SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                  ------------

                                    Form 10-Q
                                  ------------
(Mark One)

    (X)           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                  THE SECURITIES EXCHANGE ACT OF 1934

                For the quarterly period ended December 31, 1997

                                       OR

    (  )          TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
                  THE SECURITIES EXCHANGE ACT OF 1934
                        For the transition period from to

                         Commission File Number 0-12954


                        CADMUS COMMUNICATIONS CORPORATION
             (Exact name of registrant as specified in its charter)


           Virginia                                     54-1274108
(State or other jurisdiction of                      (I.R.S. Employer
 incorporation or organization)                Identification Number)

                        6620 West Broad Street, Suite 240
                            Richmond, Virginia 23230
           (Address of principal executive offices including zip code)


               Registrant's telephone number, including area code:
                                 (804) 287-5680


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. Yes X No

Indicate the number of shares outstanding of each of the issuer's classes of
common stock as of January 31, 1998.

                  Class                    Outstanding at January 31, 1998
                  -----                    -------------------------------
Common Stock, $.50 Par Value                          7,855,906


<PAGE>


                                   



               CADMUS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
                                      INDEX


<TABLE>
<CAPTION>


                                                                                    Page Number

<S> <C>
Part I.      Financial Information


             Item 1.      Financial Statements

                  Consolidated Balance Sheets --                                       3
                  December 31, 1997 and June 30, 1997

                  Consolidated Statements of Income --                                 4
                  Three and Six Month Periods Ended
                  December 31, 1997 and 1996

                  Consolidated Statements of Cash Flows --                             5
                  Six Months Ended December 31, 1997 and 1996

                  Notes to Consolidated Financial Statements                           6


             Item 2.      Management's Discussion and Analysis of Financial            7
                          Condition and Results of Operations



Part II.     Other Information


             Item 4.      Submission of Matters to a Vote of Security Holders         10

             Item 5.      Other Information                                           10

             Item 6.      Exhibits and Reports on Form 8-K                            11


</TABLE>




<PAGE>


                          PART I. Financial Information
               CADMUS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                      (In thousands, except per share data)
<TABLE>
<CAPTION>


                                                                                          December 31,           June 30,
                                                                                              1997                 1997
                                                                                        -----------------      --------------

                                                                                          (Unaudited)
<S> <C>
ASSETS
Current assets:
   Cash and cash equivalents                                                           $           1,210      $          184
   Accounts receivable, net                                                                       63,828              69,093
   Inventories                                                                                    22,758              19,427
   Deferred income taxes                                                                           7,413               8,269
   Prepaid expenses and other                                                                      3,290               3,969
                                                                                        -----------------      --------------

        Total current assets                                                                      98,499             100,942

Property, plant, and equipment (net of accumulated depreciation
   of $104,284 at December 31, 1997 and $99,558 at June 30, 1997)                                123,542             118,621
Goodwill and other intangibles, net                                                               42,119              42,572
Other assets                                                                                       3,606               4,015
                                                                                        -----------------      --------------

   Total Assets                                                                        $         267,766      $      266,150
                                                                                        =================      ==============


LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
   Short-term borrowings                                                               $           3,665      $        1,650
   Current maturities of long-term debt                                                            6,081               5,017
   Accounts payable                                                                               29,405              29,593
   Accrued expenses                                                                               18,436              15,674
   Restructuring reserve                                                                           4,089               7,612
                                                                                        -----------------      --------------

        Total current liabilities                                                                 61,676              59,546

Long-term debt                                                                                    84,038              89,452
Other long-term liabilities                                                                        7,693               7,811
Deferred income taxes                                                                             10,201               9,464

Shareholders' equity:
   Common stock ($.50 par value; authorized shares-16,000,000; issued and
       outstanding shares- 7,845,000 at December 31, 1997 and 7,830,000
       at June 30, 1997)                                                                           3,923               3,915
   Capital in excess of par value                                                                 52,024              51,923
   Retained earnings                                                                              48,211              44,039
                                                                                        -----------------      --------------

