Exhibit
99.1


News
Release


Cenveo
Reports Unaudited Fourth Quarter


and Full
Year 2007 Results




4th Quarter EPS of $0.33 per diluted
share


4th Quarter Non-GAAP EPS of $0.53 per
diluted share


2007 GAAP EPS of $0.74 per diluted
share


2007 Non-GAAP EPS of $1.35 per diluted
share


4th Quarter Adjusted EBITDA of $85.2
million


2007Adjusted
EBITDA of $256.2 million




STAMFORD, CT – (March
13, 2008)– Cenveo, Inc.
(NYSE: CVO) today announced unaudited financial results for the
quarter and full year ended December 31, 2007 that are consistent with the Company’s previously
issued full year guidance.




The financial information reported
herein is preliminary and remains subject to the completion of the Company’s
year-end audit. The Company has substantially completed its internal review
conducted under the direction of the Company’s audit committee in consultation
with external counsel as a result of senior management’s learning of unsupported
accounting entries by a former controller for two plants in the
Company’s envelope division. The findings of the review determined that
approximately $4 million of net income previously reported by the Company is
unsupportable. Following the completion of the internal review, the Company is
in the process of completing its Form 10-K for fiscal 2007 (the “Form 10-K”),
facilitating the completion of the annual audit. The Company is also finalizing
the impact on its financial statements issued in 2006 and 2007. The Company
currently anticipates that the Form 10-K will be filed within the next 2 weeks,
although there can be no assurance as to the timing of the filing or that any of
the reported results will not differ from those contained in this
release.







For the fourth quarter of 2007, the
Company reported net income of $18.3 million, or $0.33 per diluted share. The
fourth quarter 2007 results include income from discontinued operations of $1.7
million and restructuring and impairment charges of $8.0 million. These
restructuring and impairment charges in the quarter primarily relate to the
closure of certain businesses that were contemplated as a part of our recent
acquisition activity. Net sales for the quarter were $584.4
million.




Non-GAAP income from continuing
operations totaled $28.8 million, or $0.53 per diluted share, in the fourth
quarter of 2007. Non-GAAP income from continuing operations excludes
integration and acquisition charges,
restructuring and impairment charges, (gain) loss on sale of non-strategic
businesses, and loss on early extinguishment of debt. A reconciliation of income
from continuing operations to non-GAAP income from continuing operations and the
related per share data is presented in the attached tables.




Operating income totaled $53.6 million
in the fourth quarter of 2007. Non-GAAP operating income in the fourth quarter of 2007 was
$64.1 million, which produced an 11.0% margin, reflecting the continued benefits of our cost
savings, restructuring and integration plans and productivity efforts. Non-GAAP operating income
excludes integration and acquisition charges and restructuring and impairment charges. A
reconciliation of operating income to non-GAAP operating income is presented in the attached
tables.




Adjusted EBITDA in the fourth quarter of
2007 was $85.2 million. Adjusted EBITDA is defined as earnings before interest,
taxes, depreciation and amortization, excluding integration and acquisition charges, restructuring and
impairment charges, (gain) loss on sale of non-strategic businesses, divested operations EBITDA, loss
on early extinguishment of debt, stock-based compensation







provision, and income (loss) from
discontinued operations. An explanation of the Company’s use of Adjusted EBITDA is
detailed below, and a reconciliation of net income to Adjusted EBITDA is presented in the
attached tables.




For the full year of 2007, the Company
reported net income of $40.3 million, or $0.74 per diluted share. The results for 2007
included income from discontinued operations of $16.8 million, primarily
relating to our sale of Supremex. The 2007 results also included restructuring
and impairment charges of $40.1 million. Net
sales for 2007 were $2.05 billion.




Non-GAAP income from continuing
operations for 2007 totaled $73.9 million, or $1.35 per diluted share. Non-GAAP income from
continuing operations excludes integration costs, restructuring and impairment charges, (gain)
loss on sale of non-strategic businesses and loss on early extinguishment of
debt. A reconciliation of income (loss) from continuing operations to non-GAAP
income from continuing operations and the related per share data is presented in
the attached tables.




