FORMS [2761] IRS NUMBER: 310455440 STATE OF INCORPORATION: OH FISCAL YEAR END: 0103 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 001-11699 FILM NUMBER: 99693312 BUSINESS ADDRESS: STREET 1: 600 ALBANY ST CITY: DAYTON STATE: OH ZIP: 45401 BUSINESS PHONE: 5134341000 MAIL ADDRESS: STREET 1: 600 ALBANY STREET STREET 2: P O BOX 1167 CITY: DAYTON STATE: OH ZIP: 45401-1167 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended July 4, 1999 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From __________ to __________ Commission File Number 01-1097 THE STANDARD REGISTER COMPANY (Exact name of registrant as specified in its charter) OHIO CORPORATION 31-0455440 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 600 ALBANY STREET, DAYTON, OHIO, 45401 (Address of principal executive offices) (Zip Code) (937) 443-1000 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes __X__ No _____ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. CLASS OUTSTANDING AS OF August 9, 1999 Common Stock - $1.00 Par Value 23,466,907 Class A Stock - $1.00 Par Value 4,725,000 INDEX Page ---- Part I - Financial Information Item 1. Financial Statements a) Statement of Income for the13 Weeks Ended July 4, 1999 and June 28, 1998 and for the 26 Weeks Ended July 4, 1999 and June 28, 1998 4 b) Balance Sheet as of July 4, 1999 and January 3, 1999 5 c) Statement of Cash Flows for the 26 Weeks Ended July 4, 1999 and June 28, 1998 6 d) Note to Financial Statements 7 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 8-11 Item 3. Quantitative and Qualitative Disclosure About Market Risk 11 Part II - Other Information Item 1. Legal Proceedings 12 Item 2. Changes in Securities and Use of Proceeds 12 Item 3. Defaults upon Senior Securities 12 Item 4. Submission of Matters to a Vote of Security Holders 12-13 Item 5. Other Information 13 Item 6. Exhibits and Reports on Form 8-K 13 Signature 14 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The financial statements of the Registrant included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Although certain information normally included in financial statements prepared in accordance with generally accepted accounting principles has been condensed or omitted, the Registrant believes that the disclosures are adequate to make the information presented not misleading. It is suggested that these financial statements are read in conjunction with the financial statements and notes thereto included in the Annual Report on Form 10-K of the Registrant for the year ended January 3, 1999, and Current Report on Form 8-K as filed on April 15, 1999. The financial statements included herein reflect all adjustments (consisting only of normal recurring accruals) which, in the opinion of management, are necessary to present a fair statement of the results for the interim periods. The results for interim periods are not necessarily indicative of trends or of results to be expected for a full year. a) STATEMENT OF INCOME (In Thousands except Data Per Share) Second Quarter Six Months 13 Weeks Ended 26 Weeks Ended July 4, June 28, July 4, June 28, 1999 1998 1999 1998 ------- -------- ------ -------- TOTAL REVENUE $335,637 $309,005 $662,623 $629,094 ------- ------- ------- ------- COSTS AND EXPENSES Cost of Products Sold 205,479 192,282 404,370 396,325 Engineering and Research 2,153 2,346 4,113 5,042 Selling and Administrative 86,962 79,475 174,271 162,201 Depreciation and Amortization 12,841 11,192 25,053 22,459 Interest 3,522 3,614 7,006 7,044 ------- ------- ------- ------- Total Costs and Expenses 310,957 288,909 614,813 593,071 ------- ------- ------- ------- INCOME BEFORE INCOME TAXES 24,680 20,096 47,810 36,023 Income Taxes 9,901 8,061 19,327 14,364 ------- ------- ------- ------- Income From Continuing Operations $14,779 $ 12,035 $28,483 $21,659 ------- ------- ------- ------- Discontinued Operations: Current Year (Loss)/ Income, Net of Tax 0 333 (509) 400 Gain on Disposal, Net of Tax 1,116 0 14,875 0 ------- ------- ------- ------- NET INCOME $15,895 $12,368 $ 42,849 $ 22,059 ------- ------- ------- ------- ------- ------- ------- ------- Average Number of Shares Outstanding - Basic 28,140 28,445 28,266 28,435 Average Number of Shares Outstanding - Diluted 28,271 28,606 28,419 28,609 EARNINGS PER SHARE DATA - BASIC: Income From Continuing Operations $ 0.53 $ 0.42 $ 1.01 $ 0.76 Discontinued Operations, Current Year (Loss)/ Income $ 0.00 $ 0.02 $ (0.02) $ 0.02 Gain on Disposal $ 0.04 $ 0.00 $ 0.53 $ 0.00 Net Income $ 0.57 $ 0.44 $ 1.52 $ 0.78 EARNINGS PER SHARE DATA - DILUTED: Income From Continuing Operations $ 0.52 $ 0.42 $ 1.00 $ 0.76 Discontinued Operations, Current Year (Loss)/ Income $ 0.00 $ 0.01 $ (0.02) $ 0.01 Gain on Disposal $ 0.04 $ 0.00 $ 0.52 $ 0.00 Net Income $ 0.56 $ 0.43 $ 1.50 $ 0.77 Dividends Paid Per Share $ 0.22 $ 0.21 $ 0.44 $ 0.42
