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)
|
|
|
Page No.
|
|
PART
I — FINANCIAL INFORMATION
|
|||
Item
1:
|
Financial
Statements (unaudited)
|
||
3
|
|||
4
|
|||
5
|
|||
6
|
|||
32
|
|||
42
|
|||
42
|
|||
PART
II — OTHER INFORMATION
|
|||
43
|
|||
43
|
|||
44
|
|||
48
|
October
3,
2009
|
January
3,
2009
|
|||||||
Assets
|
||||||||
Current
assets:
|
||||||||
Cash
and cash equivalents
|
$ | 12,119 | $ | 10,444 | ||||
Accounts
receivable, net
|
281,316 | 270,145 | ||||||
Inventories
|
149,585 | 159,569 | ||||||
Prepaid
and other current assets
|
81,675 | 74,890 | ||||||
Total
current assets
|
524,695 | 515,048 | ||||||
Property,
plant and equipment, net
|
414,082 | 420,457 | ||||||
Goodwill
|
334,710 | 311,183 | ||||||
Other
intangible assets, net
|
298,572 | 276,944 | ||||||
Other
assets, net
|
29,126 | 28,482 | ||||||
Total
assets
|
$ | 1,601,185 | $ | 1,552,114 | ||||
Liabilities
and Shareholders’ Deficit
|
||||||||
Current
liabilities:
|
||||||||
Current
maturities of long-term debt
|
$ | 21,445 | $ | 24,314 | ||||
Accounts
payable
|
174,890 | 174,435 | ||||||
Accrued
compensation and related liabilities
|
32,515 | 37,319 | ||||||
Other
current liabilities
|
92,429 | 88,870 | ||||||
Total
current liabilities
|
321,279 | 324,938 | ||||||
Long-term
debt
|
1,260,202 | 1,282,041 | ||||||
Deferred
income taxes
|
36,428 | 26,772 | ||||||
Other
liabilities
|
162,249 | 139,318 | ||||||
Commitments
and contingencies
Shareholders’
deficit:
|
||||||||
Preferred
stock
|
— | — | ||||||
Common
stock
|
619 | 542 | ||||||
Paid-in
capital
|
327,175 | 271,821 | ||||||
Retained
deficit
|
(468,456 | ) | (446,966 | ) | ||||
Accumulated
other comprehensive loss
|
(38,311 | ) | (46,352 | ) | ||||
Total
shareholders’ deficit
|
(178,973 | ) | (220,955 | ) | ||||
Total
liabilities and shareholders’ deficit
|
$ | 1,601,185 | $ | 1,552,114 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October
3,
2009
|
September
27, 2008
|
October
3,
2009
|
September
27, 2008
|
|||||||||||||
Net
sales
|
$ | 448,039 | $ | 522,705 | $ | 1,257,783 | $ | 1,581,534 | ||||||||
Cost
of sales
|
359,343 | 406,908 | 1,028,024 | 1,260,612 | ||||||||||||
Selling,
general and administrative expenses
|
52,570 | 58,455 | 153,455 | 184,821 | ||||||||||||
Amortization
of intangible assets
|
2,587 | 2,293 | 7,258 | 6,747 | ||||||||||||
Restructuring,
impairment and other charges
|
8,537 | 6,873 | 49,300 | 22,047 | ||||||||||||
Operating
income
|
25,002 | 48,176 | 19,746 | 107,307 | ||||||||||||
Interest
expense, net
|
29,037 | 26,795 | 79,389 | 79,948 | ||||||||||||
(Gain)
loss on early extinguishment of debt
|
— | (371 | ) | (16,917 | ) | 3,871 | ||||||||||
Other
(income) expense, net
|
266 | (695 | ) | (2,320 | ) | 429 | ||||||||||
Income
(loss) from continuing operations before income taxes
|
(4,301 | ) | 22,447 | (40,406 | ) | 23,059 | ||||||||||
Income
tax (benefit) expense
|
4,131 | 10,060 | (9,946 | ) | 10,349 | |||||||||||
Income
(loss) from continuing operations
|
(8,432 | ) | 12,387 | (30,460 | ) | 12,710 | ||||||||||
Income
(loss) from discontinued operations, net of taxes
|
9,505 | (59 | ) | 8,970 | (1,114 | ) | ||||||||||
Net
income (loss)
|
$ | 1,073 | $ | 12,328 | $ | (21,490 | ) | $ | 11,596 | |||||||
Income
(loss) per share - basic:
|
||||||||||||||||
Continuing
operations
|
$ | (0.15 | ) | $ | 0.23 | $ | (0.55 | ) | $ | 0.24 | ||||||
Discontinued
operations
|
0.17 | — | 0.16 | (0.02 | ) | |||||||||||
Net
income (loss)
|
$ | 0.02 | $ | 0.23 | $ | (0.39 | ) | $ | 0.22 | |||||||
Income
(loss) per share - diluted:
|
||||||||||||||||
Continuing
operations
|
$ | (0.15 | ) | $ | 0.23 | $ | (0.55 | ) | $ | 0.23 | ||||||
Discontinued
operations
|
0.17 | — | 0.16 | (0.02 | ) | |||||||||||
Net
income (loss)
|
$ | 0.02 | $ | 0.23 | $ | (0.39 | ) | $ | 0.21 | |||||||
Weighted
average shares:
|
||||||||||||||||
Basic
|
55,911 | 53,897 | 54,978 | 53,796 | ||||||||||||
Diluted
|
55,911 | 54,174 | 54,978 | 53,994 |
Nine
Months Ended
|
||||||||
October
3,
2009
|
September
27, 2008
|
|||||||
Cash
flows from operating activities:
|
||||||||
Net
income (loss)
|
$ | (21,490 | ) | $ | 11,596 | |||
Adjustments
to reconcile net income (loss) to net cash provided by operating
activities:
|
||||||||
Income
(loss) from discontinued operations, net of taxes
|
(8,970 | ) | 1,114 | |||||
Depreciation
and amortization, excluding non-cash interest expense
|
49,873 | 55,515 | ||||||
Non-cash
interest expense, net
|
1,700 | 1,305 | ||||||
(Gain)
loss on early extinguishment of debt
|
(16,917 | ) | 3,871 | |||||
Stock-based
compensation provision
|
