COLORADO
|
84-1250533
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer Identification No.)
|
ONE
CANTERBURY GREEN
201
BROAD STREET
|
|
STAMFORD,
CT
|
06901
|
(Address
of principal executive offices)
|
(Zip
Code)
|
203-595-3000
|
|
(Registrant’s
telephone number, including area
code)
|
|
Item
1. Financial
Statements
|
March
29, 2008
|
December
29, 2007
|
|||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 13,055 | $ | 15,882 | ||||
Accounts
receivable, net
|
307,505 | 344,634 | ||||||
Inventories
|
172,060 | 162,908 | ||||||
Assets
held for sale
|
4,278 | — | ||||||
Prepaid
and other current assets
|
66,320 | 73,358 | ||||||
Total
current assets
|
563,218 | 596,782 | ||||||
Property,
plant and equipment, net
|
416,281 | 428,341 | ||||||
Goodwill
|
668,738 | 669,802 | ||||||
Other
intangible assets, net
|
268,447 | 270,622 | ||||||
Other
assets, net
|
29,673 | 37,175 | ||||||
Total
assets
|
$ | 1,946,357 | $ | 2,002,722 | ||||
Liabilities
and Shareholders’ Equity
|
||||||||
Current
liabilities:
|
||||||||
Current
maturities of long-term debt
|
$ | 16,961 | $ | 18,752 | ||||
Accounts
payable
|
160,192 | 165,458 | ||||||
Accrued
compensation and related liabilities
|
48,732 | 47,153 | ||||||
Other
current liabilities
|
88,667 | 79,554 | ||||||
Total
current liabilities
|
314,552 | 310,917 | ||||||
Long-term
debt
|
1,378,790 | 1,425,885 | ||||||
Deferred
income taxes
|
47,540 | 55,181 | ||||||
Other
liabilities
|
117,177 | 111,413 | ||||||
Commitments
and contingencies
Shareholders’
equity:
|
||||||||
Preferred
stock
|
— | — | ||||||
Common
stock
|
537 | 537 | ||||||
Paid-in
capital
|
257,221 | 254,241 | ||||||
Retained
deficit
|
(152,338 | ) | (148,939 | ) | ||||
Accumulated
other comprehensive loss
|
(17,122 | ) | (6,513 | ) | ||||
Total
shareholders’ equity
|
88,298 | 99,326 | ||||||
Total
liabilities and shareholders’ equity
|
$ | 1,946,357 | $ | 2,002,722 |
Three
Months Ended
|
||||||||
March
29, 2008
|
March
31, 2007
|
|||||||
As
Restated
|
||||||||
Net
sales
|
$ | 534,328 | $ | 414,714 | ||||
Cost
of sales
|
436,298 | 332,536 | ||||||
Selling,
general and administrative
|
63,126 | 49,484 | ||||||
Amortization
of intangible assets
|
2,175 | 1,830 | ||||||
Restructuring,
impairment and other charges
|
9,749 | 2,625 | ||||||
Operating
income
|
22,980 | 28,239 | ||||||
Interest
expense, net
|
26,978 | 16,282 | ||||||
Loss
on early extinguishment of debt
|
— | 8,700 | ||||||
Other
expense, net
|
461 | 222 | ||||||
(Loss)
income from continuing operations before income taxes
|
(4,459 | ) | 3,035 | |||||
Income
tax (benefit) expense
|
(1,716 | ) | 1,255 | |||||
(Loss)
income from continuing operations
|
(2,743 | ) | 1,780 | |||||
(Loss)
income from discontinued operations, net of taxes
|
(656 | ) | 16,293 | |||||
Net
(loss) income
|
$ | (3,399 | ) | $ | 18,073 | |||
(Loss)
income per share - basic:
|
||||||||
Continuing
operations
|
$ | (0.05 | ) | $ | 0.03 | |||
Discontinued
operations
|
(0.01 | ) | 0.31 | |||||
Net
(loss) income
|
$ | (0.06 | ) | $ | 0.34 | |||
(Loss)
income per share - diluted:
|
||||||||
Continuing
operations
|
$ | (0.05 | ) | $ | 0.03 | |||
Discontinued
operations
|
(0.01 | ) | 0.30 | |||||
Net
(loss) income
|
$ | (0.06 | ) | $ | 0.33 | |||
Weighted
average shares:
|
||||||||
Basic
|
53,715 | 53,525 | ||||||
Diluted
|
53,715 | 54,572 |
Three
Months Ended
|
||||||||
March
29, 2008
|
March
31, 2007
|
|||||||
As
Restated
|
||||||||
Cash
flows from operating activities:
|
||||||||
Net
(loss) income
|
$ | (3,399 | ) | $ | 18,073 | |||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Gain
on sale of discontinued operations, net of taxes
|
— | (16,287 | ) | |||||
Loss
(income) from discontinued operations, net of taxes
|
656 | (6 | ) | |||||
Depreciation
and amortization, excluding non-cash interest expense
|
18,013 | 11,766 | ||||||
Non-cash
interest expense, net
|
390 | 379 | ||||||
Loss
on early extinguishment of debt
|
— | 8,700 | ||||||
Stock-based
compensation provision
|
2,692 | 2,265 | ||||||
Non-cash
restructuring, impairment and other charges
|
3,456 | (473 | ) | |||||
Deferred
income taxes
|
(1,775 | ) | 1,621 | |||||
Other
non-cash charges, net
|
2,846 | 1,431 | ||||||
Changes
in operating assets and liabilities, excluding the effects of acquired
businesses:
|
||||||||
Accounts
receivable
|
35,195 | 9,635 | ||||||
Inventories
|
(10,106 | ) | (4,387 | ) | ||||
Accounts
payable and accrued compensation and related liabilities
|
(3,442 | ) | (1,506 | ) | ||||
Other
working capital changes
|
12,955 | (4,833 | ) | |||||
Other,
net
|
(3,050 | ) | 3,312 | |||||
Net
cash provided by continuing operating activities
|
54,431 | 29,690 | ||||||
Net
cash provided by discontinued operating activities
|
— | 2,198 | ||||||
Net
cash provided by operating activities
|
54,431 | 31,888 | ||||||
Cash
flows from investing activities:
|
||||||||
Cost
of business acquisitions, net of cash acquired
|
— | (329,300 | ) | |||||
Capital
expenditures
|
(9,097 | ) | (7,115 | ) | ||||
Proceeds
from sale of property, plant and equipment
|
348 | 2,347 | ||||||
Net
cash used in investing activities of continuing operations
|
(8,749 | ) | (334,068 | ) | ||||
Proceeds
from the sale of discontinued operations
|
— | 73,628 | ||||||
Net
cash used in investing activities
|
(8,749 | ) | (260,440 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Proceeds
from issuance of Term Loans
|
— | 620,000 | ||||||
(Repayments)
borrowings under Revolving Credit Facility, net
|
(45,200 | ) | 29,400 | |||||
Proceeds
from exercise of stock options
|
288 | 185 | ||||||
Repayment