See note to financial statements. b) BALANCE SHEET (Dollars in Thousands) Jul 4, Jan 3, ASSETS 1999 1999 CURRENT ASSETS ------ ------ Cash and Cash Equivalents $ 47,993 $ 9,792 Short Term Investments 480 6,530 Accounts Receivable 279,673 302,261 Allowance for Losses (14,142) (14,158) Inventories Finished Products 111,322 104,982 Jobs in Process 10,258 18,075 Materials and Supplies 12,698 15,319 Deferred Income Taxes 19,065 19,065 Prepaid Expense 13,632 11,929 Total Current Assets 480,979 473,795 -------- ------- PLANT AND EQUIPMENT Buildings and Improvements 90,596 93,552 Machinery and Equipment 271,228 306,658 Office Equipment 63,929 98,209 -------- ------- Total 425,752 498,419 Less Accumulated Depreciation 160,012 182,218 -------- ------- Depreciated Cost 265,740 316,201 Construction in Process 57,297 44,732 Land 10,279 7,228 -------- ------- Total Plant and Equipment 333,316 368,161 OTHER ASSETS Goodwill 54,145 57,825 Prepaid Pension Expense 76,426 73,538 Other 15,222 11,758 -------- ------- Total Other Assets 145,793 143,121 -------- ------- TOTAL ASSETS $960,088 $985,077 -------- ------- -------- ------- LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Current Portion of Long-Term Debt 555 525 Accounts Payable 22,332 29,967 Dividends Payable - 6,251 Accrued Compensation 36,938 44,406 Accrued Other Expense 6,285 12,158 Accrued Taxes, except Income 5,860 9,329 Income Taxes Payable 20,521 1,335 Customer Deposits 263 3,138 Deferred Service Contract Income 8,732 8,404 Accrued Restructuring 13,160 14,843 -------- ------- Total Current Liabilities 114,646 130,356 -------- ------- LONG-TERM LIABILITIES Long-Term Debt 203,520 234,075 Deferred Compensation 6,175 3,795 Retiree Healthcare 55,057 55,057 Deferred Income Taxes 31,416 40,829 -------- ------- Total Long-Term Liabilities 296,168 333,756 -------- ------- SHAREHOLDERS' EQUITY Common Stock, $1.00 Par Value 24,444,306 Shares Issued in 1999 24,444 24,391,072 Shares Issued in 1998 24,391 Class A Stock, $1.00 Par Value 4,725,000 Shares Issued 4,725 4,725 Capital in Excess of Par Value 35,183 33,957 Accumulated Other Comprehensive Income (1,161) (1,161) Retained Earnings 516,326 479,679 Treasury Stock 977,731 Shares at Cost (28,263) 701,152 Shares at Cost (19,614) Common Stock held in Grantor Trust 58,143 Shares at Cost (1,980) 26,284 Shares at Cost - (1,012) -------- ------- Total Shareholders' Equity 549,274 520,965 -------- ------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $960,088 $985,077 -------- ------- -------- -------
See note to financial statements. c) STATEMENT OF CASH FLOWS (Dollars in Thousands) Six Months 26 Weeks Ended July 4, June 28, 1999 1998 ------- -------- CASH FLOWS FROM OPERATING ACTIVITIES Net Income $42,849 $22,059 Add Items Not Affecting Cash: Depreciation and Amortization 26,794 27,045 (Gain)/Loss on Sale of Plant Assets (23,087) 87 Net Change to Investments 6,050 21 Net Change to Retiree Healthcare 0 831 Net Change to Deferred Income Taxes (9,413) 0 Net Change to Deferred Compensation 2,380 2,653 Increase/(Decrease) in Cash Arising from Changes in Assets and Liabilities: Accounts Receivable 6,088 8,838 Deferred Accounts Receivable 631 46,255 Inventories 617 (58,085) Other Assets (6,848) 5,863 Prepaid Pension (2,888) 4,725 Accounts Payable and Accrued Expenses (19,644) (24,374) Accrued Restructuring Expenses (1,683) (9,378) Income Taxes Payable 19,186 (1,920) Customer Deposits (2,875) (747) Deferred Service Income 331 2,323 ------ ------- Net Adjustments (4,361) 4,137 ------ ------- Net Cash Provided by Operating Activities 38,488 26,196 -------- ------- -------- ------- CASH FLOWS FROM INVESTING ACTIVITIES Proceeds from Sale of Facilities 98,029 53 Additions to Plant and Equipment (36,527) (43,445) Acquisition (10,413) (245,000) Maturity of Short-Term Investments - 15,295 Purchase of Short-Term Investments - (15,000) Investment in F3/Keyfile Corporation (57) (1,000) Purchase of Key Man Life Insurance Policies 0 (2,400) Net Cash Provided by (Used in) Investing Activities 51,030 (291,497) -------- ------- -------- ------- CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from Long-Term Debt - 230,000 Payments of Long-Term Debt (30,525) (1,294) Proceeds from Issuance of Common Stock 1,279 1,300 Redemption of Common Stock (9,617) (656) Dividends Paid (12,454) (11,949) Net Cash (Used in) Provided by Financing Activities (51,317) 217,401 -------- ------- -------- ------- NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 38,201 (47,900) Cash and Cash Equivalents, Beginning 9,792 67,556 -------- ------- CASH AND CASH EQUIVALENTS, ENDING $47,993 $19,656 -------- ------- -------- -------
