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Cenveo Operations Have 9th Consecutive Quarter of Improved Year Over Year Performance

Tuesday, November 02, 2004

Press release from the issuing company

ENGLEWOOD, Colo., Nov. 1 -- Cenveo, Inc., announced its results for the quarter and nine months ended September 30, 2004. Net income was $2.5 million for the quarter or $0.05 per share, and for the nine months the net loss was $16.1 million, or $0.34 per share. Sales were $428 million for the quarter and $1,261 million for the nine months ended September 30, 2004. In the third quarter of 2003, the net income was $2.2 million, or $0.04 per share, on $412 million of sales and for the nine months ended September 30, 2003, net income was $2.6 million, or $0.05 per share, on $1,247 million of sales. Cenveo's net loss for the nine months ended September 30, 2004, included a first quarter charge for early extinguishment of debt of $17.7 million. EBITDA for the third quarter of 2004 was $33.9 million compared to EBITDA of $33.5 million achieved for the same period last year, a 1.2% improvement. For the nine months ended September 30, 2004, EBITDA was $94.4 million compared to $92.1 million for the same period last year, a 2.5% improvement. This represents the ninth consecutive quarter of year over year improvement in EBITDA. An explanation of the Company's use of EBITDA for comparative purposes is provided below. Net cash provided by operating activities in the quarter ended September 30, 2004 was $19 million compared to $14 million provided during the comparable period of 2003. Paul Reilly, Chairman, President and CEO, stated, "In the third quarter we saw a definite increase in volumes of work. Our Commercial Segment had its best third quarter in sales and EBITDA since 2001. Our Resale Segment increased its market share in the office products channel. Our Strategic Sales Team continues to create numerous new opportunities for sales growth. The acquisitions we completed in the Seattle and San Francisco markets will be good catalysts for growth in those vibrant markets." "The results of the first three quarters of 2004", continued Mr. Reilly, "are in line with the lower end of the guidance we gave for the full year 2004, and given our expectations for the next quarter, we expect to remain at the low end of the full year EBITDA guidance of $135 million to $142 million."

 

 

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