10,817 | 12,940 | ||||||
Non-cash
restructuring, impairment and other charges
|
23,786 | 5,124 | ||||||
Deferred
income taxes
|
(12,676 | ) | 6,709 | |||||
Gain
on sale of assets
|
(3,876 | ) | (4,378 | ) | ||||
Other
non-cash charges, net
|
5,772 | 6,599 | ||||||
Changes
in operating assets and liabilities, excluding the effects of acquired
businesses:
|
||||||||
Accounts
receivable
|
11,209 | 35,590 | ||||||
Inventories
|
29,497 | (125 | ) | |||||
Accounts
payable and accrued compensation and related liabilities
|
(25,945 | ) | 5,718 | |||||
Other
working capital changes
|
(9,762 | ) | 13,351 | |||||
Other,
net
|
316 | (5,515 | ) | |||||
Net
cash provided by operating activities
|
33,334 | 149,414 | ||||||
Cash
flows from investing activities:
|
||||||||
Capital
expenditures
|
(23,519 | ) | (37,782 | ) | ||||
Cost
of business acquisitions, net of cash acquired
|
(3,189 | ) | (47,151 | ) | ||||
Proceeds
from sale of property, plant and equipment
|
5,709 | 18,258 | ||||||
Proceeds
from sale of investment
|
4,032 | — | ||||||
Acquisition
payments
|
— | (3,653 | ) | |||||
Net
cash used in investing activities
|
(16,967 | ) | (70,328 | ) | ||||
Cash
flows from financing activities:
|
||||||||
Repayment
of 8⅜% senior
subordinated notes
|
(23,024 | ) | — | |||||
Repayment
of term loans
|
(22,839 | ) | (5,400 | ) | ||||
Payment
of amendment and debt issuance costs
|
(7,296 | ) | (5,297 | ) | ||||
Repayments
of other long-term debt
|
(6,979 | ) | (16,535 | ) | ||||
Repayment
of 7⅞% senior subordinated notes
|
(4,295 | ) | — | |||||
Repayment
of 10½% senior notes
|
(3,250 | ) | — | |||||
Purchase
and retirement of common stock upon vesting of
RSUs
|
(2,028 | ) | (1,055 | ) | ||||
Payment
of fees on repurchase and retirement of debt
|
(94 | ) | — | |||||
Borrowings
(repayments) under revolving credit facility, net
|
55,250 | (65,200 | ) | |||||
Proceeds
from exercise of stock options
|
98 | 1,873 | ||||||
Repayment
of senior unsecured loan
|
— | (175,000 | ) | |||||
Tax
liability from stock-based compensation
|
— | (873 | ) | |||||
Proceeds
from issuance of 10½% senior notes
|
— | 175,000 | ||||||
Proceeds
from issuance of other long-term debt
|
— | 11,338 | ||||||
Net
cash used in financing activities
|
(14,457 | ) | (81,149 | ) | ||||
Effect
of exchange rate changes on cash and cash equivalents
|
(235 | ) | — | |||||
Net
increase (decrease) in cash and cash equivalents
|
1,675 | (2,063 | ) | |||||
Cash
and cash equivalents at beginning of period
|
10,444 | 15,882 | ||||||
Cash
and cash equivalents at end of period
|
$ | 12,119 | $ | 13,819 |
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
(In
Years)
|
Aggregate
Intrinsic
Value(a)
(In
Thousands)
|
||||||||
Outstanding
at January 3, 2009
|
2,921,975
|
$
|
15.12
|
|
|||||||
Granted
|
1,315,328
|
(b) |
4.27
|
5.8
|
|||||||
Exercised
|
(16,065)
|
4.30
|
$
|
42
|
|||||||
Forfeited
|
(98,000)
|
16.54
|
|||||||||
Outstanding
at October 3, 2009
|
4,123,238
|
11.66
|
3.8
|
$
|
3,270
|
||||||
Exercisable
at October 3, 2009
|
2,432,363
|
13.62
|
2.9
|
$
|
495
|
(a)
|
Intrinsic
value for purposes of this table represents the amount by which the fair
value of the underlying stock, based on the respective market prices at
October 3, 2009 or, if exercised, the exercise dates, exceeds the exercise
prices of the respective options.
|
(b)
|
Includes
176,328 stock options assumed in connection with the acquisition of
Nashua Corporation.
|
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
|
(a)
|
Intrinsic
value for purposes of this table represents the amount by which the fair
value of the underlying stock, based on the respective market prices at
September 27, 2008 or, if exercised, the exercise dates, exceeds the
exercise prices of the respective
options.
|
Weighted
average fair value of option grants
|
$ | 1.68 | ||
Assumptions:
|
||||
Expected option life in
years
|
4.25 | |||
Risk-free interest rate
|
2.09 | % | ||
Expected volatility
|
0.460 | |||
Expected dividend yield
|
0.0 | % |
Restricted
Shares
|
RSUs
|
|||||||||||||||
Shares
|
Weighted
Average
Grant
Date
Fair
Value
|
Shares
|
Weighted
Average
Grant Date
Fair
Value
|
|||||||||||||
Unvested at
January 3, 2009
|
50,000 | $ | 9.52 | 2,530,789 | $ | 11.95 | ||||||||||
Granted
|
171,144 | (a) | 4.76 | 562,960 | 4.76 | |||||||||||
Vested
|
(50,000 | ) | 9.52 | (1,139,813 | ) | 11.89 | ||||||||||
Forfeited
|
— | — | (51,726 | ) | 9.60 | |||||||||||
Unvested at
October 3, 2009
|
171,144 | 4.76 | 1,902,210 | 9.45 |
(a)
|
Represents
restricted shares that were assumed in connection with the
acquisition of Nashua
Corporation.
