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
|
September
27, 2008
|
December
29, 2007
|
|||||||
Assets
|
(Unaudited)
|
|||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 13,819 | $ | 15,882 | ||||
Accounts
receivable, net
|
309,327 | 344,634 | ||||||
Inventories
|
165,916 | 162,908 | ||||||
Prepaid
and other current assets
|
62,250 | 73,358 | ||||||
Total
current assets
|
551,312 | 596,782 | ||||||
Property,
plant and equipment, net
|
433,358 | 428,341 | ||||||
Goodwill
|
681,972 | 669,802 | ||||||
Other
intangible assets, net
|
279,205 | 270,622 | ||||||
Other
assets, net
|
29,557 | 37,175 | ||||||
Total
assets
|
$ | 1,975,404 | $ | 2,002,722 | ||||
Liabilities
and Shareholders’ Equity
|
||||||||
Current
liabilities:
|
||||||||
Current
maturities of long-term debt
|
$ | 16,477 | $ | 18,752 | ||||
Accounts
payable
|
181,716 | 165,458 | ||||||
Accrued
compensation and related liabilities
|
43,334 | 47,153 | ||||||
Other
current liabilities
|
90,061 | 79,554 | ||||||
Total
current liabilities
|
331,588 | 310,917 | ||||||
Long-term
debt
|
1,359,522 | 1,425,885 | ||||||
Deferred
income taxes
|
62,470 | 55,181 | ||||||
Other
liabilities
|
100,855 | 111,413 | ||||||
Commitments and contingencies | ||||||||
Shareholders’
equity:
|
||||||||
Preferred
stock
|
— | — | ||||||
Common
stock
|
541 | 537 | ||||||
Paid-in
capital
|
267,126 | 254,241 | ||||||
Retained
deficit
|
(137,343 | ) | (148,939 | ) | ||||
Accumulated
other comprehensive loss
|
(9,355 | ) | (6,513 | ) | ||||
Total
shareholders’ equity
|
120,969 | 99,326 | ||||||
Total
liabilities and shareholders’ equity
|
$ | 1,975,404 | $ | 2,002,722 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
27, 2008
|
September
29, 2007
|
September
27, 2008
|
September
29, 2007
|
|||||||||||||
As
Restated
|
As
Restated
|
|||||||||||||||
Net
sales
|
$ | 522,705 | $ | 550,601 | $ | 1,581,534 | $ | 1,462,275 | ||||||||
Cost
of sales
|
406,908 | 436,109 | 1,260,612 | 1,170,862 | ||||||||||||
Selling,
general and administrative
|
58,455 | 63,650 | 184,821 | 168,173 | ||||||||||||
Amortization
of intangible assets
|
2,293 | 2,819 | 6,747 | 7,245 | ||||||||||||
Restructuring,
impairment and other charges
|
6,873 | 20,312 | 22,047 | 32,094 | ||||||||||||
Operating
income
|
48,176 | 27,711 | 107,307 | 83,901 | ||||||||||||
Gain
on sale of non-strategic business
|
— | (189 | ) | — | (189 | ) | ||||||||||
Interest
expense, net
|
26,795 | 25,283 | 79,948 | 63,091 | ||||||||||||
Loss
(gain) on early extinguishment of debt
|
(371 | ) | 51 | 3,871 | 9,256 | |||||||||||
Other
expense (income), net
|
(695 | ) | 899 | 429 | 2,065 | |||||||||||
Income
from continuing operations before income taxes
|
22,447 | 1,667 | 23,059 | 9,678 | ||||||||||||
Income
tax expense (benefit)
|
10,060 | (844 | ) | 10,349 | 2,818 | |||||||||||
Income
from continuing operations
|
12,387 | 2,511 | 12,710 | 6,860 | ||||||||||||
(Loss)
income from discontinued operations, net of taxes
|
(59 | ) | (810 | ) | (1,114 | ) | 15,142 | |||||||||
Net
income
|
$ | 12,328 | $ | 1,701 | $ | 11,596 | $ | 22,002 | ||||||||
Income
(loss) per share - basic:
|
||||||||||||||||
Continuing
operations
|
$ | 0.23 | $ | 0.04 | $ | 0.24 | $ | 0.13 | ||||||||
Discontinued
operations
|
— | (0.01 | ) | (0.02 | ) | 0.28 | ||||||||||
Net
income
|
$ | 0.23 | $ | 0.03 | $ | 0.22 | $ | 0.41 | ||||||||
Income
(loss) per share - diluted:
|
||||||||||||||||
Continuing
operations
|
$ | 0.23 | $ | 0.04 | $ | 0.23 | $ | 0.12 | ||||||||
Discontinued
operations
|
— | (0.01 | ) | (0.02 | ) | 0.28 | ||||||||||
Net
income
|
$ | 0.23 | $ | 0.03 | $ | 0.21 | $ | 0.40 | ||||||||
Weighted
average shares:
|
||||||||||||||||
Basic
|
53,897 | 53,572 | 53,796 | 53,545 | ||||||||||||
Diluted
|
54,174 | 54,531 | 53,994 | 54,614 |
Nine
Months Ended
|
||||||||
September
27, 2008
|
September
29, 2007
|
|||||||
As
Restated
|
||||||||
Cash
flows from operating activities:
|
||||||||
Net
income
|
$ | 11,596 | $ | 22,002 | ||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Gain
on sale of discontinued operations, net of taxes
|
— | (15,962 | ) | |||||
Loss
from discontinued operations, net of taxes
|
1,114 | 820 | ||||||
Depreciation
and amortization, excluding non-cash interest expense
|
55,515 | 46,427 | ||||||
Non-cash
interest expense, net
|
1,305 | 1,044 | ||||||
Loss
on early extinguishment of debt
|
3,871 | 9,256 | ||||||
Stock-based
compensation provision
|
12,940 | 7,166 | ||||||
Non-cash
restructuring, impairment and other charges
|
5,124 | 17,153 | ||||||
Deferred
income taxes
|
6,709 | 4,082 | ||||||
Gain
on sale of non-strategic business
|
— | (189 | ) | |||||
Gain
on sale of assets
|
(4,378 | ) | (383 | ) | ||||
Other
non-cash charges, net
|
6,599 | 6,200 | ||||||
Changes
in operating assets and liabilities, excluding the effects of acquired
businesses:
|
||||||||
Accounts
receivable
|
35,590 | (5,049 | ) | |||||
Inventories
|
(125 | ) | (14,890 | ) | ||||
Accounts
payable and accrued compensation and related liabilities
|
5,718 | (378 | ) | |||||
Other
working capital changes
|
13,351 | (13,156 | ) | |||||
Other,
net
|
(5,515 | ) | (4,941 | ) | ||||
Net
cash provided by continuing operating activities
|
149,414 | 59,202 | ||||||
Net
cash provided by discontinued operating activities
|
— | 2,198 | ||||||
Net
cash provided by operating activities
|
149,414 | 61,400 | ||||||
Cash
flows from investing activities:
|
||||||||
Cost
of business acquisitions, net of cash acquired
|
(47,151 | ) | (627,116 | ) | ||||
Capital
expenditures
|
(37,782 | ) | (25,181 | ) | ||||
Acquisition
payments
|
(3,653 | ) | (3,653 | ) | ||||
Proceeds
from sale of property, plant and equipment
|
18,258 | 4,851 | ||||||
Proceeds
from divestitures, net
|
— | 226 | ||||||
Net
cash used in investing activities of continuing operations
|
(70,328 | ) | (650,873 | ) | ||||
Proceeds
from the sale of discontinued operations
|
— | 73,628 | ||||||
Net
cash used in investing activities
|
(70,328 | ) | (577,245 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Repayment
of senior unsecured loan
|
(175,000 | ) | — | |||||
(Repayments)
borrowings under revolving credit facility, net
|
(65,200 | ) | 92,500 | |||||
Repayment
of term loans
|
(5,400 | ) | (3,100 | ) | ||||
Repayment
of term loan B
|
— | (324,188 | ) | |||||
Repayment
of Cadmus revolving senior bank credit facility
