Sales Down for Cenveo in Second Quarter

Stamford, Connecticut-based Cenveo announced sales results for three months ending in June.

For the three months ended June 27, net sales were $397.6 million as compared to $524.5 million for the same period in the previous year. For the three months ended June 27, the company recorded a net loss of $18.3 million (or $0.34 per share), compared to net income of $2.7 million (or $0.05 per share) in the three months ended June 28, 2008.

On a Non-GAAP basis, income from continuing operations was $8.1 million, or $0.15 per diluted share for the three months ended June 27, 2009. Non-GAAP income from continuing operations excludes integration, acquisition and other charges, stock-based compensation provision, restructuring, impairment and other charges, (gain) loss on early extinguishment of debt and includes an adjustment to income taxes to reflect an estimated cash tax rate.

Adjusted EBITDA for the three months ended June 27, 2009 was $53.1 million. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, integration, acquisition and other charges, stock-based compensation provision, restructuring, impairment and other charges, (gain) loss on early extinguishment of debt, and loss from discontinued operations, net of taxes.

For the six months ended June 27, 2009, net sales were $809.7 million, as compared to $1.1 billion for the same period in the previous year. For the six months ended June 27, 2009, the company recorded a net loss of $22.6 million (or $0.41 per share), compared to a net loss of $0.7 million (or $0.01 per share), in the six months ended June 28, 2008.

On a Non-GAAP basis, income from continuing operations was $0.6 million, or $0.01 per diluted share for the first six months of 2009.

Adjusted EBITDA in the first six months of 2009 was $84.6 million. The six-month periods ending on June 27, 2009 and June 28, 2008 consist of 25 and 26 weeks, respectively, which affects the comparability of the periods.