of Term Loan B
|
— | (324,188 | ) | |||||
Repayment
of Cadmus revolving senior bank credit facility
|
— | (70,100 | ) | |||||
Repayment
of 8⅜% Senior Subordinated Notes
|
— | (20,875 | ) | |||||
Repayment
of Term Loans
|
(1,800 | ) | — | |||||
Repayments
of other long-term debt
|
(1,806 | ) | (166 | ) | ||||
Payment
of refinancing fees, redemption premiums and expenses
|
— | (7,489 | ) | |||||
Payment
of debt issuance costs
|
— | (886 | ) | |||||
Net
cash (used in) provided by financing activities
|
(48,518 | ) | 225,881 | |||||
Effect
of exchange rate changes on cash and cash equivalents of continuing
operations
|
9 | — | ||||||
Net
decrease in cash and cash equivalents
|
(2,827 | ) | (2,671 | ) | ||||
Cash
and cash equivalents at beginning of year
|
15,882 | 10,558 | ||||||
Cash
and cash equivalents at end of quarter
|
$ | 13,055 | $ | 7,887 |
Condensed
consolidated balance sheet line items (in thousands)
|
||||||||
March
31, 2007
|
||||||||
As
Reported
|
As
Restated
|
|||||||
Accounts
receivable, net
|
$ | 286,603 | $ | 284,884 | ||||
Inventories
|
135,485 | 134,132 | ||||||
Total
current assets
|
470,228 | 467,156 | ||||||
Total
assets
|
1,589,719 | 1,586,647 | ||||||
Accounts
payable
|
145,321 | 145,473 | ||||||
Other
current liabilities
|
82,729 | 82,496 | ||||||
Total
current liabilities
|
303,027 | 302,946 | ||||||
Other
liabilities
|
75,735 | 76,645 | ||||||
Retained
deficit
|
(167,746 | ) | (171,647 | ) | ||||
Total
shareholders' equity
|
77,589 | 73,688 | ||||||
Total
liabilities and shareholders' equity
|
1,589,719 | 1,586,647 |
Condensed
consolidated statement of operations line items (in thousands, except per
share data)
|
||||||||
Three
Months Ended
|
||||||||
March
31, 2007
|
||||||||
As
Reported
|
As
Restated
|
|||||||
Cost
of sales
|
$ | 331,490 | $ | 332,536 | ||||
Operating
income
|
29,285 | 28,239 | ||||||
Income
from continuing operations before taxes
|
4,081 | 3,035 | ||||||
Income
tax expense
|
1,684 | 1,255 | ||||||
Income
from continuing operations
|
2,397 | 1,780 | ||||||
Net
income
|
18,690 | 18,073 | ||||||
Income
per share – basic:
|
||||||||
Continuing
operations
|
0.04 | 0.03 | ||||||
Net
income
|
0.35 | 0.34 | ||||||
Income
per share – diluted:
|
||||||||
Continuing
operations
|
0.04 | 0.03 | ||||||
Net
income
|
0.34 | 0.33 |
Condensed
consolidated statement of cash flows line items
(in
thousands)
|
||||||||
Three
Months Ended
|
||||||||
March
31, 2007
|
||||||||
As
Reported
|
As
Restated
|
|||||||
Net
income
|
$ | 18,690 | $ | 18,073 | ||||
Accounts
receivable
|
9,102 | 9,635 | ||||||
Inventories
|
(4,868 | ) | (4,387 | ) | ||||
Accounts
payable and accrued compensation and related liabilities
|
(1,545 | ) | (1,506 | ) | ||||
Other
working capital changes
|
4,201 | (4,833 | ) | |||||
Net
cash provided by continuing operating activities
|
38,288 | 29,690 | ||||||
Net
cash provided by discontinued operating activities
|
— | 2,198 | ||||||
Net
cash provided by operating activities
|
38,288 | 31,888 | ||||||
Proceeds
from the sale of discontinued operations
|
67,228 | 73,628 | ||||||
Net
cash provided by investing activities of discontinued
operations
|
67,228 | 73,628 | ||||||
Net
cash used in investing activities
|
(266,840 | ) | (260,440 | ) |
Three
Months Ended
|
||||||||
March
31, 2007
|
||||||||
As
Restated
|
Pro
Forma
|
|||||||
Net
sales
|
$ | 414,714 | $ | 456,471 | ||||
Operating
income
|
28,239 | 34,688 | ||||||
Income
from continuing operations
|
1,780 | 2,776 | ||||||
Net
income
|
18,073 | 19,069 | ||||||
Income
per share – basic:
|
||||||||
Continuing
operations
|
$ | 0.03 | $ | 0.05 | ||||
Discontinued
operations
|
0.31 | 0.31 | ||||||
Net
income
|
$ | 0.34 | $ | 0.36 | ||||
Income
per share – diluted:
|
||||||||
Continuing
operations
|
$ | 0.03 | $ | 0.05 | ||||
Discontinued
operations
|
0.30 | 0.30 | ||||||
Net
income
|
$ | 0.33 | $ | 0.35 |
As
of
March
7, 2007
|
||||
Current
assets
|
$
|
96,942
|
||
Property,
plant and equipment
|
136,268
|
|||
Goodwill
|
229,450
|
|||
Other
intangible assets
|
111,600
|
|||
Other
assets
|
6,856
|
|||
Total
assets acquired
|
581,116
|
|||
Current
liabilities, excluding current portion of long-term debt
|
56,868
|
|||
Long-term
debt, including current maturities
|
210,063
|
|||
Deferred
income taxes
|
7,277
|
|||
Other
liabilities
|
58,201
|
|||
Total
liabilities assumed
|
332,409
|
|||
Net
assets acquired
|
248,707
|
|||
Less
cash acquired
|
—
|
|||
Cost
of Cadmus acquisition, less cash acquired
|
$
|
248,707
|
Three
Months Ended
|
||||||||
March
31, 2007
|
||||||||
As
Restated
|
Pro
Forma
|
|||||||
Net
sales
|
$ | 414,714 | $ | 496,531 | ||||
Operating
income
|
28,239 | 31,564 | ||||||
Income
(loss) from continuing operations
|
1,780 | (3,176 | ) | |||||
Net
income
|
18,073 | 13,117 | ||||||
Income
(loss) per share – basic:
|
||||||||
Continuing
operations
|
$ | 0.03 | $ | (0.06 | ) | |||
Discontinued
operations
|
0.31 | 0.31 | ||||||
Net
income
|
$ | 0.34 | $ | 0.25 | ||||
Income
(loss) per share – diluted:
|
||||||||
Continuing
operations
|
$ | 0.03 | $ | (0.06 | ) | |||
Discontinued
operations
|
0.30 | 0.31 | ||||||
Net
income
|
$ | 0. 33 | $ | 0.25 |
Lease
Termination
Costs
|
Employee
Separation
Costs
|
Other
Exit
Costs
|
Total
|
|||||||||||||
Liabilities
recorded at December 29, 2007
|
$ | 3,453 | $ | 495 | $ | 351 | $ | 4,299 | ||||||||
Accruals,
net
|
— | — | 149 | 149 | ||||||||||||
Payments
|
(380 | ) | (119 | ) | (338 | ) | (837 | ) | ||||||||
Balance
at March 29, 2008
|
$ | 3,073 | $ | 376 | $ | 162 | $ | 3,611 |
Three
Months Ended
|
|||||||||
March
29, 2008
|
