Standard Register, a leader in the management and execution of mission-critical communications, announced today that the New York Stock Exchange (NYSE) has accepted the Company’s plan for continued listing. As a result, the company’s common stock will continue to be listed on the NYSEsubject to quarterly reviews by the NYSE to monitor the Company’s progress against the compliance plan. Standard Register earlier announced that it had been notified that it was not in compliance with the requirement for average market capitalization of more than $50 million over a 30 trading-day period, and at the same time, its shareholder’s equity was less than $50 million.
Under applicable NYSE procedures, Standard Register was required to submit a plan to demonstrate its ability to achieve compliance within 18 months. Standard Register submitted its confidential plan, which contained many of the elements of the strategic restructuring plan announced earlier in the year. The plan, which is already being implemented, addresses Standard Register’s actions to align the Company’s resources in support of its growing core solutions business and to reduce costs to offset the impact of declining revenue in its legacy operations.
“The NYSE’s acceptance of our plan gives us additional confidence in our strategy. All of our employees are very focused on delivering the results required to return to compliance,” said Joseph P. Morgan, Jr., president and chief executive officer. “We believe that increasing our share price and returning to the required $50 million in market capitalization from where we are today is achievable within the 18-month period granted under the plan. Our first quarter results showed good progress and positive activity, and we are on target with our restructuring plan cost reductions and the evolution of the portfolio.”
Standard Register will report second quarter earnings in late July.