<B> THE STANDARD REGISTER



SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549




--------------------------------

FORM 11-K

--------------------------------




(MARK ONE)

X  Annual Report pursuant to Section 15(d) of the Securities Exchange Act of 1934 for the fiscal year ended December 31, 2001.

__   Transition Report pursuant to Section 15(d) of the Securities Exchange Act of 1934 for the transition period from ______ to ______.


THE STANDARD REGISTER COMPANY

EMPLOYEE SAVINGS PLAN

(Full title of the plan)



THE STANDARD REGISTER COMPANY

(Name of issuer of the securities held pursuant to the plan)



600 Albany Street, Dayton, Ohio  45408

(Address of principal executive office)















THE STANDARD REGISTER


EMPLOYEE SAVINGS PLAN


FINANCIAL STATEMENTS


DECEMBER 31, 2001




















THE STANDARD REGISTER


EMPLOYEE SAVINGS PLAN


INDEX


DECEMBER 31, 2001







        Page No.


Independent Auditors’ Report

1


Statement of Net Assets Available for Benefits

2


Statement of Changes in Net Assets Available for Benefits

3


Notes to the Financial Statements

4-6


Independent Auditors’ Report on Supplemental Information

7


Supplemental Schedules

Schedule of Assets Held for Investment Purposes

8-9




















INDEPENDENT AUDITORS’ REPORT



The Standard Register Employee Savings Plan

Dayton, Ohio


We have audited the accompanying statement of net assets available for benefits of the Standard Register Employee Savings Plan as of December 31, 2001 and 2000, and the related statement of changes in net assets available for benefits for the years then ended. These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on these financial statements based on our audits.


We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.


In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2001 and 2000, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.






June 13, 2002

Dayton, Ohio







THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN

 
 
 
 
 

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS

 
 
 
 
 
    
    
    
    
    
    
    
 

December 31

                                                            

2001

 

2000

    

ASSETS

   
    

  Participant directed investments, at fair value

   

    T. Rowe Price Associates, Inc. mutual funds

 188,615,255

 

 204,424,403

    Standard Register Company common stock

     3,116,189

 

     1,201,437

    Participant loans

     3,955,073

 

     4,581,016

 

 195,686,517

 

 210,206,856

    

  Cash

                 88

 

                    -

    

      Total assets

 195,686,605

 

 210,206,856

    
    

LIABILITIES

   

  Excess contributions payable

        280,053

 

        758,244

    
    

NET ASSETS AVAILABLE FOR BENEFITS

 195,406,552

 

 209,448,612

    
    
    
    
    
    
    
    
    

The accompanying notes are an integral part of the financial statements.

   



THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN

 
    

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 
 
 
 
 
    
    
 

Year Ended December 31

 

2001

 

2000

    

ADDITIONS

   

  Interest and dividends

     7,136,676

 

   13,277,984

    
    

  Contributions

   

    Participant

   17,093,960

 

   20,677,984

    Employer

     2,627,722

 

     2,925,071

 

   19,721,682

 

   23,603,055

    

  Miscellaneous

          10,775

 

                    -

    
    

      Total additions

   26,869,133

 

   36,881,039

    
    

DEDUCTIONS

   

  Net depreciation in fair value of investments

   11,146,845

 

   14,837,207

  Benefits paid directly to participants

   29,746,398

 

   20,653,356

  Administrative fees

          17,950

 

          22,650

  Miscellaneous

                    -

 

        129,026

      Total deductions

   40,911,193

 

   35,642,239

    

      Net (decrease) increase

  (14,042,060)

 

     1,238,800

    
    

NET ASSETS AVAILABLE FOR BENEFITS

   

  Beginning of year

 209,448,612

 

 208,209,812

    

  End of year

 195,406,552

 

 209,448,612

    
    
    
    
    

The accompanying notes are an integral part of the financial statements.

   

THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN


NOTES TO FINANCIAL STATEMENTS


DECEMBER 31, 2001




NOTE 1 - DESCRIPTION OF PLAN


The following description of The Standard Register Employee Savings Plan provides only general information. Participants should refer to the Plan agreement for a more complete description of the Plan’s provisions.


General


The Plan is a defined contribution plan established to provide participating employees of The Standard Register Company (Company or employer) with the opportunity to plan a savings program for long-term financial security.


All full-time employees are eligible to participate in the Plan. Contributions to the Plan are made by both employer and participant within limitations stipulated in section 401(k) of the Internal Revenue Code.


Participant Contributions


Participants may elect to contribute between 1% and 21% of their eligible annual compensation.


Employer Contributions


The Plan allows for an employer match of 50% (up to 6% of pay) of each dollar contributed by participants who elected the Pension Equity Plan formula for benefits under the Stanreco Retirement Plan. For participants who elected to be covered by the Stanreco Retirement Plan’s Traditional Formula or are active members of the Standard Register Company Local 768 IUE, AFL/CIO Pension Plan, the employer contribution is 10% (up to 6% of pay) of each dollar contributed by the participant.  The employer makes matching contributions at the end of each pay period.


