Tomorrow, March 13, we will see an annual report from Cenveo (NYSE: CVO). In a late afternoon update call on February 27, executives announced that they would be delaying their 10K filing because of accounting irregularities.

An SEC filing dated February 27, provided notice that the delay was needed "to allow for the completion of an internal review being conducted under the direction of the company's audit committee as a result of senior management's learning of unsupported accounting entries made by a former plant controller for two plants in the Company's envelope division." The plant controller was terminated and the journal entries were not expected to prevent the company from meeting its financial targets.

There were other announcements made as well. According to Robert Burton, Sr., Chairman/CEO, "I remain as committed as ever to the Company and its future as evidenced by my recent share purchases and the extension of my employment contract through 2012." His previous contract was set to expire in 2010. Public filings show that in late January, Burton indirectly purchased an additional 178,500 shares, nearly as many has he had purchased since May 2007.

While Mr. Burton will remain for four more years, Thomas Olivia, President and member of Cenveo's Board of Directors, retired at the end of February.

"In January, Tom Oliva came to me wanting to resign for health reasons," said Burton. "When someone comes to me and talks about health reasons, it immediately gets my attention. We're respectful of his needs and wish him well."

Perhaps to provide encouraging news in the midst of the accounting irregularities and dropping stock prices, Burton announced that the company has identified an acquisition target with $500/$600 million in revenues and that "fits into the current business platform." Significant projected savings are anticipated from the integration. Mr. Burton said the company is completing its due diligence and is "waiting for the financial markets to open up again for company's that want to grow." The acquisition target is part of a plan to achieve revenues of $3 billion with a $400 million EBITDA. The acquisition is also part of Burton's plan to achieve his personal goal of a $30 stock price.

$30 a share may be Mr. Burton's personal goal, however it looks like the road ahead will be a tough one. Today's market closed with the stock at $13.42, down from a high in May 2007 of $26.76.