|
— | (70,100 | ) | |||||
Repayment
of 8⅜% senior subordinated notes
|
— | (20,880 | ) | |||||
Repayment
of 9⅝% senior notes
|
— | (10,498 | ) | |||||
Repayments
of other long-term debt
|
(16,535 | ) | (26,962 | ) | ||||
Payment
of debt issuance costs
|
(5,297 | ) | (5,906 | ) | ||||
Payment
of refinancing fees, redemption premiums and expenses
|
— | (8,045 | ) | |||||
Purchase
and retirement of common stock upon vesting of RSUs
|
(1,055 | ) | (1,302 | ) | ||||
Tax
liability from stock-based compensation
|
(873 | ) | — | |||||
Proceeds
from issuance of 10½% senior notes
|
175,000 | — | ||||||
Proceeds
from issuance of term loans
|
— | 720,000 | ||||||
Proceeds
from senior unsecured loan
|
— | 175,000 | ||||||
Proceeds
from issuance of other long-term debt
|
11,338 | — | ||||||
Proceeds
from exercise of stock options
|
1,873 | 300 | ||||||
Net
cash (used in) provided by financing activities
|
(81,149 | ) | 516,819 | |||||
Effect
of exchange rate changes on cash and cash equivalents of continuing
operations
|
—
|
180 | ||||||
Net
(decrease) increase in cash and cash equivalents
|
(2,063 | ) | 1,154 | |||||
Cash
and cash equivalents at beginning of period
|
15,882 | 10,558 | ||||||
Cash
and cash equivalents at end of period
|
$ | 13,819 | $ | 11,712 |
Condensed
consolidated balance sheet line items (in thousands):
|
||||||||
September
29, 2007
|
||||||||
As
Reported
|
As
Restated
|
|||||||
Accounts
receivable, net
|
$ | 345,858 | $ | 344,179 | ||||
Inventories
|
175,329 | 172,502 | ||||||
Prepaid
and other current assets
|
48,384 | 49,388 | ||||||
Total
current assets
|
585,561 | 582,059 | ||||||
Total
assets
|
2,025,787 | 2,022,285 | ||||||
Accounts
payable
|
169,846 | 171,857 | ||||||
Other
current liabilities
|
88,054 | 87,413 | ||||||
Total
current liabilities
|
334,440 | 335,810 | ||||||
Other
liabilities
|
97,208 | 98,118 | ||||||
Retained
deficit
|
(161,938 | ) | (167,720 | ) | ||||
Total
shareholders' equity
|
87,474 | 81,692 | ||||||
Total
liabilities and shareholders' equity
|
2,025,787 | 2,022,285 |
Condensed
consolidated statements of operations line items (in thousands, except per
share data):
|
||||||||||||||||
Three
Months Ended
September
29, 2007
|
Nine
Months Ended
September
29, 2007
|
|||||||||||||||
As
Reported
|
As
Restated
|
As
Reported
|
As
Restated
|
|||||||||||||
Cost
of sales
|
$ | 433,774 | $ | 436,109 | $ | 1,166,483 | $ | 1,170,862 | ||||||||
Operating
income
|
30,046 | 27,711 | 88,280 | 83,901 | ||||||||||||
Income
from continuing operations before taxes
|
4,002 | 1,667 | 14,054 | 9,678 | ||||||||||||
Income
tax expense (benefit)
|
160 | (844 | ) | 4,698 | 2,818 | |||||||||||
Income
from continuing operations
|
3,842 | 2,511 | 9,356 | 6,860 | ||||||||||||
Net
income
|
3,032 | 1,701 | 24,498 | 22,002 | ||||||||||||
Income
per share – basic:
|
||||||||||||||||
Continuing
operations
|
0.07 | 0.04 | 0.18 | 0.13 | ||||||||||||
Net
income
|
0.06 | 0.03 | 0.46 | 0.41 | ||||||||||||
Income
per share – diluted:
|
||||||||||||||||
Continuing
operations
|
0.07 | 0.04 | 0.17 | 0.12 | ||||||||||||
Net
income
|
0.06 | 0.03 | 0.45 | 0.40 |
Condensed
consolidated statement of cash flows line items (in
thousands):
|
||||||||
Nine
Months Ended
|
||||||||
September
29, 2007
|
||||||||
As
Reported
|
As
Restated
|
|||||||
Net income |
$
|
24,498 | $ | 22,002 | ||||
Accounts
receivable
|
(5,542 | ) | (5,049 | ) | ||||
Inventories
|
(16,845 | ) | (14,890 | ) | ||||
Accounts
payable and accrued compensation and related liabilities
|
(2,276 | ) | (378 | ) | ||||
Other
working capital changes
|
(10,502 | ) | (13,156 | ) | ||||
Net
cash provided by continuing operating activities
|
60,006 | 59,202 | ||||||
Net
cash provided by discontinued operating activities
|
1,394 | 2,198 |
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
(In
Years)
|
Aggregate
Intrinsic
Value(a)
(In
Thousands)
|
|||||||||||
Outstanding
at December 29, 2007
|
3,849,980
|
$
|
15.14
|
|||||||||||
Granted
|
—
|
—
|
||||||||||||
Exercised
|
(209,880
|
)
|
8.93
|
$
|
516
|
|||||||||
Forfeited
|
(474,125
|
)
|
17.50
|
|||||||||||
Outstanding
at September 27, 2008
|
3,165,975
|
15.19
|
4.2
|
$
|
136
|
|||||||||
Exercisable
at September 27, 2008
|
1,727,225
|
13.98
|
4.1
|
$
|
136
|
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
(In
Years)
|
Aggregate
Intrinsic
Value(a)
(In
Thousands)
|
|||||||||||
Outstanding
at January 1, 2007
|
3,326,780
|
$
|
14.71
|
|||||||||||
Granted
|
780,000
|
17.89
|
||||||||||||
Exercised
|
(32,925
|
) |
9.10
|
$
|
439
|
|||||||||
Forfeited
|
(80,000
|
) |
20.55
|
|||||||||||
Outstanding
at September 29, 2007
|
3,993,855
|
15.26
|
5.2
|
$
|
25,435
|
|||||||||
Exercisable
at September 29, 2007
|
1,246,355
|
12.91
|
5.0
|
$
|
10,875
|
Restricted
Shares
|
RSUs
|
|||||||||||||||
Shares
|
Grant
Date
Fair
Value
|
Shares
|
Grant
Date
Fair
Value
|
|||||||||||||
Unvested
at December 29, 2007
|
100,000 | $ | 9.52 | 1,132,150 | $ | 18.36 | ||||||||||
Granted
|
— | — | 1,930,410 | 9.77 | ||||||||||||
Vested
|
(50,000 | ) | 9.52 | (292,400 | ) | 18.02 | ||||||||||
Forfeited
|
— | — | (113,750 | ) | 19.03 | |||||||||||
Unvested
at September 27, 2008
|
50,000 | 9.52 | 2,656,410 | 12.13 |
Restricted
Shares
|
RSUs
|
|||||||||||||||
Shares
|
Grant
Date
Fair
Value
|
Shares
|
Grant
Date
Fair
Value
|
|||||||||||||
Unvested
at January 1, 2007
|
150,000 | $ | 9.52 | 607,150 | $ | 19.19 | ||||||||||
Granted
|
— | — | 761,750 | 17.89 | ||||||||||||
Vested
|
(50,000 | ) | 9.52 | (173,900 | ) | 20.55 | ||||||||||
Forfeited
|
— | — | — | — | ||||||||||||
Unvested
at September 29, 2007
|
100,000 | 9.52 | 1,195,000 | 18.78 |
As
of
August
30, 2007
|
||||
Current
assets
|
$
|
42,008
|
||
Property,
plant and equipment
|
36,757
|
|||
Goodwill
|
99,719
|
|||
Other
intangible assets
|
87,770
|
|||
Other
assets
|
884
|
|||
Total
assets acquired
|
267,138
|
|||
Current
liabilities, excluding current portion of long-term debt
|
11,195
|
|||
Long-term
debt, including current maturities
|
20,277
|
|||
Deferred
income taxes
|
21,255
|
|||
Total
liabilities assumed
|
52,727
|
|||
Net
assets acquired
|
214,411
|
|||
Less
cash acquired
|
(1,114
|
)
|
||
Cost
of Commercial Envelope acquisition, less cash acquired
|
$
|
213,297
|
Three
Months Ended
September
29, 2007
|
Nine
Months Ended
September
29, 2007
|
