Cenveo Announces Third Quarter 2007 Results

3rd Quarter EPS of $0.06 per diluted share
3rd Quarter Non-GAAP EPS of $0.37 per diluted share, up 37% from prior year
3rd Quarter Adjusted EBITDA of $70.7 million, up 72% from prior year
Integration of acquisitions on schedule

STAMFORD, CT – (November 7, 2007) – Cenveo, Inc. (NYSE: CVO) today announced its
results for the three and nine months ended September 30, 2007.

For the third quarter of 2007, the Company reported net income of $3.0 million, or $0.06 per
diluted share, as compared to net income of $11.6 million, or $0.21 per diluted share, in
2006. The third quarter 2007 results included a loss from discontinued operations of $0.8
million, as compared to income from discontinued operations of $2.3 million in the same
period of 2006. Third quarter 2007 results also included restructuring and impairment
charges of $20.3 million, as compared to restructuring and impairment charges of $4.7
million in the same period of 2006. The restructuring and impairment charges in the third
quarter of 2007 primarily relate to the closure of certain businesses that were contemplated as
a part of our recent acquisition activity. Net sales for the quarter increased approximately
43% to $551 million from $384 million in the same period of 2006, primarily due to the
acquisitions of Printegra, Cadmus, ColorGraphics, and Commercial Envelope that we
completed in 2007.

Non-GAAP income from continuing operations totaled $20.4 million, or $0.37 per diluted
share, in the third quarter of 2007, as compared to $14.9 million, or $0.27 per diluted share,
in the third quarter of 2006. Non-GAAP income from continuing operations excludes
integration costs, restructuring and impairment charges, (gain) loss on sale of non-strategic
businesses, loss on early extinguishment of debt, and income tax (expense) benefit. A

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reconciliation of income from continuing operations to non-GAAP income from continuing
operations and the related per share data is presented in the attached tables.

Operating income totaled $30.0 million in the third quarter of 2007, as compared to $25.0
million in the third quarter of 2006. Non-GAAP operating income in the third quarter of
2007 was $50.8 million, which produced a 9.2% margin, reflecting the continued benefits of
our cost savings, restructuring and integration plans and productivity efforts. Non-GAAP
operating income excludes integration costs and restructuring and impairment charges. A
reconciliation of operating income to non-GAAP operating income is presented in the
attached tables.

Adjusted EBITDA in the third quarter of 2007 was $70.7 million, as compared to $41.0
million in the same period last year, an increase of approximately 72%. Adjusted EBITDA is
defined as earnings before interest, taxes, depreciation and amortization, excluding
integration costs, restructuring and impairment charges, (gain) loss on sale of non-strategic
businesses, divested operations EBITDA, loss on early extinguishment of debt, stock-based
compensation provision, and income (loss) from discontinued operations. An explanation of
the Company’s use of Adjusted EBITDA is detailed below, and a reconciliation of net
income to Adjusted EBITDA is presented in the attached tables.

For the first nine months of 2007, the Company reported net income of $24.5 million, or
$0.45 per diluted share, as compared to net income of $90.7 million, or $1.70 per diluted
share, in the first nine months of 2006. The results for the first nine months of 2007 included
income from discontinued operations of $15.1 million, as compared to income from
discontinued operations of $136.1 million in the same period of 2006, primarily relating to
our sale of Supremex. The first nine months of 2007 results included restructuring and
impairment charges of $32.1 million, as compared to restructuring and impairment charges of
$35.4 million in the same period of 2006. Net sales for the first nine months of 2007
increased approximately 30% to $1.46 billion from $1.13 billion in 2006, primarily due to
the acquisitions of Cadmus and Printegra, which both closed in the first quarter of 2007, and
ColorGraphics and Commercial Envelope, which both closed in the third quarter of 2007.

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Non-GAAP income from continuing operations for the first nine months of 2007 totaled
$46.7 million, or $0.85 per diluted share, as compared to $28.3 million, or $0.52 per diluted
share, in the first nine months of 2006. Non-GAAP income from continuing operations
excludes integration costs, restructuring and impairment charges, (gain) loss on sale of non-
strategic businesses and loss on early extinguishment of debt. A reconciliation of income
(loss) from continuing operations to non-GAAP income from continuing operations and the
related per share data is presented in the attached tables.