|
Restricted
Shares
|
RSUs
|
|||||||||||||||
Shares
|
Weighted
Average
Grant Date
Fair
Value
|
Shares
|
Weighted
Average
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 |
As
of
September
15, 2009
|
||||
Accounts receivable, net |
$
|
24,056 | ||
Other current assets | 28,483 | |||
Property,
plant and equipment
|
27,933
|
|||
Goodwill
|
23,377
|
|||
Other
intangible assets
|
29,600
|
|||
Other
assets
|
1,255
|
|||
Total
assets acquired
|
134,704
|
|||
Current
liabilities, excluding current maturities of long-term debt
|
25,699
|
|||
Current
maturities of long-term debt
|
2,800
|
|||
Deferred
taxes
|
12,698
|
|||
Other
liabilities
|
42,845
|
|||
Total
liabilities assumed
|
84,042
|
|||
Net
assets acquired
|
50,662
|
|||
Less
cash acquired
|
(1,001)
|
|||
Cost
of Nashua acquisition, net of cash acquired
|
$
|
49,661
|
Lease
Termination
Costs
|
Employee
Separation
Costs
|
Other
Exit
Costs
|
Total
|
|||||||||||||
Liabilities
recorded at January 3, 2009
|
$ | 2,264 | $ | — | $ | — | $ | 2,264 | ||||||||
Assumed
in Nashua acquisition
|
877 | 123 | — | 1,000 | ||||||||||||
Payments
|
(531 | ) | — | — | (531 | ) | ||||||||||
Balance
at October 3, 2009
|
$ | 2,610 | $ | 123 | $ | — | $ | 2,733 |
October
3,
2009
|
January
3,
2009
|
|||||||
Raw
materials
|
$ | 60,601 | $ | 67,236 | ||||
Work
in process
|
27,039 | 27,011 | ||||||
Finished
goods
|
61,945 | 65,322 | ||||||
$ | 149,585 | $ | 159,569 |
|
Property,
plant and equipment were as follows (in
thousands):
|
October
3,
2009
|
January
3,
2009
|
|||||||
Land
and land improvements
|
$ | 21,662 | $ | 21,421 | ||||
Building
and building improvements
|
113,707 | 111,208 | ||||||
Machinery
and equipment
|
632,966 | 622,929 | ||||||
Furniture
and fixtures
|
12,895 | 12,589 | ||||||
Construction
in progress
|
22,378 | 14,558 | ||||||
803,608 | 782,705 | |||||||
Accumulated
depreciation
|
(389,526 | ) | (362,248 | ) | ||||
$ | 414,082 | $ | 420,457 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Total
|
||||||||||
Balance
as of January 3, 2009
|
$ | 143,498 | $ | 167,685 | $ | 311,183 | ||||||
Acquisitions
|
23,527 | — | 23,527 | |||||||||
Balance
as of October 3, 2009
|
$ | 167,025 | $ | 167,685 | $ | 334,710 |
October
3, 2009
|
January
3, 2009
|
|||||||||||||||||||||||||||
Weighted
Average Remaining Amortization Period
(Years)
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Net
Carrying
Amount
|
Gross
Carrying
Amount
|
Accumulated
Amortization
|
Net
Carrying
Amount
|
||||||||||||||||||||||
Intangible
assets with determinable
lives:
|
||||||||||||||||||||||||||||
Customer
relationships
|
16 | $ | 172,206 | $ | (35,964 | ) | $ | 136,242 | $ | 159,206 | $ | (29,875 | ) | $ | 129,331 | |||||||||||||
Trademarks
and tradenames
|
24 | 21,011 | (4,785 | ) | 16,226 | 21,011 | (4,089 | ) | 16,922 | |||||||||||||||||||
Patents
|
4 | 3,028 | (1,956 | ) | 1,072 | 3,028 | (1,755 | ) | 1,273 | |||||||||||||||||||
Non-compete
agreements
|
2 | 2,456 | (1,877 | ) | 579 | 2,456 | (1,634 | ) | 822 | |||||||||||||||||||
Other
|
16 | 1,302 | (349 | ) | 953 | 768 | (392 | ) | 376 | |||||||||||||||||||
200,003 | (44,931 | ) | 155,072 | 186,469 | (37,745 | ) | 148,724 | |||||||||||||||||||||
Intangible
assets with indefinite lives:
|
||||||||||||||||||||||||||||
Trademarks
|
143,500 | — | 143,500 | 127,500 | — | 127,500 | ||||||||||||||||||||||
Pollution
credits
|
— | — | — | 720 | — | 720 | ||||||||||||||||||||||
Total
|
$ | 343,503 | $ | (44,931 | ) | $ | 298,572 | $ | 314,689 | $ | (37,745 | ) | $ | 276,944 |
October
3,
2009
|
January
3,
2009
|
|||||||
Term
loans, due 2013
|
$ | 685,061 | $ | 707,900 | ||||
7⅞%
senior subordinated notes, due 2013
|
296,270 | 303,370 | ||||||
10½%
senior notes, due 2016
|
170,000 | 175,000 | ||||||
8⅜%
senior subordinated notes, due 2014 ($32.2 million and $72.3 million
outstanding principal amount as of October 3, 2009 and January 3, 2009,
respectively)
|
32,741 | 73,581 | ||||||
Revolving
credit facility, due 2012
|
63,250 | 8,000 | ||||||
Other
|
34,325 | 38,504 | ||||||
1,281,647 | 1,306,355 | |||||||
Less
current maturities
|
(21,445 | ) | (24,314 | ) | ||||
Long-term
debt
|
$ | 1,260,202 | $ | 1,282,041 |
October
3, 2009
|
January
3, 2009
|
|||||||
Current
Liabilities:
|
||||||||
Interest
Rate Swaps
|
$ | 9,466 | $ | 4,483 | ||||
Long-Term
Liabilities:
|
||||||||
Interest
Rate Swaps
|
11,214 | 23,180 | ||||||
Forward
Starting Swaps
|
— | 943 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 775 | $ | 1,448 | $ | 83 | $ | 2,306 | ||||||||
Asset
impairments, net of gain on sale
|
152 | 1,491 | — | 1,643 | ||||||||||||
Equipment
moving expenses
|
449 | 1,134 | — | 1,583 | ||||||||||||
Lease
termination expenses (income)
|
(994 | ) | 77 | 15 | (902 | ) | ||||||||||
Building
clean-up and other expenses
|
611 | 1,729 | 102 | 2,442 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 993 | $ | 5,879 | $ | 200 | $ | 7,072 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 4,224 | $ | 9,476 | $ | 803 | $ | 14,503 | ||||||||
Asset
impairments, net of gain on sale
|
2,733 | 5,579 | — | 8,312 | ||||||||||||
Equipment
moving expenses
|
1,173 | 1,632 | — | 2,805 | ||||||||||||
Lease
termination expenses
|
2,992 | 687 | 194 | 3,873 | ||||||||||||
Multi-employer
pension withdrawal expenses
|
— | 11,303 | — | 11,303 | ||||||||||||
Building
clean-up and other expenses
|
1,792 | 2,212 | 102 | 4,106 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 12,914 | $ | 30,889 | $ | 1,099 | $ | 44,902 |
Lease
Termination
|
Employee
Separation
Costs
|
Pension
Withdrawal
Liabilities
|
Total
|
|||||||||||||
Balance
at January 3, 2009
|
$ | — | $ | — | $ | — | $ | — | ||||||||
Accruals,
net
|
3,873 | 14,503 | 11,303 | 29,679 | ||||||||||||
Payments
|
(1,736 | ) | (12,712 | ) | — | (14,448 | ) | |||||||||
Balance
at October 3, 2009
|
$ | 2,137 | $ | 1,791 | $ | 11,303 | $ | 15,231 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 19 | $ | (19 | ) | $ | — | $ | — | |||||||
Asset
impairments, net of gain on sale
|
143 | 1,079 | — | 1,222 | ||||||||||||
Lease
termination expenses (income)
|
63 | (48 | ) | — | 15 | |||||||||||
Building
clean-up and other expenses
|
54 | 204 | (8 | ) | 250 | |||||||||||
Total
restructuring and impairment charges
|
$ | 279 | $ | 1,216 | $ | (8 | ) | $ | 1,487 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Employee
separation costs
|
$ | 108 | $ | 87 | $ | 29 | $ | 224 | ||||||||
Asset
impairments, net of gain on sale
|
67 | 981 | — | 1,048 | ||||||||||||
Equipment
moving expenses
|
— | 57 | — | 57 | ||||||||||||
Lease
termination expenses (income)
|
