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Cenveo Announces Management Appointments

Cenveo Announces Management Appointments         STAMFORD, CT – (July 9, 2008) – Robert G. Burton, Chairman and Chief Executive Officer of Cenveo, Inc. (NYSE: CVO) announced several appointments...

Cenveo Provides Second Quarter 2008 Results

Cenveo Provides Second Quarter Update STAMFORD, CT – (July 7, 2008) – Robert G. Burton, Chairman and Chief Executive Officer of Cenveo, Inc. (NYSE: CVO), today gave shareholders the following update:...

Cenveo Announces First Quarter 2008 Results

Cenveo Announces First Quarter 2008 Results 1st Quarter Revenue growth of 29% Cash Flow from Operations of $54.4 million during the quarter 1st Quarter EPS of $(0.06) per share 1st Quarter Non-GAAP...

Cenveo Completes Purchase of Rex Corporation

Cenveo Completes Purchase of Rex Corporation STAMFORD, CT – (March 31, 2008) - Cenveo, Inc. (NYSE: CVO), announced today that the Company has completed its previously-announced purchase of Rex Corporation...

Cenveo Reports Unaudited Fourth Quarter

Cenveo Reports Unaudited Fourth Quarter and Full Year 2007 Results 4th Quarter EPS of $0.33 per diluted share 4th Quarter Non-GAAP EPS of $0.53 per diluted share 2007 GAAP EPS of $0.74 per diluted share...

Cenveo, Inc. Agrees to Acquire Rex Corporation

Cenveo Announces Third Quarter 2007 Results

Cenveo Completes Purchase of Commercial Envelope

Cenveo Announces Second Quarter 2007 Results

Cenveo Completes Purchase of ColorGraphics

Cenveo Announces First Quarter 2007 Results

Cenveo Announces Second Quarter 2007 Results


2nd Quarter EPS of $0.05 per diluted share
2nd Quarter Non-GAAP EPS of $0.25 per diluted share, up 56% from prior year
2nd Quarter Operating Income of $28.9 million, up over 400% from prior year
2nd Quarter Adjusted EBITDA of $56.5 million, up 63% from prior year
Commercial Envelope acquisition financing in place

STAMFORD, CT – (August 8, 2007) – Cenveo, Inc. (NYSE: CVO) today announced its
results for the three and six months ended June 30, 2007.

For the second quarter of 2007, the Company reported net income of $2.8 million, or $0.05
per diluted share, as compared to a net loss of $33.1 million, or a net loss of $0.62 per diluted
share, in 2006. The second quarter 2007 results included a loss from discontinued
operations, net of taxes, of $0.3 million, as compared to income from discontinued operations
of $12.7 million in the same period of 2006. Second quarter 2007 results also included
restructuring and impairment charges of $9.2 million, as compared to restructuring and
impairment charges of $17.2 million in the same period of 2006. Net sales for the quarter
increased approximately 39% to $497.0 million from $357.9 million in the same period of
2006, primarily due to the acquisition of Cadmus and Printegra, which both closed in the first
quarter of 2007.

Non-GAAP income from continuing operations totaled $13.4 million, or $0.25 per diluted
share, in the second quarter of 2007, as compared to $8.4 million, or $0.16 per diluted share,
in the second quarter of 2006. Non-GAAP income from continuing operations excludes
integration costs, restructuring and impairment charges, (gain) loss on sale of non-strategic
business and loss on early extinguishment of debt. A reconciliation of income (loss) from

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continuing operations to Non-GAAP income from continuing operations and the related per
share data are presented in the attached tables.

Operating income totaled $28.9 million in the second quarter of 2007, as compared to $5.7
million in the second quarter of 2006. Non-GAAP operating income in the second quarter of
2007 was $38.6 million, which produced a 7.8% margin, reflecting the continued benefits of
our cost savings and restructuring 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 in the second quarter of 2007 was $56.5 million, as compared to $34.7
million in the same period last year, an increase of approximately 63%. 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, net of taxes. An
explanation of the Company’s use of Adjusted EBITDA is detailed below, and a
reconciliation of net income (loss) to Adjusted EBITDA is provided in the attached tables.

