Cenveo Reports Decrease in Net Sales for Q4
For the year ended December 29, 2012, non-GAAP income from continuing operations was $40.2 million, or $0.51 per share, as compared to $40.5 million, or $0.64 per share, for the same period last year. Non-GAAP income from continuing operations excludes integration, acquisition and other charges, stock-based compensation provision, restructuring, impairment and other charges, gain on bargain purchase, loss (gain) on early extinguishment of debt, net, an adjustment to income taxes to reflect an estimated cash tax rate, and an adjustment for interest expense related to the 7 percent convertible notes ("7 percent Notes"), net of taxes. A reconciliation of loss from continuing operations to non-GAAP income from continuing operations is presented in the attached tables.
Adjusted EBITDA for the three months ended December 29, 2012 was $58.0 million, compared to Adjusted EBITDA of $62.6 million for the same period last year. Adjusted EBITDA for the year ended December 29, 2012, was $215.1 million, compared to $221.6 million, for the same period last year. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, integration, acquisition and other charges, stock-based compensation provision, restructuring, impairment and other charges, gain on bargain purchase, loss (gain) on early extinguishment of debt, net and (loss) income from discontinued operations, net of taxes. A reconciliation of net loss to Adjusted EBITDA is presented in the attached tables.
Robert G. Burton, Sr., Chairman and CEO stated:
“Despite a challenging economic backdrop we were able to accomplish several key initiatives in 2012. We completed the refinancing of all our near-term debt maturities, divested a non-core asset, paid down $63 million of debt and invested in our core operations. Our fourth quarter results were similar to the trends that we experienced throughout the year driven by well-known and anticipated top line challenges stemming from continued softness in direct mail from our financial services customers and timing of transactional volumes in our print business. We do believe that we will see normalized volumes from our direct mail customers in 2013 compared to 2012. Despite the continuation of a challenging environment again in the fourth quarter, we were able to generate $33.4 million in cash flows from operating activities of continuing operations.”