Operating income was $137.6 million for
2007. Non-GAAP operating income in 2007 was $183.5 million, which produced an
9.0% margin, reflecting the continued benefits of our cost savings,
restructuring and integration plans. Non-GAAP operating income excludes
integration costs and restructuring and impairment charges. A reconciliation of
operating income to non-GAAP operating income is presented in the attached
tables.




Adjusted EBITDA for 2007 was $256.2
million. Adjusted EBITDA is defined as earnings before interest, taxes,
depreciation and amortization, excluding integration and acquisition charges,
restructuring and impairment charges,
(gain) loss on sale of non-strategic businesses, divested operations EBITDA, loss on early
extinguishment of debt, stock-based compensation provision,







and income (loss) from discontinued
operations. An explanation of the Company’s use of Adjusted EBITDA is detailed below and a
reconciliation of net income (loss) to Adjusted EBITDA is presented in the
attached tables.




Robert G. Burton, Chairman and Chief
Executive Officer stated:


“Cenveo had an outstanding year in 2007
and I am very pleased with our performance. During 2007, we were able to
transform our company by completing four strategic acquisitions and by driving
improved operating performance across our business units. We continued to focus
on improving our cost structure and driving incremental revenues across our
platform. These efforts combined with an increased focus on productivity and
efficiency efforts allowed us to increase our non-GAAP operating margin to 9%
for the year and deliver over $256 million in adjusted EBITDA. I am especially
pleased with our strong generation of cash from continuing operations of over
$86 million during the year, representing a substantial year-over-year
improvement compared to 2006. I am also pleased that we
were able to decrease net debt by $25 million during the fourth quarter, solidifying our
balance sheet which has no significant maturities until 2012. I believe that these results demonstrate the
Company’s strategy is working by delivering strong financial performance and strong cash flow
while providing Cenveo the ability to invest in growth opportunities that will
increase shareholder value.”




Mr. Burton
continued:


“We made great progress in 2007 with a
strong performance in a challenging environment, which underscores the strength
of our operations and the market niches we serve. As we focus on 2008 and
beyond, we will seek once again to improve our financial performance. We will
aggressively look to improve our cost
structure and increase our productivity through efficiency enhancements. We will
continue to focus on delivering strong free cash flow and use those
funds







to service our debt and invest in the
future growth of our business through capital expenditures and strategic
acquisitions.”




Mr. Burton
concluded:


“We made some bold promises for growth
in 2007, and while we encountered some tough challenges during the year, we still came
out ahead and delivered on our commitments. We made several key acquisitions,
refocused on our core segments, and broadened our global reach. In 2008, we look
forward to delivering even greater value to our customers, employees, and
shareholders.”




Conference Call:


Cenveo will host a conference call
tomorrow, Friday March 14, 2008, at 10:00 a.m. Eastern Time. The conference call
will be available via webcast, which can be accessed via the Internet atwww.cenveo.com.







Cenveo, Inc. and
      Subsidiaries
                Consolidated Statements of
      Operations
                (in thousands, except per share
      data)
                (Unaudited)Three Months
      Ended
                December
31,
              
              
              Twelve
      Months Ended
                December
31,2007
              
              
              2007Net sales
              
              $
              584,441
              
              
              $
              2,046,716Cost of
    sales
              
              
              457,845
              
              
              
              1,628,706Selling, general and
      administrative
              
              
              61,788
              
              
              
              229,961Amortization of intangible
      assets
              
              
              3,168
              
              
              
              10,413Restructuring and impairment
      charges
              
              
              7,992
              
              
              
              40,086Operating
      income
              
              
              53,648
              
              
              
              137,550Gain on sale of non-strategic
      businesses
              
              
              —
              
              
              
              (189
              )Interest expense,
      net
              
              
              28,376
              
              
              
              91,467Loss on early extinguishment of
      debt
              
              
              —
              
              
              
              9,256Other expense,
      net
              
              
              1,063
              
              
              
              3,131Income from continuing operations
      before income taxes
              
              
              24,209
              
              
              