94 | (540 | ) | 3 | (443 | ) | ||||||||||
Multi-employer
pension withdrawal expenses
|
— | 2,122 | — | 2,122 | ||||||||||||
Building
clean-up and other expenses
|
134 | 568 | 22 | 724 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 403 | $ | 3,275 | $ | 54 | $ | 3,732 |
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 (income)
|
— | (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 (income)
|
— | (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 |
Lease
Termination
Costs
|
Employee
Separation
Costs
|
Pension
Withdrawal
Liabilities
|
Total
|
|||||||||||||
Balance
at January 3, 2009
|
$ | 3,589 | $ | 1,975 | $ | 1,800 | $ | 7,364 | ||||||||
Accruals,
net
|
(443 | ) | 224 | 2,122 | 1,903 | |||||||||||
Payments
|
(1,463 | ) | (2,148 | ) | (583 | ) | (4,194 | ) | ||||||||
Balance
at October 3, 2009
|
$ | 1,683 | $ | 51 | $ | 3,339 | $ | 5,073 |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Asset
impairments
|
$ | — | $ | 28 | $ | — | $ | 28 | ||||||||
Equipment
moving expenses
|
— | 14 | — | 14 | ||||||||||||
Lease
termination expenses (income)
|
(185 | ) | 11 | 62 | (112 | ) | ||||||||||
Building
clean-up and other expenses
|
30 | 18 | — | 48 | ||||||||||||
Total
restructuring and impairment charges (income)
|
$ | (155 | ) | $ | 71 | $ | 62 | $ | (22 | ) |
Envelopes,
Forms
and
Labels
|
Commercial
Printing
|
Corporate
|
Total
|
|||||||||||||
Asset
impairments
|
$ | — | $ | 18 | $ | — | $ | 18 | ||||||||
Equipment
moving expenses
|
— | 14 | — | 14 | ||||||||||||
Lease
termination expenses (income)
|
(207 | ) | 365 | 18 | 176 | |||||||||||
Building
clean-up and other expenses
|
223 | 235 | — | 458 | ||||||||||||
Total
restructuring and impairment charges
|
$ | 16 | $ | 632 | $ | 18 | $ | 666 |
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 (income)
|
(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 expenses (income)
|
(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 |
Lease
Termination
Costs
|
Pension
Withdrawal
Liabilities
|
Total
|
||||||||||
Balance
at January 3, 2009
|
$ | 3,877 | $ | 208 | $ | 4,085 | ||||||
Accruals,
net
|
176 | — | 176 | |||||||||
Payments
|
(2,108 | ) | (87 | ) | (2,195 | ) | ||||||
Balance
at October 3, 2009
|
$ | 1,945 | $ | 121 | $ | 2,066 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October
3,
2009
|
September
27, 2008
|
October
3,
2009
|
September
27, 2008
|
|||||||||||||
Service
cost
|
$ | 122 | $ | 120 | $ | 319 | $ | 360 | ||||||||
Interest
cost
|
2,780 | 2,479 | 7,776 | 7,438 | ||||||||||||
Expected
return on plan assets
|
(2,176 | ) | (2,656 | ) | (6,028 | ) | (7,969 | ) | ||||||||
Net
amortization and deferral
|
1 | 2 | 2 | 6 | ||||||||||||
Recognized
net actuarial loss
|
588 | 55 | 1,764 | 166 | ||||||||||||
Net
periodic pension expense
|
$ | 1,315 | $ | — | $ | 3,833 | $ | 1 |
Three Months Ended | Nine Months Ended | |||||||||||||||
October
3,
2009
|
September
27, 2008
|
October
3,
2009
|
September
27, 2008
|
|||||||||||||
Net
income (loss)
|
$ | 1,073 | $ | 12,328 | $ | (21,490 | ) | $ | 11,596 | |||||||
Other
comprehensive income (loss):
|
||||||||||||||||
Unrealized
gain on cash flow hedges, net of taxes
|
528 | 480 | 4,718 | 9 | ||||||||||||
Currency
translation adjustment
|
1,809 | (1,361 | ) | 3,323 | (2,851 | ) | ||||||||||
Comprehensive
income (loss)
|
$ | 3,410 | $ | 11,447 | $ | (13,449 | ) | $ | 8,754 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October
3,
2009
|
September
27, 2008
|
October
3,
2009
|
September
27, 2008
|
|||||||||||||
Numerator
for basic and diluted income (loss) per share
|
||||||||||||||||
Income
(loss) from continuing operations
|
$ | (8,432 | ) | $ | 12,387 | $ | (30,460 | ) | $ | 12,710 | ||||||
Income
(loss) from discontinued operations, net of taxes
|
9,505 | (59 | ) | 8,970 | (1,114 | ) | ||||||||||
Net
income (loss)
|
$ | 1,073 | $ | 12,328 | $ | (21,490 | ) | $ | 11,596 | |||||||
Denominator
for weighted average common shares outstanding:
|
||||||||||||||||
Basic
shares
|
55,911 | 53,897 | 54,978 | 53,796 | ||||||||||||
Dilutive
effect of equity awards
|
— | 277 | — | 198 | ||||||||||||
Diluted
shares
|
55,911 | 54,174 | 54,978 | 53,994 | ||||||||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October
3,
2009
|
September
27,
2008
|
October
3,
2009
|
September
27,
2008
|
|||||||||||||
Net
sales:
|
||||||||||||||||
Envelopes,
forms and labels
|
$ | 212,311 | $ | 224,616 | $ | 581,419 | $ | 690,630 | ||||||||
Commercial
printing
|
235,728 | 298,089 | 676,364 | 890,904 | ||||||||||||
Total
|
$ | 448,039 | $ | 522,705 | $ | 1,257,783 | $ | 1,581,534 | ||||||||
Operating
income :
|
||||||||||||||||
Envelopes,
forms and labels
|
$ | 19,872 | $ | 35,947 | $ | 38,925 | $ | 93,807 | ||||||||
Commercial
printing
|
14,364 | 23,056 | 8,386 | 47,598 | ||||||||||||
Corporate
|
(9,234 | ) | (10,827 | ) | (27,565 | ) | (34,098 | ) | ||||||||
Total
|
$ | 25,002 | $ | 48,176 | $ | 19,746 | $ | 107,307 | ||||||||
Restructuring,
impairment and other charges:
|
||||||||||||||||
Envelopes,
forms and labels
|
$ | 1,117 | $ | 2,244 | $ | 13,333 | $ | 4,766 | ||||||||
Commercial
printing
|
7,166 | 4,395 | 34,796 | 10,082 | ||||||||||||
Corporate
|
254 | 234 | 1,171 | 7,199 | ||||||||||||
Total
|
$ | 8,537 | $ | 6,873 | $ | 49,300 | $ | 22,047 | ||||||||
Net
sales by product line:
|
||||||||||||||||
Envelopes
|
$ | 138,124 | $ | 154,232 | $ | 394,139 | $ | 474,876 | ||||||||
Commercial
printing
|
159,947 | 210,737 | 450,993 | 622,255 | ||||||||||||
Journals
and periodicals
|
75,013 | 87,026 | 221,996 | 267,664 | ||||||||||||
Labels
and business forms
|
74,955 | 70,710 | 190,655 | 216,739 | ||||||||||||
Total
|
$ | 448,039 | $ | 522,705 | $ | 1,257,783 | $ | 1,581,534 | ||||||||
Intercompany
sales:
|
||||||||||||||||
Envelopes,
forms and labels to commercial printing
|
$ | 1,123 | $ | 1,691 | $ | 3,447 | $ | 4,369 | ||||||||
Commercial
printing to envelopes, forms and labels
|
387 | 538 | 1,313 | 2,856 | ||||||||||||
Total
|
$ | 1,510 | $ | 2,229 | $ | 4,760 | $ | 7,225 | ||||||||
October
3,
2009
|
January
3,
2009
|
||||||
Identifiable
assets:
|
|
||||||
Envelopes,
forms and labels
|
$
|
718,443
|
$
|
624,760
|
|||
Commercial
printing
|
811,524
|
863,224
|
|||||
Corporate
|
71,218
|
64,130
|
|||||
Total
assets
|
$
|
1,601,185
|
$
|
1,552,114
|
|||
Non- | ||||||||||||||||||||||||
Parent
|
Subsidiary
|
Guarantor
|
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Current
assets:
|
||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | — | $ | 9,365 | $ | 1,345 | $ | 1,409 | $ | — | $ | 12,119 | ||||||||||||
Accounts
receivable, net