March
31, 2007
|
||||||||
Other
(expense) income
|
$ | (400 | ) | $ | 2,198 | ||||
Income
tax expense
|
256 | 1,294 | |||||||
Gain
on sale of discontinued operations, net of taxes of $10,196 in
2007
|
— | 15,389 | |||||||
(Loss)
income from discontinued operations, net of taxes
|
(656 | ) | 16,293 |
March
29,
2008
|
December
29,
2007
|
|||||||
Raw
materials
|
$ | 68,810 | $ | 71,075 | ||||
Work
in process
|
38,183 | 34,875 | ||||||
Finished
goods
|
65,067 | 56,958 | ||||||
$ | 172,060 | $ | 162,908 |
|
Property,
plant and equipment are as follows (in
thousands):
|
March
29,
2008
|
December
29,
2007
|
|||||||
Land
and land improvements
|
$ | 22,271 | $ | 23,734 | ||||
Buildings
and building improvements
|
108,320 | 109,673 | ||||||
Machinery
and equipment
|
592,139 | 577,763 | ||||||
Furniture
and fixtures
|
12,443 | 12,430 | ||||||
Construction
in progress
|
9,307 | 18,664 | ||||||
744,480 | 742,264 | |||||||
Accumulated
depreciation
|
(328,199 | ) | (313,923 | ) | ||||
$ | 416,281 | $ | 428,341 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Total
|
||||||||||
Balance
as of December 29, 2007
|
$ | 305,025 | $ | 364,777 | $ | 669,802 | ||||||
Acquisitions
|
501 | (1,308 | ) | (807 | ) | |||||||
Foreign
currency translation
|
— | (257 | ) | (257 | ) | |||||||
Balance
as of March 29, 2008
|
$ | 305,526 | $ | 363,212 | $ | 668,738 |
March
29, 2008
|
December
29, 2007
|
|||||||||||||||||||||||
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Net
Carrying
Amount
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Net
Carrying
Amount
|
|||||||||||||||||||
Intangible
assets with determinable lives:
|
||||||||||||||||||||||||
Customer
relationships
|
$ | 153,806 | $ | (24,141 | ) | $ | 129,665 | $ | 153,806 | $ | (22,303 | ) | $ | 131,503 | ||||||||||
Trademarks
and tradenames
|
20,521 | (3,442 | ) | 17,079 | 20,521 | (3,251 | ) | 17,270 | ||||||||||||||||
Patents
|
3,028 | (1,554 | ) | 1,474 | 3,028 | (1,487 | ) | 1,541 | ||||||||||||||||
Non-compete
agreements
|
2,316 | (1,406 | ) | 910 | 2,316 | (1,336 | ) | 980 | ||||||||||||||||
Other
|
768 | (369 | ) | 399 | 768 | (360 | ) | 408 | ||||||||||||||||
180,439 | (30,912 | ) | 149,527 | 180,439 | (28,737 | ) | 151,702 | |||||||||||||||||
Intangible
assets with indefinite lives:
|
||||||||||||||||||||||||
Trademarks
|
118,200 | — | 118,200 | 118,200 | — | 118,200 | ||||||||||||||||||
Pollution
credits
|
720 | — | 720 | 720 | — | 720 | ||||||||||||||||||
Total
|
$ | 299,359 | $ | (30,912 | ) | $ | 268,447 | $ | 299,359 | $ | (28,737 | ) | $ | 270,622 |
March
29,
2008
|
December
29,
2007
|
|||||||
Term
Loan, due 2013
|
$ | 713,300 | $ | 715,100 | ||||
7⅞%
Senior Subordinated Notes, due 2013
|
320,000 | 320,000 | ||||||
8⅜%
Senior Subordinated Notes, due 2014 ($104.1 million outstanding principal
amount)
|
106,140 | 106,220 | ||||||
Senior
Unsecured Loan, due 2015
|
175,000 | 175,000 | ||||||
Revolving
Credit Facility, due 2012
|
46,000 | 91,200 | ||||||
Other
|
35,311 | 37,117 | ||||||
1,395,751 | 1,444,637 | |||||||
Less
current maturities
|
(16,961 | ) | (18,752 | ) | ||||
Long-term
debt
|
$ | 1,378,790 | $ | 1,425,885 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Total
|
||||||||||
Employee
separation costs
|
$ | 813 | $ | 730 | $ | 1,543 | ||||||
Asset
impairments
|
152 | — | 152 | |||||||||
Equipment
moving expenses
|
48 | 67 | 115 | |||||||||
Lease
termination expenses
|
294 | — | 294 | |||||||||
Building
clean-up and other expenses
|
155 | 228 | 383 | |||||||||
Total
restructuring and impairment charges
|
$ | 1,462 | $ | 1,025 | $ | 2,487 |
Lease
Termination
Costs
|
Employee
Separation
Costs
|
Pension
Withdrawal
Liabilities
|
Total
|
|||||||||||||
Balance
at December 29, 2007
|
$ | 3,582 | $ | 541 | $ | 2,092 | $ | 6,215 | ||||||||
Accruals,
net
|
294 | 1,543 | — | 1,837 | ||||||||||||
Payments
|
(923 | ) | (918 | ) | — | (1,841 | ) | |||||||||
Balance
at March 29, 2008
|
$ | 2,953 | $ | 1,166 | $ | 2,092 | $ | 6,211 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 13 | $ | 122 | $ | 68 | $ | 203 | ||||||||
Asset
impairments, net of gain on sale
|
— | (476 | ) | — | (476 | ) | ||||||||||
Equipment
moving expenses
|
— | 322 | — | 322 | ||||||||||||
Lease
termination expenses
|
32 | — | 34 | 66 | ||||||||||||
Building
clean-up and other expenses
|
148 | 361 | — | 509 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 193 | $ | 329 | $ | 102 | $ | 624 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 702 | $ | 663 | $ | 18 | $ | 1,383 | ||||||||
Asset
impairments, net of gain on sale
|
(608 | ) | 135 | — | (473 | ) | ||||||||||
Equipment
moving expenses
|
536 | 112 | — | 648 | ||||||||||||
Lease
termination expenses
|
19 | 66 | 30 | 115 | ||||||||||||
Building
clean-up and other expenses
|
113 | 817 | 22 | 952 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 762 | $ | 1,793 | $ | 70 | $ | 2,625 |
Lease
Termination
Costs
|
Employee
Separation
Costs
|
Pension
Withdrawal
Liabilities
|
Total
|
|||||||||||||
Balance
at December 29, 2007
|
$ | 4,793 | $ | 1,163 | $ | 297 | $ | 6,253 | ||||||||
Accruals,
net
|
66 | 203 | — | 269 | ||||||||||||
Payments
|
(159 | ) | (1,008 | ) | — | (1,167 | ) | |||||||||
Balance
at March 29, 2008
|
$ | 4,700 | $ | 358 | $ | 297 | $ | 5,355 |
Pension
Plans
|
Postretirement
Plans
|
|||||||||||||||
Three
Months Ended
|
Three
Months Ended
|
|||||||||||||||
March
29,
2008
|
March
31,
2007
|
March
29,
2008
|
March
31,
2007
|
|||||||||||||
Service
cost
|
$ | 119 | $ | 69 | $ | — | $ | — | ||||||||
Interest
cost
|
2,277 | 873 | 304 | 238 | ||||||||||||
Expected