        Total shareholders' equity                                                               104,158              99,877
                                                                                        -----------------      --------------

   Total Liabilities and Shareholders' Equity                                          $         267,766      $      266,150
                                                                                        =================      ==============

See accompanying Notes to Consolidated Financial Statements.
</TABLE>

<PAGE>



               CADMUS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
                        CONSOLIDATED STATEMENTS OF INCOME
                      (In thousands, except per share data)
                                   (Unaudited)

<TABLE>
<CAPTION>

                                                         Three Months Ended                  Six Months Ended
                                                            December 31,                       December 31,
                                                    ------------------------------      ----------------------------
<S> <C>
                                                      1997                1996            1997              1996
                                                    ----------          ---------       ----------       -----------


Net sales                                          $   96,048          $  97,232       $  188,410       $   191,154

Operating expenses:
    Cost of sales                                      74,381             76,167          146,195           148,874
    Selling and administrative                         14,867             15,175           29,725            31,276
     Restructuring gain
                                                          ---                ---             ---               (250)
                                                       ------             ------          -------          ---------
                                                       89,248             91,342          175,920           179,900

Operating income                                        6,800              5,890           12,490            11,254

Interest and other expenses:
    Interest                                            1,861              2,093            3,794             4,169
    Other, net
                                                          248                272              640               783
                                                        -----              -----            -----            ------
                                                        2,109              2,365            4,434             4,952

Income before income taxes                              4,691              3,525            8,056             6,302
                                                                       

Income taxes                                            1,772              1,343            3,101             2,426
                                                     --------           --------           ------           -------

Net income                                         $    2,919           $  2,182          $ 4,955            $3,876
                                                    =========            =======           ======           =======

Net income per share                               $     .36            $    .27          $   .61             $ .48
                                                    ========            ========           ======           =======


Weighted average common shares
    outstanding                                        8,135               8,061            8,122             8,045
                                                    ========             =======           ======             =====

Cash dividends per common share                    $     .05              $  .05           $  .10           $   .10
                                                    ========            ========        ==========            =====

</TABLE>


          See accompanying Notes to Consolidated Financial Statements.




<PAGE>


               CADMUS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                                                         Six Months Ended
                                                                                            December 31,
                                                                                    -----------------------------

                                                                                       1997              1996
                                                                                    -----------       -----------
<S> <C>
Operating Activities
Net income                                                                         $     4,955       $     3,876
Adjustments to reconcile net income to net cash
     provided by operating activities:
     Restructuring gain                                                                    ---              (250)
     Depreciation and amortization                                                       9,053             9,187
     Other, net                                                                          2,624             1,316
                                                                                    -----------       -----------

                                                                                        16,632            14,129
                                                                                    -----------       -----------
Changes in assets and liabilities, excluding debt and effects of acquisitions
    and dispositions:
    Accounts receivable, net                                                             5,149             4,326
    Inventories                                                                         (3,331)            1,369
    Accounts payable and accrued expenses                                                2,576            (3,869)
    Restructure reserve (due to cash payments)                                          (3,207)              ---
    Other current assets and liabilities                                                   679               991
    Other long-term liabilities (due to pension plan payments)                          (1,148)           (2,837)
    Other, net                                                                            (204)              (80)
                                                                                    -----------       -----------

                                                                                           514              (100)
                                                                                    -----------       -----------

     Net cash provided by operating activities                                          17,146            14,029
                                                                                    -----------       -----------

Investing Activities
Proceeds from sale of consumer publishing division                                         ---             6,500
Purchases of property, plant, and equipment                                            (13,109)          (11,959)
Proceeds from sales of property and equipment                                              ---             1,241
Other, net                                                                                 ---              (936)
                                                                                    -----------       -----------

