Cenveo’s Sales Increase, Robert G. Burton, Jr. Appointed President
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For the six months ended July 2, 2011, the company recorded net income of $3.2 million, compared to a net loss of $19.4 million for the six months ended July 3, 2010. The improvement in net income is primarily due to a preliminary bargain purchase gain of $11.1 million related to the EPG acquisition, lower restructuring and impairment charges and lower interest expense in the first six months of 2011, compared to the first six months of 2010, partially offset by a lower income tax benefit in the first six months of 2011, compared to the first six months of 2010 and a loss on early extinguishment of debt of $2.6 million in the first six months of 2010.
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