Standard Register's Results Hampered by Financial Services Client

Consolidated gross margin as a percent of revenue was 30 percent, the same as for the fourth quarter of 2011. Selling, general and administrative (SG&A) expenses declined 18 percent in the quarter.

Full Year Results
Total revenue declined 7 percent to $602.0 million compared to $648.1 million for the full year 2011. Over half of this decline was attributable to reduced volume with the large financial services customer and the remainder was primarily the result of Legacy product unit volumes declining more rapidly than growth in Core solutions sales. For 2012, Core solutions declined 0.3 percent. Legacy products declined 12 percent. At the end of 2012, Core solutions comprised 43 percent of revenue, compared to 40 percent at the end of 2011. Legacy products correspondingly declined to 57 percent from 60 percent for the same periods.