Net cash used in investing activities                                                  (13,109)           (5,154)
                                                                                    -----------       -----------

Financing Activities
Proceeds from (repayment of) short-term borrowings                                       2,015            (1,158)
Proceeds from (repayment of) long-term revolving credit facility                        (2,500)           24,000
Proceeds from long-term borrowings                                                         ---            40,415
Repayment of  long-term borrowings                                                      (1,851)          (70,622)
Dividends paid                                                                            (783)             (790)
Repurchase and retirement of  common stock                                                (118)                0
Proceeds from exercise of stock options                                                    226               ---
Other, net                                                                                 ---
                                                                                                            (296)
                                                                                    -----------      ------------

    Net cash used in financing activities                                               (3,011)           (8,451)

Increase in cash and cash equivalents                                                    1,026               424

Cash and cash equivalents at beginning of period                                           184             1,141
                                                                                    -----------       -----------

Cash and cash equivalents at end of period                                         $     1,210       $     1,565
                                                                                    ===========       ===========

</TABLE>



          See accompanying Notes to Consolidated Financial Statements.


<PAGE>



               CADMUS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)

1. The accompanying unaudited consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial reporting, and with applicable quarterly reporting regulations of the
Securities and Exchange Commission. They do not include all of the information
and footnotes required by generally accepted accounting principles for complete
financial statements and, accordingly, should be read in conjunction with the
consolidated financial statements and related footnotes included in the
Company's Annual Report on Form 10-K for the fiscal year ended June 30, 1997.

 In the opinion of management, all adjustments (consisting of normal recurring
adjustments) considered necessary for a fair presentation of interim financial
information have been included.

2. During the second quarter of fiscal 1998, the Company adopted Statement of
Financial Accounting Standards No. 128, "Earnings per Share," which establishes
new standards for computing and presenting earnings per share. The effect of
this adoption was immaterial.

 Net income per common share is computed based upon the weighted average number
of shares outstanding during the periods presented. Shares issuable upon
exercise of currently exercisable stock options are treated as common stock
equivalents for purposes of computing basic and diluted net income per share.

3. Inventories are valued at the lower of cost or market. Inventory costs have
been determined by the first-in, first-out method for 85% of inventories at
December 31, 1997 and at June 30, 1997. Costs for the remaining inventories have
been determined by the last-in, first-out (LIFO) method. Because the inventory
determination under the LIFO method can only be made at year-end based on the
current inventory levels and costs, interim LIFO determination, including that
at December 31, 1997, must necessarily be based on management's estimates of
expected year-end inventory levels and costs. Since future estimates of
inventory levels and costs are subject to many forces beyond the control of
management, interim financial results are subject to final year-end LIFO
inventory amounts. Components of net inventories at December 31, 1997 and June
30, 1997 were as follows (in thousands):
<TABLE>
<CAPTION>

                                                        December 31,         June 30,
                                                             1997              1997
                                                       ------------         ---------
<S> <C>
                 Raw materials and supplies                 $5,794            $5,341
                 Work in process:
                     Materials                               5,608             2,838
                     Other manufacturing costs               9,416             9,451
                 Finished goods                              3,186             3,043
                 LIFO reserve                               (1,246)           (1,246)
                                                        ----------         ---------
                 Inventories                                $22,758          $19,427
                                                        ===========        =========
</TABLE>



<PAGE>


               CADMUS COMMUNICATIONS CORPORATION AND SUBSIDIARIES
                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OVERVIEW


The Company is an integrated communications company offering products and
services in two broad areas: professional communications and marketing
communications. Cadmus Professional Communications, previously known as the
Periodicals group, includes the journal services product line which specializes
in journals, magazines and related communications targeted to trade and
professional organizations. Cadmus Marketing Communications was formed in 1997
by merging the former Graphics Communications and Marketing groups. Cadmus
Marketing Communications consists of the financial communications, specialty
packaging and promotional printing, point of purchase, print outsourcing and
tactical marketing communications product lines. All discussions and analyses in
this report will include reference only to the Professional Communications and
Marketing Communications sectors.