return on plan assets
|
(2,685 | ) | (925 | ) | — | — | ||||||||||
Net
amortization and deferral
|
2 | 124 | — | — | ||||||||||||
Recognized
net actuarial loss
|
56 | 51 | — | — | ||||||||||||
Net
periodic pension expense
|
$ | (231 | ) | $ | 192 | $ | 304 | $ | 238 |
Three
Months Ended
|
||||||||
March
29, 2008
|
March
31, 2007
|
|||||||
Net
(loss) income
|
$ | (3,399 | ) | $ | 18,073 | |||
Other
comprehensive (loss) income:
|
||||||||
Unrealized
(loss) gain on cash flow hedges
|
(9,359 | ) | 94 | |||||
Currency
translation adjustment
|
(1,250 | ) | (5,387 | ) | ||||
Comprehensive
(loss) income
|
$ | (14,008 | ) | $ | 12,780 |
Three
Months Ended
|
||||||||
March
29,
2008
|
March
31,
2007
|
|||||||
Numerator
for basic and diluted (loss) income per share:
|
||||||||
(Loss)
income from continuing operations
|
$ | (2,743 | ) | $ | 1,780 | |||
(Loss)
income from discontinued operations, net of taxes
|
(656 | ) | 16,293 | |||||
Net
(loss) income
|
$ | (3,399 | ) | $ | 18,073 | |||
Denominator
weighted average common shares outstanding:
|
||||||||
Basic
shares
|
53,715 | 53,525 | ||||||
Dilutive
effect of stock options and RSUs
|
— | 1,047 | ||||||
Diluted
shares
|
53,715 | 54,572 | ||||||
(Loss)
income per share - basic:
|
||||||||
Continuing
operations
|
$ | (0.05 | ) | $ | 0.03 | |||
Discontinued
operations
|
(0.01 | ) | 0.31 | |||||
Net
(loss) income
|
$ | (0.06 | ) | $ | 0.34 | |||
(Loss)
income per share - diluted:
|
||||||||
Continuing
operations
|
$ | (0.05 | ) | $ | 0.03 | |||
Discontinued
operations
|
(0.01 | ) | 0.30 | |||||
Net
(loss) income
|
$ | (0.06 | ) | $ | 0.33 |
Three
Months Ended
|
||||||||
March
29,
2008
|
March
31,
2007
|
|||||||
Net
sales:
|
||||||||
Envelopes,
forms and labels
|
$ | 238,137 | $ | 211,470 | ||||
Commercial
printing
|
296,191 | 203,244 | ||||||
Total
|
$ | 534,328 | $ | 414,714 | ||||
Operating
income (loss):
|
||||||||
Envelopes,
forms and labels
|
$ | 25,626 | $ | 27,389 | ||||
Commercial
printing
|
11,278 | 9,630 | ||||||
Corporate
|
(13,924 | ) | (8,780 | ) | ||||
Total
|
$ | 22,980 | $ | 28,239 | ||||
Restructuring,
impairment and other charges:
|
||||||||
Envelopes,
forms and labels
|
$ | 1,655 | $ | 762 | ||||
Commercial
printing
|
1,354 | 1,793 | ||||||
Corporate
|
6,740 | 70 | ||||||
Total
|
$ | 9,749 | $ | 2,625 | ||||
150 | ||||||||
Net
sales by product line:
|
||||||||
Envelopes
|
$ | 165,668 | $ | 144,358 | ||||
Commercial
printing
|
201,405 | 176,040 | ||||||
Journals
and periodicals
|
93,845 | 26,431 | ||||||
Labels
and business forms
|
73,410 | 67,885 | ||||||
Total
|
$ | 534,328 | $ | 414,714 | ||||
Intercompany
sales:
|
||||||||
Envelopes,
forms and labels to commercial printing
|
$ | 1,234 | $ | 2,966 | ||||
Commercial
printing to envelopes, forms and labels
|
1,514 | 2,632 | ||||||
Total
|
$ | 2,748 | $ | 5,598 | ||||
March
29,
2008
|
December
29,
2007
|
||||||||
Identifiable
assets:
|
|||||||||
Envelopes,
forms and labels
|
$ | 814,129 | $ | 833,337 | |||||
Commercial
printing
|
1,073,125 | 1,105,832 | |||||||
Corporate
|
59,103 | 63,553 | |||||||
Total
|
$ | 1,946,357 | $ | 2,002,722 |
Parent
|
Subsidiary
|
Guarantor
|
Non-Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Current
assets:
|
||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | — | $ | 8,693 | $ | 2,094 | $ | 2,268 | $ | — | $ | 13,055 | ||||||||||||
Accounts
receivable, net
|
— | 154,081 | 148,581 | 4,843 | — | 307,505 | ||||||||||||||||||
Inventories
|
— | 95,224 | 75,941 | 895 | — | 172,060 | ||||||||||||||||||
Assets
held for sale
|
— | 4,278 | — | — | — | 4,278 | ||||||||||||||||||
Notes
receivable from subsidiaries
|
— | 39,425 | — | — | (39,425 | ) | — | |||||||||||||||||
Prepaid
and other current assets
|
— | 49,304 | 16,498 | 518 | — | 66,320 | ||||||||||||||||||
Total
current assets
|
— | 351,005 | 243,114 | 8,524 | (39,425 | ) | 563,218 | |||||||||||||||||
Investment
in subsidiaries
|
88,298 | 1,485,083 | 3,065 | — | (1,576,446 | ) | — | |||||||||||||||||
Property,
plant and equipment, net
|
— | 163,661 | 251,895 | 725 | — | 416,281 | ||||||||||||||||||
Goodwill
|
— | 175,234 | 493,504 | — | — | 668,738 | ||||||||||||||||||
Other
intangible assets, net
|
— | 9,415 | 259,032 | — | — | 268,447 | ||||||||||||||||||
Other
assets, net
|
— | 23,102 | 6,180 | 391 | — | 29,673 | ||||||||||||||||||
Total
assets
|
$ | 88,298 | $ | 2,207,500 | $ | 1,256,790 | $ | 9,640 | $ | (1,615,871 | ) | $ | 1,946,357 | |||||||||||
Liabilities
and Shareholders’ Equity
|
||||||||||||||||||||||||
Current
liabilities:
|
||||||||||||||||||||||||
Current
maturities of long-term debt
|
$ | — | $ | 7,571 | $ | 9,390 | $ | — | $ | — | $ | 16,961 | ||||||||||||
Accounts
payable
|
— | 97,379 | 60,695 | 2,118 | — | 160,192 | ||||||||||||||||||
Accrued
compensation and related liabilities
|
— | 29,800 | 18,932 | — | — | 48,732 | ||||||||||||||||||
Other
current liabilities
|
— | 72,384 | 15,101 | 1,182 | — | 88,667 | ||||||||||||||||||
Intercompany
payable (receivable)
|
— | 505,841 | (509,359 | ) | 3,518 | — | — | |||||||||||||||||
Notes
payable to subsidiary issuer
|
— | — | 39,425 | — | (39,425 | ) | — | |||||||||||||||||
Total
current liabilities
|
— | 712,975 | (365,816 | ) | 6,818 | (39,425 | ) | 314,552 | ||||||||||||||||
Long-term
debt
|
— | 1,354,641 | 24,149 | — | — | 1,378,790 | ||||||||||||||||||
Deferred
income tax liability (asset)
|
— | (19,986 | ) | 67,769 | (243 | ) | — | 47,540 | ||||||||||||||||
Other
liabilities
|
— | 71,572 | 45,605 | — | — | 117,177 | ||||||||||||||||||
Shareholders’
equity
|
88,298 | 88,298 | 1,485,083 | 3,065 | (1,576,446 | ) | 88,298 | |||||||||||||||||