For the first six months of 2007, the Company reported net income of $21.5 million, or $0.39
per diluted share, as compared to net income of $79.1 million, or $1.49 per diluted share, in
the first six months of 2006. The results for the first six months of 2007 included income
from discontinued operations, net of taxes, of $16.0 million, as compared to income from
discontinued operations of $133.8 million in the same period of 2006, relating to our sale of
Supremex. The first six months of 2007 results included restructuring and impairment
charges of $11.8 million, as compared to restructuring and impairment charges of $30.7
million in the same period of 2006. Net sales for the six months increased approximately
23% to $911.7 million from $743.2 million in 2006, primarily due to the acquisition of
Cadmus and Printegra, which both closed in the first quarter of 2007.


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Non-GAAP income from continuing operations for the first six months of 2007 totaled $26.3
million, or $0.48 per diluted share, as compared to $13.5 million, or $0.25 per diluted share,
in the first six months of 2006. Non-GAAP income from continuing operations excludes
integration costs, restructuring and impairment charges, (gain) loss on sale of non-strategic
business 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 are presented in the attached tables.

Operating income was $58.2 million for the first six months of 2007, as compared to $15.5
during the same period in 2006. Non-GAAP operating income in the first six months of
2007 was $70.6 million, which produced a 7.7% margin, reflecting the continued benefits of
our cost savings and restructuring 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 six months of 2007 was $102.3 million, as compared to $70.2
million in the same period last year, an increase of 46%. 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, net of taxes. An
explanation of the Company’s use of Adjusted EBITDA is detailed below and a
reconciliation of net income (loss) to Adjusted EBITDA is provided in the attached tables.

Robert G. Burton, Chairman and Chief Executive Officer stated:
“I am pleased to report that Cenveo was able to meet and exceed its financial commitments
during the second quarter. We once again delivered a strong quarter of results, with our Non-
GAAP income from continuing operations per diluted share increasing 56% from last year
and our Adjusted EBITDA increasing 63% from last year. We were also able to increase our
Non-GAAP operating margins to 7.8% in the quarter from 6.4% last year. I am also pleased
with our strong generation of cash from continuing operations of $38.7 million during the

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first half of 2007, representing a $65.4 million improvement over the same period last year,
which we believe demonstrates that the action plan we implemented in September 2005 is
working.”

Mr. Burton continued:
“I am very pleased with the performance of both of our business segments during the quarter
despite the challenges that exist in the marketplace. Our Envelopes, Forms and Labels
segment was able to overcome a mid-quarter postal rate increases and deliver the results that
we expected. Our Commercial Printing segment continued to show meaningful operational
improvement and margin expansion. We are also encouraged by strong sales growth across
our journal and packaging product offerings and believe that trend will continue.”

Mr. Burton concluded:
“We have completed or announced the addition of four outstanding companies to Cenveo
this year. Printegra, a leader in the short-run printing market, joined us in February. In
March, we completed the acquisition of Cadmus, the world’s largest provider of content
management and print offerings to scientific, technical, and medical journal publishers, and a
leading provider of specialty packaging products. We significantly enhanced our commercial
printing operations in the West Coast market by acquiring ColorGraphics in July 2007. In
addition, we will be expanding our geographic reach and capabilities in the high-growth
direct mail market. We have committed financing in place in regards to our previously
announced agreement to acquire Commercial Envelope, and anticipate closing this
transaction in the third quarter of this year. These four market leaders, with combined
annualized revenues of over $850 million, offer enhancements to our product offerings. We
look forward to their contributions both within their respective markets and from cross-
selling opportunities through our one-stop shopping platform.

We will continue to focus our efforts on integrating these companies into our operations on a
swift and aggressive time frame and driving incremental improvements to our platform by
focusing on our cost structure, expanding our sales initiatives, increasing productivity and
efficiencies and reducing waste. We are focused intensely on increasing our free cash flow

5
and using these funds to service our debt, while also expanding our business through capital
expenditures and thoughtful acquisitions. I also remain highly optimistic for our growth
prospects for the remainder of the year. Our sales backlog has strengthened, and we are now
seeing the benefits of our one-stop shopping sales efforts. As we put the first half of 2007
behind us, I can assure you that we are extremely focused on delivering on the back half of
the year. We are proud of our second quarter results; our third quarter looks promising, and
we remain comfortable with the targets we communicated for the full year.”

