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Cenveo Reports Smaller Loss on Lower Sales

March 3, 2010
STAMFORD, CT—March 3, 2010—Cenveo, Inc. (NYSE: CVO) today announced results for the three months and full year ended January 2, 2010.

For the three months ended January 2, 2010, net sales were $456.8 million, as compared to $517.2 million for the same period in the previous year. The company reported a net loss of ($9.4) million, or ($0.15) per share, as compared to a net loss of ($309.7) million, or ($5.71) per share, for the three months ended January 3, 2009. On a Non-GAAP basis, income from continuing operations was $15.6 million, or $0.25 per diluted share for the three months ended January 2, 2010.

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 three months ended January 2, 2010 was $60.8 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. Free cash flow is defined as Adjusted EBITDA less cash interest, cash taxes, and capital expenditure. An explanation of the Company’s use of Non-GAAP measures, Adjusted EBITDA and free cash flow is detailed below.

For the full year ended January 2, 2010, net sales were $1.7 billion, as compared to $2.1 billion for the same period in the previous year. For the year ended January 2, 2010, the company reported a net loss of ($30.9) million, or ($0.54) per share, as compared to a net loss of ($298.0) million, or ($5.53) per share, for the year ended January 3, 2009. On a Non-GAAP basis, income from continuing operations was $26.0 million or $0.46 per diluted share for the full year. Adjusted EBITDA for the full year was $201.7 million.

Robert G. Burton, Sr., Chairman and Chief Executive Officer stated: “We are very pleased with the Company’s fourth quarter performance. Despite a challenging economic environment, we were able to deliver on our financial commitments with sequential improvements throughout the year. We also continued to see stabilization in many of the product markets we serve. These market improvements, combined with the cost savings actions we implemented earlier in the year and our successful integration of the Nashua acquisition, helped us increase operational performance and drive stronger cash flow. Our focus on cost reductions allowed us to deliver Non-GAAP operating income margins of 9.9% for the quarter, while our emphasis on generating strong cash flows helped us reduce debt by $47.7 million during the fourth quarter.”
 

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