UARCO SAVINGS ADVANTAGE PLAN



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

UARCO SAVINGS ADVANTAGE 401(k) 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)















UARCO SAVINGS ADVANTAGE 401(k) PLAN


FINANCIAL STATEMENTS


DECEMBER 31, 2001





UARCO SAVINGS ADVANTAGE 401(k) PLAN


INDEX


DECEMBER 31, 2001





        Page No.


Independent Auditor’s 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 UARCO Savings Advantage 401(k) Plan

Dayton, Ohio


We have audited the accompanying statement of net assets available for benefits of the UARCO Savings Advantage 401(k) 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











UARCO SAVINGS ADVANTAGE 401(k) 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

      47,410,520

 

       62,743,643

    Standard Register Company common stock

           143,945

 

              80,538

    Participant loans

           730,781

 

            921,022

    

      Total assets

      48,285,246

 

       63,745,203

    
    

LIABILITIES

   

  None

                       -

 

                       -

    
    

NET ASSETS AVAILABLE FOR BENEFITS

      48,285,246

 

       63,745,203

    
    
    
    
    
    
    
    
    
    
    
    
    

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

  



UARCO SAVINGS ADVANTAGE 401(k) PLAN

 
    

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS

 
 
 
 
 
    
    
    
    
    
 

 Year Ended December 31

 

2001

 

2000

ADDITIONS

   

  Interest and dividends

          1,774,954

 

     2,856,762

    
    
    

DEDUCTIONS

   

  Net depreciation in fair value of investments

          4,450,736

 

     4,179,186

  Benefits paid directly to participants

        12,781,681

 

   12,952,236

  Administrative expenses

                 2,494

 

            2,957

    
    

      Total deductions

        17,234,911

 

   17,134,379

    
    
    

      Net decrease

      (15,459,957)

 

  (14,277,617)

    
    
    

NET ASSETS AVAILABLE FOR BENEFITS

   

  Beginning of year

        63,745,203

 

   78,022,820

    

  End of year

        48,285,246

 

   63,745,203

    
    
    
    
    
    
    
    

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

   




UARCO SAVINGS ADVANTAGE 401(k) PLAN


NOTES TO FINANCIAL STATEMENTS


DECEMBER 31, 2001




NOTE 1 – DESCRIPTION OF PLAN


The following is a general description of the UARCO Savings Advantage 401(k) Plan (Plan). For a more complete description of the Plan’s provisions, participants should refer to the Plan agreement.


General


The Plan was established June 1, 1988, by UARCO Incorporated (the Company) for eligible employees of the Company and its domestic subsidiaries. The purpose of the Plan is to encourage those employees to provide for their financial security through regular savings and to assist them through matching contributions from the Company.


On December 31, 1997 all of the outstanding shares of the Company were purchased by The Standard Register Company (SRC). The Company operated as a wholly owned subsidiary of SRC for three months until it was merged into SRC, effective March 31, 1998.


Effective April 1, 1998, all UARCO Incorporated employees were employed by SRC and enrolled into the Standard Register Employee Savings Plan. No further Company or SRC contributions to the UARCO Savings Advantage 401(k) Plan are planned.


Eligibility


Employees are eligible to participate in the Plan if they were employees of the Company or its domestic subsidiaries and had completed at least one year of service of at least 1,000 hours.


Contributions


Participants were able to contribute up to 15% of pretax compensation, and up to 20% of compensation equal to any whole percentage of such compensation per payroll period. The sponsor was permitted to make discretionary matching contributions. Effective April 1, 1998, all of the employees of UARCO Incorporated were employed by the Standard Register Company and enrolled in the Standard Register Employee Savings Plan. No further participant contributions to the UARCO Savings Advantage 401(k) Plan are planned.


All pretax contributions are considered tax-deferred under sections 401(a) and 401(k) of the Internal Revenue Code.


Participants were always fully vested in their own contributions, plus earnings thereon. Effective April 1, 1998, participants became fully vested in all Company matching contributions.


Loans


Participants are eligible to borrow against the balances in their accounts, subject to limits established by the IRS. Participants may borrow 50% of their vested balance up to $50,000. The minimum loan is $750. Repayment of a long-term loan may not exceed 15 years. Repayment is intended to be made via payroll deductions. Interest is assessed at a rate, which is equal to 1% above prime at the time of the loan origin.


NOTE 1 – DESCRIPTION OF PLAN (CONTINUED)


Distributions


Distributions under the Plan are made through either lump sum payments, installment payments, or the purchase of a fixed annuity contract. Distributions are not permitted while the participants are employed by SRC, 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 $3,500.



NOTE 2 – 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 preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.


Administrative Expenses


Substantially all administrative expenses are paid by SRC.


