Exhibit 99.2

                    FOURTH QUARTER FY1999 EARNINGS RELEASE
                            CONFERENCE CALL SCRIPT


Introduction - Steve Gillispie

Good morning, everyone. This is Steve Gillispie, chairman, president and chief
executive officer of Cadmus. I very much appreciate your taking time to join us
this morning for a review of our results for the fourth quarter and for our
fiscal 1999. I am joined today by Bruce Thomas, Cadmus senior vice president and
chief financial officer, and Dave Bosher, Cadmus vice president and treasurer.
In our comments this morning, we want to provide you with an understanding of
what Cadmus is today and what you can expect of us tomorrow. After our remarks,
we will be happy to respond to whatever remaining questions that you may have.

First, let me start with this. We did not achieve the level of earnings that we
had planned to achieve this quarter or this year. We know this is unacceptable
and, as you have seen over the course of this year, we have been as aggressive
as we could be to fix the issues that led to this result. Moreover, and we think
this is important, we have worked hard to design and execute a plan to build on
our strengths, to reduce earnings volatility, and to create a platform for
consistent growth.

The actions we have taken - the sale of our financial communications and custom
publishing businesses, the acquisition of Mack, and the refinancing of our
business -- have made Cadmus a much stronger company. We are much less cyclical,
much less volatile, and better able to compete in the markets we serve. We are
also more focused -- with a few, larger businesses in specialized markets where
we can achieve leadership positions. We have enhanced our dominant position in
the very attractive STM market and are well positioned to exploit exciting
opportunities before us in our specialty packaging and in our other marketing
communication businesses. Finally, we are positioned to generate increased and
stable cash flows, allowing us to aggressively pay down our acquisition-related
debt. In short, we are pleased with the strategic repositioning we have effected
and we are excited about our prospects for improved performance and increased
shareholder value going forward.

In just a minute, Dave is going to walk you through a detailed review of our
fourth quarter and fiscal 1999 results. Before he does that, however, I just
want to highlight for you some of the several strong performances by our
businesses that might otherwise be lost in the various divestitures,
adjustments, and other one-time items.

o        We continued to generate solid top line growth. Internal growth was a
         solid 6% in the quarter, with our Marketing Communications businesses
         growing a robust 17%. We are particularly pleased with the sustained
         growth in our specialty packaging business, where we registered double
         digit growth throughout the year;

o        At Cadmus Journal Services, we saw year over year improvement in
         profitability once again, as this market leading business sustained and
         in fact expanded operating margins another 50 basis points;

o        In our Marketing Communications sector, with the exception of Point of
         Purchase, every remaining business group registered year over year
         growth in operating income;


o        Early indications from Mack strengthen our conviction that the
         combination of Mack and CJS will meet our expectations, both
         strategically and operationally, in the coming year; and

o        Finally, as you will hear, the fourth quarter indicates that Cadmus has
         quite an impressive capability to generate free cash flow and repay
         debt.

These underlying performances strengthen our belief that Cadmus is poised to
deliver consistent and improved performance and to create increased shareholder
value.

With those remarks as background, I'd like to turn the call over to David Bosher
for more detail on the actual financial results. Dave .....


Fourth Quarter and Fiscal 1999 Review - Dave Bosher

Thank you, Steve. Good morning everyone.

Before reviewing results in detail, I'd like to point out that we had several
"one-time" items in both this year and last year that we have eliminated for
purposes of our comments today. Those items include (I) an operating charge this
year related to the settlement of interest rate swap agreements related to our
former bank credit facility, (II) an extraordinary charge this year related to
repayment of the bank debt and the bridge financing related to the acquisition
of Mack, (III) a restructuring charge last year related to the acquisition of
Germersheim and (IV) a net gain from the sale of our financial communications
and custom publishing businesses.