See note to financial statements. d) NOTE TO FINANCIAL STATEMENTS 1. SEGMENT REPORTING INFORMATION - (SEE NOTE 15 TO FINANCIAL STATEMENTS AT JANUARY 3, 1999). Financial information about the Company's reportable operating segments is as follows: Second Quarter Six Months (Dollars in Thousands) 1999 1998 1999 1998 ---- ---- ---- ---- REVENUE: DM&SD $256,204 $236,562 $508,270 $489,925 Impressions 78,816 72,040 153,586 138,492 Corporate 617 403 767 677 ------- ------- ------- ------- Total Revenue $335,637 $309,005 $662,623 $629,094 INCOME BEFORE INCOME TAXES: DM&SD $27,418 $22,168 $52,393 $39,906 Impressions 1,109 1,150 3,937 3,239 Corporate (3,847) (3,222) (8,520) (7,122) ------- ------- ------- ------- Total Income Before Income Taxes $24,680 $20,096 $47,810 $36,023 July 4, June 28, 1999 1998 ------- -------- IDENTIFIABLE ASSETS AT END OF PERIOD: DM&SD $584,591 $618,608 Impressions 121,994 97,239 Corporate 253,503 164,676 ------- ------- Total Identifiable Assets $960,088 $880,523
Income Before Income Taxes for DM&SD and Impressions shown above incorporates allocations of all corporate expenses except interest, LIFO inventory adjustments and goodwill amortization. Due to the sale of the Communicolor operation in the first quarter of 1999 and management restructuring occurring in the second quarter of 1999, future reporting will only consist of one reportable segment. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS FROM OPERATIONS Results of Operations Net income for the second quarter ended July 4, 1999 was $15.9 million or $.57 per basic share, compared to $12.4 million and $.44 per basic share for the second quarter 1998. On a diluted basis, net income per share was $.56 in the current quarter versus $.43 in the prior year. Net income for the second quarter 1999 included a gain of $1.1 million, or $.04 per basic share, related to the sale of Communicolor. Excluding this gain, the Company reported net income from continuing operations of $14.8 million, or $.53 per basic share, up 26% over the comparable period of 1998. Revenue from continuing operations for the second quarter was $335.6 million compared to $309.0 million for the second quarter 1998. A discussion of the underlying product results appears in the segment reporting section of this report. Gross margin from continuing operations improved from 37.8% of revenue in second quarter 1998 to 38.8% in second quarter 1999. This increase is attributable primarily to cost reductions achieved in the latter half of 1998 in conjunction with the integration of Uarco, Inc., acquired December 31, 1997. Paper costs in the most recent quarter were on average slightly above that for the comparable quarter of 1998. The prices of white bond papers, which account for about 60% of paper purchases, rose approximately 10% in March of this year and an additional 7% in July. For colored papers, a 5-6% price increase was made industry wide in early June. The Company has historically recovered paper cost increases in the form of higher product prices and expects to do so for these latest rounds of increases. The Company also reclassified the expenses associated with its Customer Support Centers for the second quarter 1999 from cost of sales to operating expense, which had the effect of improving the reported gross margin by .5% compared to the second quarter 1998, which was not restated. There were no LIFO inventory adjustments in the second quarter of either year. Selling, Administrative, and R&D expenses were 26.6% of revenue in the second quarter 1999 compared to 26.5% for 1998. Spending for year 2000 systems compliance was $.9 million lower than in the second quarter 1998. Excluding this item and the expense reclassification described in the preceding paragraph, second quarter 1999's operating expenses would have been 26.0% compared to 26.1% for the same period in 1998. Segment Reporting Following the sale of Communicolor, the Company has reorganized its structure into one identifiable operating segment effective July 1, 1999. With the elimination of the divisional operating structure, the new segment is aligned along functional lines (e.g., sales, manufacturing, finance) designed to improve the effectiveness of customer service throughout the organization. The new structure will also bring an integrated set of the company's products and services to our customers. Prior to the July 1 reorganization, the Company aligned its products and services into two operating divisions. The Document Management and Systems (DM&S) Division provided document management solutions including workflow