|||||||||||||||
As
Restated
|
Pro
Forma
|
As
Restated
|
Pro
Forma
|
|||||||||||||
Net
sales
|
$ | 550,601 | $ | 575,830 | $ | 1,462,275 | $ | 1,563,927 | ||||||||
Operating
income
|
27,711 | 28,400 | 83,901 | 96,522 | ||||||||||||
Income
(loss) from continuing operations
|
2,511 | (1,968 | ) | 6,860 | 6,596 | |||||||||||
Net
income (loss)
|
1,701 | (2,777 | ) | 22,002 | 21,738 | |||||||||||
Income
(loss) per share – basic:
|
||||||||||||||||
Continuing
operations
|
0.04 | (0.04 | ) | 0.13 | 0.13 | |||||||||||
Net
income (loss)
|
0.03 | (0.05 | ) | 0.41 | 0.41 | |||||||||||
Income
(loss) per share – diluted:
|
||||||||||||||||
Continuing
operations
|
0.04 | (0.04 | ) | 0.12 | 0.12 | |||||||||||
Net
income (loss)
|
0.03 | (0.05 | ) | 0.40 | 0.40 |
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
|
Nine
Months Ended
|
||||||||
September
29, 2007
|
||||||||
As
Restated
|
Pro
Forma
|
|||||||
Net
sales
|
$ | 1,462,275 | $ | 1,544,092 | ||||
Operating
income
|
83,901 | 87,226 | ||||||
Income
from continuing operations
|
6,860 | 1,904 | ||||||
Net
income
|
22,002 | 17,046 | ||||||
Income
per share – basic:
|
||||||||
Continuing
operations
|
0.13 | 0.04 | ||||||
Net
income
|
0.41 | 0.32 | ||||||
Income
per share – diluted:
|
||||||||
Continuing
operations
|
0.12 | 0.03 | ||||||
Net
income
|
0.40 | 0.31 |
Lease
Termination
Costs
|
Employee
Separation
Costs
|
Other
Exit Costs
|
Total
|
|||||||||||||
Liabilities
recorded at December 29, 2007
|
$ | 3,453 | $ | 495 | $ | 351 | $ | 4,299 | ||||||||
Accruals,
net
|
62 | 1,049 | 149 | 1,260 | ||||||||||||
Payments
|
(883 | ) | (1,280 | ) | (430 | ) | (2,593 | ) | ||||||||
Balance
at September 27, 2008
|
$ | 2,632 | $ | 264 | $ | 70 | $ | 2,966 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
27, 2008
|
September
29, 2007
|
September
27, 2008
|
September
29, 2007
|
|||||||||||||
Other
(expense) income
|
$ |
—
|
$ |
—
|
$ | (468 | ) | $ | 2,373 | |||||||
Income
tax expense
|
59 | 810 | 646 | 2,295 | ||||||||||||
|
||||||||||||||||
Gain
on sale of discontinued operations, net of taxes of $10,196, in the nine
months ended September 29, 2007
|
—
|
—
|
—
|
15,064 | ||||||||||||
(Loss)
income from discontinued operations, net of taxes
|
(59 | ) | (810 | ) | (1,114 | ) | 15,142 |
September
27,
2008
|
December
29,
2007
|
|||||||
Raw
materials
|
$ | 67,702 | $ | 71,075 | ||||
Work
in process
|
32,241 | 34,875 | ||||||
Finished
goods
|
65,973 | 56,958 | ||||||
$ | 165,916 | $ | 162,908 |
September
27,
2008
|
December
29,
2007
|
|||||||
Land
and land improvements
|
$ | 21,567 | $ | 23,734 | ||||
Building
and building improvements
|
110,790 | 109,673 | ||||||
Machinery
and equipment
|
627,243 | 577,763 | ||||||
Furniture
and fixtures
|
12,666 | 12,430 | ||||||
Construction
in progress
|
13,032 | 18,664 | ||||||
785,298 | 742,264 | |||||||
Accumulated
depreciation
|
(351,940 | ) | (313,923 | ) | ||||
$ | 433,358 | $ | 428,341 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Total
|
||||||||||
Balance
as of December 29, 2007
|
$ | 305,025 | $ | 364,777 | $ | 669,802 | ||||||
Acquisitions
|
5,859 | 6,683 | 12,542 | |||||||||
Foreign
currency translation
|
— | (372 | ) | (372 | ) | |||||||
Balance
as of September 27, 2008
|
$ | 310,884 | $ | 371,088 | $ | 681,972 |
September
27, 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
|
$ | 159,206 | $ | (27,995 | ) | $ | 131,211 | $ | 153,806 | $ | (22,303 | ) | $ | 131,503 | ||||||||||
Trademarks
and tradenames
|
21,011 | (3,863 | ) | 17,148 | 20,521 | (3,251 | ) | 17,270 | ||||||||||||||||
Patents
|
3,028 | (1,688 | ) | 1,340 | 3,028 | (1,487 | ) | 1,541 | ||||||||||||||||
Non-compete
agreements
|
2,456 | (1,552 | ) | 904 | 2,316 | (1,336 | ) | 980 | ||||||||||||||||
Other
|
768 | (386 | ) | 382 | 768 | (360 | ) | 408 | ||||||||||||||||
186,469 | (35,484 | ) | 150,985 | 180,439 | (28,737 | ) | 151,702 | |||||||||||||||||
Intangible
assets with indefinite lives:
|
||||||||||||||||||||||||
Trademarks
|
127,500 | — | 127,500 | 118,200 | — | 118,200 | ||||||||||||||||||
Pollution
credits
|
720 | — | 720 | 720 | — | 720 | ||||||||||||||||||
Total
|
$ | 314,689 | $ | (35,484 | ) | $ | 279,205 | $ | 299,359 | $ | (28,737 | ) | $ | 270,622 |
September
27,
2008
|
December
29,
2007
|
|||||||
Term
loan, due 2013
|
$ | 709,700 | $ | 715,100 | ||||
7⅞%
senior subordinated notes, due 2013
|
320,000 | 320,000 | ||||||
8⅜%
senior subordinated notes, due 2014 ($104.1 million outstanding principal
amount)
|
105,978 | 106,220 | ||||||
10½%
senior notes, due 2016
|
175,000 | — | ||||||
Senior
unsecured loan, due 2015
|
— | 175,000 | ||||||
Revolving
credit facility, due 2012
|
26,000 | 91,200 | ||||||
Other
|
39,321 | 37,117 | ||||||
1,375,999 | 1,444,637 | |||||||
Less
current maturities
|
(16,477 | ) | (18,752 | ) | ||||
Long-term
debt
|
$ | 1,359,522 | $ | 1,425,885 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 881 | $ | 2,939 | $ | 60 | $ | 3,880 | ||||||||
Asset
impairments
|
591 | 220 | — | 811 | ||||||||||||
Equipment
moving expenses
|
160 | 156 | — | 316 | ||||||||||||
Lease
termination expenses
|
196 | 210 | 63 | 469 | ||||||||||||
Multi-employer
pension withdrawal liability
|
— | (236 | ) | — | (236 | ) | ||||||||||
Building
clean-up and other expenses
|
218 | 712 | — | 930 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 2,046 | $ | 4,001 | $ | 123 | $ | 6,170 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 1,824 | $ | 5,604 | $ | 290 | $ | 7,718 | ||||||||
Asset
impairments, net of gain on sale
|
1,103 | 653 | — | 1,756 | ||||||||||||
Equipment
moving expenses
|
232 | 241 | — | 473 | ||||||||||||
Lease
termination expenses
|
617 | 1,026 | 63 | 1,706 | ||||||||||||
Multi-employer
pension withdrawal liability
|
— | (236 | ) | — | (236 | ) | ||||||||||
Building
clean-up and other expenses
|
612 | 1,340 | — | 1,952 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 4,388 | $ | 8,628 | $ | 353 | $ | 13,369 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Total
|
||||||||||
Employee
separation costs
|
$ | 1,513 | $ | 1,293 | $ | 2,806 | ||||||
Asset
impairments
|
1,139 | 2,721 | 3,860 | |||||||||
Equipment
moving expenses
|
386 | 670 | 1,056 | |||||||||
Lease
termination expenses
|
21 | 4,710 | 4,731 | |||||||||
Building
clean-up and other expenses
|
406 | 846 | 1,252 | |||||||||
Total
