BETHLEHEM, Pa., Nov. 11, 2009 (GLOBE NEWSWIRE) -- Drive west out of New Jersey along Interstate 78, right across the state border, and you'll arrive in the burgeoning Lehigh Valley area, the third most populated region in Pennsylvania. The Lehigh Valley is located within a two-hour drive of the Poconos, the New Jersey shore, New York City and Philadelphia. Anchored by Northampton and Lehigh Counties, which contain the cities of Allentown, Bethlehem and Easton, the area is strategically located for businesses and residents. It is within 100 miles of over 30,000,000 people and within a days' drive of 1/3 of the United States and 1/2 of Canada's consumer base. This, coupled with a highly accessible interstate road network, has helped create a home for increasingly diverse business clusters which focus on services and technology.
The region is home to over 630,000 people and includes 11 colleges and universities (Lehigh, Lafayette, Moravian and Muhlenberg to name a few) which enroll over 50,000 students. Services and amenities for the residents abound. New job creation over the last 10 years has increased over 18%. It also boasts a highly educated labor force. A sampling of companies that have a significant presence in the Lehigh Valley include Air Products, B. Braun, Guardian Insurance, Olympus, Orasure Technologies, Pennsylvania Power and Light, Sands Casino, and Victaulic to name a few. It has also become a distribution hub for the mid-Atlantic region.
"Part of the Lehigh Valley's allure is its proximity and accessibility to major cities and regional markets," says Michael Bartolacci, Senior Vice President, who heads the Lehigh Valley office of The Garibaldi Group, a leading commercial real estate broker in the area. Located along the Boston/D.C. corridor, major trucking routes crisscross the region, including I-78 and U.S. Rte. 22. There is also close proximity to Interstates 80 and 81. The Lehigh Valley has its own international airport and is also within a 90 minute drive of 4 others. These conditions, coupled with a strong labor force, high quality of life, lower cost of living, committed state and local economic development agencies, have been favorable for the office, manufacturing and distribution warehouse markets.
Mr. Bartolacci, along with his colleague Jerry Moore, Managing Director who runs Garibaldi's financial services platform should know -- they have been prominent names in the region's commercial real estate market for almost a decade. One recent example of their success comes from a company that recently consolidated regional distribution operations. Michael and Jerry were able to quickly identify, and negotiate 420,000 square feet of warehouse space on behalf of B&G Foods, which is now located in Prologis Park. This entire process was completed in a very aggressive timeframe, less than 2 months. "We were fortunate in working with our customer to identify a clear set of goals and implement them in a timely manner." states Mr. Bartolacci.
Along with this knowledge comes a significant understanding of local and regional market pricing. "Completing economic comparative analyses is an important part of our job," states Mr. Moore. "Our clients know that we'll find the best location, at the best price and will couple that with their business model to best meet their business and real estate needs." Just Born, Inc., the candy manufacturer also recently found this to be true. The Garibaldi Group identified a site, analyzed the financial fit, and completed the purchase of a 600,710 square foot warehouse for the company at a significant discount to the replacement cost -- all while relying on capital markets financing during a time when values were declining. Another recent success of the Garibaldi team was in the placement of "Linde Gas" in the 30,000 sq ft of Class A office space in the Greenwich Commons office building located along the Route 22 corridor in Phillipsburg, New Jersey. This transaction also involved the company president Jeff Garibaldi who along with Jerry Moore represented Linde Gas, while Michael Bartolacci represented the landlord Larken Associates.
As of the 2nd quarter of 2009, the Lehigh Valley office and industrial markets have seen activity albeit at a slower velocity and reduced rental rates. The Lehigh Valley industrial market encompasses 47,892,000 square feet of industrial buildings. The current vacancy rate is slightly over 12%. There has been over 2,000,000 square feet of new deals completed in the market in 2009. The average rental rate has dropped to $4.15 per square foot triple net.
The office market in the Lehigh Valley is comprised of 15,163,757 square feet of Class A and B space. The current vacancy rate is 12.91%. Average gross rental rates in the Valley for Class A space is $24.16 per square foot and for Class B space is $18.95 per square foot.