consulting, document design, custom printed forms and labels, electronic forms, distribution services, and distributed intelligent printing and mailing systems. The Company's Impressions(R) Division provided print on demand, document and plastic card fulfillment services, and commercial printing. Results from continuing operations for the Company's two divisions are summarized below with a comparison to the second quarter of the prior year. The divisional operating profits incorporate allocations of all corporate expenses except interest, LIFO inventory adjustments, goodwill amortization, and taxes. DM&S Division Impressions Division ------------------- ---------------------- 2nd Qtr 2nd Qtr 2nd Qtr 2nd Qtr 1999 1998 %Chg. 1999 1998 %Chg. ------- ------- ----- ------- ------- ----- Revenue $256.2 $236.6 8.3% $78.8 $72.0 9.4% Operating Profit $27.4 $22.0 24.5% $1.11 $1.15 -3.5% % Revenue 10.7% 9.3% 1.4% 1.6% DM&S Division revenue was $256.2 million, up 8.3% from the 1998 result due primarily to an approximate 30% increase in pressure sensitive label products. Business forms and related services increased 5% whereas equipment, supplies, and maintenance revenues were up by an overall 4%. Gross margin was up approximately $10 million, or 1.1% in relation to revenue, primarily as a result of the plant consolidations and other cost saving actions taken throughout 1998. The improved gross margin for labels and business forms was the primary factor contributing to the 24.5% increase in operating profit for this division. For the Impressions Division, second quarter revenue from continuing operations was $78.8 million, up $6.8 million, or 9.4%, vs. the second quarter 1998 results. The March 1 purchase of DuPont's printing and publishing operation in Boothwyn, Pennsylvania and the related formation of the Commercial Print Group during the first quarter contributed approximately $6.2 million to the overall revenue increase. The Imaging Services Group revenues for the quarter were flat as compared to last year and Stanfast reported a modest revenue increase of 1.4%. As was the case for the DM&S Division, 1998 cost reductions associated with the integration of Uarco, Inc. was the primary factor responsible for significant improvements in the gross margin and operating profit for Stanfast. Imaging Services also showed improved margins and profits over the comparable quarter in 1998. However, startup costs associated with the Boothwyn operation caused a decrease in the division's overall gross margin and operating profit. Year 2000 Expenses incurred on year 2000 compliance projects totaled $1.9 million for the second quarter, which was in line with the Company's plan to complete its remediation and testing work by September of this year at a total 1999 cost of $6.0 million. The Company is on pace to complete the work as outlined in its January 3, 1999 report on Form 10K. New Software Initiative In July, the board of directors approved a new software initiative that will be critical to the Company's long-term growth and profitability. The software, which will be installed in phases over three years, will enable the Company to accommodate increasing order volumes, reduce operating costs, add to existing electronic commerce capabilities, and improve customer service. Spending for the new initiative is expected to total $52 million over three years, including $38 million of capital and $14 million in expense. The reduction in earnings per share for the balance of 1999 and for the total year 2000 attributable to this project is estimated at $.08 and $.28, respectively. Liquidity and Capital Resources The balance of Cash, Cash Equivalents, and Short-term Investments decreased $45 million from the first quarter 1999 position to $48 million at the end of the second quarter. Major factors contributing to this change include a $30 million reduction in the outstanding debt and the repurchase of Company stock for $6 million. The additional $9 million reduction in cash reflects normal seasonal changes in working capital. Netting the $48 million of cash against total debt of $204 million produces a "net debt" to "total net capital" ratio of 22.0%. On April 13, 1999, the Company announced plans to repurchase of up to one million shares of its common stock. The timing and actual number of shares purchased will depend upon overall market conditions. The Company has purchased a total of 514 thousand shares in 1999, through August 12, 1999. On April 27, 1999, the Company repaid approximately $30 million of the debt outstanding under its revolving credit agreement. The remaining $200 million borrowed under the $300 million revolving credit agreement has been effectively