restructuring and impairment charges
|
$ | 3,465 | $ | 10,240 | $ | 13,705 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Total
|
||||||||||
Employee
separation costs
|
$ | 2,106 | $ | 2,203 | $ | 4,309 | ||||||
Asset
impairments
|
3,834 | 3,758 | 7,592 | |||||||||
Equipment
moving expenses
|
603 | 670 | 1,273 | |||||||||
Lease
termination expenses
|
21 | 4,710 | 4,731 | |||||||||
Multi-employer
pension withdrawal liability
|
— | 1,800 | 1,800 | |||||||||
Building
clean-up and other expenses
|
620 | 859 | 1,479 | |||||||||
Total
restructuring and impairment charges
|
$ | 7,184 | $ | 14,000 | $ | 21,184 |
Lease
Termination
Costs
|
Employee
Separation
Costs
|
Pension
Withdrawal
Liabilities
|
Total
|
|||||||||||||
Balance
at December 29, 2007
|
$ | 3,582 | $ | 541 | $ | 2,092 | $ | 6,215 | ||||||||
Accruals,
net
|
1,706 | 7,718 | (236 | ) | 9,188 | |||||||||||
Payments
|
(1,344 | ) | (4,942 | ) | — | (6,286 | ) | |||||||||
Balance
at September 27, 2008
|
$ | 3,944 | $ | 3,317 | $ | 1,856 | $ | 9,117 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 9 | $ | (18 | ) | $ | 19 | $ | 10 | |||||||
Asset
impairments
|
— | 26 | — | 26 | ||||||||||||
Equipment
moving expenses
|
— | 48 | — | 48 | ||||||||||||
Lease
termination expenses
|
(35 | ) | 144 | 68 | 177 | |||||||||||
Building
clean-up and other expenses
|
224 | 194 | 24 | 442 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 198 | $ | 394 | $ | 111 | $ | 703 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 36 | $ | 132 | $ | 35 | $ | 203 | ||||||||
Asset
impairments, net of gain on sale
|
— | (226 | ) | — | (226 | ) | ||||||||||
Equipment
moving expenses
|
— | 510 | — | 510 | ||||||||||||
Lease
termination (income) expenses
|
(38 | ) | 144 | 149 | 255 | |||||||||||
Building
clean-up and other expenses
|
380 | 894 | 24 | 1,298 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 378 | $ | 1,454 | $ | 208 | $ | 2,040 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 441 | $ | 1,171 | $ | 87 | $ | 1,699 | ||||||||
Asset
impairments, net of gain on sale
|
157 | 3,028 | — | 3,185 | ||||||||||||
Equipment
moving expenses
|
— | 2 | — | 2 | ||||||||||||
Lease
termination expenses
|
23 | 414 | 31 | 468 | ||||||||||||
Building
clean-up and other expenses
|
48 | 1,141 | 64 | 1,253 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 669 | $ | 5,756 | $ | 182 | $ | 6,607 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 1,790 | $ | 2,163 | $ | 188 | $ | 4,141 | ||||||||
Asset
impairments, net of gain on sale
|
(341 | ) | 3,041 | — | 2,700 | |||||||||||
Equipment
moving expenses
|
761 | 140 | — | 901 | ||||||||||||
Lease
termination expenses
|
79 | 163 | 88 | 330 | ||||||||||||
Building
clean-up and other expenses
|
335 | 2,415 | 88 | 2,838 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 2,624 | $ | 7,922 | $ | 364 | $ | 10,910 |
Lease
Termination
Costs
|
Employee
Separation
Costs
|
Pension
Withdrawal
Liabilities
|
Total
|
|||||||||||||
Balance
at December 29, 2007
|
$ | 4,793 | $ | 1,163 | $ | 297 | $ | 6,253 | ||||||||
Accruals,
net
|
255 | 203 | — | 458 | ||||||||||||
Payments
|
(985 | ) | (1,302 | ) | (59 | ) | (2,346 | ) | ||||||||
Balance
at September 27, 2008
|
$ | 4,063 | $ | 64 | $ | 238 | $ | 4,365 |
Pension
Plans
|
Postretirement
Plans
|
|||||||||||||||
Three
Months Ended
|
Three
Months Ended
|
|||||||||||||||
September
27, 2008
|
September
29, 2007
|
September
27, 2008
|
September
29, 2007
|
|||||||||||||
Service
cost
|
$ | 120 | $ | 119 | $ | — | $ | — | ||||||||
Interest
cost
|
2,257 | 2,480 | 222 | 287 | ||||||||||||
Expected
return on plan assets
|
(2,656 | ) | (2,584 | ) | — | — | ||||||||||
Net
amortization and deferral
|
2 | 5 | — | — | ||||||||||||
Recognized
net actuarial loss
|
55 | — | — | — | ||||||||||||
Net
periodic pension (income) expense
|
$ | (222 | ) | $ | 20 | $ | 222 | $ | 287 |
Pension
Plans
|
Postretirement
Plans
|
|||||||||||||||
Nine
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
27, 2008
|
September
29, 2007
|
September
27, 2008
|
September
29, 2007
|
|||||||||||||
Service
cost
|
$ | 360 | $ | 300 | $ | — | $ | — | ||||||||
Interest
cost
|
6,773 | 5,621 | 665 | 802 | ||||||||||||
Expected
return on plan assets
|
(7,969 | ) | (5,954 | ) | — | — | ||||||||||
Net
amortization and deferral
|
6 | 56 | — | — | ||||||||||||
Recognized
net actuarial loss
|
166 | 389 | — | — | ||||||||||||
Net
periodic pension (income) expense
|
$ | (664 | ) | $ | 412 | $ | 665 | $ | 802 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
27, 2008
|
September
29, 2007
|
September
27, 2008
|
September
29, 2007
|
|||||||||||||
Net
income
|
$ | 12,328 | $ | 1,701 | $ | 11,596 | $ | 22,002 | ||||||||
Other
comprehensive income (loss):
|
||||||||||||||||
Unrealized
gain (loss) on cash flow hedges, net of taxes
|
480 | (8,890 | ) | 9 | (4,960 | ) | ||||||||||
Currency
translation adjustment
|
(1,361 | ) | 2,318 | (2,851 | ) | 31 | ||||||||||
Comprehensive
income (loss)
|
$ | 11,447 | $ | (4,871 | ) | $ | 8,754 | $ | 17,073 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
27, 2008
|
September
29, 2007
|
September
27, 2008
|
September
29, 2007
|
|||||||||||||
Numerator
for basic and diluted income per share
|
||||||||||||||||
Income
from continuing operations
|
$ | 12,387 | $ | 2,511 | $ | 12,710 | $ | 6,860 | ||||||||
(Loss)
income from discontinued operations, net of
taxes
|
(59 | ) | (810 | ) | (1,114 | ) | 15,142 | |||||||||
Net
income
|
$ | 12,328 | $ | 1,701 | $ | 11,596 | $ | 22,002 | ||||||||
Denominator
weighted average common shares outstanding:
|
||||||||||||||||
Basic
shares
|
53,897 | 53,572 | 53,796 | 53,545 | ||||||||||||
Dilutive
effect of stock options and RSUs
|
277 | 959 | 198 | 1,069 | ||||||||||||
Diluted
shares
|
54,174 | 54,531 | 53,994 | 54,614 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September
27,
2008
|
September 29, 2007 |
September
27,
2008
|
September
29,
2007
|
|||||||||||||
Net sales: | ||||||||||||||||
Envelopes,
forms and labels
|
$ | 224,616 | $ | 222,671 | $ | 690,630 | $ | 647,074 | ||||||||
Commercial
printing
|
298,089 | 327,930 | 890,904 | 815,201 | ||||||||||||
Total
|
$ | 522,705 | $ | 550,601 | $ | 1,581,534 | $ | 1,462,275 | ||||||||
Operating
income (loss):
|
||||||||||||||||
Envelopes,
forms and labels
|
$ | 35,947 | $ | 30,225 | $ | 93,807 | $ | 80,712 | ||||||||
