Exhibit 99.1
FOR IMMEDIATE RELEASE
| | |
| Contact: | | Paul K. Suijk |
| | | Senior Vice President and CFO |
| | | (804) 287-5694 |
Cadmus Communications Announces Sale of
$125 Million of Senior Subordinated Notes
RICHMOND, Virginia (June 10, 2004) — Cadmus Communications Corporation (Nasdaq/NM: CDMS) (“Cadmus” or “the Company”) today announced that it has agreed to the sale of $125,000,000 aggregate principal amount of 8 3/8% Senior Subordinated Notes due 2014. The net proceeds from the sale of the notes, together with borrowings under its revolving credit facility, will be used to fund the tender offer for all of its outstanding $125,000,000 aggregate principal amount of 9 3/4% Senior Subordinated Notes due 2009.
The new notes have not been registered under the Securities Act of 1933 and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.
Cadmus Communications Corporation provides end-to-end, integrated graphic communications services to professional publishers, not-for-profit societies and corporations. Cadmus is the world’s largest provider of content management and production services to scientific, technical and medical journal publishers, the fourth largest periodicals printer in North America, and a leading provider of specialty packaging and promotional printing services. Additional information about Cadmus is available at www.cadmus.com.
Statements contained in this release relating to Cadmus’ future prospects and performance are “forward-looking statements” that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially from management’s expectations include but are not limited to: (1) the overall economic environment, (2) the equity market performance and interest rate environment, which can impact our pension liability, (3) our ability to develop and market new capabilities and services to take advantage of technology changes in the publishing process, especially for scientific, technical and medical journals, (4) significant price pressure in the markets in which we compete, (5) the loss of significant customers or the decrease in demand from customers, (6) our ability to continue to obtain improved efficiencies and lower production costs, (7) the financial condition and ability to pay of certain customers, (8) the impact of industry consolidation among key customers, and (9) our ability to operate effectively in markets outside of North America. Other risk factors are detailed from time to time in our Securities and Exchange Commission filings. The information provided in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements made herein.
