Cenveo Completes Sale of Packaging Business; Announces Expected 2015 Financial Results and Other Matters
Cenveo, Inc. today announced that it has completed the previously disclosed sale of its Packaging Business to WestRock Converting Company. The Company also reported expected results for the three months and year ended January 2, 2016. The results are both preliminary and unaudited, and may be adjusted as a result of, among other things, completion of customary financial close review and independent audit procedures. The Company expects preliminary net sales for the fourth quarter 2015 to be at least $470 million, compared to net sales of $453 million during the same period in 2014. For the full year 2015, the Company expects net sales to be approximately $1.74 billion compared to $1.76 billion for the prior year. The Company also expects Adjusted EBITDA for the full year to be near the high end of the previously issued guidance of between $153 and $160 million. The expected results exclude the operations of the Packaging Business as it has been classified in the Company's consolidated financial statements as discontinued operations.