July 25--Standard Register is accelerating its business as it starts to realize customer and cost efficiency benefits from its acquisition of WorkflowOne, the company's top executive told investors on Friday.
On Friday, the Dayton-based communication services company headquartered at 600 Albany St. reported revenue of $225.3 million for the 2014 second quarter, a 64.7 percent increase compared to revenue of $136.8 million for the same period last year.
Standard Register reported a net loss of $5.8 million, or 67 cents per share, for the 2014 second quarter, compared to a net profit of $2 million, or 34 cents per share, for the same period last year.
Results for the second quarter of 2013 do not include results from WorkflowOne, which Standard Register acquired on August 1, 2013.
Standard Register is only about halfway through the WorkflowOne integration and "not yet at a point where we are achieving organic revenue growth from our solutions that is sufficient to outpace the decline in demand for traditional business forms and labels," said Joseph P. Morgan Jr., the company's president and chief executive.
Morgan said the company, which has more than 800 employees in Dayton and more than 3,200 worldwide, made stronger progress in the second quarter, improving its gross margin as a percentage of revenue to 28.2 percent from 27.3 percent during the first quarter of 2014.
Standard Register continues to anticipate at least $40 million in annual savings when the integration is complete at the end of 2015, officials said.
Last week, Standard Register announced that it was at risk of being de-listed by the New York Stock Exchange, because the company is not in compliance with the NYSE's continued listing standards. It is the second time since April 2012 that the company has been in danger of having its stock de-listed.
Standard Register Chief Financial Officer Robert Ginnan said the company plans to submit a business plan in August that demonstrates its ability to regain compliance.
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