Standard Register

Third Quarter 2007

Conference Call

October 26, 2007

 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 2007 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 31, 2006. 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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Dennis L. Rediker

President and Chief Executive Officer

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Results for the Third Quarter

• Revenue of $208 million, down $6.8 million or 3.2 percent

• A majority of the decrease can be attributed to losses in a few large accounts

• Gross margin improved 1.2 points – 33.9 percent vs. 32.7 percent

• SG&A excluding pension amortization was lower by $6.8 million

• Operating profit of $13.5 million – which was more than double last year

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Operating Segments

• Document and Label Solutions – Down 8 percent or $11.3 million – a few customers accounted for declines of $9.7 million

• Print-on-Demand up 6.9 percent or $4.1 million

• Document Systems down 11.1 percent or $.6 million

• Other – Mainly Commercial print grew 10.6 percent or $1.0 million

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Quarterly Activity

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• We signed 12 multi-year agreements totaling $10.0 million per year

• Re-signed HealthTrust valued at $50 million per year for three years – 4th largest healthcare Group Purchasing Organization (GPO)

• Stepping up activity to provide tamper-resistant prescription pads – copy and paste the following URL address into your browser for more information:

http://www.standardregister.com/docs/whitepapers/EstablishTamperResistantProgram.pdf

• Ranked 6th by Information Week

• Dividend of $0.23 declared on 10/25/07. Will be paid on 12/7/07 to shareholders as of 11/23/07.

Guidance• We expect our fourth quarter revenue to rebound strongly from

the seasonally weaker third quarter, coming in near the level of our prior year fourth quarter. This would put the total year 2007 revenue a couple percentage points or so below the total for 2006.

• As a result of productivity gains and lower operating costs, we expect operating earnings before restructuring, impairment, pension loss amortization, pension settlement, and interest expenses to be higher in the fourth quarter vis-à-vis the comparable quarter of 2006.

• The improved fourth quarter earnings, coupled with below average spending on capital expenditures and pension funding, is expected to produce positive cash flow for the final quarter of the year.

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Craig J. Brown

Chief Financial Officer

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2007 2006 Continuing Operations 2007 2006

208.3 215.1 Revenue 646.9 666.3-3.2% % Change -2.9%

70.6 70.4 Gross Margin 213.7 230.033.9% 32.7% % Revenue 33.0% 34.5%

50.5 57.3 SG&A Expense [Excl Pension Amort / Settle] 167.7 175.86.5 7.1 Depreciation & Amortization 19.8 21.8

13.5 6.0 Operating Income [1] 26.1 32.46.5% 2.8% % Revenue 4.0% 4.9%

5.3 8.0 Pension Loss Amortization / Settlement 22.6 20.73.7 0.6 Restructuring & Impairment 7.1 4.01.0 0.5 Interest Expense & Other 2.6 1.43.4 -3.1 Pretax Income -6.1 6.3

2.0 -2.9 Net Income on Continuing Operations -3.6 2.6

0.07 -0.10 EPS on Continuing Operations Attribution -0.12 0.09-0.08 -0.01 Restructuring & Impairment -0.15 -0.08-0.11 -0.17 Amortization of Prior Years' Pension Losses -0.48 -0.43

-0.04 Tax Adjustments -0.040.26 0.12 All Other 0.51 0.64

0.2 -2.8 Discontinued Operations 0.3 -15.4

0.01 -0.10 EPS on Discontinued Operations 0.01 -0.53

2.2 -5.7 Total Net Income / (Loss) -3.3 -12.7

0.08 -0.20 Total Earnings Per Share -0.11 -0.44

[1] Non-GAAP measure - Operating Income Before Restructuring, Impairment, Pension Loss Amortization, and Pension Settlement.

Standard Register CompanyAnalysis of Operations

3rd Quarter 9 Months YTD

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$ Millions

Operating Investment Dec-06 Jun-07 Sep-07

Working Capital Excl Cash & Debt 116.3 114.3 121.8Capital Assets @ NBV 119.3 119.6 113.7All Other Net LT Assets / (Liabilities) -76.6 -63.7 -47.0Net Operating Investment 159.1 170.2 188.6

Turnover -- Working Capital + Capital Assets 3.8x 3.8x 3.7x

Capital Structure

Total Debt 41.4 54.1 63.7Cash & Short-term Investments 0.5 0.0 0.0Net Debt [Debt less Cash] 40.9 54.1 63.7Net Debt: Total Capital 25.7% 31.8% 33.8%

Shareholders' Equity 118.2 116.1 124.9Total Capital 159.1 170.2 188.6

[1] Earnings before interest, taxes, depreciation, restructuring, impairment, pension & other postretirement expenses.

Standard Register CompanyBalance Sheet Analysis

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For Additional Information, contact:

Robert J. Cestelli

Vice President, Investor Relations

Phone: 937.221.1304

Fax: 937.221.1205

E-mail: robert.cestelli@standardregister.com

Website: www.standardregister.com

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