|
— | 113,471 | 163,242 | 4,603 | — | 281,316 | ||||||||||||||||||
Inventories
|
— | 67,613 | 80,563 | 1,409 | — | 149,585 | ||||||||||||||||||
Notes
receivable from subsidiaries
|
— | 36,938 | — | — | (36,938 | ) | — | |||||||||||||||||
Prepaid
and other current assets
|
— | 64,989 | 13,971 | 2,715 | — | 81,675 | ||||||||||||||||||
Total
current assets
|
— | 292,376 | 259,121 | 10,136 | (36,938 | ) | 524,695 | |||||||||||||||||
Investment
in subsidiaries
|
(178,973 | ) | 1,482,319 | 3,928 | 6,725 | (1,313,999 | ) | — | ||||||||||||||||
Property,
plant and equipment, net
|
— | 143,056 | 270,659 | 367 | — | 414,082 | ||||||||||||||||||
Goodwill
|
— | 29,244 | 305,466 | — | — | 334,710 | ||||||||||||||||||
Other
intangible assets, net
|
— | 8,044 | 290,528 | — | — | 298,572 | ||||||||||||||||||
Other
assets, net
|
— | 22,255 | 6,526 | 345 | — | 29,126 | ||||||||||||||||||
Total
assets
|
$ | (178,973 | ) | $ | 1,977,294 | $ | 1,136,228 | $ | 17,573 | $ | (1,350,937 | ) | $ | 1,601,185 | ||||||||||
Liabilities
and Shareholders’ Equity (Deficit)
|
||||||||||||||||||||||||
Current
liabilities:
|
||||||||||||||||||||||||
Current
maturities of long-term debt
|
$ | — | $ | 10,537 | $ | 10,908 | $ | — | $ | — | $ | 21,445 | ||||||||||||
Accounts
payable
|
— | 84,836 | 87,484 | 2,570 | — | 174,890 | ||||||||||||||||||
Accrued
compensation and related liabilities
|
— | 16,136 | 16,379 | — | — | 32,515 | ||||||||||||||||||
Other
current liabilities
|
— | 71,513 | 20,214 | 702 | — | 92,429 | ||||||||||||||||||
Intercompany
payable (receivable)
|
— | 741,023 | (745,474 | ) | 4,451 | — | — | |||||||||||||||||
Notes
payable to issuer
|
— | — | 36,938 | — | (36,938 | ) | — | |||||||||||||||||
Total
current liabilities
|
— | 924,045 | (573,551 | ) | 7,723 | (36,938 | ) | 321,279 | ||||||||||||||||
Long-term
debt
|
— | 1,237,086 | 23,116 | — | — | 1,260,202 | ||||||||||||||||||
Deferred
income tax liability (asset)
|
— | (60,468 | ) | 97,699 | (803 | ) | — | 36,428 | ||||||||||||||||
Other
liabilities
|
— | 55,604 | 106,645 | — | — | 162,249 | ||||||||||||||||||
Shareholders’
equity (deficit)
|
(178,973 | ) | (178,973 | ) | 1,482,319 | 10,653 | (1,313,999 | ) | (178,973 | ) | ||||||||||||||
Total liabilities and shareholders’ | ||||||||||||||||||||||||
equity (deficit)
|
$ | (178,973 | ) | $ | 1,977,294 | $ | 1,136,228 | $ | 17,573 | $ | (1,350,937 | ) | $ | 1,601,185 |
Parent
Company
|
Subsidiary
Issuer
|
Guarantor
Subsidiaries
|
Non-
Guarantor
Subsidiaries
|
Eliminations | Consolidated | |||||||||||||||||||
Net
sales
|
$ | — | $ | 193,278 | $ | 249,861 | $ | 4,900 | $ | — | $ | 448,039 | ||||||||||||
Cost
of sales
|
— | 161,391 | 194,715 | 3,237 | — | 359,343 | ||||||||||||||||||
Selling,
general and administrative expenses
|
— | 28,725 | 23,743 | 102 | — | 52,570 | ||||||||||||||||||
Amortization
of intangible assets
|
— | 111 | 2,476 | — | — | 2,587 | ||||||||||||||||||
Restructuring,
impairment and other charges
|
— | 7,485 | 1,052 | — | — | 8,537 | ||||||||||||||||||
Operating
income (loss)
|
— | (4,434 | ) | 27,875 | 1,561 | — | 25,002 | |||||||||||||||||
Interest
expense (income), net
|
— | 28,714 | 345 | (22 | ) | — | 29,037 | |||||||||||||||||
Intercompany
interest expense (income)
|
— | (243 | ) | 243 | — | — | — | |||||||||||||||||
Other
(income) expense, net
|
— | 114 | 129 | 23 | — | 266 | ||||||||||||||||||
Income
(loss) from continuing operations before income taxes and equity in income
of unconsolidated subsidiaries
|
— | (33,019 | ) | 27,158 | 1,560 | — | (4,301 | ) | ||||||||||||||||
Income
tax expense
|
— | 3,083 | 1,039 | 9 | — | 4,131 | ||||||||||||||||||
Income
(loss) from continuing operations before equity in income of
unconsolidated subsidiaries
|
— | (36,102 | ) | 26,119 | 1,551 | — | (8,432 | ) | ||||||||||||||||
Equity
in income of unconsolidated subsidiaries
|
1,073 | 27,670 | 1,551 | — | (30,294 | ) | — | |||||||||||||||||
Income
(loss) from continuing operations
|
1,073 | (8,432 | ) | 27,670 | 1,551 | (30,294 | ) | (8,432 | ) | |||||||||||||||
Income from
discontinued operations, net of taxes
|
— | 9,505 | — | — | — | 9,505 | ||||||||||||||||||
Net
income (loss)
|
$ | 1,073 | $ | 1,073 | $ | 27,670 | $ | 1,551 | $ | (30,294 | ) | $ | 1,073 |
Non- | ||||||||||||||||||||||||
Parent
|
Subsidiary
|
Guarantor
|
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Net
sales
|
$ | — | $ | 567,878 | $ | 675,563 | $ | 14,342 | $ | — | $ | 1,257,783 | ||||||||||||
Cost
of sales
|
— | 478,523 | 540,053 | 9,448 | — | 1,028,024 | ||||||||||||||||||
Selling,
general and administrative expenses
|
— | 88,417 | 64,746 | 292 | — | 153,455 | ||||||||||||||||||
Amortization
of intangible assets
|
— | 320 | 6,938 | — | — | 7,258 | ||||||||||||||||||
Restructuring,
impairment and other charges
|
— | 31,098 | 18,202 | — | — | 49,300 | ||||||||||||||||||
Operating
income (loss)
|
— | (30,480 | ) | 45,624 | 4,602 | — | 19,746 | |||||||||||||||||
Interest
expense (income), net
|
— | 78,220 | 1,227 | (58 | ) | — | 79,389 | |||||||||||||||||
Intercompany
interest expense (income)
|
— | (831 | ) | 831 | — | — | — | |||||||||||||||||
(Gain)
loss on early extinguishment of debt
|
— | (16,917 | ) | — | — | — | (16,917 | ) | ||||||||||||||||
Other
(income) expense, net
|
— | 566 | (3,088 | ) | 202 | — | (2,320 | ) | ||||||||||||||||
Income
(loss) from continuing operations before income taxes and equity in income
of unconsolidated subsidiaries
|
— | (91,518 | ) | 46,654 | 4,458 | — | (40,406 | ) | ||||||||||||||||
Income
tax (benefit) expense
|
— | (13,047 | ) | 1,892 | 1,209 | — | (9,946 | ) | ||||||||||||||||
Income
(loss) from continuing operations before equity in income of
unconsolidated subsidiaries
|
— | (78,471 | ) | 44,762 | 3,249 | — | (30,460 | ) | ||||||||||||||||
Equity
in income of unconsolidated subsidiaries
|
(21,490 | ) | 48,011 | 3,249 | — | (29,770 | ) | — | ||||||||||||||||
Income
(loss) from continuing operations
|
(21,490 | ) | (30,460 | ) | 48,011 | 3,249 | (29,770 | ) | (30,460 | ) | ||||||||||||||
Income from
discontinued operations, net of taxes
|
— | 8,970 | — | — | — | 8,970 | ||||||||||||||||||
Net
income (loss)
|
$ | (21,490 | ) | $ | (21,490 | ) | $ | 48,011 | $ | 3,249 | $ | (29,770 | ) | $ | (21,490 | ) |
Non- | ||||||||||||||||||||||||
Parent
|
Subsidiary
|
Guarantor
|
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Cash
flows from operating activities:
|
||||||||||||||||||||||||
Net
cash provided by (used in) operating activities
|
$ | 10,817 | $ | (68,981 | ) | $ | 88,028 | $ | 3,470 | $ | — | $ | 33,334 | |||||||||||
