The New York Stock Exchange has suspended the trading of Top 40 distributor Standard Register’s (asi/33364) stock – a decision the Ohio-based company has announced it will not appeal. The delisting comes after the company failed to maintain a required average global market capitalization over 30 consecutive trading days. Going forward, the company’s stock will be available for trading over-the-counter on the OTC Pink marketplace under the ticker symbol SRCT.
The delisting itself, according to company officials, will have no effect on company operations. The firm, in a statement this morning to Counselor, stressed particular strength in its ad specialty sales. “We’re focused right now and into the future on building our ad specialty business which is performing well,” said Jeff Moder, Standard Register’s recently-named president of promotional marketing. “We’re excited for what’s ahead.”
Standard Register, which provides print materials, promotional products and other marketing services to clients, has undergone a challenging start to 2015. In January, the company said in an Securities and Exchange Commission filing that it was hiring three firms to help with a possible restructuring or sale. “Given the company’s financial performance, debt service requirements, pension obligations and other expenses, the company is focused on negotiating with its lenders and is exploring all of its options,” Standard Register said in a filing. Then, in a filing this week, the company said that CFO Robert Ginnan was resigning. Ginnan will be replaced by Benjamin Cutting, effective tomorrow. Cutting had previously served Standard Register as vice president of finance.
Standard Register has not publicly released Q4 2014 earnings. It did, though, recently report to Counselor that its 2014 North American ad specialty sales were $118.8 million, a year-over-year increase of about 6%. On its Top 40 list, Counselor currently ranks Standard Register as the 12th largest distributor in the industry.