Bolstered by a key acquisition last year, Standard Register returned to net income in the fourth quarter of 2013, and greatly cut losses for the year, the document- and business-services company reported Friday.
The Dayton-based company reported net income of just over $9 million, or $1.14 per diluted share, for the final quarter of 2013, a big improvement over the loss of $35 million, or a loss of $6.03 per diluted share, it reported for the same quarter in 2012.
For the full year 2013, Standard Register reported a net loss of $7.4 million, or $1.16 per diluted share. That’s down from the full-year net loss of nearly $28.5 million, or $4.88 per share, reported for all of 2012.
Standard Register’s shares jumped on the news. The company’s stock (NYSE: SR) rose 79 cents Friday, closing at $8.39, a rise of 10.4 percent from Thursday’s close.
Revenue for the quarter was up, too, $242 million in 2013’s fourth quarter compared to $143.6 million in 2012’s last quarter. Revenue for the whole year 2013 was $719.8 million, up 20 percent over 2012 revenue.
Fourth quarter results include revenue from the $216.5 million purchase of Workflow One in August last year.
In a conference call with investment analysts, Joseph Morgan Jr., Standard Register’s chief executive and president, credited the acquisition, among other factors, with strengthening the company. He called 2013 a “transitional” and “transformative” year.
“We’re in a much different and a much better position today than we were in 2013 when we began the year,” Morgan said. “We’re starting to see the positive effects of our investments.”
There was “very little overlap” between the two companies and an array of new products, thanks to the acquisition, Morgan said. The purchase brought Standard Register about 150 new hospital customers, for example, he said.
Standard Register has about 800 Dayton employees and more than 3,000 nationally.
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