Operating income was $88.3 million for the first nine months of 2007, as compared to $40.6
million during the same period in 2006. Non-GAAP operating income in the first nine
months of 2007 was $121.4 million, which produced an 8.3% margin, reflecting the
continued benefits of our cost savings, restructuring and integration plans. Non-GAAP
operating income excludes integration costs and restructuring and impairment charges. A
reconciliation of operating income to non-GAAP operating income is presented in the
attached tables.

Adjusted EBITDA for the first nine months of 2007 was $172.9 million, as compared to
$111.2 million in the same period last year, an increase of 55%. Adjusted EBITDA is
defined as earnings before interest, taxes, depreciation and amortization, excluding
integration costs, restructuring and impairment charges, (gain) loss on sale of non-strategic
businesses, divested operations EBITDA, loss on early extinguishment of debt, stock-based
compensation provision, and income (loss) from discontinued operations. An explanation of
the Company’s use of Adjusted EBITDA is detailed below and a reconciliation of net income
(loss) to Adjusted EBITDA is presented in the attached tables.

Robert G. Burton, Chairman and Chief Executive Officer stated:
“Cenveo delivered another outstanding performance during the third quarter. These strong
results were driven by a combination of solid performance across our business units, a strong
focus on costs, and the benefits from the integration efforts for our recent acquisitions. These
efforts combined with a strengthened focus on productivity and efficiency efforts allowed us

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to increase our non-GAAP operating margin to 9.2% during the quarter, well ahead of last
year’s 7.7%, and deliver almost $71 million in adjusted EBITDA. I am very pleased with
our strong generation of cash from continuing operations of over $21.3 million during the
quarter and $60.0 million during the first nine months, representing a $76.5 million year to
date improvement compared to 2006. I believe that these results demonstrate the Company’s
strategy is working by delivering strong financial performance, strong cash flow and giving
Cenveo the ability to invest in growth opportunities to increase shareholder value.”

Robert G. Burton, Chairman and Chief Executive Officer continued:
“We have worked hard in the third quarter integrating our two most recent acquisitions and
focusing on improving our core operations. The integration of the acquisitions has allowed
us to take swift and aggressive actions designed to drive incremental improvements to our
platform by focusing on consolidating overlapping facilities, and eliminating duplicate
headcount and systems. We have streamlined our operations and are now offering our
customers the benefits of our expanded business platform. We are doing this while
improving our cost structure, expanding our sales initiatives, increasing productivity and
reducing waste. I am very pleased with the progress of the integration efforts to date for the
four acquisitions we completed this year, and I am convinced that we are well positioned for
the future.”

Mr. Burton concluded:
“As we enter the fourth quarter and look to finish 2007 on a positive note, I can assure you
that we are extremely focused on delivering our fourth quarter and full year financial
commitments. We will continue to focus on delivering strong free cash flow and using these
funds to service our debt and invest in the future growth of our business through capital
expenditures and strategic acquisitions. I am also pleased with the sales momentum that we
are seeing in the marketplace. We believe we are becoming the printer of choice in the
markets we serve. I am very pleased with our third quarter results, the fourth quarter looks
promising, and I will communicate our revised guidance on the call tomorrow.”



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Conference Call:
Cenveo will host a conference call tomorrow, Thursday November 8, 2007, at 10:00 a.m.
Eastern Time. The conference call will be available via webcast, which can be accessed via
the Internet at www.cenveo.com.