Commercial
printing
|
23,056 | 7,605 | 47,598 | 31,189 | ||||||||||||
Corporate
|
(10,827 | ) | (10,119 | ) | (34,098 | ) | (28,000 | ) | ||||||||
Total
|
$ | 48,176 | $ | 27,711 | $ | 107,307 | $ | 83,901 | ||||||||
Restructuring,
impairment and other charges:
|
||||||||||||||||
Envelopes,
forms and labels
|
$ | 2,244 | $ | 4,134 | $ | 4,766 | $ | 9,808 | ||||||||
Commercial
printing
|
4,395 | 15,996 | 10,082 | 21,922 | ||||||||||||
Corporate
|
234 | 182 | 7,199 | 364 | ||||||||||||
Total
|
$ | 6,873 | $ | 20,312 | $ | 22,047 | $ | 32,094 | ||||||||
Net
sales by product line:
|
||||||||||||||||
Envelopes
|
$ | 154,232 | $ | 149,203 | $ | 474,876 | $ | 429,737 | ||||||||
Commercial
printing
|
210,737 | 231,792 | 622,255 | 595,316 | ||||||||||||
Journals
and periodicals
|
87,026 | 95,762 | 267,664 | 218,150 | ||||||||||||
Labels
and business forms
|
70,710 | 73,844 | 216,739 | 219,072 | ||||||||||||
Total
|
$ | 522,705 | $ | 550,601 | $ | 1,581,534 | $ | 1,462,275 | ||||||||
Intercompany
sales:
|
||||||||||||||||
Envelopes,
forms and labels to commercial printing
|
$ | 1,691 | $ | 2,779 | $ | 4,369 | $ | 8,196 | ||||||||
Commercial
printing to envelopes, forms and labels
|
538 | 755 | 2,856 | 6,045 | ||||||||||||
Total
|
$ | 2,229 | $ | 3,534 | $ | 7,225 | $ | 14,241 |
September
27,
2008
|
December
29,
2007
|
|||||||
Identifiable
assets:
|
||||||||
Envelopes,
forms and labels
|
$ | 809,840 | $ | 833,337 | ||||
Commercial
printing
|
1,109,746 | 1,105,832 | ||||||
Corporate
|
55,818 | 63,553 | ||||||
Total
|
$ | 1,975,404 | $ | 2,002,722 |
Parent
|
Subsidiary
|
Guarantor
|
Non-Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Current
assets:
|
||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | — | $ | 8,596 | $ | 678 | $ | 4,545 | $ | — | $ | 13,819 | ||||||||||||
Accounts
receivable, net
|
— | 146,014 | 158,314 | 4,999 | — | 309,327 | ||||||||||||||||||
Inventories
|
— | 89,642 | 75,186 | 1,088 | — | 165,916 | ||||||||||||||||||
Notes
receivable from subsidiaries
|
— | 38,194 | — | — | (38,194 | ) | — | |||||||||||||||||
Prepaid
and other current assets
|
— | 50,545 | 10,666 | 1,039 | — | 62,250 | ||||||||||||||||||
Total
current assets
|
— | 332,991 | 244,844 | 11,671 | (38,194 | ) | 551,312 | |||||||||||||||||
Investment
in subsidiaries
|
120,969 | 1,607,175 | 4,969 | — | (1,733,113 | ) | — | |||||||||||||||||
Property,
plant and equipment, net
|
— | 166,155 | 266,724 | 479 | — | 433,358 | ||||||||||||||||||
Goodwill
|
— | 175,234 | 506,738 | — | — | 681,972 | ||||||||||||||||||
Other
intangible assets, net
|
— | 9,197 | 270,008 | — | — | 279,205 | ||||||||||||||||||
Other
assets, net
|
— | 22,719 | 6,488 | 350 | — | 29,557 | ||||||||||||||||||
Total
assets
|
$ | 120,969 | $ | 2,313,471 | $ | 1,299,771 | $ | 12,500 | $ | (1,771,307 | ) | $ | 1,975,404 | |||||||||||
Liabilities
and Shareholders’ Equity
|
||||||||||||||||||||||||
Current
liabilities:
|
||||||||||||||||||||||||
Current
maturities of long-term debt
|
$ | — | $ | 7,894 | $ | 8,583 | $ | — | $ | — | $ | 16,477 | ||||||||||||
Accounts
payable
|
— | 112,156 | 66,935 | 2,625 | — | 181,716 | ||||||||||||||||||
Accrued
compensation and related liabilities
|
— | 25,954 | 17,380 | — | — | 43,334 | ||||||||||||||||||
Other
current liabilities
|
— | 72,680 | 15,707 | 1,674 | — | 90,061 | ||||||||||||||||||
Intercompany
payable (receivable)
|
— | 575,363 | (578,839 | ) | 3,476 | — | — | |||||||||||||||||
Notes
payable to subsidiary issuer
|
— | — | 38,194 | — | (38,194 | ) | — | |||||||||||||||||
Total
current liabilities
|
— | 794,047 | (432,040 | ) | 7,775 | (38,194 | ) | 331,588 | ||||||||||||||||
Long-term
debt
|
— | 1,334,504 | 25,018 | — | — | 1,359,522 | ||||||||||||||||||
Deferred
income tax liability (asset)
|
— | (3,403 | ) | 66,117 | (244 | ) | — | 62,470 | ||||||||||||||||
Other
liabilities
|
— | 67,354 | 33,501 | — | — | 100,855 | ||||||||||||||||||
Shareholders’
equity
|
120,969 | 120,969 | 1,607,175 | 4,969 | (1,733,113 | ) | 120,969 | |||||||||||||||||
Total
liabilities and shareholders’ equity
|
$ | 120,969 | $ | 2,313,471 | $ | 1,299,771 | $ | 12,500 | $ | (1,771,307 | ) | $ | 1,975,404 |
Parent
|
Subsidiary
|
Guarantor
|
Non-
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net
sales
|
$ | — | $ | 245,712 | $ | 271,514 | $ | 5,479 | $ | — | $ | 522,705 | ||||||||||||
Cost
of sales
|
— | 196,471 | 206,761 | 3,676 | — | 406,908 | ||||||||||||||||||
Selling,
general and administrative
|
— | 35,292 | 23,056 | 107 | — | 58,455 | ||||||||||||||||||
Amortization
of intangible assets
|
— | 120 | 2,173 | — | — | 2,293 | ||||||||||||||||||
Restructuring
and impairment charges
|
— | 5,316 | 1,557 | — | — | 6,873 | ||||||||||||||||||
Operating
income
|
— | 8,513 | 37,967 | 1,696 | — | 48,176 | ||||||||||||||||||
Interest
expense (income), net
|
— | 26,429 | 403 | (37 | ) | — | 26,795 | |||||||||||||||||
Intercompany
interest expense (income)
|
— | (615 | ) | 615 | — | — | — | |||||||||||||||||
Gain
on early extinguishment of debt
|
— | (371 | ) | — | — | — | (371 | ) | ||||||||||||||||
Other
income, net
|
— | (442 | ) | (253 | ) | — | — | (695 | ) | |||||||||||||||
Income
(loss) from continuing operations before income taxes and equity in income
of unconsolidated subsidiaries
|
— | (16,488 | ) | 37,202 | 1,733 | — | 22,447 | |||||||||||||||||
Income
tax expense (benefit)
|
— | 10,451 | (391 | ) | — | — | 10,060 | |||||||||||||||||
Income
(loss) from continuing operations before equity in income of
unconsolidated subsidiaries
|
— | (26,939 | ) | 37,593 | 1,733 | — | 12,387 | |||||||||||||||||
Equity
in income of unconsolidated subsidiaries
|
12,328 | 39,326 | 1,733 | — | (53,387 | ) | — | |||||||||||||||||
Income
(loss) from continuing operations
|
12,328 | 12,387 | 39,326 | 1,733 | (53,387 | ) | 12,387 | |||||||||||||||||
Loss
from discontinued operations, net of taxes
|
— | (59 | ) | — | — | — | (59 | ) | ||||||||||||||||
Net
income (loss)
|
$ | 12,328 | $ | 12,328 | $ | 39,326 | $ | 1,733 | $ | (53,387 | ) | $ | 12,328 |
Parent
|
Subsidiary
|
Guarantor
|
Non-
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net
sales
|
$ | — | $ | 748,907 | $ | 817,585 | $ | 15,042 | $ | — | $ | 1,581,534 | ||||||||||||
Cost
of sales
|
— | 612,897 | 637,027 | 10,688 | — | 1,260,612 | ||||||||||||||||||
Selling,
general and administrative