Total
liabilities and shareholders’ equity
|
$ | 88,298 | $ | 2,207,500 | $ | 1,256,790 | $ | 9,640 | $ | (1,615,871 | ) | $ | 1,946,357 |
Parent
|
Subsidiary
|
Guarantor
|
Non-Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net
sales
|
$ | — | $ | 260,292 | $ | 269,624 | $ | 4,412 | $ | — | $ | 534,328 | ||||||||||||
Cost
of sales
|
— | 218,786 | 214,254 | 3,258 | — | 436,298 | ||||||||||||||||||
Selling,
general and administrative
|
— | 36,468 | 26,507 | 151 | — | 63,126 | ||||||||||||||||||
Amortization
of intangible assets
|
— | 111 | 2,064 | — | — | 2,175 | ||||||||||||||||||
Restructuring,
impairment and other charges
|
— | 9,708 | 41 | — | — | 9,749 | ||||||||||||||||||
Operating
income (loss)
|
— | (4,781 | ) | 26,758 | 1,003 | — | 22,980 | |||||||||||||||||
Interest
expense, net
|
— | 26,560 | 437 | (19 | ) | — | 26,978 | |||||||||||||||||
Intercompany
interest expense (income)
|
— | (944 | ) | 944 | — | — | — | |||||||||||||||||
Loss
on early extinguishment of debt
|
— | — | — | — | — | — | ||||||||||||||||||
Other
expense, net
|
— | 186 | 275 | — | — | 461 | ||||||||||||||||||
Income
(loss) from continuing operations before income taxes and equity in income
of unconsolidated subsidiaries
|
— | (30,583 | ) | 25,102 | 1,022 | — | (4,459 | ) | ||||||||||||||||
Income
tax expense (benefit)
|
— | (3,823 | ) | 2,107 | — | — | (1,716 | ) | ||||||||||||||||
Income
(loss) from continuing operations before equity in income of
unconsolidated subsidiaries
|
— | (26,760 | ) | 22,995 | 1,022 | — | (2,743 | ) | ||||||||||||||||
Equity
in income of unconsolidated
subsidiaries
|
(3,399 | ) | 24,017 | 1,022 | — | (21,640 | ) | — | ||||||||||||||||
(Loss)
income from continuing operations
|
(3,399 | ) | (2,743 | ) | 24,017 | 1,022 | (21,640 | ) | (2,743 | ) | ||||||||||||||
Loss
from discontinued operations, net of taxes
|
— | (656 | ) | — | — | — | (656 | ) | ||||||||||||||||
Net
income (loss)
|
$ | (3,399 | ) | $ | (3,399 | ) | $ | 24,017 | $ | 1,022 | $ | (21,640 | ) | $ | (3,399 | ) |
Parent
|
Subsidiary
|
Guarantor
|
Non-
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Cash
flows from operating activities:
|
||||||||||||||||||||||||
Net
cash provided by operating activities
|
$ | 2,692 | $ | 13,903 | $ | 37,668 | $ | 168 | $ | — | $ | 54,431 | ||||||||||||
Cash
flows from investing activities:
|
||||||||||||||||||||||||
Intercompany
note
|
— | 683 | — | — | (683 | ) | — | |||||||||||||||||
Capital
expenditures
|
— | (1,712 | ) | (7,385 | ) | — | — | (9,097 | ) | |||||||||||||||
Proceeds
from sale of property, plant and equipment
|
— | 195 | 153 | — | — | 348 | ||||||||||||||||||
Net
cash used in investing activities of continuing operations
|
— | (834 | ) | (7,232 | ) | — | (683 | ) | (8,749 | ) | ||||||||||||||
Cash
flows from financing activities:
|
||||||||||||||||||||||||
Repayments
under Revolving Credit Facility, net
|
— | (45,200 | ) | — | — | — | (45,200 | ) | ||||||||||||||||
Proceeds
from exercise of stock options
|
288 | — | — | — | — | 288 | ||||||||||||||||||
Repayments
of Term Loans
|
— | (1,800 | ) | — | — | — | (1,800 | ) | ||||||||||||||||
Repayments
of other long-term debt
|
— | (97 | ) | (1,709 | ) | — | — | (1,806 | ) | |||||||||||||||
Intercompany
note
|
— | — | (683 | ) | — | 683 | — | |||||||||||||||||
Intercompany
advances
|
(2,980 | ) | 29,630 | (26,841 | ) | 191 | — | — | ||||||||||||||||
Net
cash (used in) provided by financing activities
|
(2,692 | ) | (17,467 | ) | (29,233 | ) | 191 | 683 | (48,518 | ) | ||||||||||||||
Effect
of exchange rate changes on cash and cash equivalents of continuing
operations
|
— | — | 9 | — | — | 9 | ||||||||||||||||||
Net
(decrease) increase in cash and cash quivalents
|
— | (4,398 | ) | 1,212 | 359 | — | (2,827 | ) | ||||||||||||||||
Cash
and cash equivalents at beginning of year
|
— | 13,091 | 882 | 1,909 | — | 15,882 | ||||||||||||||||||
Cash
and cash equivalents at end of year
|
$ | — | $ | 8,693 | $ | 2,094 | $ | 2,268 | $ | — | $ | 13,055 |
Parent
|
Subsidiary
|
Guarantor
|
Non-
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Current
assets:
|
||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | — | $ | 13,091 | $ | 882 | $ | 1,909 | $ | — | $ | 15,882 | ||||||||||||
Accounts
receivable, net
|
— | 164,815 | 175,746 | 4,073 | — | 344,634 | ||||||||||||||||||
Inventories
|
— | 89,259 | 72,782 | 867 | — | 162,908 | ||||||||||||||||||
Notes
receivable from subsidiaries
|
— | 40,108 | — | — | (40,108 | ) | — | |||||||||||||||||
Prepaid
and other current assets
|
— | 57,484 | 15,160 | 714 | — | 73,358 | ||||||||||||||||||
Total
current assets
|
— | 364,757 | 264,570 | 7,563 | (40,108 | ) | 596,782 | |||||||||||||||||
Investment
in subsidiaries
|
99,326 | 1,461,662 | 2,058 | — | (1,563,046 | ) | — | |||||||||||||||||
Property,
plant and equipment, net
|
— | 173,103 | 254,378 | 860 | — | 428,341 | ||||||||||||||||||
Goodwill
|
— | 175,220 | 494,582 | — | — | 669,802 | ||||||||||||||||||
Other
intangible assets, net
|
— | 9,512 | 261,110 | — | — | 270,622 | ||||||||||||||||||
Other
assets, net
|
— | 22,949 | 13,833 | 393 | — | 37,175 | ||||||||||||||||||
Total
assets
|
$ | 99,326 | $ | 2,207,203 | $ | 1,290,531 | $ | 8,816 | $ | (1,603,154 | ) | $ | 2,002,722 | |||||||||||
Liabilities
and Shareholders’ Equity
|
||||||||||||||||||||||||
Current
liabilities:
|
||||||||||||||||||||||||
Current
maturities of long-term debt
|
$ | — | $ | 8,769 | $ | 9,983 | $ | — | $ | — | $ | 18,752 | ||||||||||||
Accounts
payable
|
— | 98,111 | 65,130 | 2,217 | — | 165,458 | ||||||||||||||||||
