Standard Register^®

ADVANCING YOUR REPUTATION

600 Albany St. · Dayton, OH 45417

Investor and media contact:

937.221.1000 · 937.221.1486 (fax)

Shaun C. Smith · 937.221.1504

www.standardregister.com

shaun.smith@standardregister.com

For Release on April 28, 2011 at 11:00 a.m. EDT

Standard Register Reports First Quarter 2011 Financial Results

Profit Trends Continue to Improve

DAYTON, Ohio (April 28, 2011) – Standard Register (NYSE: SR) today announced its financial results for the first quarter, which ended April 3, 2011. The Company reported revenue of $164.9 million and a net income of $0.5 million, or $0.02 per share. The results compare to revenue of $167.4 million and a net loss of $0.8 million, or $0.03 per share, last year.

Results of Operations

Revenue was down slightly relative to the prior year.  Increases in core growth solutions were offset by expected declines in legacy products in every segment but Industrial.   Legacy products represent the majority of the Company’s portfolio and provide a foundation of stability, however the Company expects that future revenue growth will be driven by increases in core solution sales throughout all focus markets.

“Solutions that we call core are where the majority of our investment and innovation will continue to take place,” said Joseph Morgan, president and chief executive officer.  “These core solutions have been developed as the result of deep market expertise in assisting our customers to solve problems, operate more efficiently, build brand consistency, reduce risk and ultimately advance their reputations.  The ability to provide these high-value solutions is a fundamental advantage that differentiates Standard Register from our competitors.”

Gross margin as a percent of revenue improved to 32.5 for the quarter versus 32.0 in the prior year.  LIFO inventory adjustment was negligible for the current quarter versus a favorable LIFO adjustment of

$1.7 million for the prior year.  Selling, general and administrative expenses, excluding pension loss amortization were down $3.3 million from the prior year.  Continuous improvement initiatives allowed the Company to enhance its cost structure which, allowed all three business units to show increases in their operating profit over the prior year.  

Adjusting for pension loss amortization and restructuring charges, non-GAAP net income was $4.2 million, or $0.15 per share for the current quarter compared with non-GAAP net income of $2.3 million, or $0.08 per share for the prior year quarter.  

During the quarter, capital expenditures were $1.9 million and are expected to be in the range of  $18-21 million for the year, the majority of which will support the advancement of our core growth solutions.  Pension funding contributions were $8.0 million during the quarter and are expected to be approximately $30 million for the year.  Non-GAAP cash on a net debt basis was $5.8 million positive for the quarter, driven by working capital improvements previously predicted.

“Generating profit and positive cash flow during the quarter demonstrates our progress toward a more enduring environment,” noted Morgan. “However, we know that to be a sustainable organization, we need to deliver growth on the top-line as well.  Driving revenue growth by advancing our core growth solutions is the primary focus for this year.”

Dividend

On Thursday, April 28, 2011, Standard Register’s board of directors declared a quarterly dividend of $0.05 per share to be paid on June 10, 2011, to shareholders of record as of May 27, 2011.  The board will consider future dividend payments on a quarter-by-quarter basis in accordance with its normal practice.

Conference Call

Standard Register’s President and Chief Executive Officer Joe Morgan and Chief Financial Officer Bob Ginnan will host a conference call at 10:00 a.m. EDT on April 29, 2011, to review the first quarter results. The call can be accessed via an audio web cast accessible at: http://www.standardregister.com/investorcenter.

About Standard Register

Standard Register (NYSE:SR) is trusted by the world’s leading companies to advance their reputations by aligning communications with corporate standards and priorities.  Providing market-specific insights

and a compelling portfolio of solutions to address the changing business landscape in healthcare, commercial and industrial markets, Standard Register is the recognized leader in the management and execution of mission-critical communications. More information is available at http://www.standardregister.com.

Safe Harbor Statement

This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995.  Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for fiscal year 2011 and beyond could differ materially from the Company’s current expectations. Forward-looking statements are identified by words such as “anticipates,” “projects,” “expects,” “plans,” “intends,” “believes,” “estimates,” “targets,” and other similar expressions that indicate trends and future events.

Factors that could cause the Company’s results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company’s products and services, the frequency, magnitude and timing of paper and other raw-material-price changes, general business and economic conditions beyond the Company’s control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace including the ability to attract and retain customers, results of continuous improvement and other cost-containment strategies, and the Company’s success in attracting and retaining key personnel.  The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.  

Non-GAAP Measures Presented in This Press Release

The Company reports its results in accordance with Generally Accepted Accounting Principles in the United States (GAAP). However, we believe that certain non-GAAP measures found in this press release, when presented in conjunction with comparable GAAP measures, are useful for investors. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows where amounts are either excluded or included, not in accordance with generally accepted accounting principles. We discuss several measures of operating performance including non-GAAP net income and earnings per share and cash flow on a net debt basis which are not calculated in accordance with GAAP. These non-GAAP measures should not be considered as substitutes for, or superior to, results determined in accordance with GAAP.

Management evaluates the Company’s results excluding pension loss amortization, pension settlements, restructuring charges, and asset impairments. We believe that this non-GAAP financial measure is useful to investors because it provides a more complete understanding of our current underlying operating performance, a clearer comparison of current period results with past reports of financial performance, and greater transparency regarding information used by management in its decision making. Internally, management and our Board of Directors use this non-GAAP measure to evaluate our business performance.

In addition, because our credit facility is borrowed under a revolving credit agreement, which currently permits us to borrow and repay at will up to a balance of $100 million (subject to limitations related to receivables, inventories, and letters of credit), we take the measure of cash flow performance prior to borrowing or repayment of the credit facility. In effect, we evaluate cash flow as the change in net debt (credit facility debt less cash and cash equivalents).

The table below provides a reconciliation of these non-GAAP measures to their most comparable measure calculated in accordance with GAAP.