Since the inception of the Lehigh Valley office for the Garibaldi Group in 2002, the team has compiled a track record of leasing or selling over 5,000,000 square feet of industrial space, 250,000 square feet of office space and over 800 acres of land resulting in a transaction value of over $300 million. The Lehigh Valley has become a highly desirable location and commercial and residential hot-spot. It continues to be one of the fastest growing areas of the state. For more information, or to inquire about available space in this region, contact The Garibaldi Group at 610-866-7800.
About The Garibaldi Group/CORFAC International
The Garibaldi Group/CORFAC International is a full-service, global real estate firm now in its 90th year of operation. With offices in Chatham, New Jersey, as well as in Lehigh Valley, Pennsylvania, the firm's extensive services include real estate consulting and brokerage services, financial services, lease administration, project management/development and property/construction management.
The Garibaldi Group is a member of CORFAC International, an organization of leading, privately-held, entrepreneurial commercial real estate firms serving 150 major markets in North America, and internationally through its King Sturge CORFAC International alliance. For more information, please contact The Garibaldi Group/CORFAC International at 973-635-0303 or visit www.garibaldi.com.
About CORFAC International
CORFAC International is one of the largest commercial real estate services organizations in the world and celebrates its 20th year in 2009. U.S.-based CORFAC is comprised of privately held entrepreneurial firms serving more than 150 markets in The Americas and internationally through alliances with UK-based King Sturge, BDI in Mexico, Rios Commercial Corp. in Puerto Rico and Panama-based Latin American Corporate Property Services. In recent years, CORFAC firms completed over 9,000 commercial real estate transactions annually, encompassing more than 300 million square feet and valued each year in excess of $30 billion. For more information on CORFAC contact 954-923-6160, info@corfac.com or visit: www.corfac.com.
CONTACT: The Garibaldi Group/CORFAC International
Media Contact:
Tara Keating
973-635-0303 x116
BEND, Ore.--(BUSINESS WIRE)-- The Bend Memorial Clinic is recruiting patients for a Phase III lung cancer trial aimed at preventing the disease's recurrence in previously treated patients. Specifically, the trial is evaluating the potential of an immunotherapy called Antigen-Specific Cancer Immunotherapeutic (ASCI) for the treatment of Non-Small Cell Lung Cancer (NSCLC).
The study entitled MAGRIT (MAGE-A3 as Adjuvant Non-Small Cell LunG CanceR ImmunoTherapy) is expected to be one of the largest Phase III trials ever conducted in NSCLC. Bend Memorial Clinic will join some 400 centers in more than 33 countries worldwide in this clinical research effort.
MAGE-A3 ASCI is an investigational compound and it is not approved for use in any indication in any country at this time. With a target enrollment of 2,270 patients, the randomized, double-blind, and placebo-controlled MAGRIT trial will enroll patients who demonstrate the MAGE-A3 biomarker and who are assessed as stage IB, II or IIIA resectable NSCLC. The ASCI administration will be initiated in patients after surgery and standard chemotherapy, and also in patients who only receive surgery as a standard of care. The primary endpoint of the trial is disease-free survival.
ASCI is an investigational class of cancer immunotherapy agent aimed at educating the patient's immune system to identify cancer cells in a specific manner. This investigational cancer immunotherapy is developed using tumor-specific antigens.
"This study is a global undertaking and we really are looking for patients to consider enrolling," said Bill Schmidt, oncologist at Bend Memorial Clinic. "To reach our enrollment target of 2,270 patients, we'll need to screen more than 13,000 patients worldwide. The Bend Memorial Clinic is an active player in this trial and we are seeking patients to take part."
Notes to Editors
-- MAGE-A3 ASCI is also being evaluated in other cancers.
-- A Web site has been created to support the Phase III recruitment, please
visit www.immunotherapyforcancer.com for more information.
About the Phase II NSCLC Clinical Trial
The Phase II double-blind, placebo-controlled study is believed to be the first positive proof-of-concept for an ASCI in early Non-Small Cell Lung Cancer (NSCLC). The study randomized 182 patients with completely resected stages IB or II NSCLC to receive either MAGE-A3 ASCI or placebo in the adjuvant setting. All patients participating in the trial had cancers expressing a tumor-specific antigen known as MAGE-A3, which is present in approximately 35 percent to 50 percent of early NSCLC.1
In the Phase II clinical study, the most commonly reported adverse events were mild local (pain, redness, swelling) or systemic (fever, fatigue, muscle pain) reactions. Out of 182 patients, only three Grade 3 adverse events were rated as possibly related to the MAGE-A3 treatment. These events led to the withdrawal of only one patient for chronic obstructive pulmonary disease (COPD) exacerbation.
