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Cadmus Adopts New Accounting Standard

Monday, October 01, 2001

Press release from the issuing company

RICHMOND, Va., Sept. 28 - Cadmus Communications Corporation today announced that it has adopted a new accounting standard for shipping and handling fees and costs effective for the fiscal year ended June 30, 2001. This new standard promulgated by the Financial Accounting Standards Board requires companies to classify as revenue any shipping and handling fees billed to customers. As a result, the Company's prior year results have been reclassified to conform with the fiscal 2001 presentation. The impact of this adoption increased net sales and cost of sales by approximately $53.2 million, $56.4 million and $50.0 million for fiscal 2001, 2000 and 1999, respectively. The adoption of the new standard had no impact on the Company's net income or consolidated balance sheet as reported for fiscal 2001 or for prior years.




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