Cash
flows from investing activities:
|
||||||||||||||||||||||||
Capital expenditures | — | (9,074 | ) | (14,445 | ) | — | — | (23,519 | ) | |||||||||||||||
Cost
of business acquisitions, net of cash acquired
|
— | (3,189 | ) | — | — | — | (3,189 | ) | ||||||||||||||||
Intercompany
note
|
— | 2,257 | — | — | (2,257 | ) | — | |||||||||||||||||
Investment
in guarantor subsidiary preferred shares
|
— | — | — | (6,725 | ) | 6,725 | — | |||||||||||||||||
Proceeds
from sale of property, plant and equipment
|
— | 5,139 | 570 | — | — | 5,709 | ||||||||||||||||||
Proceeds
from sale of investment
|
— | — | 4,032 | — | — | 4,032 | ||||||||||||||||||
Net
cash (used in) provided by investing activities
|
— | (4,867 | ) | (9,843 | ) | (6,725 | ) | 4,468 | (16,967 | ) | ||||||||||||||
Cash
flows from financing activities:
|
||||||||||||||||||||||||
Repayment
of 8⅜% senior subordinated notes
|
— | (23,024 | ) | — | — | — | (23,024 | ) | ||||||||||||||||
Repayment
of term loans
|
— | (22,839 | ) | — | — | — | (22,839 | ) | ||||||||||||||||
Payment
of amendment and debt issuance costs
|
— | (7,296 | ) | — | — | — | (7,296 | ) | ||||||||||||||||
Repayments
of other long-term debt
|
— | (364 | ) | (6,615 | ) | — | — | (6,979 | ) | |||||||||||||||
Repayment
of 7⅞% senior subordinated notes
|
— | (4,295 | ) | — | — | — | (4,295 | ) | ||||||||||||||||
Repayment
of 10½% senior notes
|
— | (3,250 | ) | — | — | — | (3,250 | ) | ||||||||||||||||
Purchase
and retirement of common stock upon vesting of RSUs
|
(2,028 | ) | — | — | — | — | (2,028 | ) | ||||||||||||||||
Payment
of fees on repurchase and retirement of debt
|
— | (94 | ) | — | — | — | (94 | ) | ||||||||||||||||
Borrowings
under revolving credit facility, net
|
― | 55,250 | — | — | — | 55,250 | ||||||||||||||||||
Proceeds
from exercise of stock options
|
98 | — | — | — | — | 98 | ||||||||||||||||||
Proceeds
from issuance of preferred shares
|
— | — | 6,725 | ― | (6,725 | ) | — | |||||||||||||||||
Intercompany
note
|
— | — | (2,257 | ) | — | 2,257 | — | |||||||||||||||||
Intercompany
advances
|
(8,887 | ) | 84,410 | (75,523 | ) | — | — | — | ||||||||||||||||
Net
cash (used in) provided by financing activities
|
(10,817 | ) | 78,498 | (77,670 | ) | — | (4,468 | ) | (14,457 | ) | ||||||||||||||
Effect
of exchange rate changes on cash and cash equivalents
|
— | — | (223 | ) | (12 | ) | — | (235 | ) | |||||||||||||||
Net
increase (decrease) in cash and cash equivalents
|
— | 4,650 | 292 | (3,267 | ) | — | 1,675 | |||||||||||||||||
Cash
and cash equivalents at beginning of period
|
— | 4,715 | 1,053 | 4,676 | — | 10,444 | ||||||||||||||||||
Cash
and cash equivalents at end of period
|
$ | — | $ | 9,365 | $ | 1,345 | $ | 1,409 | $ | — | $ | 12,119 |
Non- | ||||||||||||||||||||||||
Parent
|
Subsidiary
|
Guarantor
|
Guarantor
|
|||||||||||||||||||||
Company
|
Issuer
|
Subsidiaries
|
Subsidiaries
|
Eliminations
|
Consolidated
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Current
assets:
|
||||||||||||||||||||||||
Cash
and cash equivalents
|
$ | — | $ | 4,715 | $ | 1,053 | $ | 4,676 | $ | — | $ | 10,444 | ||||||||||||
Accounts
receivable, net
|
— | 127,634 | 137,746 | 4,765 | — | 270,145 | ||||||||||||||||||
Inventories
|
— | 86,219 | 72,149 | 1,201 | — | 159,569 | ||||||||||||||||||
Notes
receivable from subsidiaries
|
— | 39,195 | — | — | (39,195 | ) | — | |||||||||||||||||
Prepaid
and other current assets
|
— | 62,961 | 9,879 | 2,050 | — | 74,890 | ||||||||||||||||||
Total
current assets
|
— | 320,724 | 220,827 | 12,692 | (39,195 | ) | 515,048 | |||||||||||||||||
Investment
in subsidiaries
|
(220,955 | ) | 1,380,326 | 7,063 | — | (1,166,434 | ) | — | ||||||||||||||||
Property,
plant and equipment, net
|
— | 165,140 | 254,841 | 476 | — | 420,457 | ||||||||||||||||||
Goodwill
|
— | 29,245 | 281,938 | — | — | 311,183 | ||||||||||||||||||
Other
intangible assets, net
|
— | 9,089 | 267,855 | — | — | 276,944 | ||||||||||||||||||
Other
assets, net
|
— | 21,936 | 6,205 | 341 | — | 28,482 | ||||||||||||||||||
Total
assets
|
$ | (220,955 | ) | $ | 1,926,460 | $ | 1,038,729 | $ | 13,509 | $ | (1,205,629 | ) | $ | 1,552,114 | ||||||||||
Liabilities
and Shareholders’ (Deficit) Equity
|
||||||||||||||||||||||||
Current
liabilities:
|
||||||||||||||||||||||||
Current
maturities of long-term debt
|
$ | — | $ | 15,956 | $ | 8,358 | $ | — | $ | — | $ | 24,314 | ||||||||||||
Accounts
payable
|
— | 99,150 | 73,402 | 1,883 | — | 174,435 | ||||||||||||||||||
Accrued
compensation and related liabilities
|
— | 21,311 | 16,008 | — | — | 37,319 | ||||||||||||||||||
Other
current liabilities
|
— | 74,653 | 13,302 | 915 | — | 88,870 | ||||||||||||||||||
Intercompany
payable (receivable)
|
— | 658,885 | (663,337 | ) | 4,452 | — | — | |||||||||||||||||
Notes
payable to issuer
|
— | — | 39,195 | — | (39,195 | ) | — | |||||||||||||||||
Total
current liabilities
|
— | 869,955 | (513,072 | ) | 7,250 | (39,195 | ) | 324,938 | ||||||||||||||||
Long-term
debt
|
— | 1,259,175 | 22,866 | — | — | 1,282,041 | ||||||||||||||||||
Deferred
income tax liability (asset)
|
— | (56,500 | ) | 84,076 | (804 | ) | — | 26,772 | ||||||||||||||||
Other
liabilities
|
— | 74,785 | 64,533 | — | — | 139,318 | ||||||||||||||||||
Shareholders’
(deficit) equity
|
(220,955 | ) | (220,955 | ) | 1,380,326 | 7,063 | (1,166,434 | ) | (220,955 | ) | ||||||||||||||
Total
liabilities and shareholders’ (deficit) equity
|
$ | (220,955 | ) | $ | 1,926,460 | $ | 1,038,729 | $ | 13,509 | $ | (1,205,629 | ) | $ | 1,552,114 |
Non-
|
||||||||||||||||||||||||
Parent
|
Subsidiary
|
Guarantor
|
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 expenses
|
— | 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 (income) expense
|
— | (615 | ) | 615 | — | — | — | |||||||||||||||||
(Gain)
loss on early extinguishment of debt
|
— | (371 | ) | — | — | — | (371 | ) | ||||||||||||||||
Other
(income) expense, 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 (benefit) expense
|
— | 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 |
Non- | ||||||||||||||||||||||||
Parent
|
Subsidiary
|
Guarantor
|
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 expenses
|
— | 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 (income) expense
|
— | (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 |
Non- | ||||||||||||||||||||||||
Parent
|
Subsidiary
|
Guarantor
|
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
|
— | (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 | ) | |||||||||||||||
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 |
·
|
custom
labels and specialty forms;
