Standard Register Announces Estimated Fourth-Quarter Charges
Press release from the issuing company
DAYTON, Ohio--Jan. 26, 2004--Standard Register today announced that it expects to record charges in the fourth quarter totaling approximately $37 million pretax, which will result in fourth-quarter earnings falling below those of the third quarter, based on preliminary unaudited results. The charges, which are largely non-cash, are due primarily to a pension settlement charge and other charges including restructuring and impairment. As originally forecast, the company estimates fourth-quarter revenue to be up slightly from revenue in the third quarter.
The non-cash pension settlement charge, estimated to be approximately $25 million pretax, was triggered by a significant amount of lump-sum payments to retiring associates in December.
The company will provide more detailed information regarding performance when it releases its fourth-quarter results on February 13.
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