              33,885Income tax
      expense
              
              
              7,558
              
              
              
              10,374Income from continuing
      operations
              
              
              16,651
              
              
              
              23,511Income from discontinued
      operations, net of taxes
              
              
              1,654
              
              
              
              16,796Net income
              
              $
              18,305
              
              
              $
              40,307Income per share -
      basic:Continuing
      operations
              
              $
              0.31
              
              
              $
              0.44Discontinued
      operations
              
              
              0.03
              
              
              
              0.31Net income
              
              $
              0.34
              
              
              $
              0.75Income per
      share—diluted:Continuing
      operations
              
              $
              0.30
              
              
              $
              0.43Discontinued
      operations
              
              
              0.03
              
              
              
              0.31Net income
              
              $
              0.33
              
              
              $
              0.74Weighted average
      shares:Basic
              
              
              53,700
              
              
              
              53,584Diluted
              
              
              54,749
              
              
              
              54,645


Cenveo, Inc. and
      Subsidiaries
                Reconciliation of Income 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
                December 31
              
              
              Twelve Months
      Ended
                December
31,2007
              
              
              2007Income from continuing
      operations
              
              $
              16,651
              
              
              $
              23,511Integration and acquisition
      charges
              
              
              2,450
              
              
              
              5,907Restructuring and impairment
      charges
              
              
              7,992
              
              
              
              40,086Gain on sale of non-strategic
      businesses
              
              
              —
              
              
              
              (189
              )Loss on early extinguishment of
      debt
              
              
              —
              
              
              
              9,256Income tax expense
      (benefit)
              
              
              1,668
              
              
              
              (4,650
              )Non-GAAP income from continuing
      operations
              
              $
              28,761
              
              
              $
              73,921Income (loss) per share –
      diluted:Continuing
      operations
              
              $
              0.30
              
              
              $
              0.43Integration and acquisition
      charges
              
              
              0.05
              
              
              
              0.11Restructuring and impairment
      charges
              
              
              0.15
              
              
              
              0.73Gain on sale of non-strategic
      businesses
              
              
              —
              
              
              
              —Loss on early extinguishment of
      debt
              
              
              —
              
              
              
              0.17Income tax benefit
      (expense)
              
              
              0.03
              
              
              
              (0.09
              )Non-GAAP continuing
      operations
              
              $
              0.53
              
              
              $
              1.35Weighted average
      shares—diluted
              
              
              54,749
              
              
              
              54,645
 
  
  
 
 Cenveo, Inc. and
      Subsidiaries
                Reconciliation of Net Income to
      Adjusted EBITDA
                (in thousands)
                (UnauditedThree Months
      Ended
                December
31,
              
              
              Twelve Months
      Ended
                December
31,2007
              
              
              2007Net Income
              
              $
              18,305
              
              
              $
              40,307Interest
      expense
              
              
              28,376
              
              
              
              91,467Income
taxes
              
              
              7,558
              
              
              
              10,374Depreciation
              
              
              15,913
              
              
              
              55,095Amortization of intangible
      assets
              
              
              3,168
              
              
              
              10,413Integration and acquisition
      charges
              
              
              2,450
              
              
              
              5,907Restructuring and impairment
      charges
              
              
              7,992
              
              
              
              40,086Gain on sale of non-strategic
      businesses
              
              
              —
              
              
              
              (189
              )Loss on early extinguishment of
      debt
              
              
              —
              
              
              
              9,256Stock-based compensation
      provision
              
              
              3,114
              
              
              
              10,280Income from discontinued
      operations, net of taxes
              
              
              (1,654
              )
              
              
              (16,796
              )Adjusted EBITDA, as
      defined
              
              $
              85,222
              
              
              $
              256,200
 
  
  
 Cenveo, Inc. and
      Subsidiaries
                Reconciliation of Operating Income
      to Non-GAAP Operating Income
                (in thousands)
                (Unaudited)Three Months
      Ended
                December
31,
              
              
              Twelve Months
      Ended
                December
31,2007
              
              
              2007Operating
      income
              
              $
              53,648
              
              
              $
              137,550Integration and acquisition
      charges
              
              
              2,450
              
              
              
