Cenveo Ups Q2 Guidance, Kills Pill
STAMFORD, CT—On the heels of Cenveo’s second quarter financial report, Chairman and CEO Bob Burton said that he anticipates non-GAAP earnings to be in the $0.13 to $0.15 per diluted share range, compared to earlier guidance of $0.06 per diluted share.
Burton cites the company’s turnaround plan, implemented last September after his management team took control of the company, as a catalyst for the performance.
“We continue to deliver the results we have committed to because of our unwavering focus on controlling costs, increasing productivity and growing our business organically,” Burton said in a statement.
Cenveo also announced it has terminated the company’s Rights Agreement (commonly known as a “poison pill”), which had been adopted by its former directors.