|
·
|
stock
envelopes, labels and business forms;
and
|
·
|
direct
mail and customized envelopes for advertising, billing and
remittance.
|
·
|
specialty
packaging and high quality promotional materials for multinational
consumer products companies;
|
·
|
STM
publishers and special interest and trade magazines for not-for-profit
organizations, educational institutions and specialty publishers;
and
|
·
|
high-end
color printing of a wide range of premium products for national and
regional customers; and
|
·
|
general
commercial printing for regional and local
customers.
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October 3,
2009
|
September
27,
2008
|
October 3,
2009
|
September
27,
2008
|
|||||||||||||
(in
thousands, except
per
share amounts)
|
(in
thousands, except
per
share amounts)
|
|||||||||||||||
Net
sales
|
$ | 448,039 | $ | 522,705 | $ | 1,257,783 | $ | 1,581,534 | ||||||||
Operating
income:
|
||||||||||||||||
Envelopes,
forms and labels
|
19,872 | 35,947 | 38,925 | 93,807 | ||||||||||||
Commercial
printing
|
14,364 | 23,056 | 8,386 | 47,598 | ||||||||||||
Corporate
|
(9,234 | ) | (10,827 | ) | (27,565 | ) | (34,098 | ) | ||||||||
Total
Operating income
|
25,002 | 48,176 | 19,746 | 107,307 | ||||||||||||
Interest
expense, net
|
29,037 | 26,795 | 79,389 | 79,948 | ||||||||||||
(Gain)
loss on early extinguishment of debt
|
— | (371 | ) | (16,917 | ) | 3,871 | ||||||||||
Other
(income) expense, net
|
266 | (695 | ) | (2,320 | ) | 429 | ||||||||||
Income
(loss) from continuing operations before income taxes
|
(4,301 | ) | 22,447 | (40,406 | ) | 23,059 | ||||||||||
Income
tax (benefit) expense
|
4,131 | 10,060 | (9,946 | ) | 10,349 | |||||||||||
Income
(loss) from continuing operations
|
(8,432 | ) | 12,387 | (30,460 | ) | 12,710 | ||||||||||
Income
(loss) from discontinued operations, net of taxes
|
9,505 | (59 | ) | 8,970 | (1,114 | ) | ||||||||||
Net
income (loss)
|
$ | 1,073 | $ | 12,328 | $ | (21,490 | ) | $ | 11,596 | |||||||
Income
(loss) per share—basic:
|
||||||||||||||||
Continuing
operations
|
$ | (0.15 | ) | $ | 0.23 | $ | (0.55 | ) | $ | 0.24 | ||||||
Discontinued
operations
|
0.17 | — | 0.16 | (0.02 | ) | |||||||||||
Net
income (loss)
|
$ | 0.02 | $ | 0.23 | $ | (0.39 | ) | $ | 0.22 | |||||||
Income
(loss) per share—diluted:
|
||||||||||||||||
Continuing
operations
|
$ | (0.15 | ) | $ | 0.23 | $ | (0.55 | ) | $ | 0.23 | ||||||
Discontinued
operations
|
0.17 | — | 0.16 | (0.02 | ) | |||||||||||
Net
income (loss)
|
$ | 0.02 | $ | 0.23 | $ | (0.39 | ) | $ | 0.21 | |||||||
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
October
3,
2009
|
September
27, 2008
|
October
3,
2009
|
September
27, 2008
|
|||||||||||||
(in
thousands)
|
(in
thousands)
|
|||||||||||||||
Income
tax (benefit) expense for U.S. operations
|
$ | 3,723 | $ | 9,955 | $ | (11,508 | ) | $ | 9,959 | |||||||
Income
tax (benefit) expense for foreign operations
|
408 | 105 | 1,562 | 390 | ||||||||||||
Income
tax (benefit) expense
|
$ | 4,131 | $ | 10,060 | $ | (9,946 | ) | $ | 10,349 | |||||||
Effective
income tax rate
|
(96.0 | )% | 44.8 | % | 24.6 | % | 44.9 | % |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||||
October
3,
2009
|
September
27,
2008
|
October
3,
2009
|
September
27,
2008
|
|||||||||||||||
(in
thousands)
|
(in
thousands)
|
|||||||||||||||||
Segment
net sales
|
$ | 212,311 | $ | 224,616 | $ | 581,419 | $ | 690,630 | ||||||||||
Segment
operating income
|
$ | 19,872 | $ | 35,947 | $ | 38,925 | $ | 93,807 | ||||||||||
Operating
income margin
|
9.4 | % | 16.0 | % | 6.7 | % | 13.6 | % | ||||||||||
Restructuring
and impairment charges
|
$ | 1,117 | $ | 2,244 | $ | 13,333 | $ | 4,766 |
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||||
October
3,
2009
|
September
27,
2008
|
October
3,
2009
|
September
27,
2008
|
|||||||||||||||
(in
thousands)
|
(in
thousands)
|
|||||||||||||||||
Segment
net sales
|
$ |
235,728
|
$ |
298,089
|
$ |
676,364
|
$ |
890,904
|
||||||||||
Segment
operating income
|
$ |
14,364
|
$ |
23,056
|
$ |
8,386
|
$ |
47,598
|
||||||||||
Operating
income margin
|
6.1
|
% |
7.7
|
% |
1.2
|
% |
5.3
|
% | ||||||||||
Restructuring
and impairment charges
|
$ |
7,166
|
$ |
4,395
|
$ |
34,796
|
$ |
10,082
|
Rating
Agency
|
Corporate
Rating
|
Amended
Credit
Facilities
|
10½%
Notes
|
7⅞%
Notes
|
8⅜%
Notes
|
Outlook
|
Last
Update
|
|||||||||
Standard
& Poor’s
|
B+
|
BB-
|
B-
|
B-
|
B-
|
Negative
|
October
2009
|
|||||||||
Moody’s
|
B2
|
Ba3
|
B3
|
Caa1
|
Caa1
|
Negative
|
May
2009
|
Item 6. |
Exhibits
|
||
Exhibit
Number
|
Description
|
||
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 June 30,
1997, filed August 14, 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 June 30, 2004, filed August 2,
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.
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3.4
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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.
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4.1
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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.
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4.2
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Registration
Rights Agreement dated February 4, 2004, between Mail-Well I Corporation
and Credit Suisse First Boston LLC, 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.
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4.3
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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.
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4.4
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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.
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4.5
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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.
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4.6
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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.
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4.7
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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.
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Exhibit
Number
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Description
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4.8
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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—incorporated by reference to Exhibit 4.8 to registrant’s quarterly
