DAYTON — Shares of Standard Regster Co. plunged nearly 29 percent Friday after the the information management company reported a $23 million loss for the third quarter.
The stock (NYSE: SR) closed Friday at $9.39, down $3.82, or 28.9 percent from its Thursday close. The stock’s 52-week range is $2.25 to $16.75.
Trading volume exceeded 521,900 shares, compared with an average daily volume of 253,838.
The drop-off followed a strong run-up earlier this week ahead of the company’s earnings report. The company offered no comment on the sharp rise in share price or subsequent fall.
Standard Register reported a third-quarter net loss of $23.2 million, or $3.92 per share, on revenue of $199 million, compared with a net profit of $2.5 million, or 43 cents per share, on revenue of $145 million during the same period last year.
Results for the third quarter and first three quarters of 2013 include two months of results from WorkflowOne, which Standard Register acquired on Aug. 1 for $216.5 million.
“We continue to be challenged by revenue declines in certain printed and transactional forms. However, we are encouraged by the execution of key investments focused on growth solutions and overall rapid pace of integrating WorkflowOne,” said Joseph P. Morgan Jr., president and chief executive officer. “The acquisition has expanded both our customer base and portfolio of solutions, and we are beginning to realize synergies, including some initial cross-selling of each other’s capabilities.”
The third quarter results includes WorkflowOne revenue of $68.3 million and a net loss of $60,000, along with $18.5 million of acquisition, integration and restructuring expenses.
For the first nine months of the year, Standard Register reported total revenue of $477.8 million and a net loss of $16.5 million, or $2.79 per share. That compares to revenue of $458.4 million and net income of $6.8 million, or $1.16 per share for the first three quarters of 2012.
A change in pension accounting had the effect of adjusting net income for the first three quarters of 2012 to $6.8 million from a net loss of $8.9 million, the company said.
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