|
— | 107,988 | 76,380 | 453 | — | 184,821 | ||||||||||||||||||
Amortization
of intangible assets
|
— | 343 | 6,404 | — | — | 6,747 | ||||||||||||||||||
Restructuring,
impairment and other charges
|
— | 19,767 | 2,280 | — | — | 22,047 | ||||||||||||||||||
Operating
income
|
— | 7,912 | 95,494 | 3,901 | — | 107,307 | ||||||||||||||||||
Interest
expense (income), net
|
— | 78,679 | 1,331 | (62 | ) | — | 79,948 | |||||||||||||||||
Intercompany
interest expense (income)
|
— | (1,712 | ) | 1,712 | — | — | — | |||||||||||||||||
Loss
on early extinguishment of debt
|
— | 3,871 | — | — | — | 3,871 | ||||||||||||||||||
Other
expense, net
|
— | 140 | 289 | — | — | 429 | ||||||||||||||||||
Income
(loss) from continuing operations before income taxes and equity in income
of unconsolidated subsidiaries
|
— | (73,066 | ) | 92,162 | 3,963 | — | 23,059 | |||||||||||||||||
Income
tax expense
|
— | 6,241 | 4,108 | — | — | 10,349 | ||||||||||||||||||
Income
(loss) from continuing operations before equity in income of
unconsolidated subsidiaries
|
— | (79,307 | ) | 88,054 | 3,963 | — | 12,710 | |||||||||||||||||
Equity
in income of unconsolidated subsidiaries
|
11,596 | 92,017 | 3,963 | — | (107,576 | ) | — | |||||||||||||||||
Income
(loss) from continuing operations
|
11,596 | 12,710 | 92,017 | 3,963 | (107,576 | ) | 12,710 | |||||||||||||||||
Loss
from discontinued operations, net of taxes
|
— | (1,114 | ) | — | — | — | (1,114 | ) | ||||||||||||||||
Net
income (loss)
|
$ | 11,596 | $ | 11,596 | $ | 92,017 | $ | 3,963 | $ | (107,576 | ) | $ | 11,596 |
Parent
|
Subsidiary
|
Guarantor
|
Non-
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Cash
flows from operating activities:
|
||||||||||||||||||||||||
Net
cash provided by operating activities
|
$ | 12,940 | $ | 5,114 | $ | 128,873 | $ | 2,487 | $ | — | $ | 149,414 | ||||||||||||
Cash
flows from investing activities:
|
||||||||||||||||||||||||
Cost
of business acquisitions, net of cash acquired
|
— | (47,151 | ) | — | — | — | (47,151 | ) | ||||||||||||||||
Capital
expenditures
|
— | (18,172 | ) | (19,610 | ) | — | — | (37,782 | ) | |||||||||||||||
Acquisition
payments
|
— | (3,653 | ) | — | — | — | (3,653 | ) | ||||||||||||||||
Proceeds
from sale of property, plant and equipment
|
— | 17,944 | 314 | — | — | 18,258 | ||||||||||||||||||
Intercompany
note
|
— | 1,914 | — | — | (1,914 | ) | — | |||||||||||||||||
Net cash used in investing activities of continuing
operations
|
— | (49,118 | ) | (19,296 | ) | — | (1,914 | ) | (70,328 | ) | ||||||||||||||
Cash
flows from financing activities:
|
||||||||||||||||||||||||
Repayment of senior unsecured loan
|
— | (175,000 | ) | — | — | — | (175,000 | ) | ||||||||||||||||
Repayments
under revolving credit facility, net
|
— | (65,200 | ) | — | — | — | (65,200 | ) | ||||||||||||||||
Repayment
of term loans
|
— | (5,400 | ) | — | — | — | (5,400 | ) | ||||||||||||||||
Repayments
of other long-term debt
|
— | (1,710 | ) | (14,825 | ) | — | — | (16,535 | ) | |||||||||||||||
Payment
of debt issuance costs
|
— | (5,297 | ) | — | — | — | (5,297 | ) | ||||||||||||||||
Purchase
and retirement of common stock upon vesting of RSUs
|
(1,055 | ) | — | — | — | — | (1,055 | ) | ||||||||||||||||
Tax
liability from stock compensation
|
(873 | ) | — | — | — | — | (873 | ) | ||||||||||||||||
Proceeds
from issuance of 10½% senior
notes
|
— | 175,000 | — | — | — | 175,000 | ||||||||||||||||||
Proceeds
from issuance of other long-term debt
|
— | 5,338 | 6,000 | — | — | 11,338 | ||||||||||||||||||
Proceeds
from exercise of stock options
|
1,873 | — | — | — | — | 1,873 | ||||||||||||||||||
Intercompany
note
|
— | — | (1,914 | ) | — | 1,914 | — | |||||||||||||||||
Intercompany
advances
|
(12,885 | ) | 111,778 | (99,042 | ) | 149 | — | — | ||||||||||||||||
Net
cash (used in) provided by financing activities
|
(12,940 | ) | 39,509 | (109,781 | ) | 149 | 1,914 | (81,149 | ) | |||||||||||||||
Effect
of exchange rate changes on cash and cash equivalents of continuing
operations
|
— | — | — | — | — | — | ||||||||||||||||||
Net
(decrease) increase in cash and cash equivalents
|
— | (4,495 | ) | (204 | ) | 2,636 | — | (2,063 | ) | |||||||||||||||
Cash
and cash equivalents at beginning of period
|
— | 13,091 | 882 | 1,909 | — | 15,882 | ||||||||||||||||||
Cash
and cash equivalents at end of period
|
$ | — | $ | 8,596 | $ | 678 | $ | 4,545 | $ | — | $ | 13,819 |
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
|
$ | — | $ | 288,397 | $ | 258,643 | $ | 3,561 | $ | — | $ | 550,601 | ||||||||||||
Cost
of sales
|
— | 235,897 | 197,456 | 2,756 | — | 436,109 | ||||||||||||||||||
Selling,
general and administrative
|
— | 39,385 | 24,138 | 127 | — | 63,650 | ||||||||||||||||||
Amortization
of intangible assets
|
— | 1,194 | 1,625 | — | — | 2,819 | ||||||||||||||||||
Restructuring
and impairment charges
|
— | 20,252 | 60 | — | — | 20,312 | ||||||||||||||||||
Operating
income (loss)
|
— | (8,331 | ) | 35,364 | 678 | — | 27,711 | |||||||||||||||||
Gain
on sale of business
|
— | (189 | ) | — | — | — | (189 | ) | ||||||||||||||||
Interest
expense (income), net
|
— | 24,830 | 454 | (1 | ) | — | 25,283 | |||||||||||||||||
Intercompany
interest expense (income)
|
— | (687 | ) | 687 | — | — | — | |||||||||||||||||
Loss
on early extinguishment of debt
|
— | — | 51 | — | — | 51 | ||||||||||||||||||
Other
expense, net
|
— | 244 | 539 | 116 | — | 899 | ||||||||||||||||||
Income
(loss) from continuing operations before income taxes and equity in income
of unconsolidated subsidiaries
|
— | (32,529 | ) | 33,633 | 563 | — | 1,667 | |||||||||||||||||
Income
tax (benefit) expense
|
— | (1,458 | ) | 614 | — | — | (844 | ) | ||||||||||||||||
Income
(loss) from continuing operations before equity in income of
unconsolidated subsidiaries
|
— | (31,071 | ) | 33,019 | 563 | — | 2,511 | |||||||||||||||||
Equity
in income of unconsolidated
subsidiaries
|
1,701 | 33,582 | 563 | — | (35,846 | ) | — | |||||||||||||||||
Income
(loss) from continuing operations
|
1,701 | 2,511 | 33,582 | 563 | (35,846 | ) | 2,511 | |||||||||||||||||
Loss
from discontinued operations, net of taxes
|
— | (810 | ) | — | — | — | (810 | ) | ||||||||||||||||
Net
income (loss)
|
$ | 1,701 | $ | 1,701 | $ | 33,582 | $ | 563 | $ | (35,846 | ) | $ | 1,701 |
Parent
|
Subsidiary
|
Guarantor
|
Non-