Vesting


Participants are immediately vested in their voluntary contributions plus actual earnings thereon.  Vesting in the employer contribution portion of their accounts plus earnings thereon is based on years of continuous service.  A participant has no vested interest for the first five years of credited service.  After five years, a participant is 100 percent vested.


If a participant terminates or retires, the participant’s non-vested portion of the employer match is used to reduce future employer contributions.  However, if a participant’s employment is involuntarily terminated between December 1, 2000 and December 31, 2001 as a result of the corporate restructuring program, they shall become 100 percent vested in their respective Matching Contribution Account when employment is terminated.


Distributions


All distributions under the Plan are paid in lump sum or periodic installments.  Installments (quarterly, semi-annually, or annually) may not exceed 15 years and are not allowed if the installment payment will be for an amount less than $100 per month.  


NOTE 1 - DESCRIPTION OF PLAN (CONTINUED)


Distributions (Continued)


Distributions are not permitted while participants are employed by the Company, except for “Hardship” as defined by the IRS, when employees reach age 59½ or become disabled, and distributions of after-tax contributions and rollovers.  Participants who have terminated or retired may elect an immediate distribution or may defer this distribution up to age 70½ if the fund balance is at least $5,000.


Participant Loans


An active participant may obtain a loan by direct application with the trustee.  A loan may be up to $50,000 or 40% of the participant’s nonforfeitable individual account balance, whichever is lower. The minimum loan amount shall be $1,000. If the loan is to be used to acquire the participant’s principal residence, then the minimum loan amount is $10,000.  The maximum loan term is four years, nine months for regular loans and 15 years for principal residence loans.  The minimum term for all loans is one year.


Non-discrimination Tests


There is a limit placed on the percent of compensation deferred by those participants found in the highest paid one-third of all eligible employees. The Company compares the deferral percentages against several tests as prescribed by law. If the tests are not met, the Company reduces the contribution percentage of the group comprising the highest paid one-third of all participants until the tests are met. If, at the end of the year, the tests are still not met, the Company reclassifies the amount of salary deferral made by the participants in this top one-third group. The Company then moves the necessary amount of pre-taxed money out of the salary deferral account, subjects this amount to taxability and refunds any excess to the participant. Excess contributions at December 31, 2001 and 2000 amounted to $280,053 and $758,244, respectively.


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Basis of Accounting


The financial statements of the Plan are prepared on the accrual method of accounting.


Payment of Benefits


Benefits are recorded when paid.


Use of Estimates


The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan administrator to make estimates and assumptions that affect certain amounts and disclosures reported in the financial statements and accompanying notes. Actual results could differ from these estimates.


Plan Trustee


Investments are held by T. Rowe Price Trust Company, the Plan’s trustee.


Administrative Expenses


Substantially all administrative expenses are paid by the Company.


NOTE 3 - INVESTMENTS


The T. Rowe Price Associates, Inc. mutual funds and Standard Register Company common stock are stated at fair value by the market values of the underlying securities. Participant loans are stated at cost, which approximates fair value.

During 2001 and 2000, the Plan’s investments (including investments bought, sold and held during the year) appreciated (depreciated) in value by a net $11,146,845 and $14,837,207, respectively, as follows:

 

2001

 

2000

    

T. Rowe Price Associates, Inc. mutual funds

 $    (11,635,067)

 

 $    (14,686,177)

Standard Register Company common stock

              488,222

 

            (151,030)

Total

 $    (11,146,845)

 

 $    (14,837,207)


NOTE 4 - PLAN TERMINATION


The Company expects to continue the Plan indefinitely, but continuance is not assumed as a contractual obligation and the Company reserves the right at any time by action of its Board of Directors to terminate the Plan. The allocation and distribution of contributions would be in accordance with the approved Plan agreement.


NOTE 5 - INCOME TAX STATUS


The Internal Revenue Service has ruled that the Plan qualifies under Section 401(b) of the Internal Revenue Code and therefore, is not subject to tax under present income tax law. Once qualified, the Plan is required to operate in conformity with the Internal Revenue Code to maintain its qualification. The Plan’s sponsor is not aware of any action or event that has occurred that might affect the Plan’s qualified status.


The Plan obtained its latest determination letter on August 17, 1995, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code. The Plan has been amended since receiving the determination letter. However, the Plan administrator and the Plan’s tax counsel believe that the Plan is currently designed and being operated in compliance with the applicable requirements of the Internal Revenue Code. Therefore, no provision for income taxes has been included in the Plan’s financial statements.


NOTE 6 - CONCENTRATIONS OF INVESTMENT RISK


Financial instruments that potentially subject the Plan to significant concentrations of risk consist primarily of mutual funds and common stock. These investments are subject to the normal risks associated with financial markets.


The following presents investments that represent 5 percent or more of the Plan’s net assets at December 31.

