On Friday, the company 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.
In comparison, Standard Register had net income of $13.2 million or 80 cents per diluted share for the same period last year.
Officials said the company incurred $5.5 million of additional expense in the first quarter of 2014 related to executing the acquisition, restructuring and integration.
Revenue for the first quarter of 2014 was $228.5 million, compared to $141.6 million for the same period last year.
Results for the first quarter of 2013 don’t include results from WorkflowOne, which Standard Register acquired on Aug. 1, 2013.
“We are investing in the growing areas of our business and have a healthy pipeline. However, many of our solutions have long sales cycles and lengthy customized implementations, which delay realization of revenue,” said Joseph P. Morgan, Jr., Standard Register’s president and chief executive officer, in a statement.
In a conference call with investment analysts, Morgan said the company’s health care patient information systems saw double-digit growth, but that was offset by declines in printed forms, patient labels and administrative documents. Demand for traditional printed business documents continues to decline at an “acclerated rate,” he said.
In the first quarter of 2013, Standard Register integrated systems and data centers, reduced headcount, and closed three production facilities and three warehouses.
About the Author