Accrued
compensation and related liabilities
|
— | 23,792 | 23,361 | — | — | 47,153 | ||||||||||||||||||
Other
current liabilities
|
— | 57,845 | 20,495 | 1,214 | — | 79,554 | ||||||||||||||||||
Intercompany
payable (receivable)
|
— | 479,191 | (482,518 | ) | 3,327 | — | — | |||||||||||||||||
Notes
payable to subsidiary issuer
|
— | — | 40,108 | — | (40,108 | ) | — | |||||||||||||||||
Total
current liabilities
|
— | 667,708 | (323,441 | ) | 6,758 | (40,108 | ) | 310,917 | ||||||||||||||||
Long-term
debt
|
— | 1,400,620 | 25,265 | — | — | 1,425,885 | ||||||||||||||||||
Deferred
income tax liability (asset)
|
— | (17,162 | ) | 72,343 | — | — | 55,181 | |||||||||||||||||
Other
liabilities
|
— | 56,711 | 54,702 | — | — | 111,413 | ||||||||||||||||||
Shareholders’
equity
|
99,326 | 99,326 | 1,461,662 | 2,058 | (1,563,046 | ) | 99,326 | |||||||||||||||||
Total
liabilities and shareholders’ equity
|
$ | 99,326 | $ | 2,207,203 | $ | 1,290,531 | $ | 8,816 | $ | (1,603,154 | ) | $ | 2,002,722 |
Parent
|
Subsidiary
|
Guarantor
|
Non-
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net
sales
|
$ | — | $ | 305,607 | $ | 108,216 | $ | 891 | $ | — | $ | 414,714 | ||||||||||||
Cost
of sales
|
— | 248,417 | 83,334 | 785 | — | 332,536 | ||||||||||||||||||
Selling,
general and administrative
|
— | 40,440 | 9,000 | 44 | — | 49,484 | ||||||||||||||||||
Amortization
of intangible assets
|
— | 1,232 | 598 | — | — | 1,830 | ||||||||||||||||||
Restructuring
and impairment charges
|
— | 2,593 | 32 | — | — | 2,625 | ||||||||||||||||||
Operating
income
|
— | 12,925 | 15,252 | 62 | — | 28,239 | ||||||||||||||||||
Interest
expense, net
|
— | 15,596 | 687 | (1 | ) | — | 16,282 | |||||||||||||||||
Intercompany
interest expense (income)
|
— | (687 | ) | 687 | — | — | — | |||||||||||||||||
Loss
on early extinguishment of debt
|
— | 8,681 | 19 | — | — | 8,700 | ||||||||||||||||||
Other
expense (income), net
|
— | 318 | (98 | ) | 2 | — | 222 | |||||||||||||||||
Income
(loss) from continuing operations before income taxes and equity in income
of unconsolidated subsidiaries
|
— | (10,983 | ) | 13,957 | 61 | — | 3,035 | |||||||||||||||||
Income
tax expense (benefit)
|
— | (177 | ) | 1,432 | — | — | 1,255 | |||||||||||||||||
Income
(loss) from continuing operations before equity in income of
unconsolidated subsidiaries
|
— | (10,806 | ) | 12,525 | 61 | — | 1,780 | |||||||||||||||||
Equity
in income of unconsolidated subsidiaries
|
18,073 | 12,586 | 61 | — | (30,720 | ) | — | |||||||||||||||||
Income
(loss) from continuing operations
|
18,073 | 1,780 | 12,586 | 61 | (30,720 | ) | 1,780 | |||||||||||||||||
Income
from discontinued operations, net of taxes
|
— | 16,293 | — | — | — | 16,293 | ||||||||||||||||||
Net
income (loss)
|
$ | 18,073 | $ | 18,073 | $ | 12,586 | $ | 61 | $ | (30,720 | ) | $ | 18,073 |
Parent
|
Subsidiary
|
Guarantor
|
Non-
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Cash
flows from operating activities:
|
||||||||||||||||||||||||
Net
cash provided by (used in) continuing operating activities
|
$ | 2,265 | $ | 11,165 | $ | 19,539 | $ | (3,279 | ) | $ | — | $ | 29,690 | |||||||||||
Net
cash provided by discontinued operating activities
|
— | 2,198 | — | — | — | 2,198 | ||||||||||||||||||
Net
cash provided by (used in) operating activities
|
2,265 | 13,363 | 19,539 | (3,279 | ) | — | 31,888 | |||||||||||||||||
Cash
flows from investing activities:
|
||||||||||||||||||||||||
Cost
of business acquisitions, net of cash acquired
|
— | (329,300 | ) | — | — | — | (329,300 | ) | ||||||||||||||||
Intercompany
note
|
— | 992 | — | — | (992 | ) | — | |||||||||||||||||
Capital
expenditures
|
— | (6,845 | ) | (270 | ) | — | — | (7,115 | ) | |||||||||||||||
Proceeds
from sale of property, plant and equipment
|
— | 2,347 | — | — | — | 2,347 | ||||||||||||||||||
Net
cash used in investing activities of continuing operations
|
— | (332,806 | ) | (270 | ) | — | (992 | ) | (334,068 | ) | ||||||||||||||
Proceeds
from the sale of discontinued operations
|
— | 73,628 | — | — | — | 73,628 | ||||||||||||||||||
Net
cash used in investing activities
|
— | (259,178 | ) | (270 | ) | — | (992 | ) | (260,440 | ) | ||||||||||||||
Cash
flows from financing activities:
|
||||||||||||||||||||||||
Proceeds
from issuance of Term Loans
|
— | 620,000 | — | — | — | 620,000 | ||||||||||||||||||
Borrowings
under Revolving Credit Facility, net
|
— | 29,400 | — | — | — | 29,400 | ||||||||||||||||||
Proceeds
from exercise of stock options
|
185 | — | — | — | — | 185 | ||||||||||||||||||
Repayment
of Term Loan B
|
— | (324,188 | ) | — | — | — | (324,188 | ) | ||||||||||||||||
Repayment
of Cadmus revolving senior bank credit facility
|
— | (70,100 | ) | — | — | — | (70,100 | ) | ||||||||||||||||
Repayment
of 8 3/8% Senior Subordinated Notes
|
— | (20,875 | ) | — | — | — | (20,875 | ) | ||||||||||||||||
Repayments
of other long-term debt
|
— | (166 | ) | — | — | — | (166 | ) | ||||||||||||||||
Payment
of refinancing fees, redemption, premiums and expenses
|
— | (7,489 | ) | — | — | — | (7,489 | ) | ||||||||||||||||
Payment
of debt issuance costs
|
— | (886 | ) | — | — | — | (886 | ) | ||||||||||||||||
Intercompany
note
|
— | — | (992 | ) | — | 992 | — | |||||||||||||||||
Intercompany
advances
|
(2,450 | ) | 18,309 | (19,827 | ) | 3,968 | — | — | ||||||||||||||||
Net
cash provided by (used in) financing activities
|
(2,265 | ) | 244,005 | (20,819 | ) | 3,968 | 992 | 225,881 | ||||||||||||||||
Effect
of exchange rate changes on cash and cash equivalents of continuing
operations
|