Conference Call:
Cenveo will host a conference call tomorrow, Thursday August 9, 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
June 30, Six Months Ended
June 30,
2007 2006 2007 2006
Net sales $ 496,960 $ 357,895 $ 911,674 $ 743,181
Cost of sales 401,220 284,576 732,710 594,220
Selling, general and administrative 55,041 49,157 104,525 100,171
Amortization of intangible assets 2,595 1,264 4,425 2,562
Restructuring and impairment charges 9,156 17,213 11,781 30,687
Operating income 28,948 5,685 58,233 15,541
Loss on sale of non-strategic businesses — 1,143 — 1,849
Interest expense, net 21,526 14,960 37,808 33,074
Loss on early extinguishment of debt 505 32,744 9,205 32,744
Other expense (income) net 944 (705) 1,166 (483)
Income (loss) from continuing operations before income taxes 5,973 (42,457) 10,054 (51,643)
Income tax expense 2,855 3,344 4,539 3,007
Income (loss) from continuing operations 3,118 (45,801) 5,515 (54,650)
Income (loss) from discontinued operations, net of taxes (342) 12,707 15,951 133,757
Net income (loss) $ 2,776 $ (33,094) $ 21,466 $ 79,107
Income (loss) per share - basic:
Continuing operations $ 0.06 $ (0.86) $ 0.10 $ (1.03)
Discontinued operations (0.01) 0.24 0.30 2.52
Net income (loss) $ 0.05 $ (0.62) $ 0.40 $ 1.49
Income (loss) per share—diluted:
Continuing operations $ 0.06 $ (0.86) $ 0.10 $ (1.03)
Discontinued operations (0.01) 0.24 0.29 2.52
Net income (loss) $ 0.05 $ (0.62) $ 0.39 $ 1.49
Weighted average shares:
Basic 53,537 53,257 53,531 53,183
Diluted 54,722 53,257 54,651 53,183




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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
June 30, Six Months Ended
June 30,
2007 2006 2007 2006

Income (loss) from continuing operations $ 3,118 $ (45,801) $ 5,515 $ (54,650)
Integration costs 485 — 577 —
Restructuring and impairment charges 9,156 17,213 11,781 30,687
Loss on sale of non-strategic businesses — 1,143 — 1,849
Loss on early extinguishment of debt 505 32,744 9,205 32,744
Income tax benefit (expense) 169 3,082 (730) 2,834
Non-GAAP income from continuing operations $ 13,433 $ 8,381 $ 26,348 $ 13,464

Income (loss) per share – diluted:
Continuing operations $ 0.06 $ (0.85) $ 0.10 $ (1.01)
Integration costs 0.01 — 0.01 —
Restructuring and impairment charges 0.17 0.32 0.21 0.57
Loss on sale of non-strategic businesses — 0.02 — 0.03
Loss on early extinguishment of debt 0.01 0.61 0.17 0.61
Income tax benefit (expense) — 0.06 (0.01) 0.05
Non-GAAP continuing operations $ 0.25 $ 0.16 $ 0.48 $ 0.25

Weighted average shares—diluted 54,722 54,043 54,651 53,862




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


Three Months Ended
June 30, Six Months Ended
June 30,
2007 2006 2007 2006

Operating income $ 28,948 $ 5,685 $ 58,233 $ 15,541
Integration costs 485 — 577 —
Restructuring and impairment charges 9,156 17,213 11,781 30,687
Non-GAAP operating income $ 38,589 $ 22,898 $ 70,591 $ 46,228









































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

Net Income (loss) $ 2,776 $ (33,094) $ 21,466 $ 79,107
Interest expense 21,526 14,960 37,808 33,074
Income taxes 2,855 3,344 4,539 3,007
Depreciation 13,862 8,542 23,798 17,893
Amortization of intangible assets 2,595 1,264 4,425 2,562
Restructuring and impairment charges 9,156 17,213 11,781 30,687
Integration costs 485 — 577 —
Loss on sale of non-strategic businesses — 1,143 — 1,849
Divested operations EBITDA — 499 — 1,121
Loss on early extinguishment of debt 505 32,744 9,205 32,744
Stock-based compensation provision 2,367 811 4,632 1,951
Discontinued operations, net of taxes 342 (12,707) (15,951) (133,757)