So, with that said, let's begin with our "executive summary" of our fourth
quarter and full year performance.

o        Fourth quarter net sales rose 29% to $134.4 million, compared to $104.2
         million in the fourth quarter of fiscal 1998. Adjusted for acquisitions
         and divestitures, fourth quarter net sales rose 6%.

o        For the year, net sales rose 12% to $443.0 million, compared to $393.8
         million last year. Adjusted for acquisitions and divestitures, fiscal
         1999 net sales also rose 6%;

o        Free cash flow in the fourth quarter was a strong $7.9 million;

o        EBITDA totaled $17.5 million in the fourth quarter, up 43% from the
         fourth quarter of fiscal 1998.

Those are the major highlights. Now let me give you a little more detailed
review - first of the fourth quarter, and then of fiscal 1999.

Fourth Quarter Review. On a consolidated basis and adjusted for the one-time
items I mentioned, Cadmus' fourth quarter earnings totaled $.30 per share. These
results were impacted by an operating loss from our point of purchase unit,



higher interest expense associated with acquisition-related debt, and the
absence during this quarter of meaningful Mack-related procurement synergies.

For the quarter, net sales rose 29% to $134.4 million. Adjusted for the
acquisition of Mack and for the divested businesses, net sales rose 6%.

Consolidated gross profit margins declined to 20.4% of sales in the fourth
quarter from 22.9% in the same period last year. This decline was primarily
attributable to lower gross margins from our point of purchase business. Again
this quarter, we partially offset the gross margin pressure through SG&A cost
containment measures, as SG&A expenses declined to only 11.6% of sales in this
year's fourth quarter compared to 15.6% last year. This decline was primarily
attributable to the business mix change, as we substituted Mack's relatively low
SG&A business for the financial and custom publishing businesses, which carried
much higher SG&A costs. SG&A was also affected by reduced corporate overhead
costs and by lower expenses related to incentive compensation and other
discretionary benefits.

Consolidated operating income rose 44% in the quarter to $10.4 million; and our
operating margin rose 80 basis points to 7.7% of sales from 6.9% last year.
Again, this increase was driven primarily by the addition of the highly
profitable Mack operations.

Finally, free cash flow for the quarter was a very strong $7.9 million, as net
cash from operations was $12.2 million and capital spending remained under
control and on budget. This strong cash flow again shows the fundamental change
in our business mix. For this quarter, we replaced the lower EBITDA margin and
more working capital intensive financial printing and custom publishing
businesses with the strong cash flow and lower working capital requirements of
Mack. As you will see when we talk about next year, consistently strong free
cash flow will be a hallmark of the repositioned Cadmus.

I would like now like to spend just a few minutes detailing the operating
performances of our two business sectors.

In our Professional Communications sector, we experienced a 76% increase in
revenues as a result of the inclusion of Mack for the entire quarter. Adjusted
for the Mack acquisition and for lower paper prices, net sales in this sector
were flat, as a modest increase in journal sales was offset by a slight decline
in magazine sales. Professional Communications operating margins remained strong
again this quarter, flat with our third quarter rate. During the quarter, Mack
performed very well and met our financial expectations. Revenues for Mack of
$40.5 million and operating margins of better than 14% were consistent with our
expectations. We should also note, however, that we obtained relatively little
in the way of procurement synergies in the fourth quarter. As we begin to
receive those benefits in the first quarter of fiscal 2000, further margin
expansion should be made possible.

In our Marketing Communications sector, adjusted for divestitures, revenues
increased 17%, led by continued strong double-digit growth at our specialty
packaging and graphic solutions groups. As I mentioned, we did incur an
operating loss this quarter from our point of purchase business as revenues
declined 23% from last year. This decline was primarily due to the cancellation
by customers of certain planned promotions and by the loss in June of a
significant portion of work with a major point of purchase customer. I would
like to note, however, that with the exception of POP, each of our remaining
marketing communications business groups showed year over year revenue growth
and year over year increases in operating income in the fourth quarter.


Fiscal 1999 Review - Dave Bosher

As with the fourth quarter review, the impact of one-time items, acquisitions
and divestitures makes the analysis a bit difficult. So let me provide you a few
important data points on the year.

o        Income before one-time items totaled $10.1 million, or $1.22 per share,
         down 13% from $1.41 last year.

o        Net sales totaled $443.0 million, up 12%. Adjusted for acquisitions and
         divested operations, sales rose approximately 6%. Professional
         Communications internal sales growth was 3% for the year, while our
         Marketing Communications sector grew approximately 14%.