report on Form 10-Q for the quarter ended September 27,
2008.
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4.9
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Eighth
Supplemental Indenture, dated as of October 15, 2009 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 4.1 to registrant’s current
report on Form 8-K dated (date of earliest event reported) October 16,
2009, filed October 16, 2009.
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4.10
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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.
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4.11
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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.
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4.12
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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.
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4.13
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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.
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4.14
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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.
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4.15
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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.
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4.16 |
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.
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Exhibit
Number
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Description
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4.17
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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—incorporated by reference to Exhibit 4.8 to registrant’s quarterly
report on Form 10-Q for the quarter ended September 27,
2008.
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4.18 |
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.
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4.19 |
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—incorporated by reference to Exhibit 4.18 to registrant’s
quarterly report on Form 10-Q for the quarter ended September 27,
2008.
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4.20 |
Ninth
Supplemental Indenture, dated as of October 15, 2009, 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 4.2 to registrant’s current
report on Form 8-K dated (date of earliest event reported) October 16,
2009, filed October 16, 2009.
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4.21 |
Indenture,
dated as of June 13, 2008, between Cenveo Corporation, the other
guarantors named therein 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.
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4.22 |
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.
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4.23 |
First
Supplemental Indenture, dated as of August 20, 2008, to the Indenture
dated as of June 13, 2008 between Cenveo Corporation, the other guarantors
named therein and U.S. Bank National Association, as Trustee, relating to
the 10½% Notes of Cenveo Corporation—incorporated by reference to Exhibit
4.21 to registrant’s quarterly report on Form 10-Q for the quarter ended
September 27, 2008.
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Exhibit
Number
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Description
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4.24
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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.
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4.25
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Second
Supplemental Indenture, dated as of October 15, 2009, to the Indenture
dated as of June 13, 2008 between Cenveo Corporation, the other guarantors
named therein and U.S. Bank National Association, as Trustee, relating to
the 10½% Notes of Cenveo Corporation—incorporated by reference to Exhibit
4.3 to registrant’s current report on Form 8-K dated (date of earliest
event reported) October 16, 2009, filed October 16,
2009.
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10.1
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Third
Amendment, dated as of April 24, 2009, to Credit Agreement, dated as of
June 21, 2006, as amended, among Cenveo Corporation, Cenveo, Inc., Bank of
America, N.A., as Administrative Agent, and the other lenders party
thereto—incorporated by reference to the registrant’s current report on
Form 8-K filed April 27, 2009.
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10.2
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Cenveo,
Inc. 2007 Long-Term Equity Incentive Plan, as amended —incorporated by
reference to Exhibit A to registrant’s Schedule14A filed April 6,
2009.
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31.1*
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Certification
by Robert G. Burton, Sr., Chief Executive Officer, pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.
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31.2*
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Certification
by Kenneth P. Viret, Chief Financial Officer, pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002.
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32.1*
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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.
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CENVEO,
INC.
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By:
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/s/
Robert G. Burton,
Sr.
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Robert
G. Burton, Sr.
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Chairman
and Chief Executive Officer
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(Principal
Executive Officer)
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By:
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/s/
KENNETH P. VIRET
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Kenneth
P. Viret
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Senior
Vice President and
Chief
Financial Officer
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(Principal
Financial Officer and
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Principal
Accounting Officer)
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