Standard Register to Write Down Investment in Printcafe
Press release from the issuing company
DAYTON, Ohio--Jan. 28, 2003--Standard Register today announced that its 2002 net income will be impacted by two items--a $3.7-million write-down in the value of an equity investment and $1.1 million of income from the adjustment of a past restructuring accrual.
"Standard Register has a less than 5-percent share in a software company that has recently become the recipient of purchase offers. The write-down will reduce our 2002 earnings per diluted share by approximately $0.13," said Dennis Rediker, president and chief executive officer, Standard Register. "The adjustment of the restructuring accrual will increase net income by approximately $0.04 per diluted share. Taken together, these two items will reduce net income by approximately $0.09 per share. Excluding the effects of these two items, our EPS for the year is expected to fall within the $1.25 to $1.30 target range that we previously announced."
Robert J. Cestelli, Investor Relations at Standard Register confirmed to WhatTheyThink.com this morning that the software company referenced in this release is indeed Printcafe. Cestelli also said that the shares they own have not been tendered or not part of the agreement to be tendered to Creo at this time.
Creo has announced that they will increase their position in Printcafe to 55% from 30%. Creo has agreements with investors who have not been named at this time. Also Creo has made an offer of $1.30 per share for all outstanding shares of Printcafe. EFI has offered $2.60 per share for all outstanding shares of Printcafe.
WhatTheyThink is the global printing industry's leading independent media organization with both print and digital offerings, including WhatTheyThink.com, PrintingNews.com and WhatTheyThink magazine versioned with a Printing News and Wide-Format & Signage edition. Our mission is to provide cogent news and analysis about trends, technologies, operations, and events in all the markets that comprise today’s printing and sign industries including commercial, in-plant, mailing, finishing, sign, display, textile, industrial, finishing, labels, packaging, marketing technology, software and workflow.