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Cenveo, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(Unaudited)


Three Months Ended
September 30, Nine Months Ended
September 30,
2007 2006 2007 2006
Net sales $ 550,601 $ 383,868 $ 1,462,275 $ 1,127,049
Cost of sales 433,774 307,013 1,166,483 901,233
Selling, general and administrative 63,650 45,703 168,173 145,874
Amortization of intangible assets 2,819 1,422 7,245 3,984
Restructuring and impairment charges 20,312 4,702 32,094 35,390
Operating income 30,046 25,028 88,280 40,568
(Gain) loss on sale of non-strategic businesses (189) — (189) 1,849
Interest expense, net 25,283 13,939 63,091 47,013
Loss on early extinguishment of debt 51 — 9,256 32,744
Other expense (income) net 899 102 2,068 (382)
Income (loss) from continuing operations before income taxes 4,002 10,987 14,054 (40,656)
Income tax expense 160 1,697 4,698 4,704
Income (loss) from continuing operations 3,842 9,290 9,356 (45,360)
Income (loss) from discontinued operations, net of taxes (810) 2,326 15,142 136,083
Net income $ 3,032 $ 11,616 $ 24,498 $ 90,723
Income (loss) per share - basic:
Continuing operations $ 0.07 $ 0.18 $ 0.18 $ (0.85)
Discontinued operations (0.01) 0.04 0.28 2.55
Net income $ 0.06 $ 0.22 $ 0.46 $ 1.70
Income (loss) per share—diluted:
Continuing operations $ 0.07 $ 0.17 $ 0.17 $ (0.85)
Discontinued operations (0.01) 0.04 0.28 2.55
Net income $ 0.06 $ 0.21 $ 0.45 $ 1.70
Weighted average shares:
Basic 53,572 53,342 53,545 53,237
Diluted 54,531 54,189 54,614 53,237




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Cenveo, Inc. and Subsidiaries
Reconciliation of Income (Loss) from Continuing Operations to Non-GAAP Income from Continuing Operations and
Related Per Share Data
(in thousands, except per share data)
(Unaudited)


Three Months Ended
September 30, Nine Months Ended
September 30,
2007 2006 2007 2006

Income (loss) from continuing operations $ 3,842 $ 9,290 $ 9,356 $ (45,360)
Integration costs 462 — 1,039 —
Restructuring and impairment charges 20,312 4,702 32,094 35,390
(Gain) loss on sale of non-strategic businesses (189) — (189) 1,849
Loss on early extinguishment of debt 51 — 9,256 32,744
Income tax (expense) benefit (4,041) 860 (4,893) 3,694
Non-GAAP income from continuing operations $ 20,437 $ 14,852 $ 46,663 $ 28,317

Income (loss) per share – diluted:
Continuing operations $ 0.07 $ 0.17 $ 0.17 $ (0.84)
Integration costs 0.01 — 0.02 —
Restructuring and impairment charges 0.37 0.09 0.58 0.65
(Gain) loss on sale of non-strategic businesses — — — 0.03
Loss on early extinguishment of debt — — 0.17 0.61
Income tax (expense) benefit (0.08) 0.01 (0.09) 0.07
Non-GAAP continuing operations $ 0.37 $ 0.27 $ 0.85 $ 0.52

Weighted average shares—diluted 54,531 54,189 54,614 53,993



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Cenveo, Inc. and Subsidiaries
Reconciliation of Operating Income to Non-GAAP Operating Income
(in thousands)
(Unaudited)


Three Months Ended
September 30, Nine Months Ended
September 30,
2007 2006 2007 2006

Operating income $ 30,046 $ 25,028 $ 88,280 $ 40,568
Integration costs 462 — 1,039 —
Restructuring and impairment charges 20,312 4,702 32,094 35,390
Non-GAAP operating income $ 50,820 $ 29,730 $ 121,413 $ 75,958









































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Cenveo, Inc. and Subsidiaries
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(in thousands)
Three Months Ended
September 30, Nine Months Ended
September 30,
2007 2006 2007 2006

Net Income (loss) $ 3,032 $ 11,616 $ 24,498 $ 90,723
Interest expense 25,283 13,939 63,091 47,013
Income taxes 160 1,697 4,698 4,704
Depreciation 15,384 8,610 39,182 26,503
Amortization of intangible assets 2,819 1,422 7,245 3,984
Integration costs 462 — 1,039 —
Restructuring and impairment charges 20,312 4,702 32,094 35,390
(Gain) loss on sale of non-strategic businesses (189) — (189) 1,849
Divested operations EBITDA — (68) — 1,053
Loss on early extinguishment of debt 51 — 9,256 32,744
Stock-based compensation provision 2,534 1,412 7,166 3,363
Income (loss) from discontinued operations, net of taxes 810 (2,326) (15,142) (136,083)