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net
sales
|
$ | — | $ | 887,015 | $ | 567,667 | $ | 7,593 | $ | — | $ | 1,462,275 | ||||||||||||
Cost
of sales
|
— | 726,897 | 437,981 | 5,984 | — | 1,170,862 | ||||||||||||||||||
Selling,
general and administrative
|
— | 119,363 | 48,508 | 302 | — | 168,173 | ||||||||||||||||||
Amortization
of intangible assets
|
— | 3,633 | 3,612 | — | — | 7,245 | ||||||||||||||||||
Restructuring
and impairment charges
|
— | 32,019 | 75 | — | — | 32,094 | ||||||||||||||||||
Operating
income
|
— | 5,103 | 77,491 | 1,307 | — | 83,901 | ||||||||||||||||||
Gain
on sale of business
|
— | (189 | ) | — | — | — | (189 | ) | ||||||||||||||||
Interest
expense (income), net
|
— | 61,997 | 1,096 | (2 | ) | — | 63,091 | |||||||||||||||||
Intercompany
interest expense (income)
|
— | (2,061 | ) | 2,061 | — | — | — | |||||||||||||||||
Loss
on early extinguishment of debt
|
— | 9,186 | 70 | — | — | 9,256 | ||||||||||||||||||
Other
expense, net
|
— | 898 | 969 | 198 | — | 2,065 | ||||||||||||||||||
Income (loss)
from continuing operations before income taxes and equity in income of
unconsolidated subsidiaries
|
— | (64,728 | ) | 73,295 | 1,111 | — | 9,678 | |||||||||||||||||
Income
tax expense
|
— | 213 | 2,605 | — | — | 2,818 | ||||||||||||||||||
Income (loss)
from continuing operations before equity in income of unconsolidated
subsidiaries
|
— | (64,941 | ) | 70,690 | 1,111 | — | 6,860 | |||||||||||||||||
Equity
in income of unconsolidated
subsidiaries
|
22,002 | 71,801 | 1,111 | — | (94,914 | ) | — | |||||||||||||||||
Income
(loss) from continuing operations
|
22,002 | 6,860 | 71,801 | 1,111 | (94,914 | ) | 6,860 | |||||||||||||||||
Income
from discontinued operations, net of taxes
|
— | 15,142 | — | — | — | 15,142 | ||||||||||||||||||
Net
income (loss)
|
$ | 22,002 | $ | 22,002 | $ | 71,801 | $ | 1,111 | $ | (94,914 | ) | $ | 22,002 |
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
|
$ | 7,166 | $ | 13,428 | $ | 36,149 | $ | 2,459 | $ | — | $ | 59,202 | ||||||||||||
Net
cash provided by discontinued operating activities
|
— | 2,198 | — | — | — | 2,198 | ||||||||||||||||||
Net
cash provided by (used in) operating activities
|
7,166 | 15,626 | 36,149 | 2,459 | — | 61,400 | ||||||||||||||||||
Cash
flows from investing activities:
|
||||||||||||||||||||||||
Cost
of business acquisitions, net of cash acquired
|
— | (627,116 | ) | — | — | — | (627,116 | ) | ||||||||||||||||
Capital
expenditures
|
— | (12,195 | ) | (12,986 | ) | — | — | (25,181 | ) | |||||||||||||||
Intercompany
note
|
— | 1,902 | — | — | (1,902 | ) | — | |||||||||||||||||
Acquisition
payments
|
— | (3,653 | ) | — | — | — | (3,653 | ) | ||||||||||||||||
Proceeds
from sale of property, plant and equipment
|
— | 4,844 | 7 | — | — | 4,851 | ||||||||||||||||||
Proceeds
from divestitures, net
|
— | 226 | — | — | — | 226 | ||||||||||||||||||
Net
cash used in investing activities of continuing operations
|
— | (635,992 | ) | (12,979 | ) | — | (1,902 | ) | (650,873 | ) | ||||||||||||||
Proceeds
from the sale of discontinued operations
|
— | 73,628 | — | — | — | 73,628 | ||||||||||||||||||
Net
cash used in investing activities
|
— | (562,364 | ) | (12,979 | ) | — | (1,902 | ) | (577,245 | ) | ||||||||||||||
Cash
flows from financing activities:
|
||||||||||||||||||||||||
Borrowings
under revolving credit facility, net
|
— | 92,500 | — | — | — | 92,500 | ||||||||||||||||||
Repayment
of term loans
|
— | (3,100 | ) | — | — | — | (3,100 | ) | ||||||||||||||||
Repayment
of term loan B
|
— | (324,188 | ) | — | — | — | (324,188 | ) | ||||||||||||||||
Repayment
of Cadmus revolving senior bank credit facility
|
— | (70,100 | ) | — | — | — | (70,100 | ) | ||||||||||||||||
Repayment
of 8⅜% senior
subordinated notes
|
— | (20,880 | ) | — | — | — | (20,880 | ) | ||||||||||||||||
Repayment
of 9⅝% senior
notes
|
— | (10,498 | ) | — | — | — | (10,498 | ) | ||||||||||||||||
Repayments
of other long-term debt
|
— | (3,320 | ) | (23,642 | ) | — | — | (26,962 | ) | |||||||||||||||
Payment
of debt issuance costs
|
— | (5,906 | ) | — | — | — | (5,906 | ) | ||||||||||||||||
Payment
of refinancing fees, redemption premiums and expenses
|
— | (8,045 | ) | — | — | — | (8,045 | ) | ||||||||||||||||
Proceeds
from issuance of term loans
|
— | 720,000 | — | — | — | 720,000 | ||||||||||||||||||
Proceeds
from senior unsecured loan
|
— | 175,000 | — | — | — | 175,000 | ||||||||||||||||||
Proceeds
from exercise of stock options
|
300 | — | — | — | — | 300 | ||||||||||||||||||
Purchase
and retirement of common stock upon vesting of RSUs
|
(1,302 | ) | — | — | — | — | (1,302 | ) | ||||||||||||||||
Intercompany
note
|
— | — | (1,902 | ) | — | 1,902 | — | |||||||||||||||||
Intercompany
advances
|
(6,164 | ) | 6,954 | 611 | (1,401 | ) | — | — | ||||||||||||||||
Net
cash provided by (used in) financing activities
|
(7,166 | ) | 548,417 | (24,933 | ) | (1,401 | ) | 1,902 | 516,819 | |||||||||||||||
Effect
of exchange rate changes on cash and cash equivalents of continuing
operations
|
— | — | 180 | — | — | 180 | ||||||||||||||||||
Net
increase (decrease) in cash and cash equivalents
|
— | 1,679 | (1,583 | ) | 1,058 | — | 1,154 | |||||||||||||||||
Cash
and cash equivalents at beginning of period
|
— | 8,655 | 1,903 | — | — | 10,558 | ||||||||||||||||||
Cash
and cash equivalents at end of period
|
$ | — | $ | 10,334 | $ | 320 | $ | 1,058 | $ | — | $ | 11,712 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September
27,
2008
|
September
29,
2007
|
September
27,
2008
|
September
29,
2007
|
|||||||||||||
(in
thousands, except
per
share amounts)
|
(in
thousands, except
per
share amounts)
|
|||||||||||||||
Net
sales
|
$ | 522,705 | $ | 550,601 | $ | 1,581,534 | $ | 1,462,275 | ||||||||
Operating
income (loss):
|
||||||||||||||||
Envelopes,
forms and labels
|
35,947 | 30,225 | 93,807 | 80,712 | ||||||||||||
Commercial
printing
|
23,056 | 7,605 | 47,598 | 31,189 | ||||||||||||
Corporate
|
(10,827 | ) | (10,119 | ) | (34,098 | ) | (28,000 | ) | ||||||||
Total
operating income
|
48,176 | 27,711 | 107,307 | 83,901 | ||||||||||||
Gain
on sale of non-strategic business
|
— | (189 | ) | — | (189 | ) | ||||||||||
Interest
expense, net
|
26,795 | 25,283 | 79,948 | 63,091 | ||||||||||||
Loss
(gain) on early extinguishment of debt
|
(371 | ) | 51 | 3,871 | 9,256 | |||||||||||