Plan Trustee


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



NOTE 3 – PLAN TERMINATION


Subject to certain limitations, the SRC can amend, modify, or discontinue the Plan. If SRC should decide to discontinue the Plan, the trustee shall perform a valuation of the Trust fund as of the termination date, and the participant accounts will be adjusted by SRC in accordance with the provisions of the Plan. Distributions to participants of their accounts will be made by the trustee in accordance with the provisions of the Plan.



NOTE 4 – INCOME TAX STATUS


The Internal Revenue Service ruled July 18, 1995, that the Plan qualified under section 401(a) of the Internal Revenue Code (IRC) and, therefore, the related trust is not subject to tax under present income tax law. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualification.




NOTE 5 – INVESTMENTS


T. Rowe Price Associates, Inc. mutual funds and Standard Register Company common stock are stated at fair value as determined 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, as well as held, during the period) (depreciated) appreciated in fair value by ($4,450,736) and ($4,179,186,) respectively, as follows:


 

2001

 

2000

    

T. Rowe Price Associates, Inc. mutual funds

 $  (4,478,513)

 

 $  (4,162,594)

Standard Register Company common stock

            27,777

 

          (16,592)

Total

 $  (4,450,736)

 

 $  (4,179,186)


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 fair or contract value of individual investments that represent 5% or more of the Plan’s assets as of December 31 is as follows:


 

2001

 

2000

T. Rowe Price Associates, Inc. Mutual Funds:

   

MID Cap Growth Fund

 $    4,754,552

 

 $    6,179,534

Equity Index 500 Fund

  15,662,900

 

  24,501,306

Stable Value Fund

  13,396,251

 

  15,125,389

TRP Balanced Fund

    9,119,408

 

  12,730,735


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 UARCO Savings Advantage 401(k) 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








UARCO SAVINGS ADVANTAGE 401(k) PLAN

 
 

EMPLOYER IDENTIFICATION NUMBER 36-3338329

 
 

PLAN NUMBER 004

 
 

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

      
         

 *

 

MID Cap Growth Fund

 

 120,674 shares

 

       3,892,208

 

4,754,552

 *

 

Equity Index 500 Fund

 

 507,876 shares

 

     14,117,933

 

15,662,900

 *

 

Stable Value Fund

 

 13,396,251 shares

 

     13,396,251

 

13,396,251

 *

 

New Horizons Fund

 

 67,172 shares

 

       1,791,725

 

1,520,106

 *

 

Spectrum Income Fund

 

 25,123 shares

 

          271,671

 

266,302

 *

 

TRP Balanced Fund

 

 521,407 shares

 

       8,837,705

 

9,119,408

 *

 

International Stock Fund

 

 77,888 shares

 

       1,204,043

 

855,990

 *

 

Small Cap Value Fund

 

 47,162 shares

 

          959,541

 

1,068,693

 *

 

Equity Income Fund

 

 32,402 shares

 

          786,168

 

766,318

         
  

      Total T. Rowe Price Associates, Inc. mutual funds

 

     45,257,245

 

47,410,520

         
         
  

COMMON STOCK

      
         

 *

 

Standard Register Company

 

 7,768 shares

 

          122,616

 

143,945

         
    

 Rates ranging

    
  

PARTICIPANT LOANS

 from 7.0%

 

          730,781

 

730,781

    

 to 10.5%

    
         
  

       Total Investments

   

     46,110,642

============

 

        48,285,246

============

         
  

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

  



UARCO  SAVINGS ADVANTAGE 401(k) PLAN

 
 
 
 
 
 
 
 
 
 

EMPLOYER IDENTIFICATION NUMBER 36-3338329

 
 
 
 
 
 
 
 
 
 

PLAN NUMBER 004

 
         

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

      
         

 *

 

MID Cap Growth Fund

 

 155,304 shares

 

5,038,573

 

6,179,534

 *

 

Equity Index 500 Fund

 

 690,178 shares

 

19,186,150

 

24,501,306

 *

 

Stable Value Fund

 

 15,125,389 shares

 

15,125,389

 

15,125,389

 *

 

New Horizons Fund

 

 94,751 shares

 

2,593,563

 

2,263,601

 *

 

Spectrum Income Fund

 

 4,854 shares

 

53,612

 

52,276

 *

 

TRP Balanced Fund

 

 664,097 shares

 

11,247,586

 

12,730,735

 *

 

International Stock Fund

 

 95,617 shares

 

1,519,129

 

1,388,356

 *

 

Small Cap Value Fund

 

 17,462 shares

 

332,802

 

334,230

 *

 

Equity Income Fund

 

 6,819 shares

 

168,915

 

168,216

         
  

      Total T. Rowe Price Associates, Inc. mutual funds

 

55,265,719

 

62,743,643

         
         
  

COMMON STOCK

      
         

 *

 

Standard Register Company

 

5,652 shares

 

103,834

 

80,538

         
    

Rates ranging

    
  

PARTICIPANT LOANS

 

from 7.0%

 

921,022

 

921,022

    

to 9.5%

    
         
  

       Total Investments

   

56,290,575

=========

 

63,745,203

=========

         
  

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