Adjusted EBITDA, as defined $ 70,658 $ 41,004 $ 172,938 $ 111,243



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Cenveo, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
September 30,
2007 December 31,
2006
Assets
Current assets:
Cash and cash equivalents $ 11,712 $ 10,558
Accounts receivable, net 345,858 230,098
Inventories 175,329 92,406
Assets held for sale 4,278 51,966
Prepaid and other current assets 48,384 41,413
Total current assets 585,561 426,441
Property, plant and equipment, net 438,270 251,103
Goodwill 685,173 258,136
Other intangible assets, net 273,790 31,985
Other assets, net 42,993 34,285
Total assets $ 2,025,787 $ 1,001,950
Liabilities and Shareholders’ Equity
Current liabilities:
Current maturities of long-term debt $ 17,937 $ 7,513
Accounts payable 169,846 116,067
Accrued compensation and related liabilities 58,603 40,242
Other current liabilities 88,054 63,609
Total current liabilities 334,440 227,431
Long-term debt 1,447,472 667,782
Deferred income taxes 59,193 4,356
Other liabilities 97,208 40,640
Shareholders’ equity:
Preferred stock — —
Common stock 538 535
Paid-in capital 251,055 244,894
Retained deficit (161,938) (186,436)
Accumulated other comprehensive income (loss) (2,181) 2,748
Total shareholders’ equity 87,474 61,741
Total liabilities and shareholders’ equity $ 2,025,787 $ 1,001,950

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Cenveo, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Nine Months Ended
September 30,
2007 2006
Cash flows from operating activities:
Net income $ 24,498 $ 90,723
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Gain on sale of discontinued operations, net of taxes (15,962) (126,353)
(Income) loss from discontinued operations, net of taxes 820 (9,730)
Depreciation and amortization, excluding non-cash interest expense 46,427 30,487
Non-cash interest expense, net 1,044 1,353
Loss on early extinguishment of debt 9,256 32,744
Stock-based compensation provision 7,166 3,363
Non-cash restructuring and impairment charges 17,153 6,244
Deferred income taxes 4,082 —
(Gain) loss on sale of non-strategic businesses (189) 1,849
Other non-cash charges, net 5,817 2,959
Changes in operating assets and liabilities, excluding the effects of acquired businesses:
Accounts receivable (5,542) 4,416
Inventories (16,845) (2,006)
Accounts payable and accrued compensation and related liabilities (2,276) (35,576)
Other working capital changes (10,502) (11,181)
Other, net (4,941) (5,832)
Net cash provided by (used in) continuing operating activities 60,006 (16,540)
Net cash provided by discontinued operating activities 1,394 6,424
Net cash provided by (used in) operating activities 61,400 (10,116)
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired (627,116) (49,425)
Capital expenditures (25,181) (15,744)
Acquisition payments (3,653) (4,653)
Proceeds from sale of property, plant and equipment 4,851 6,025
Proceeds from divestitures, net 226 1,575
Net cash used in investing activities of continuing operations (650,873) (62,222)
Proceeds from the sale of discontinued operations 73,628 211,529
Capital expenditures for discontinued operations — (632)
Net cash provided by investing activities of discontinued operations 73,628 210,897
Net cash (used in) provided by investing activities (577,245) 148,675
Cash flows from financing activities:
Proceeds from issuance of Term Loans 720,000 325,000
Proceeds from Unsecured Loan 175,000 —
Borrowings under revolving credit facility, net 92,500 40,000
Proceeds from exercise of stock options 300 1,860
Repayment of Term Loan B (324,188) —
Repayment of Cadmus revolving senior bank credit facility (70,100) —
Repayment of 8?% Senior Subordinated Notes (20,880) —
Repayment of 9?% Senior Notes (10,498) (339,502)
Repayment of Term Loans (3,100) —
Repayments of senior secured revolving credit facility — (123,931)
Repayments of other long-term debt (26,962) (12,265)
Payment of refinancing fees, redemption premiums and expenses (8,045) (26,142)
Payment of debt issuance costs (5,906) (3,770)
Purchase and retirement of common stock upon vesting of RSUs (1,302) —
Net cash provided by (used in) financing activities 516,819 (138,750)
Effect of exchange rate changes on cash and cash equivalents of continuing operations 180 (2)
Net increase (decrease) in cash and cash equivalents 1,154 (193)
Cash and cash equivalents at beginning of year 10,558 1,035
Cash and cash equivalents at end of quarter $ 11,712 $ 842