Other
expense (income), net
|
(695 | ) | 899 | 429 | 2,065 | |||||||||||
Income
from continuing operations before income taxes
|
22,447 | 1,667 | 23,059 | 9,678 | ||||||||||||
Income
tax expense (benefit)
|
10,060 | (844 | ) | 10,349 | 2,818 | |||||||||||
Income
from continuing operations
|
12,387 | 2,511 | 12,710 | 6,860 | ||||||||||||
(Loss)
income from discontinued operations, net of taxes
|
(59 | ) | (810 | ) | (1,114 | ) | 15,142 | |||||||||
Net
income
|
$ | 12,328 | $ | 1,701 | $ | 11,596 | $ | 22,002 | ||||||||
Income
(loss) per share—basic:
|
||||||||||||||||
Continuing
operations
|
$ | 0.23 | $ | 0.04 | $ | 0.24 | $ | 0.13 | ||||||||
Discontinued
operations
|
— | (0.01 | ) | (0.02 | ) | 0.28 | ||||||||||
Net
income
|
$ | 0.23 | $ | 0.03 | $ | 0.22 | $ | 0.41 | ||||||||
Income
(loss) per share—diluted:
|
||||||||||||||||
Continuing
operations
|
$ | 0.23 | $ | 0.04 | $ | 0.23 | $ | 0.12 | ||||||||
Discontinued
operations
|
— | (0.01 | ) | (0.02 | ) | 0.28 | ||||||||||
Net
income
|
$ | 0.23 | $ | 0.03 | $ | 0.21 | $ | 0.40 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
27, 2008
|
September
29, 2007
|
September
27, 2008
|
September
29, 2007
|
|||||||||||||
|
(in
thousands)
|
(in
thousands)
|
||||||||||||||
Income
tax expense (benefit) for U.S. operations
|
$ | 9,955 | $ | (628 | ) | $ | 9,959 | $ | 2,337 | |||||||
Income
tax expense (benefit) for foreign operations
|
105 | (216 | ) | 390 | 481 | |||||||||||
Income
tax expense (benefit)
|
$ | 10,060 | $ | (844 | ) | $ | 10,349 | $ | 2,818 | |||||||
Effective
income tax rate
|
44.8 | % | (50.6) | % | 44.9 | % | 29.1 | % |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
27, 2008
|
September
29, 2007
|
September
27, 2008
|
September
29, 2007
|
|||||||||||||
|
(in
thousands)
|
(in
thousands)
|
||||||||||||||
Segment
net sales
|
$ | 224,616 | $ | 222,671 | $ | 690,630 | $ | 647,074 | ||||||||
Segment
operating income
|
$ | 35,947 | $ | 30,225 | $ | 93,807 | $ | 80,712 | ||||||||
Operating
income margin
|
16.0
|
% |
13.6
|
%
|
13.6
|
%
|
12.5
|
%
|
||||||||
Restructuring
and impairment charges
|
$ | 2,244 | $ | 4,134 | $ | 4,766 | $ |
9,808
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
27, 2008
|
September
29, 2007
|
September
27, 2008
|
September
29, 2007
|
|||||||||||||
|
(in
thousands)
|
(in
thousands)
|
||||||||||||||
Segment
net sales
|
$ |
298,089
|
$ |
327,930
|
$ |
890,904
|
$ |
815,201
|
||||||||
Segment
operating income
|
$ |
23,056
|
$ |
7,605
|
$ |
47,598
|
$ |
31,189
|
||||||||
Operating
income margin
|
7.7
|
% |
2.3
|
%
|
5.3
|
%
|
3.8
|
%
|
||||||||
Restructuring
and impairment charges
|
$ |
4,395
|
$ | 15,996 | $ |
10,082
|
$ |
21,922
|
Rating
Agency
|
Corporate
Rating
|
Amended
Credit
Facilities
|
10½%
Notes
|
7⅞%
Notes
|
8⅜%
Notes
|
Last
Update
|
||||||
Standard
& Poor’s
|
BB-
|
BB+
|
BB-
|
B
|
B
|
October
2008
|
||||||
Moody’s
|
B1
|
Ba2
|
B2
|
B3
|
B3
|
June
2008
|
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.
|
||||
3.5*
|
Registration
Statement on Form S-8 dated September 11, 2008 registering shares under
the Cenveo, Inc. 2007 Long-Term Equity Incentive Plan, and filed with the
Securities & Exchange Commission on September 11,
2008.
|
||||
3.6*
|
Registration
Statement on Form S-8 dated September 11, 2008 de-registering shares under
the Cenveo, Inc. 2001 Long-Term Equity Incentive Plan, and filed with the
Securities & Exchange Commission on September 11,
2008.
|
||||
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 31,
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 31,
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% 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.
|
Exhibit
Number
|
Description
|
|
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 29,
2007.
|
|
4.7
|
Sixth
Supplemental Indenture, dated as of April 16, 2008 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 4.7 to registrant’s quarterly
report on Form 10-Q for the quarter ended June 28,
2008.
|
|
4.8*
|
Seventh
Supplemental Indenture, dated as of August 20, 2008 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.
|
|
4.9
|
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.
|
|
4.10
|
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.
|
|
4.11
|
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.
|
|
4.12
|
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.
|
|
4.13
|
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.
|
Exhibit
Number
|
Description
|
4.14 |
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.
|
4.15
|
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 29,
2007.
|
4.16
|
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.
|
4.17
|
Seventh
Supplemental Indenture, dated as of April 16, 2008, 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 4.16 to registrant’s quarterly
report on Form 10-Q for the quarter ended June 28,
2008.
|
4.18*
|
Eighth
Supplemental Indenture, dated as of August 20, 2008, 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.
|
4.19
|
Indenture,
dated as of June 13, 2008, between Cenveo Corporation and U.S. Bank
National Association, as Trustee, relating to the 10½% Notes of Cenveo
Corporation—incorporated by reference to Exhibit 4.1 to registrant’s
current report on Form 8-K dated (date of earliest event reported) June 9,
2008, filed June 13, 2008.
|
4.20
|
Guarantee
by Cenveo, Inc. and the other guarantors named therein relating to the
10½% Notes of Cenveo Corporation—incorporated by reference to Exhibit 4.2
to registrant’s current report on Form 8-K dated (date of earliest event
reported) June 9, 2008, filed June 13, 2008.
|
4.21*
|
First
Supplemental Indenture, dated as of August 20, 2008, to the Indenture of
June 13, 2008 between Cenveo Corporation and U.S. Bank National
Association, as Trustee, relating to the 10½% Notes of Cenveo
Corporation.
|
4.22
|
Registration
Rights Agreement dated as June 13, 2008, among Cenveo Corporation, Cenveo
Inc., the other guarantors named therein and Lehman Brothers
Inc.—incorporated by reference to Exhibit 10.1 to registrant’s current
report on Form 8-K dated (date of earliest event reported) June 9, 2008,
filed June 13, 2008.
|
|
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.
|
Exhibit
Number
|
Description
|
|
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)
|