About MAGE-A3 ASCI
MAGE-A3 is a tumor-specific antigen that is expressed in a large variety of cancers with no expression in normal cells. Expression of the MAGE-A3 gene has been observed in testicular cells but without antigen presentation capabilities.
MAGE-A3 ASCI is an investigational compound and it is not approved for use in any indication in any country at this time.
About Non-Small Cell Lung Cancer
According to the World Health Organization (WHO), more than 1.2 million new cases of lung and bronchus cancer are diagnosed each year worldwide.1 There were 386,300 new cases of lung cancer in Europe2 and 174,000 new cases of lung cancer in the United States in 2006 and 334,800 (Europe), 162,000 (United States) related deaths in the same year, causing lung cancer to remain the biggest killer in Europe.3
About Bend Memorial Clinic Bend Memorial Clinic includes more than 100 physicians representing 15 branches of medicine and 30 service specialties including Urgent Care, Occupational Medicine, Primary/Specialty Care and Clinical Services. With five locations throughout the Central Oregon Region, BMC is the largest multi-specialty group east of the Cascades and functions as a comprehensive referral center for physicians and communities throughout the state. The clinic has provided primary and specialty care since 1946. For more information, please visit www.bendmemorialclinic.com.
1 World Health Organization - Cancer - Fact Sheet n 297 (February 2006) (www.who.int)
2 http://www.e-participacija.si/files/2006_iarc_press_release_-_european_cancer_figures.pdf - (Date of last access August 1, 2007)
3 http://www.iarc.fr/ENG/Press_Releases/pr174a.html - (Date of access August 1, 2007)
Source: Bend Memorial Clinic
STAMFORD, Conn., Nov. 11 /PRNewswire-FirstCall/ -- Cenveo, Inc. (NYSE: CVO) today announced results for the three and nine months ended October 3, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20070618/CENVEOLOGO)
For the three months ended October 3, 2009, net sales were $448.0 million, as compared to $522.7 million for the same period in the previous year. For the three months ended October 3, 2009, the Company reported net income of $1.1 million, or $0.02 per share, as compared to net income of $12.3 million, or $0.23 per share, for the three months ended September 27, 2008. On a Non-GAAP basis, income from continuing operations was $9.9 million, or $0.18 per diluted share for the three months ended October 3, 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 adjusts income taxes to reflect an estimated cash tax rate.
Adjusted EBITDA for the three months ended October 3, 2009 was $56.3 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 income (loss) from discontinued operations, net of taxes. An explanation of the Company's use of Non-GAAP measures and Adjusted EBITDA is detailed below.
For the nine months ended October 3, 2009, net sales were $1.3 billion, as compared to $1.6 billion for the same period in the previous year. For the nine months ended October 3, 2009, the Company reported a net loss of $21.5 million, or $0.39 per share, as compared to net income of $11.6 million, or $0.22 per share, for the nine months ended September 27, 2008. On a Non-GAAP basis, income from continuing operations was $10.4 million or $0.19 per diluted share for the first nine months of 2009. Adjusted EBITDA for the first nine months of 2009 was $140.9 million.
Robert G. Burton, Chairman and Chief Executive Officer stated:
"Our business continued to improve throughout the third quarter, as we delivered stronger performance across our operations. Our continued focus on being proactive in managing our cost structure combined with modest strengthening across our revenue stream led to improved results for the quarter. Revenues remained in line with our expectations, as we experienced market strengthening that enabled us to achieve sequential revenue growth over the second quarter. Despite limited sales visibility, we were once again able to match our cost structure with our revenue stream, delivering a Non-GAAP operating income margin of 9.0%. We continue to focus on generating strong cash flows which has allowed us to reduce our debt by $94 million over the past twelve months."
Mr. Burton concluded:
"The third quarter marked an important period for the Company as we continue to see stabilization in the key product markets we serve, including labels, packaging, journals, envelopes and print. This market improvement, combined with the cost actions we implemented earlier this year and the completion of our previously announced acquisition of Nashua, has Cenveo well positioned to weather this economic storm and be poised for future growth. We will continue to invest in these key product markets via prudent capital investments and highly strategic and accretive acquisitions to strengthen our leadership position.