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In addition to results presented in accordance with generally accepted accounting principles in the
U.S. (“GAAP”), included in this release are certain non-GAAP financial measures, including
Adjusted EBITDA, non-GAAP income from continuing operations and non-GAAP operating income.
These non-GAAP financial measures are defined above, and should be read in conjunction with
GAAP financial measures. These non-GAAP financial measures are not presented as an alternative
to cash flow from operations as a measure of our liquidity or as an alternative to net income as an
indicator of our operating performance. The non-GAAP financial measures as used herein may not
be comparable to similarly titled measures reported by competitors.

We believe the use of Adjusted EBITDA, non-GAAP income from continuing operations and non-
GAAP operating income along with GAAP financial measures enhances the understanding of our
operating results and may be useful to investors in comparing our operating performance with that of
our competitors and estimating our enterprise value. Adjusted EBITDA is also a useful tool in
evaluating the core operating results of the Company given the significant variation that can result
from, for example, the timing of capital expenditures, the amount of intangible assets recorded or the
differences in assets’ lives. We also use Adjusted EBITDA internally to evaluate operating
performance of our segments, to allocate resources and capital to such segments, to measure
performance for incentive compensation programs, and to evaluate future growth opportunities. The
non-GAAP financial measures included in this press release are reconciled to their most directly
comparable GAAP financial measures in the tables included herein.

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Cenveo (NYSE: CVO), headquartered in Stamford, Connecticut, is a leader in the management and
distribution of print and related products and services. The Company provides its customers with low-
cost solutions within its core businesses of commercial printing and packaging, envelope, form, and label
manufacturing, and publisher services; offering one-stop services from design through fulfillment. With
over 10,000 employees worldwide, Cenveo delivers everyday for its customers through a network of
production, fulfillment, content management, and distribution facilities across the globe.

___________________________


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Statements made in this release, other than those concerning historical financial information, may be
considered “forward-looking statements,” which are based upon current expectations and involve a
number of assumptions, risks and uncertainties that could cause the actual results to differ materially
from such forward-looking statements. In view of such uncertainties, investors should not place
undue reliance on our forward-looking statements. Such statements speak only as of the date of this
release, and we undertake no obligation to update any forward-looking statements made herein.
Factors that could cause actual results to differ materially from management’s expectations include,
without limitation: (1) our substantial indebtedness impairing our financial condition and limiting our
ability to incur additional debt; (2) the terms of our indebtedness imposing significant restrictions on
our operating and financial flexibility; (3) the potential to incur additional indebtedness, exacerbating
the above factors; (4) cross default provisions in our indebtedness, which could cause all of our debt
to become due and payable as a result of a default under an unrelated debt instrument; (5) our ability
to successfully integrate acquisitions; (6) intense competition in our industry; (7) the absence of long-
term customer agreements in our industry, subjecting our business to fluctuations; (8) factors
affecting the U.S. postal services impacting demand for our products; (9) increases in paper costs and
decreases in its availability; (10) our history of losses and ability to return to consistent profitability;
(11) the availability of the Internet and other electronic media affecting demand for our products; (12)
our labor relations; (13) compliance with environmental rules and regulations; (14) dependence on
key management personnel; and (15) general economic, business and labor conditions. This list of
factors is not exhaustive, and new factors may emerge or changes to the foregoing factors may occur
that would impact the Company’s business. Additional information regarding these and other factors
can be found in Cenveo, Inc.’s periodic filings with the SEC, which are available at
http://www.cenveo.com.

Inquiries from analysts and investors should be directed to Robert G. Burton, Jr. at (203) 595-3005.