converted to an all-in fixed rate of 6.09% as a result of the interest rate swap entered into in 1998. Capital expenditures were $17 million for the quarter. The current outlook for the year calls for capital spending in the $75 million to $80 million range, excluding the $10 million first quarter acquisition of the Company's Boothwyn facility and including an estimated $11 million for the new software initiative. The Company believes that its financial condition continues to be very strong and that the combination of internally generated funds, existing cash reserves, and $100 million of available credit under the revolving credit agreement will be sufficient to finance its operations over the next year. Forward-Looking Statements This report includes forward-looking statements covered by the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. These statements involve important assumptions, risks, uncertainties and other factors that could cause the Company's actual results for fiscal year 1999 and beyond to differ materially from those expressed in such forward-looking statements. Factors that could cause materially different results include product demand and market acceptance, the frequency and magnitude of raw material price changes, the effect of economic conditions, competitive activities, and other risks described in the Company's filings with The Securities and Exchange Commission. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK There have been no material changes in market risk since the year ended January 3, 1999. PART II - OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS There have been no material legal proceedings within the reporting period that the Company has been involved with beyond those conducted in a normal course of business. ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS None. ITEM 3. DEFAULTS UPON SENIOR SECURITIES None. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The Company's Annual Meeting of Shareholders was held April 21, 1999. Following is the result of voting by the Shareholders regarding fixing and determining the number of Directors to be ten: IN FAVOR OPPOSED ABSTAINED -------- ------- --------- 43,826,248 16,964 26,566 As a result of voting of the Shareholders, the following were elected to the Company's Board of Directors to hold office for the ensuing year: NOMINEE IN FAVOR WITHHELD ------- -------- -------- Roy W. Begley, Jr. 43,830,558 39,221 F. David Clarke, III 43,831,743 38,035 Paul H. Granzow 43,832,353 37,426 Graeme G. Keeping 43,830,522 39,257 Peter S. Redding 43,831,696 38,083 Dennis L. Rediker 43,832,924 36,855 Ann Scavullo 43,832,958 36,821 John J. Schiff, Jr. 43,832,512 37,267 Charles F. Sherman 43,832,383 37,396 John Q. Sherman, II 43,830,224 39,554 An amendment to the Amended Articles of Incorporation to increase the Authorized Shares of Common Stock from 50,500,000 shares to 101,000,000 shares and to increase the Authorized Shares of Class A Stock from 4,725,000 shares to 9,450,000 shares was approved as a result of the following vote: IN FAVOR OPPOSED ABSTAINED -------- ------- --------- Total voting power 41,523,508 2,326,380 19,890 Common stock shareholders 17,908,508 2,326,380 19,890 Following is the result of the voting by the Shareholders regarding selection of Battelle & Battelle LLP as the Company's Auditors for the year 1999: IN FAVOR OPPOSED ABSTAINED -------- ------- --------- 43,844,205 11,226 14,347 ITEM 5. OTHER INFORMATION None. ITEM 6. EXHIBITS AND REPORTS ON FORM 8K a) Exhibits pursuant to Item 601 of Regulation S-K Exhibit 27 Financial Data Schedule (filed only electronically with the SEC) b) Reports on Form 8K Form 8K was filed on April 15, 1999. This filing related to the disposition of assets of the Communicolor Division. The financial statements filed therewith reflect the proforma financial information. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf by the undersigned thereunto duly authorized. August 17, 1999 /s/ C. J. Brown By C. J. Brown, Sr. Vice President, - ---------------- Administration, Treasurer, Chief Financial Officer, and Chief Accounting Officer EX-27 2
5 THIS SECTION CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE STANDARD REGISTER COMPANY FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JULY 4, 1999, AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 0000093456 THE STANDARD REGISTER COMPANY 1,000 6-MOS JAN-2-2000 JUL-4-1999 47,993 480 279,673 14,142 134,278 480,979 493,328 160,012 960,088 114,646 203,520 0 0 29,169 520,105 960,088 661,856 662,623 404,370 607,807 0 2,305 7,006 47,810 19,327 28,483 14,366 0 0 42,849 1.52 1.50
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