Business News

Cenveo Announces Management Appointments

Thursday 10. July 2008 - Robert G. Burton, Chairman and Chief Executive Officer of Cenveo, Inc. (NYSE:CVO) announced several appointments designed to add leadership and depth to the Company's field organization.

Mr. Burton announced the promotion of Dean E. Cherry to the position of Group President of the Company’s Envelope, Commercial Print and Packaging Operations. In this role, Mr. Cherry will be responsible for the day-to-day operations of these businesses which currently comprise of over one and one half billion dollars in annual revenue.

Mr. Burton also announced the following appointments; Andy Jobs as Senior Vice President, Chief Financial Officer of the Cenveo’s Envelope, Commercial Print and Packaging Operations; Ray Hartman as Senior Vice President, Manufacturing and Technology; Tony Paul as Senior Vice President, Cenveo East; Steve Kouroupas, Senior Vice President, Cenveo Central; Cappy Childs as Senior Vice President, Cenveo West; and Alex Vazquez as Senior Vice President, National Sales.

Robert G. Burton, Cenveo’s Chairman and Chief Executive Officer, stated:

“In a very short period of time, Dean and his team have done an outstanding job in improving the operations of our Envelope businesses, and I have now given him the additional responsibilities of managing and integrating our Commercial Print and Packaging businesses into our platform as we continue to look to drive additional efficiencies and cost savings. I am confident that he and his team of outstanding executives will continue to deliver the record results that we expect of them. We have now recruited over 100 people who have worked directly with us previously at related industry companies.

“These appointments continue to give me confidence in Cenveo’s short and long term prospects. As I stated earlier this week, I remain comfortable with the previously communicated guidance of $64 million of adjusted EBITDA for the second quarter and I remain committed to our 2008 full year targets of $300 million in adjusted EBITDA and $130 million in free cash flow.”

In addition to results presented in accordance with generally accepted accounting principles in the U.S. (“GAAP”), included in this release is the Non-GAAP financial measure Adjusted EBITDA. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, excluding restructuring, impairment and other charges, integration, acquisition and other charges, loss on early extinguishment of debt, stock-based compensation expense, and income (loss) from discontinued operations, net of taxes and should be read in conjunction with GAAP financial measures. This Non-GAAP financial measure is not presented as an alternative to cash flow from operations, as a measure of our liquidity or as an alternative to reported net income as an indicator of our operating performance. The Non-GAAP financial measure as used herein may not be comparable to similarly titled measures reported by competitors.

We believe the use of Adjusted EBITDA, along with GAAP financial measures enhances the understanding of our operating results and may be useful to investors in comparing our operating performance with that of our competitors and estimating our enterprise value. Adjusted EBITDA is also a useful tool in evaluating the core operating results of the Company given the significant variation that can result from, for example, the timing of capital expenditures, the amount of intangible assets recorded or the differences in assets’ lives. We also use Adjusted EBITDA internally to evaluate operating performance of our segments, to allocate resources and capital to such segments, to measure performance for incentive compensation programs, and to evaluate future growth opportunities.