The Company's previous organizational structure consisted of the Periodicals,
Graphic Communications, Marketing and Publishing groups. Effective with the sale
of Tuff Stuff in the first quarter of fiscal 1997, the Publishing Group ceased
to exist and custom publishing was realigned into the marketing group.


RESULTS OF OPERATIONS


The following table presents the major components from the Consolidated
Statements of Income as a percent of net sales for the three and six months
ended December 31, 1997 and 1996:
<TABLE>
<CAPTION>

                                                  Three  Months Ended                    Six Months Ended
                                                      December 31,                          December 31,
                                                 --------------------                   ------------------
<S> <C>
                                                  1997             1996               1997              1996
                                                  ----             ----               ----             ------
  Net sales                                       100.0%           100.0%             100.0%            100.0%
  Cost of sales                                    77.4             78.3               77.6              77.9
                                                 ------           ------             ------            ------
  Gross profit                                     22.6             21.7               22.4              22.1
  Selling and administrative expenses              15.5             15.6               15.8              16.3
  Restructuring gain                                ---             ---                 ---              (0.1)
                                                 -------          ------           --------            ------
  Operating income                                  7.1              6.1                6.6               5.9
  Interest expense                                  1.9              2.2                2.0               2.2
  Other expenses, net                               0.3              0.3                0.3               0.4
                                                -------           ------             ------            ------
  Income before income taxes                        4.9              3.6                4.3               3.3
  Income taxes                                      1.9              1.4                1.7               1.3
                                                -------           ------             ------            ------
  Net Income                                        3.0%             2.2%               2.6%              2.0%
                                                =======           ======             ======            ======

</TABLE>




<PAGE>



Sales
Sales for the second quarter of fiscal 1998 were $96.0 million, compared to
$97.2 million recorded in the second quarter of fiscal 1997. The decline in
sales for fiscal 1998 resulted from the closure of several operations in
connection with restructuring actions taken by the Company in the fourth quarter
of fiscal 1997. Adjusted for the closed operations, sales rose 4%. Lower
year-over-year paper prices also had a negative impact on reported sales.
Adjusted for discontinued businesses and lower paper prices, second quarter 1998
sales increased over 5%.

Sales for the first six months of fiscal 1998 were $188.4 million, compared to
sales of $191.2 million recorded in the first six months of fiscal 1997.
Excluding the effect of fiscal 1997 divestitures and plant closings, sales
actually increased 4% for the first six months of fiscal 1998 compared to the
same period in fiscal 1997. Excluding the effect of divestitures, plant
closings, and lower paper prices, sales increased 7%.

The Professional Communications sector recorded a sales decline of just under 4%
in the second quarter of fiscal 1998, compared to the second quarter of fiscal
1997. The decline in sales was primarily attributable to lower paper prices,
which accounted for approximately half of the 4% decline, and to the continued
downsizing of the magazine product line. Adjusting for the impact of lower paper
prices, magazine sales declined 5% in the second quarter while research journal
sales remained flat with the same quarter of last year. Professional
Communications sector sales for the first six months of fiscal 1998 decreased
marginally compared to the first six months of fiscal 1997. However, adjusted
for the effect of lower paper prices, Professional Communications sector sales
increased 2% over the same periods.