"As we prepare to exit 2009, I am proud of the hard work and efforts of our entire organization, in light of the many economic challenges we faced. We have performed as well as we could in this recessionary environment, never losing our focus on our customers and shareholders. As I've also said before, Cenveo's short and long term success is built around having an experienced management team that knows how to deliver results in the diverse niche businesses we operate. Going forward, I believe that our fourth quarter results will show continued improvement over the third quarter and that 2010 will be significantly stronger than 2009 from a revenue and profitability standpoint."
Conference Call:
Cenveo will host a conference call tomorrow, Thursday, November 12, 2009, at 10:00 a.m. Eastern Time. The conference call will be available via webcast, which can be accessed via the Internet at www.cenveo.com.
Cenveo, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
October September October September
3, 2009 27, 2008 3, 2009 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
Cenveo, Inc. and Subsidiaries
Reconciliation of Income (Loss) from Continuing Operations to Non-GAAP
Income from Continuing Operations and Related Per Share Data
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
October September October September
3, 2009 27, 2008 3, 2009 27, 2008
Income (loss)
from continuing
operations $(8,432) $12,387 $(30,460) $12,710
Integration, acquisition
and other charges 2,822 1,797 8,851 7,830
Stock-based compensation
provision 3,961 5,979 10,817 12,940
Restructuring, impairment
and other charges 8,537 6,873 49,300 22,047
(Gain) loss on early
extinguishment of debt - (371) (16,917) 3,871
Income tax benefit
(expense) 2,963 6,020 (11,168) 2,677
Non-GAAP income from
continuing operations $9,851 $32,685 $10,423 $62,075
Income per share - diluted:
Continuing operations $(0.15) $0.23 $(0.55) $0.23
Integration, acquisition
and other charges 0.05 0.03 0.16 0.15
Stock-based compensation
provision 0.07 0.11 0.20 0.24
Restructuring, impairment
and other charges 0.15 0.13 0.89 0.41
(Gain) loss on early
extinguishment of debt - (0.01) (0.31) 0.07
Income tax benefit
(expense) 0.06 0.11 (0.20) 0.05
Non-GAAP continuing
operations $0.18 $0.60 $0.19 $1.15
Weighted average
shares-diluted 56,113 54,174 55,109 53,994
Cenveo, Inc. and Subsidiaries
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
October September October September
3, 2009 27, 2008 3, 2009 27, 2008
Net income (loss) $1,073 $12,328 $(21,490) $11,596
Interest expense, net 29,037 26,795 79,389 79,948
Income tax (benefit)
expense 4,131 10,060 (9,946) 10,349
Depreciation 13,659 16,721 42,615 48,768
Amortization of
intangible assets 2,587 2,293 7,258 6,747
Integration, acquisition
and other charges 2,822 1,797 8,851 7,830
Stock-based compensation
provision 3,961 5,979 10,817 12,940
Restructuring, impairment
and other charges 8,537 6,873 49,300 22,047
(Gain) loss on early
extinguishment of debt - (371) (16,917) 3,871
(Income) loss from
discontinued operations,
net of taxes (9,505) 59 (8,970) 1,114
Adjusted EBITDA, as
defined $56,302 $82,534 $140,907 $205,210
Cenveo, Inc. and Subsidiaries
Reconciliation of Operating Income to Non-GAAP Operating Income
(in thousands)
(unaudited)
Three Months Ended Nine Months Ended
October September October September
3, 2009 27, 2008 3, 2009 27, 2008
Operating income $25,002 $48,176 $19,746 $107,307
Integration, acquisition
and other charges 2,822 1,797 8,851 7,830
Stock-based compensation
provision 3,961 5,979 10,817 12,940
Restructuring, impairment
and other charges 8,537 6,873 49,300 22,047
Non-GAAP operating
income $40,322 $62,825 $88,714 $150,124
CENVEO, INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(Unaudited)
October 3, January 3,
2009 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
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
========== ==========
CENVEO, INC., AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(Unaudited)
Nine Months Ended
-----------------
October September
3, 2009 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 83/8% 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 77/8% senior subordinated
notes (4,295) -
Repayment of 101/2% 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 101/2% senior notes - 175,000
Proceeds from issuance of other long-term debt - 11,338
--- ------
Net cash provided by (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
======= =======
In addition to results presented in accordance with accounting principles generally accepted in the U.S. ("GAAP"), included in this release are certain Non-GAAP financial measures, including Adjusted EBITDA, Non-GAAP income (loss) from continuing operations, Non-GAAP operating income, and Non-GAAP operating income margin. Non-GAAP operating income is defined as operating income excluding integration, acquisition and other charges, stock-based compensation provision, and restructuring, impairment and other charges. Non-GAAP operating income margin is calculated by dividing Non-GAAP operating income into net sales. These Non-GAAP financial measures are defined herein, and should be read in conjunction with GAAP financial measures. A reconciliation of income (loss) from continuing operations to Non-GAAP income from continuing operations and operating income to Non-GAAP operating income is presented in the attached tables. These Non-GAAP financial measures are not presented as an alternative to cash flows from operations, as a measure of our liquidity or as an alternative to reported net income (loss) as an indicator of our operating performance. The Non-GAAP financial measures as used herein may not be comparable to similarly titled measures reported by competitors.
