1. Standard Register
First Quarter 2009
Conference Call
February 20, 2009
April 24, 2009

2. 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 2009 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, cost-containment strategies, and the Company’s
success in attracting and retaining key personnel. Additional information concerning factors
that could cause actual results to differ materially from those projected is contained in the
Company’s filing with The Securities and Exchange Commission, including its report on Form
10-K for the year ended December 28, 2008. 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.
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3. Joseph P. Morgan
President and Chief Executive Officer
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4. Results of Operations
• Revenue down in the quarter – lower units, pricing
pressure and technological infringement
• SG&A lower excluding pension charges
• Gross margins even in spite of lower revenue
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5. Strategy Statement
• Invest in people and resources
• Leverage technology platform
• Foster innovation to solve customer problems
• Develop partnerships with companies
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6. Five Points of Change – The Plan
1. Organizational Transformation
2. Go-to-Market Transformation
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7. Focus on Three Markets – Shared Services
Healthcare
Shared Services
Manufacturing
Supply Chain
Industrial Technology
Client Satisfaction
Alternative Channels
Finance
Human Resources & Legal
Commercial
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8. Five Points of Change – The Plan
1. Organizational Transformation
2. Go-to-Market Transformation
3. Relentless Pursuit of Cost Reduction
4. Intense Governance for ROI
5. Measurement of Progress & Success
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9. Robert M. Ginnan
Chief Financial Officer
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10. Standard Register Company
Analysis of Operations
First Quarter
Continuing Operations 2009 2008
Revenue 174.6 207.2
% Change -15.7%
Gross Margin 54.2 64.8
% Revenue 31.1% 31.3%
SG&A Expense 51.8 59.5
Pension Settlement 19.7 0.0
Restructuring & Impairment 0.6 0.2
Operating Income / (Loss) -17.9 5.1
Interest Expense & Other 0.3 0.7
Pretax Income / (Loss) -18.2 4.4
Income Taxes -7.2 1.9
Total Net Income / (Loss) -11.0 2.5
Total Earnings Per Share -0.38 0.09
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11. Standard Register Company
Revenue by Business Unit
First Quarter
Revenue 2009 % Chg 2008
Healthcare 62.9 68.2
-7.9%
Commercial 97.5 117.4
-16.9%
Industrial 14.2 21.6
-34.2%
Total Company 174.6 207.2
-15.7%
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12. S ta n d a r d R e g is te r C o m p a n y
B a la n c e S h e e t A n a ly s is
O p e r a tin g In v e s tm e n t M a r -0 8 D e c -0 8 M a r-0 9
W o r k in g C a p ita l [E x c l C a s h & D e b t] 1 0 9 .5 8 6 .3 9 1 .1
T u rn o v e r 7 .7 x 9 .2 x 8 .3 x
C a p ita l A s s e ts @ N B V 1 0 7 .3 1 0 2 .1 9 9 .4
T o ta l W o rk in g C a p ita l + C a p ita l A s s e ts 2 1 6 .8 1 8 8 .4 1 9 0 .5
T u rn o v e r -- W o rk in g C a p ita l + C a p ita l A s s e ts 3 .9 x 4 .2 x 4 .0 x
P e n s io n L ia b ility -1 2 9 .2 -2 3 5 .5 -2 0 8 .7
D e fe rr e d T a x A s s e t 7 7 .1 1 1 4 .1 1 0 5 .1
A ll O th e r N e t L T A s s e ts / (L ia b ilitie s ) -7 .6 1 .7 3 .1
N e t O p e ra tin g In v e s tm e n t 1 5 7 .1 6 8 .7 9 0 .0
C a p ita l S tr u c tu r e
T o ta l D e b t 4 5 .0 3 4 .0 4 1 .5
C a s h & S h o r t-te rm In v e s tm e n ts 3 .4 0 .3 0 .4
N et D ebt 4 1 .6 3 3 .7 4 1 .2
N e t D e b t: T o ta l C a p ita l 2 6 .5 % 4 9 .1 % 4 5 .7 %
S h a re h o ld e r s ' E q u ity 1 1 5 .5 3 5 .0 4 8 .8
T o ta l C a p ita l 1 5 7 .1 6 8 .7 9 0 .0
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13. For Additional Information, contact:
Robert J. Cestelli
Phone: 937.221.1304
Fax: 937.221.1205
E-mail: robert.cestelli@standardregister.com
Website: www.standardregister.com
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