 

2001

 

2000

T. Rowe Price Associates, Inc. Mutual Funds

   

Stable Value Common Trust Fund

 $  61,034,068

 

 $  63,968,957

New Horizons Fund

     43,364,753

 

     47,799,642

Equity Index Fund

     34,365,304

 

     43,377,726

Balanced Fund

     20,155,795

 

     23,327,605

Mid Cap Growth Fund

     14,244,263

 

     14,846,762


NOTE 7 - REPORTABLE TRANSACTIONS


There were no reportable transactions for the years ended December 31, 2001 and 2000.













INDEPENDENT AUDITORS’ REPORT

ON SUPPLEMENTAL INFORMATION




The Standard Register Employee Savings Plan

Dayton, Ohio



Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes are presented for the purpose of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. These supplemental schedules are the responsibility of the Plan’s management. The supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole.






June 13, 2002

Dayton, Ohio









THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN

 
 
 
 
 
 
 
 
 
 

EMPLOYER IDENTIFICATION NUMBER 31-0455440

 
         

PLAN NUMBER 015

 
         

SCHEDULE H, PART IV, 4i

         

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES

         

DECEMBER 31, 2001

         
    

 ( c )

   

 (e)

  

(b)

 

 Description of

 

 (d)

 

 Fair

 (a)

 

Identity of Issue

 

 Investment

 

 Cost

 

  Value

         
  

T. ROWE PRICE ASSOCIATES, INC.

    
  

MUTUAL FUNDS

      
         

 *

 

Stable Value Common Trust Fund

 

 61,034,068 shares

 

      61,034,068

 

      61,034,068

 *

 

New Horizons Fund

 

 1,916,251 shares

 

      45,121,195

 

      43,364,753

 *

 

Equity Index Fund

 

 1,114309 shares

 

      38,893,910

 

      34,365,304

 *

 

Balanced Fund

 

 1,152,418 shares

 

      21,809,069

 

      20,155,795

 *

 

International Stock Fund

 

 478,782 shares

 

        6,692,463

 

        5,261,814

 *

 

Spectrum Income Fund

 

 219,690 shares

 

        2,367,587

 

        2,328,716

 *

 

Mid Cap Growth Fund

 

 361,530 shares

 

      14,208,510

 

      14,244,263

 *

 

Small Cap Value Fund

 

 224,262 shares

 

        4,645,032

 

        5,081,778

 *

 

Equity Income Fund

 

 117,495 shares

 

        2,849,566

 

        2,778,764

         
  

       Total T. Rowe Price Associates, Inc. mutual funds

 

    197,621,400

 

    188,615,255

         
  

COMMON STOCK

      
         

 *

 

Standard Register Company

 

 168,170 shares

 

        2,728,231

 

        3,116,189

         
    

 Rates ranging

    
  

PARTICIPANT LOANS

 from 7.0%  

 

        3,955,073

 

        3,955,073

    

 to 10.5%

    
         
  

      Total Investments

   

    204,304,704

==========

 

    195,686,517

===========

         
  

An (*) in column (a) identifies a person to be a party-in-interest to the plan.

  



THE STANDARD REGISTER EMPLOYEE SAVINGS PLAN

 
 

EMPLOYER IDENTIFICATION NUMBER 31-0455440

 
 

PLAN NUMBER 015

 
 

SCHEDULE H, PART IV, 4i

 
 

SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES

 
 

DECEMBER 31, 2000

 
 
    

 ( c )

   

 (e)

  

(b)

 

 Description of

 

 (d)

 

 Fair

 (a)

 

Identity of Issue

 

 Investment

 

 Cost

 

  Value

         
  

T. ROWE PRICE ASSOCIATES, INC.

    
  

MUTUAL FUNDS

      
         

 *

 

Stable Value Common Trust Fund

 

63,968,957 shares

 

     63,968,957

 

     63,968,957

 *

 

New Horizons Fund

 

2,000,822 shares

 

     54,976,254

 

     47,799,642

 *

 

Equity Index Fund

 

1,221,908 shares

 

     47,995,448

 

     43,377,726

 *

 

Balanced Fund

 

1,216,881 shares

 

     23,924,725

 

     23,327,605

 *

 

International Stock Fund

 

501,068 shares

 

       9,194,875

 

       7,275,512

 *

 

Spectrum Income Fund

 

131,657 shares

 

       1,402,371

 

       1,417,948

 *

 

Mid Cap Growth Fund

 

373,128 shares

 

     15,203,852

 

     14,846,762

 *

 

Small Cap Value Fund

 

89,184 shares

 

       1,714,419

 

       1,706,987

 *

 

Equity Income Fund

 

28,507 shares

 

          690,149

 

          703,264

         
  

       Total T. Rowe Price Associates, Inc. mutual funds

 

   219,071,050

 

   204,424,403

         
  

COMMON STOCK

      
         

 *

 

Standard Register Company

 

84,311 shares

 

       1,289,966

 

       1,201,437

         
    

 Rates ranging

    
  

PARTICIPANT LOANS

 from 7.0% to

 

       4,581,016

 

       4,581,016

    

to 9.5%

    
         
  

      Total Investments

   

   224,942,032

==========

 

   210,206,856

==========

         
  

An (*) in column (a) identifies a person to be a party-in-interest to the plan.