Sales for the Marketing Communications sector, excluding the effect of closed
operations, increased 14% for both the second quarter and the first six months
of fiscal 1998 from the comparable periods of fiscal 1997. Financial
communications sales increased 50% and 48% for the second quarter and first six
months of fiscal 1998, respectively, driven by growth in mutual fund services,
full service banking relationships, and continued strong capital markets
activity. The packaging and promotional product line recorded a sales increase
of 10% for the second quarter of fiscal 1998 primarily due to growth from
existing customers. However, sales for this product line increased only 4% for
the first six months of fiscal 1998 as a result of the expected disruption in
first quarter production related to the relocation of these operations. Sales
for the point-of-purchase business declined 17% and 23% for the second quarter
and first six months, respectively, of fiscal 1998 due primarily to the loss of
a major customer in the second quarter of fiscal 1997. Print outsourcing sales
remained consistent with the prior year. Tactical marketing continued to show
strong growth reporting sales increases of 25% in the second quarter and 34 %
for the first six months of fiscal 1998. These increases were driven by a second
quarter increase of 47% in direct marketing agency fees due to new-account
development and growth from existing customers. In addition, custom publishing
operations reported increased agency fee income of 72% for the second quarter
primarily due to growth from existing customers.

Operating Expenses
Cost of sales decreased slightly to 77.4% and 77.6% of net sales for the second
quarter and first six months of fiscal 1998, respectively, compared to 78.3% and
77.9% for the same periods of fiscal 1997. The slight decline was primarily
attributable to the impact of lower paper prices and restructuring savings.

Selling and administrative expenses as a percent of sales, declined slightly to
15.5% and 15.8% in the second quarter and first six months of fiscal 1998,
respectively, from 15.6% and 16.3% for the same periods of fiscal 1997. This
improvement was driven by efficiencies resulting from restructuring actions
taken by the Company in the fourth quarter of fiscal 1997.

During fiscal 1997, the Company recognized a $0.3 million gain resulting from a
restructuring of the former Publishing Group. The $0.3 million gain consisted of
a $0.7 million gain from the sale of the consumer publishing operations, offset
by a $0.4 million charge related to the strategic repositioning of the custom
publishing product line into the Marketing Communications Group.

Interest and Other Expenses and Income Taxes
Interest expense decreased $0.2 million and $0.4 million for the second quarter
and first six months of fiscal 1998 over the same periods last year. The
reduction in interest expense is primarily due to lower debt levels.

The effective tax rate was 38.5% for the first six months of both fiscal 1998
and fiscal 1997.


LIQUIDITY AND CAPITAL RESOURCES

Management believes that the Company has the financial resources and access to
capital necessary to fund internal growth and acquisitions. The Company's major
demands on capital are for investments in property, plant, and equipment,
working capital, and acquisitions.

Net cash provided by operating activities totaled $17.1 million for the first
six months of fiscal 1998, representing a $3.1 million increase from $14.0
million provided by operating activities in the first six months of the prior
year. The increase was primarily attributable to improved operating performance
and improved working capital efficiencies, which generated $4.6 million in cash,
and a lower contribution to the Company's pension plan in 1998, which
represented a $1.7 million improvement compared to fiscal 1997. Working capital
reductions in 1998 resulted principally from decreases in accounts receivable,
due to improvements in the Company's credit and collection efforts and
receivables mix, offset by increases to inventories and payables, due to higher
work-in-process levels and seasonal increases in paper inventories. These cash
inflows were partially offset by $3.2 million in cash outflows related to the
Company's restructure plan announced in the fourth quarter of fiscal 1997.

Net cash used in investing activities totaled $13.1 million for the first six
months of fiscal 1998, as compared to $5.1 million in the comparable prior year
period, and included investments in new presses, new business and manufacturing
systems, and the purchase of the Charlotte manufacturing facility. Cash used in
investing activities for the first six months of fiscal 1997 included the use of
$11.9 million to fund fiscal 1997 capital expenditures, offset by proceeds of
$6.5 million resulting from the sale of the Company's consumer publishing
division in September 1996.