We believe the use of Adjusted EBITDA, Non-GAAP income (loss) from continuing operations, Non-GAAP operating income and Non-GAAP operating income margin along with GAAP financial measures enhances the understanding of our operating results and may be useful to investors in comparing our operating performance with that of our competitors and estimating our enterprise value. Adjusted EBITDA is also a useful tool in evaluating the core operating results of the Company given the significant variation that can result from, for example, the timing of capital expenditures, the amount of intangible assets recorded or the differences in assets' lives. We also use Adjusted EBITDA internally to evaluate the operating performance of our segments, to allocate resources and capital to such segments, to measure performance for incentive compensation programs, and to evaluate future growth opportunities. The Non-GAAP financial measures included in this press release are reconciled to their most directly comparable GAAP financial measures in the tables included herein.
Cenveo (NYSE: CVO), headquartered in Stamford, Connecticut, is a leader in the management and distribution of print and related products and services. The Company provides its customers with low-cost solutions within its core businesses of labels and forms manufacturing, packaging and publisher offerings, envelope production, and printing; supplying one-stop services from design through fulfillment. Cenveo delivers everyday for its customers through a network of production, fulfillment, content management, and distribution facilities across the globe.
Statements made in this release, other than those concerning historical financial information, may be considered "forward-looking statements," which are based upon current expectations and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. In view of such uncertainties, investors should not place undue reliance on our forward-looking statements. Such statements speak only as of the date of this release, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Factors that could cause actual results to differ materially from management's expectations include, without limitation: (i) a decline of our consolidated or individual reporting units operating performance as a result of the current economic environment could affect the results of our operations and financial position, including the impairment of our goodwill and other long-lived assets; (ii) our substantial indebtedness could impair our financial condition and prevent us from fulfilling our business obligations; (iii) our ability to service or refinance our debt; (iv) the terms of our indebtedness imposing significant restrictions on our operating and financial flexibility; (v) additional borrowings are available to us that could further exacerbate our risk exposure from debt; (vi) our ability to successfully integrate acquisitions; (vii) intense competition in our industry; (viii) the general absence of long-term customer agreements in our industry, subjecting our business to quarterly and cyclical fluctuations; (ix) factors affecting the U.S. postal services impacting demand for our products; (x) the availability of the Internet and other electronic media affecting demand for our products; (xi) increases in paper costs and decreases in its availability; (xii) our labor relations; (xiii) our compliance with environmental rules and regulations; and (xiv) our dependence on key management personnel. This list of factors is not exhaustive, and new factors may emerge or changes to the foregoing factors may occur that would impact our business. Additional information regarding these and other factors can be found in Cenveo, Inc.'s periodic filings with the SEC, which are available at http://www.cenveo.com.
Inquiries from analysts and investors should be directed to Robert G. Burton, Jr. at (203) 595-3005.
SOURCE Cenveo, Inc.
Event Details
Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars, will host a special briefing to update the media on Daimler and provide an outlook on the automotive sector worldwide and in North America.
