Cenveo Reports Larger Loss on Small Uptick in Sales

STAMFORD, CT—March 2, 2011—Cenveo, Inc. announced results for the three months and full year ended Jan. 1, 2011. For the quarter, its net sales were $460.4 million, as compared to $456.8 million for the same period in the previous year. For the three months, the company reported a net loss of $9.8 million, as compared to a net loss of $9.4 million for the quarter in 2010. The net loss includes non-cash restructuring charges of $12 million, primarily related to real estate actively being marketed for sale and the company’s decision to exit two multi-employer pension funds as well as a loss on early extinguishment of debt of $7.0 million relating to the refinancing of its credit facility.

On a Non-GAAP basis, income from continuing operations was $14.1 million for the three months ended Jan. 1, 2011. Non-GAAP income from continuing operations excludes integration, acquisition and other charges, stock-based compensation provision, restructuring, impairment and other charges, divested operations or assets held for sale, (gain) loss on early extinguishment of debt and adjusts income taxes to reflect an estimated cash tax rate.

Adjusted EBITDA for the quarter was $60.3 million. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, integration, acquisition and other charges, stock-based compensation provision, restructuring, impairment and other charges, divested operations or assets held for sale, (gain) loss on early extinguishment of debt, and income (loss) from discontinued operations, net of taxes.

For the full year ended Jan. 1, 2011, net sales were $1.8 billion, as compared to $1.7 billion for the same period in the previous year. The increase in the company’s net sales was primarily due to the inclusion of Nashua in the company’s results for a full year in 2010, partially offset by the loss of sales from plant closures and consolidation that occurred in 2009 and early 2010.

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