STANDARD REGISTER CO

CIK:0000093456|SEC Filings

EARNINGS PER SHARE

9 Months Ended

Sep. 28, 2014

The number of shares outstanding for calculation of earnings per share (EPS) is as follows:



	13 Weeks Ended		39 Weeks Ended
(Shares in thousands)	September 28, 2014	September 29, 2013	September 28, 2014	September 29, 2013
Weighted-average shares outstanding - basic	8,621	5,931	8,609	5,909
Effect of potentially dilutive securities	—	—	—	—
Weighted-average shares outstanding - diluted	8,621	5,931	8,609	5,909

The effects of stock options and nonvested shares on diluted EPS are reflected through the application of the treasury stock method. Due to the net loss incurred for all periods presented, no outstanding options or nonvested shares were included in the diluted EPS computation because they would automatically result in anti-dilution.

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 28, 2014	Sep. 29, 2013
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (18,524)	$ (16,485)
Adjustments to reconcile net (loss) income to cash provided by operating activities
Depreciation and amortization	26,955	17,852
Asset impairments	680	1,262
Restructuring and other exit costs	8,758	11,874
Pension benefit	(1,644)	(1,519)
Payment-in-kind interest	4,382	0
Other	3,173	2,930
Changes in operating assets and liabilities:
Accounts and notes receivable	10,369	2,107
Inventories	747	2,993
Restructuring payments	(11,458)	(3,982)
Accounts payable and other current liabilities	4,720	10,327
Pension contributions and payments	(31,114)	(20,571)
Other assets and liabilities	(5,310)	(1,518)
Net cash (used in) provided by operating activities	(8,266)	5,270
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition, cash received	0	1,665
Additions to plant and equipment	(11,857)	(9,065)
Proceeds from sale of equipment	491	171
Net cash used in investing activities	(11,366)	(7,229)
CASH FLOWS FROM FINANCING ACTIVITIES
Net change in borrowings under revolving credit facility	22,889	8,371
Debt issuance costs	0	(2,357)
Principal payments on long-term debt	(3,736)	(1,840)
Other	(153)	(398)
Net cash provided by financing activities	19,000	3,776
Effect of exchange rate changes on cash	(500)	(25)
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(1,132)	1,792
Cash and cash equivalents at beginning of period	2,342	1,012
CASH AND CASH EQUIVALENTS AT END OF PERIOD	1,210	2,804
SUPPLEMENTAL SCHEDULE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Capital leases	8,036	138
Additions to short term notes payable	0	500
Warrants issued in conjunction with acquisition	$ 0	$ 6,509

CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Sep. 28, 2014	Dec. 29, 2013
CURRENT ASSETS
Cash and cash equivalents	$ 1,210	$ 2,342
Accounts receivable, net of allowance of $3,465 and $2,625	146,399	157,567
Inventories, net	61,192	61,939
Prepaid expense	19,782	14,508
Total current assets	228,583	236,356
LONG-TERM ASSETS
Plant and equipment, net	92,546	93,003
Goodwill	78,634	78,634
Intangible assets, net	47,224	54,810
Deferred tax asset	9,283	9,306
Other	7,714	8,768
Total long-term assets	235,401	244,521
Total assets	463,984	480,877
CURRENT LIABILITIES
Current portion of long-term debt	13,877	5,589
Accounts payable	62,167	51,748
Other current liabilities	59,541	68,020
Total current liabilities	135,585	125,357
LONG-TERM LIABILITIES
Long-term debt	287,163	263,880
Pension benefit liability	160,021	192,779
Deferred compensation	3,088	3,169
Environmental liabilities	3,854	3,786
Other long-term liabilities	2,745	3,203
Total long-term liabilities	456,871	466,817
COMMITMENTS AND CONTINGENCIES - See Note 13
SHAREHOLDERS' DEFICIT
Capital in excess of par value	99,238	97,290
Accumulated other comprehensive losses	(25,740)	(25,233)
Accumulated deficit	(162,240)	(143,716)
Treasury stock at cost: 2,040 and 2,021 shares	(50,392)	(50,236)
Total shareholders' deficit	(128,472)	(111,297)
Total liabilities and shareholders' deficit	463,984	480,877
Common Stock
SHAREHOLDERS' DEFICIT
Common stock	9,717	9,653
Common Class A
SHAREHOLDERS' DEFICIT
Common stock	$ 945	$ 945