Standard Register in danger of NYSE delisting

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Standard Register, one of Dayton’s few remaining publicly traded companies with a headquarters in the area, is in danger of having its stock delisted from the New York Stock Exchange, the company said.

On Friday, the document and business services company said it received a notice this week from the NYSE saying that “the company was not in compliance with the NYSE’s continuing listing standard.”

That standard requires listed companies to maintain market capitalization in excess of $50 million.

On Thursday, shares of Standard Register closed at $1.14 per share, down eight cents. The market was closed Friday. Yahoo Fiance put the company’s market cap — the total value of the company’s outstanding shares — at just over $31.1 million.

Last month, a Standard Register spokesman acknowledged — in response to questions from the Dayton Daily News — that it did not tell shareholders that a consulting firm known for working with companies in or near bankruptcy was hired to help guide the company through its latest restructuring.

In January, company leaders did tell listeners in a conference call that it had hired a consultant, but they did not then identify that consultant as AlixPartners in public statements or government filings because “we didn’t think it was relevant,” Shaun Smith, Standard Register vice president of finance and investor relations, told the Dayton Daily News last month.

Standard Register lost nearly $87.7 million in 2011.

In a statement released Friday, the company said it has 45 days to submit a plan to the NYSE to demonstrate its “ability to achieve compliance with the continued listing standards within 18 months. Standard Register intends to submit such a plan, which will likely include many of the elements of the strategic restructuring program.”

On Jan. 23, the company announced its latest restructuring, a plan that includes cutting 15 percent of its 2,600 workers, including 75 in Dayton. The company has about 500 Dayton employees.

Contact this reporter at (937) 225-2390 or tgnau@DaytonDailyNews.com.