Cenveo held their conference call with investors following the company’s quarterly earnings announcement. CEO Bob Burton conducted the call. Following is a summary:

Burton started off the call stating that he has been listening to several conference calls recently of other publicly traded printers. He says other CEOs are saying they are on target with their numbers in these calls only after they have adjusted EPS forecasts and some offer no guidance at all. He also stated that the printers praising efforts in China do not discuss the fact that these printers will most likely lose money in the next 2 or 3 years there.

In that context, Burton says his team has delivered results and exceeded their guidance and targets. “We work for the investors. We told you we would sell the Canadian operation and we did - for an 8 times multiple. We said we would cut expenses and we have. We said we would bring people from World Color (his management team before World Color joined to form Quebecor World) and Moore and we have brought over 75 people in to our organization. We said we would start an employee stock purchase plan and all senior managers are buying stock every month...”

The company has cut 1700 positions and closed 18 plants. However, Burton says Cenveo has something other companies don’t - organic growth.

Cenveo made three offers for Banta. Burton stated that he knows Banta well since 1991 when he was at World Color. He says the Banta activities were not planned, but when he saw that Banta missed their numbers he saw an opportunity. Burton says that the Board had internally set a maximum price of $50 per share and that was as high as they would go. (Banta will be acquired by RR Donnelley for $52.50 per share.) “We wish them well. The Banta story is behind us.”

Burton wants Cenveo to be a $3 billion company, with $300 million in EBIDTA and a stock price of between $30 to $35 per share. Cenveo has been looking to acquire companies from the $50 million to $500 million range - direct mail, envelop and special niche printers.

Burton declared that competitors tell people that he is hard to work for and if you miss your numbers you will be fired. “But the stars of the industry are knocking on our door. We let stars run their business and we give them all the respect and support they deserve. Weak folks or strangers to the industry won’t make it at Cenveo... Every new company we buy or will buy - (employees) will purchase stock and invest further down the road.”

Burton says he will purchase additional stock today and tomorrow and other directors plan to buy today and tomorrow too. “You’ve always made money with me.”

Burton has signed up for 2 more years to run the company. “I have no outside hobbies - just working. I enjoy turning companies around. Cenveo’s board is the best. They support our growth plan... You people know I could go out and make more money elsewhere, but I am committed to this.”