Adjusted EBITDA, as defined $ 56,469 $ 34,719 $ 102,280 $ 70,238



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Cenveo, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
June 30, 2007 December 31, 2006
Assets
Current assets:
Cash and cash equivalents $ 14,135 $ 10,558
Accounts receivable, net 290,791 230,098
Inventories 140,870 92,406
Assets held for sale 5,712 51,966
Prepaid and other current assets 39,433 41,413
Total current assets 490,941 426,441
Property, plant and equipment, net 385,317 251,103
Goodwill 535,451 258,136
Other intangible assets, net 166,830 31,985
Other assets, net 31,884 34,285
Total assets $ 1,610,423 $ 1,001,950
Liabilities and Shareholders’ Equity
Current liabilities:
Current maturities of long-term debt $ 11,398 $ 7,513
Accounts payable 133,383 116,067
Accrued compensation and related liabilities 62,740 40,242
Other current liabilities 87,178 63,609
Total current liabilities 294,699 227,431
Long-term debt 1,124,571 667,782
Deferred income taxes 26,674 4,356
Other liabilities 74,756 40,640
Shareholders’ equity:
Preferred stock — —
Common stock 535 535
Paid-in capital 249,767 244,894
Retained deficit (164,970) (186,436)
Accumulated other comprehensive income 4,391 2,748
Total shareholders’ equity 89,723 61,741
Total liabilities and shareholders’ equity $ 1,610,423 $ 1,001,950

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Cenveo, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended
June 30,
2007 2006
Cash flows from operating activities:
Net income $ 21,466 $ 79,107
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 11 (7,404)
Depreciation and amortization, excluding non-cash interest expense 28,223 20,455
Non-cash interest expense, net 614 1,028
Loss on early extinguishment of debt 9,205 32,744
Stock-based compensation provision 4,632 1,951
Non-cash restructuring and impairment charges 5,047 7,795
Deferred income taxes 2,982 —
Loss on sale of non-strategic businesses — 1,849
Other non-cash charges, net 3,576 1,580
Changes in operating assets and liabilities, excluding the effects of acquired businesses:
Accounts receivable 4,962 16,676
Inventories (6,949) (3,949)
Accounts payable and accrued compensation and related liabilities (18,528) (24,115)
Other working capital changes (515) (21,434)
Other, net (63) (6,641)
Net cash provided by (used in) continuing operating activities 38,701 (26,711)
Net cash provided by discontinued operating activities 1,394 4,150
Net cash provided by (used in) operating activities 40,095 (22,561)
Cash flows from investing activities:
Cost of business acquisitions, net of cash acquired (337,149) —
Capital expenditures (14,887) (12,339)
Acquisition payments (3,653) (4,653)
Proceeds from sale of property, plant and equipment 2,928 409
Proceeds from divestitures, net — 1,575
Net cash used in investing activities of continuing operations (352,761) (15,008)
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 (279,133) 195,889
Cash flows from financing activities:
Proceeds from issuance of Term Loans 620,000 325,000
Borrowings under revolving credit facility, net 62,400 5,000
Proceeds from exercise of stock options 241 1,744
Repayment of Term Loan B (324,188) —
Repayment of Cadmus revolving senior bank credit facility (70,100) —
Repayment of 8?% Senior Subordinated Notes (20,875) —
Repayment of 9?% Senior Notes (10,498) (339,502)
Repayment of Term Loans (1,550) —
Repayments of senior secured revolving credit facility — (123,931)
Repayments of other long-term debt (4,024) (12,087)
Payment of refinancing fees, redemption premiums and expenses (7,994) (26,142)
Payment of debt issuance costs (886) (3,770)
Net cash provided by (used in) financing activities 242,526 (173,688)
Effect of exchange rate changes on cash and cash equivalents of continuing operations 89 —
Effect of exchange rate changes on cash and cash equivalents of discontinued operations — (7)
Net increase (decrease) in cash and cash equivalents 3,577 (367)
Cash and cash equivalents at beginning of year 10,558 1,035
Cash and cash equivalents at end of quarter $ 14,135 $ 668


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###


In addition to results presented in accordance with generally accepted accounting principles in the
U.S. (“GAAP”), the Company included in this release 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
reported 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.