July 15--Dayton-based Standard Register is at risk of being de-listed by the New York Stock Exchange.
The communication services company headquartered at 600 Albany St. was notified July 9 that it is not in compliance with the NYSE's continued listing standards, company officials said.
Standard Register is considered below the criteria because the company's average market capitalization was less than $50 million over a 30-day trading period, and at the same time its stockholders' equity was less than $50 million.
In a statement, Standard Register President and Chief Executive Joseph P. Morgan Jr. attributed the market capitalization issue to the company's acquisition of Dayton-based WorkflowOne in August 2013.
"We are realizing the benefits of the acquisition of WorkflowOne, including strengthening sales pipelines across our solutions portfolio, as we continue with the integration. We anticipate at least $40 million in annual savings when complete at the end of 2015, and look forward to sharing our progress and future plans for long-term value creation with the NYSE," Morgan said.
In accordance with NYSE procedures, Standard Register has notified the stock exchange that it will submit a business plan within 45 days from receipt of the notice that demonstrates the company's ability to regain compliance, officials said.
In April, Standard Register reported a net loss of $7.1 million or 83 cents per diluted share for the first quarter of the year, much of which came from costs associated with the company's acquisition of WorkflowOne, officials said. Standard Register will report its second quarter earnings on July 25.
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