In this briefing, Dr. Zetsche will discuss:
-- The state of Daimler business
-- A preview of the challenges and opportunities that lie ahead in 2010
-- How Daimler adjusts their business to cope with the global economic
crisis
Media participating in the webcast will have an opportunity to submit questions during the Q&A session
WHEN: Thursday, November 12th, 2009 12:00 PM - 01:30 PM ET
WHERE: To register and view the live webcast, please visit http://www.webcasts.com/forumediaDZ
Media Contact:
Han Tjan
Head of Corporate Communications Daimler North America
han.tjan@daimler.com
phone: +1 212 909 9063
A bio of Dieter Zetsche is available at
http://www.daimler.com/dccom/0-5-78470-1-56953-1-0-0-0-0-0-104-7145-0-0-0-0-0-0-0.html
About Daimler
Daimler AG, Stuttgart, with its businesses Mercedes-Benz Cars, Daimler Trucks, Daimler Financial Services, Mercedes-Benz Vans and Daimler Buses, is a globally leading producer of premium passenger cars and the global market leader of heavy- and medium-duty trucks as well as buses. The Daimler Financial Services division has a broad offering of financial services, including vehicle financing, leasing, insurance and fleet management. Daimler sells its products in nearly all the countries of the world and has production facilities on five continents. The company's founders, Gottlieb Daimler and Carl Benz, continued to make automotive history following their invention of the automobile in 1886. As an automotive pioneer, Daimler and its employees willingly accept an obligation to act responsibly towards society and the environment and to shape the future of safe and sustainable mobility with groundbreaking technologies and high-quality products. The current brand portfolio includes the world's most valuable automobile brand, Mercedes-Benz, as well as smart, AMG, Maybach, Freightliner, Western Star, Mitsubishi Fuso, Setra, Orion and Thomas Built Buses. The company is listed on the stock exchanges in Frankfurt, New York and Stuttgart (stock exchange abbreviation DAI). In 2008, the Group sold 2.1 million vehicles and employed a workforce of over 270,000 people; revenue totaled euro 95.9 billion and EBIT amounted to euro 2.7 billion. Daimler is an automotive Group with a commitment to excellence, and aims to achieve sustainable growth and industry-leading profitability.
/PRNewswire -- Nov. 11/
SOURCE Daimler Corporate Communications
HANOVER, Md.--(BUSINESS WIRE)-- Conmed Healthcare Management, Inc. (NYSE - Amex: CONM), a leading full service provider of correctional facility healthcare services to county detention centers, today announced that Baltimore County, MD., has exercised the first of two three-year renewal options, effective from September 15, 2009 to September 14, 2012 for the Baltimore County Detention Center. The contract with Baltimore County, which is among Conmed's three largest customers, includes a Consumer Price Index-tied price adjustment that brings the contract value to almost $6.0 million per annum. All other terms and conditions remain the same. The renewal continues to cover all medical services for in-house and out-of-facility care, dental and mental health care services as well as pharmaceuticals.
"Our work at Baltimore has been a uniquely rewarding experience in numerous ways," stated Dr. Richard Turner, Chairman and Chief Executive Officer of Conmed Healthcare Management. "At the time we began at Baltimore County Detention Center back in September 2006, we were engaged by the County of Baltimore to be the temporary service provider, and launched on less than 24 hours notice after the County had severed ties with its previous healthcare provider. At the time, Baltimore County became our largest contract, and our success in bringing the facility's healthcare services into compliance and meeting the appropriate standards of care resulted in a long-term contractual relationship, which is underscored today by this renewal."
Dr. Turner continued, "Our successful management of this facility's patient care has enabled the county to pass each of its audits and we consistently achieve top scores on the contract's administered performance measurements. We are proud of our success at BCDC and this renewal provides additional evidence that our operational model is also well-suited to managing inmate healthcare needs for large, more complex jails, such as the Pima County Arizona Adult Detention Center, which is our largest contract to date."
Baltimore County is located in the northern part of the state of Maryland. Its county seat is Towson. The County population is over 750,000 and it is considered part of the Baltimore-Washington Metropolitan area.
About Conmed Healthcare Management Inc.
Conmed has provided correctional healthcare services since 1984, beginning in the State of Maryland, and currently serves county and municipal correctional facilities in thirty-six counties in seven states, including Arizona, Kansas, Maryland, Oklahoma, Oregon, Virginia and Washington. Conmed's services have expanded to include mental health, pharmacy and out-of-facility healthcare services.
Source: Conmed Healthcare Management, Inc.
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