              5,907Restructuring and impairment
      charges
              
              
              7,992
              
              
              
              40,086Non-GAAP operating
      income
              
              $
              64,090
              
              
              $
              183,543
  
  
 Cenveo,
      Inc. and Subsidiaries
                Condensed Consolidated Balance
      Sheet
                (in thousands)
                (Unaudited)December 31,
                2007AssetsCurrent
    assets:Cash and cash
      equivalents
              
              $
              15,882Current
    assets
              
              
              598,128Total
assets
              
              $
              1,995,940Liabilities and Shareholders’
      EquityCurrent
      liabilities:Current maturities of long-term
      debt
              
              $
              18,752Total current
      liabilities
              
              
              310,917Long-term
    debt
              
              
              1,425,885Other long-term
      liabilities
              
              
              159,021Total shareholders’
      equity
              
              
              100,117Total liabilities and
      shareholders’ equity
              
              $
              1,995,940
 
   
  
 
 Cenveo, Inc. and
      Subsidiaries
                Condensed Consolidated Statement
      of Cash Flows
                (in thousands)
                (Unaudited)Twelve Months
      Ended
                December
31,2007Cash flows from operating
      activities:Net income
              
              $
              40,307Net cash provided by continuing
      operating activities
              
              
              86,208Net cash provided by discontinued
      operating activities
              
              
              2,198Net cash provided by operating
      activities
              
              
              88,406Cash flows from investing
      activities:Net cash used in investing
      activities
              
              
              (579,487
              )Cash flows from financing
      activities:Net cash provided by financing
      activities
              
              
              496,199Effect of exchange rate changes on
      cash and cash equivalents of continuing operations
              
              
              206Net increase in cash and cash
      equivalents
              
              
              5,324Cash and cash equivalents at
      beginning of year
              
              
              10,558Cash and cash equivalents at end
      of year
              
              $
              15,882








###





In addition to results presented in
accordance with generally accepted accounting principles in the U.S. (“GAAP”),
included in this release are certain Non-GAAP financial measures, including
Adjusted EBITDA, Non-GAAP income from continuing operations and Non-GAAP
operating income. These Non-GAAP financial measures are defined above, and
should be read in conjunction with GAAP financial measures. These
Non-GAAP financial measures are not presented as an alternative to cash flow
from operations, as a measure of our liquidity
or as an alternative to reported net income 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 from continuing operations and non- GAAP operating income 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 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,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 commercial printing and packaging, envelope, form, and
label manufacturing, and publisher services; offering one-stop services from
design through fulfillment. With over 10,000 employees
worldwide, 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 the 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 update any
forward-looking statements made herein. Factors that could cause actual results
to differ materially from management’s expectations include, without
limitation: (1) our substantial indebtedness impairing our
financial condition and limiting our ability to incur additional debt; (2) the
terms of our indebtedness imposing significant
restrictions on our operating and financial flexibility; (3) the potential to incur additional
indebtedness, exacerbating the above factors; (4) cross default provisions in our indebtedness, which could
cause all of our debt to become due and payable as a result of a default under an unrelated
debt instrument; (5) our ability to successfully integrate acquisitions; (6) intense competition in
our industry; (7) the absence of long term customer agreements in our industry, subjecting our
business to fluctuations; (8) factors affecting the U.S.
postal












services impacting demand for our
products; (9) increases in paper costs and decreases in its availability; (10)
the availability of the Internet and other electronic media affecting demand for
our products; (11) our labor relations; (12) compliance with environmental rules and regulations; (13)
dependence on key management personnel; and (14) general economic, business and labor conditions.
This list of factors is not exhaustive, and new factors may emerge or changes to
the foregoing factors may occur that would impact the Company’s business.
Additional information regarding these and other
factors can be found in Cenveo, Inc.’s periodic filings with the SEC, which are
available athttp://www.cenveo.com.




Inquiries from analysts and investors
should be directed to Robert G. Burton, Jr. at (203)
595-3005.