Net cash used in financing activities was $3.0 million for the first six months
of fiscal 1998. During fiscal 1998, the Company repaid $2.3 million against
long-term borrowings. Dividend payments were $0.8 million, and remained
unchanged from the prior year. Net cash used in financing activities was $8.5
million for first six months of fiscal 1997. In October 1996, the Company
entered into a $160 million bank credit agreement with six major banks. This
agreement replaced an existing $115 million bank credit agreement entered into
with four of the same banks in January 1996. Using the additional capacity
available under the new bank credit agreement, the Company repaid $40 million of
6.74% senior unsecured notes which were borrowed from two insurance companies
during fiscal 1994 and $30 million in term loans under the former $115 million
bank credit agreement.

Total debt at December 31, 1997, was $94 million, which represented a decrease
of $2.3 million from June 30, 1997. The Company's debt-to-equity ratio improved
to 47.4% from 49.0% at June 30, 1997.

<PAGE>




PART II.  Other Information

Item 4.    Submission of Matters to a Vote of Security Holders

     (a) At the 1997 Annual Meeting of Shareholders of the Company ("Annual
         Meeting") held on November 12, 1997, 6,964,538 shares of the Company's
         outstanding common stock were present in person or by proxy and
         entitled to vote.

     (b) At the Annual Meeting, the following matters were voted upon and
         received the vote set forth below:

           (1) Election of Directors. Each nominee for director was elected,
               having received the following vote:

<TABLE>
<CAPTION>

                                                                         Broker
          Nominee                For                Withheld            Non-vote
          -------               -----              -----------          ---------
<S> <C>
 Frank Daniels III             6,688,072             276,466               ---
 C. Stephenson Gillespie       6,955,788               8,751               ---
 Bruce A. Walker               6,956,491               8,048               ---
 G. Waddy Garrett              6,954,119              10,419               ---
  Jerry I. Reitman             6,956,360               8,178               ---
</TABLE>

           (2)    Approval of Proposed 1997 Non-Employee Director Stock
                  Compensation Plan. The amendment was approved, having received
                  the following vote:

                  For:                          6,778,108
                  Against:                        102,977
                  Abstain:                         53,638
                  Broker Non-vote:                 29,815

           (3)  Ratification of designation of Arthur Andersen LLP as
                independent public accountants for current fiscal year.
                Designation of the auditors was ratified, having received the
                following vote:

                  For:                            6,955,605
                  Against:                            6,250
                  Abstain:                            2,683
                  Broker Non-vote:                      ---

Item 5. Other Information

     On February 11, 1998, the Company issued a press release, a copy of which
     is filled as Exhibit 99 hereto, announcing the election of Joseph J. Ward
     to the Board of Directors of the Company as of February 1, 1998.





<PAGE>





Item 6. Exhibits and Reports on Form 8-K

a.    Exhibits:

                            Exhibit             Description

                        Exhibit 3.2      Bylaws of Cadmus Communications
                                         Corporation, as amended

                        Exhibit 27       Financial Data Schedule

                        Exhibit 99       Press Release  announcing  new
                                         addition to the Company's  Board
                                         of Directors.



b.    Reports on Form 8-K:

On October 23, 1997, the Company filed a Form 8-K, which included the press
release regarding fiscal 1998 first quarter financial results, as well as a copy
of the prepared remarks made on a conference call to analysts on same date.

On November 20, 1997 the Company filed a Form 8-K, which included the prepared
remarks of the Company given by C. Stephenson Gillispie, Jr., President,
Chairman and Chief Executive Officer and Bruce V. Thomas, Senior Vice President
and Chief Financial Officer, at the Company's 1997 Annual Meeting of
Shareholders.



<PAGE>






                                                              
                                   SIGNATURES




Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.





                                    CADMUS COMMUNICATIONS CORPORATION


Date:   February  12, 1998
                                    /s/ C. Stephenson Gillispie, Jr.
                                   --------------------------------------
                                    C. Stephenson Gillispie, Jr.
                                    Chairman, President, and Chief 
                                    Executive Officer



Date:   February 12, 1998

                                    /s/ Bruce V. Thomas
                                   --------------------------------------
                                    Bruce V. Thomas
                                    Senior Vice President and Chief 
                                    Financial Officer