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Mail-Well Reports $16.5 Million Loss

Press release from the issuing company

ENGLEWOOD, Colo.--May 3, 2004-- Mail-Well, Inc., announced its results for the first quarter ended March 31, 2004. The net loss for the quarter was $16.5 million, or $0.35 per share on sales of $424 million compared to a net income of $2.7 million, or $0.06 per share on sales of $427 million during the same period of 2003. In the three months ended March 31, 2004, Mail-Well's net loss included a charge for early extinguishment of debt of $17.7 million or $0.35 per share. EBITDA for the first quarter of 2004 was $31.4 million compared to ongoing EBITDA of $31.0 million achieved for the same period last year. This represents the seventh quarter where year over year improvement of results has occurred. An explanation of the Company's use of EBITDA for comparative purposes is provided below. Net cash used by operating activities in the quarter ended March 31, 2004 was $14.5 million compared to $13.1 million used during the same period last year. Paul Reilly, Chairman, President and CEO, stated: "The first quarter of the year is traditionally not as robust as the third and fourth quarters, so we are satisfied that the trend of year over year improvement has continued. This has been done as we have continued investing in sales expenditures with a view of increasing our market share across all of our businesses. These first quarter results are very much in line with the guidance we gave for the full year 2004 and we see no reason at this point to change that guidance." Reilly also stated: "We announced two weeks ago that we intended to change our name to CENVEO, a change that our shareholders approved at the annual meeting held this past Thursday. Our new ticker symbol on the NYSE will be CVO. Trading under CVO will start May 17th, 2004. In its ten-year history it will be the first time that the Company deals with its customers under one name rather than under the approximately 40 brand names we have been using to date. The new name represents the next step in the plan to unite the organization under one identity and define a new category of visual communication provider that understands customer communications needs, connects resources to address those needs and delivers customized solutions."