— | — | — | — | — | — | ||||||||||||||||||
Net
(decrease) increase in cash and cash equivalents
|
— | (1,810 | ) | (1,550 | ) | 689 | — | (2,671 | ) | |||||||||||||||
Cash
and cash equivalents at beginning of year
|
— | 8,655 | 1,903 | — | — | 10,558 | ||||||||||||||||||
Cash
and cash equivalents at end of year
|
$ | — | $ | 6,845 | $ | 353 | $ | 689 | $ | — | $ | 7,887 |
Three
Months Ended
|
||||||||
March
29, 2008
|
March
31, 2007
|
|||||||
(in
thousands, except
per
share amounts)
|
||||||||
Net
sales
|
$ | 534,328 | $ | 414,714 | ||||
Operating
income (loss):
|
||||||||
Envelopes,
forms and labels
|
$ | 25,626 | $ | 27,389 | ||||
Commercial
printing
|
11,278 | 9,630 | ||||||
Corporate
|
(13,924 | ) | (8,780 | ) | ||||
Total
operating income
|
22,980 | 28,239 | ||||||
Interest
expense, net
|
26,978 | 16,282 | ||||||
Loss
on early extinguishment of debt
|
— | 8,700 | ||||||
Other
expense, net
|
461 | 222 | ||||||
(Loss)
income from continuing operations before income taxes
|
(4,459 | ) | 3,035 | |||||
Income
tax (benefit) expense
|
(1,716 | ) | 1,255 | |||||
(Loss)
income from continuing operations
|
(2,743 | ) | 1,780 | |||||
(Loss)
income from discontinued operations, net of taxes
|
(656 | ) | 16,293 | |||||
Net
(loss) income
|
$ | (3,399 | ) | $ | 18,073 | |||
(Loss)
income per share−basic:
|
||||||||
Continuing
operations
|
$ | (0.05 | ) | $ | 0.03 | |||
Discontinued
operations
|
(0.01 | ) | 0.31 | |||||
Net
(loss) income
|
$ | (0.06 | ) | $ | 0.34 | |||
(Loss)
income per share−diluted:
|
||||||||
Continuing
operations
|
$ | (0.05 | ) | $ | 0.03 | |||
Discontinued
operations
|
(0.01 | ) | 0.30 | |||||
Net
(loss) income
|
$ | (0.06 | ) | $ | 0.33 |
Three
Months Ended
|
||||||||
March
29, 2008
|
March
31, 2007
|
|||||||
(in
thousands)
|
||||||||
Income
tax (benefit) expense from U.S. operations
|
$ | (1,745 | ) | $ | 995 | |||
Income
tax expense from foreign operations
|
29 | 260 | ||||||
Income
tax (benefit) expense
|
$ | (1,716 | ) | $ | 1,255 | |||
Effective
income tax rate
|
38.5 | % | 41.35 | % |
Three
Months Ended
March
31,
|
||||||||
2008
|
2007
|
|||||||
(in
thousands)
|
||||||||
Segment
net sales
|
$
|
238,137 | $ | 211,470 | ||||
Segment
operating income
|
$
|
25,626 | $ | 27,389 | ||||
Operating
income margin
|
10.8 | % | 13.0 | % | ||||
Restructuring
and impairment charges
|
$
|
1,655 | $ | 762 |
Three
Months Ended
March
31,
|
||||||||
2008
|
2007
|
|||||||
(in
thousands)
|
||||||||
Segment
net sales
|
$
|
296,191 | $ | 203,244 | ||||
Segment
operating income
|
$
|
11,278 | $ | 9,630 | ||||
Operating
income margin
|
3.8 | % | 4.7 | % | ||||
Restructuring
and impairment charges
|
$
|
1,354 | $ | 1,793 |
Rating
Agency
|
Corporate
Rating
|
Amended
Credit
Facilities
|
7⅞%
Notes
|
8⅜%
Notes
|
Last
Update
|
|||||
Standard
& Poor’s
|
BB-
|
BB+
|
B
|
B
|
December
2007
|
|||||
Moody’s
|
B1
|
Ba2
|
B3
|
B3
|
September
2007
|
Exhibit
Number
|
Description
|
2.1
|
Agreement
of Merger dated as of December 26, 2006 among Cenveo, Inc., Mouse
Acquisition Corp. and Cadmus Communications Corporation—incorporated by
reference to Exhibit 2.1 to registrant’s current report on Form 8-K filed
December 27, 2006.
|
|||||
2.2
|
Stock
Purchase Agreement dated as of July 17, 2007 among Cenveo Corporation,
Commercial Envelope Manufacturing Co., Inc. and its
shareholders—incorporated by reference to Exhibit 2.1 to registrant’s
current report on Form 8-K filed July 20, 2007.
|
|||||
3.1
|
Articles
of Incorporation—incorporated by reference to Exhibit 3(i) of the
registrant’s quarterly report on Form 10-Q for the quarter ended March 31,
1997.
|
|||||
3.2
|
Articles
of Amendment to the Articles of Incorporation dated May 17,
2004—incorporated by reference to Exhibit 3.2 to registrant’s quarterly
report on Form 10-Q for the quarter ended March 31,
2004.
|
|||||
3.3
|
Amendment
to Articles of Incorporation and Certificate of Designations of Series A
Junior Participating Preferred Stock of the Registrant dated April 20,
2005—incorporated by reference to Exhibit 3.1 to registrant’s current
report on Form 8-K filed April 21, 2005.
|
|||||
3.4
|
Bylaws
as amended and restated effective February 22, 2007—incorporated by
reference to Exhibit 3.2 to registrant’s current report on Form 8-K filed
August 30, 2007.
|
|||||
4.1
|
Indenture
dated as of February 4, 2004 between Mail-Well I Corporation and U.S. Bank
National Association, as Trustee, and Form of Senior Subordinated Note and
Guarantee relating to Mail-Well I Corporation’s 7⅞% Senior Subordinated
Notes due 2013—incorporated by reference to Exhibit 4.5 to registrant’s
annual report on Form 10-K for the year ended December 29,
2003.
|
|||||
4.2
|
Registration
Rights Agreement dated February 4, 2004, between Mail-Well I Corporation
and Credit Suisse First Boston, as Initial Purchaser, relating to
Mail-Well I Corporation’s 7⅞% Senior Subordinated Notes due
2013—incorporated by reference to Exhibit 4.6 to registrant’s annual
report on Form 10-K for the year ended December 29,
2003.
|
|||||
4.3
|
Supplemental
Indenture, dated as of June 21, 2006 among Cenveo Corporation (f/k/a
Mail-Well I Corporation), the Guarantors named therein and U.S. Bank
National Association, as Trustee, to the Indenture dated as of February 4,
2004 relating to the 7⅞% Senior Subordinated Notes due 2013—incorporated
by reference to Exhibit 4.2 to registrant’s current report on Form 8-K
filed June 27, 2006.
|
|||||
4.4
|
Third
Supplemental Indenture, dated as of March 7, 2007 among Cenveo Corporation
(f/k/a Mail-Well I Corporation), the Guarantors named therein and U.S.
