Cenevo, Inc. (CVO) Sees Q1 Sales of Approximately $430M

Cenevo, Inc. (NYSE: CVO) disclosed in an SEC filing:

For the first quarter of 2016, we expect net sales of approximately $430.0 million, compared to net sales of $429.7 million for the first quarter of 2015, and adjusted EBITDA of approximately $35.0 million, compared to $34.5 million for the first quarter of 2015. The weighted average interest rate outstanding for the ABL Facility was 3.5% as of April 2, 2016 and 2.8% as of January 2, 2016, which interest rate differed from the previously disclosed rate of 3.4%. During the first quarter of 2016, we also completed the sale of our folded carton and shrink sleeve packaging businesses, along with our one top-sheet lithographic print operation (collectively, the “Packaging Business”) for cash proceeds to date of $94.6 million. Additionally, we continued to address our May 2017 maturities in our capital structure. We repurchased $34.5 million of our 7% Notes and $10.0 million of our 11.500% Notes. As a result of these repurchases, we will record a total gain on early extinguishment of debt of $21.6 million. In addition, as a result of these strategic transactions, we expect utilization of over $42.0 million of our federal net operating loss carryforwards. Given our operational performance and these strategic transactions, we expect to generate net income of approximately $11.0 million for the first quarter of 2016, compared to a net loss of $7.7 million for the first quarter of 2015.

(Street sees Q1 revenue of $434.72 million)

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