Bank National Association, as Trustee, to the Indenture dated as of
February 4, 2004 relating to the
7⅞%
|
Exhibit
Number
|
Description
|
Senior
Subordinated Notes due 2013—incorporated by reference to Exhibit 4.7 to
registrant’s quarterly report on Form 10-Q for the quarter ended March 31,
2007.
|
||||||
4.5
|
Fourth
Supplemental Indenture, dated as of July 9, 2007 among Cenveo Corporation
(f/k/a Mail-Well I Corporation), the Guarantors named therein and U.S.
Bank National Association, as Trustee, to the Indenture dated as of
February 4, 2004 relating to the 7⅞% Senior Subordinated Notes due
2013—incorporated by reference to Exhibit 4.8 to registrant’s quarterly
report on Form 10-Q for the quarter ended June 30,
2007.
|
|||||
4.6
|
Fifth
Supplemental Indenture, dated as of August 30, 2007 among Cenveo
Corporation (f/k/a Mail-Well I Corporation), the Guarantors named therein
and U.S. Bank National Association, as Trustee, to the Indenture dated as
of February 4, 2004 relating to the 7⅞% Senior Subordinated Notes due
2013—incorporated by reference to Exhibit 4.6 to registrant’s quarterly
report on Form 10-Q for the quarter ended September 30,
2007.
|
|||||
4.7
|
Indenture,
dated as of June 15, 2004, among Cadmus Communications Corporation, the
Guarantors named therein and Wachovia Bank, National Association, as
Trustee, relating to the 8⅜% Senior Subordinated Notes due
2014—incorporated by reference to Exhibit 4.9 to Cadmus Communications
Corporation’s registration statement on Form S-4 filed August 24,
2004.
|
|||||
4.8
|
Registration
Rights Agreement, dated June 15, 2004, among Cadmus Communications
Corporation, the Guarantors named therein and Wachovia Capital Markets,
LLC and Banc of America Securities LLC on behalf of the Initial
Purchasers, relating to the 8⅜% Senior Subordinated Notes due
2014—incorporated by reference to Exhibit 4.10 to Cadmus Communications
Corporation’s registration statement on Form S-4 filed August 24,
2004.
|
|||||
4.9
|
First
Supplemental Indenture, dated as of March 1, 2005, to the Indenture dated
as of June 15, 2004, among Cadmus Communications Corporation, the
Guarantors named therein and Wachovia Bank, National Association, as
Trustee, relating to the 8⅜% Senior Subordinated Notes due
2014—incorporated by reference to Exhibit 4.9.1 to Cadmus Communications
Corporation’s quarterly report on Form 10-Q for the quarter ended March
31, 2005, filed May 13, 2005.
|
|||||
4.10
|
Second
Supplemental Indenture, dated as of May 19, 2006, to the Indenture dated
as of June 15, 2004, among Cadmus Communications Corporation, the
Guarantors named therein and U.S. Bank National Association (successor to
Wachovia Bank, National Association), as Trustee, relating to the 8⅜%
Senior Subordinated Notes due 2014—incorporated by reference to Exhibit
4.9.2 to Cadmus Communications Corporation’s annual report on Form 10-K
for the year ended June 30, 2006, filed September 13,
2006.
|
|||||
4.11
|
Third
Supplemental Indenture, dated as of March 7, 2007, to the Indenture dated
as of June 15, 2004, among Cenveo Corporation (as successor to Cadmus
Communications Corporation), the Guarantors named therein and U.S. Bank
National Association (successor to Wachovia Bank, National Association),
as Trustee, relating to the 8⅜% Senior Subordinated Notes due
2014—incorporated by reference to Exhibit 4.11 to registrant’s quarterly
report on Form 10-Q for the quarter ended March 31,
2007.
|
|||||
4.12
|
Fourth
Supplemental Indenture, dated as of July 9, 2007, to the Indenture dated
as of June 15, 2004, among Cenveo Corporation (as successor to Cadmus
Communications Corporation), the Guarantors named therein and U.S. Bank
National Association (successor to Wachovia Bank, National Association),
as Trustee, relating to the 8⅜% Senior Subordinated Notes due
2014—incorporated by reference to Exhibit 4.13 to registrant’s quarterly
report on Form 10-Q for the quarter ended June 30,
2007.
|
|||||
Exhibit
Number
|
Description
|
4.13
|
Fifth
Supplemental Indenture, dated as of August 30, 2007, to the Indenture
dated as of June 15, 2004, among Cenveo Corporation (as successor to
Cadmus Communications Corporation), the Guarantors named therein and U.S.
Bank National Association (successor to Wachovia Bank, National
Association), as Trustee, relating to the 8⅜% Senior Subordinated Notes
due 2014—incorporated by reference to Exhibit 4.13 to registrant’s
quarterly report on Form 10-Q for the quarter ended September 30,
2007.
|
|||||
4.14
|
Sixth
Supplemental Indenture, dated as of November 7, 2007, to the Indenture
dated as of June 15, 2004, among Cenveo Corporation (as successor to
Cadmus Communications Corporation), the Guarantors named therein and U.S.
Bank National Association (successor to Wachovia Bank, National
Association), as Trustee, relating to the 8⅜% Senior Subordinated Notes
due 2014—incorporated by reference to Exhibit 4.12 to registrant’s annual
report on Form 10-K for the year ended December 29,
2007.
|
|||||
10.1*
|
Amendment,
dated February 27, 2008, to Employment Agreement dated as of October 27,
2005, as amended, between the registrant and Robert G. Burton,
Sr.
|
|||||
31.1*
|
Certification
by Robert G. Burton, Sr., Chief Executive Officer, pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.
|
|||||
31.2*
|
Certification
by Mark S. Hiltwein, Chief Financial Officer, pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002.
|
|||||
32.1*
|
Certification
of the Chief Executive Officer and of the Chief Financial Officer pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, furnished as an exhibit
to this report on Form 10-Q.
|
CENVEO,
INC.
|
||
By:
|
/s/
Robert
G. Burton, Sr.
|
|
Robert
G. Burton, Sr.
|
||
Chairman
and Chief Executive Officer
|
||
(Principal
Executive Officer)
|
||
By:
|
/s/
Mark
S. Hiltwein
|
|
Mark
S. Hiltwein
|
||
Chief
Financial Officer
|
||
(Principal
Financial Officer and
|
||
Principal
Accounting Officer)
|