Included in that growth were solid sales gains from most of our business groups,
including:

o        4% internal growth from our high-margin STM journals business:

o        A 65% increase in net sales from our specialty packaging product line,
         continuing its remarkable internal growth rate string another year, and

o        A 44% increase in net sales from our graphic solutions product line.

Among our remaining product lines, point of purchase sales, proforma for the
Germersheim acquisition, declined by 3% in the year and specialty magazine sales
declined by 3% for the year.

Fiscal 2000 Outlook - Dave Bosher

As Steve said, the changes we have made now position Cadmus to realize improved
earnings performance, higher free cash flow, and significantly increased
shareholder value. Cadmus is now much less cyclical, much less volatile, and
much more focused. Just to emphasize those points, let me share with you just a
few more data points:

o         Today nearly 70% of our net sales and 87% of our EBITDA before
          corporate expenses now come from our Professional Communications
          sector.

o         With Mack, we are now nearly 5 times larger than our nearest
          competitor in the STM journal market.

o         Over 40% of our net sales now come from the high-margin STM journal
          product line, so our exposure to economic volatility has been further
          reduced.

o         Finally, over 85% of our net sales in the STM journals product line
          are under long-term contract, with renewal rates, as you may know,
          historically above 97%.

As we enter fiscal 2000, we know we still have some issues to address. We have
excess manufacturing capacity in Charlotte created by the sale of our financial
printing business. We will continue to absorb operating losses at POP - for at
least the first two quarters of fiscal 2000 - as we deal with lower volume from
one of our major customers, and we have much higher non-taxable goodwill



amortization as a result of the Mack acquisition. Despite these challenges, we
believe that our earnings in fiscal 2000 will show solid improvement over the
$1.22 recorded this year, adjusted for one-time items. Our expectation at this
point is in the $1.30's for EPS. This improvement will come from continued
earnings growth from our Professional Communicants sector, continued
double-digit growth from our specialty packaging and graphic solutions
businesses, procurement-related synergies from the Mack acquisition, and lower
interest expense resulting from free cash flows.

We believe that this earnings expectation is realistic and, in fact, has
opportunity for upside. We have opportunities for more integration-related
savings from Mack. We have opportunities for even better top-line growth at
specialty packaging. We have opportunities for even stronger cash flows and
lower interest expense. And, we have a chance for a quicker-than-planned
turnaround at POP.

In addition to these earnings targets and factors, we are planning to generate
$20 million in free cash flow in FY 2000, or over $2.00 per share in free cash
flow. This level of cash flow is sustainable going forward and is a better
indicator, we believe, of the underlying strength of Cadmus. Inherent in this
target is a CAPEX spending level of approximately $20 million. Free cash flow
will be used to repay bank revolving credit, providing further reduction of
leverage and upside potential to EPS.

On a final note, we anticipate closing on a receivables securitization program
in the next few weeks. This program should also result in reductions in interest
expense from the fourth quarter rate.

I'd like now to turn the call back over to Steve for some final comments.

Steve....


Conclusion - Steve Gillispie

Thank you, Dave.

As you have heard from Dave's report, we made great strategic progress this
fiscal year and particularly this past quarter. The transactions we have
effected in the last several months have made us more focused and better
positioned strategically than at any time in our history. The good trends I
described in our base businesses, combined with the historically consistent and
profitable performance of Mack, provide an excellent platform for continuing
improvements in profitability and earnings growth.

Let me close by saying that I am deeply committed to delivering these
improvements as is my team. I will do every thing in my power to deliver the
earnings next year that Dave described and to work hard to generate some upside
to that forecast.

In closing let me note that certain of our comments here represent "forward
looking statements" and are subject to certain risks and uncertainties. Those
risks and uncertainties are set forth in our press release and included in a
Form 8-K, which will be filed shortly with the SEC and to which you should refer
for additional details.

We thank you again for joining us for this morning's call and for your continued
interest and support in Cadmus. I would now like to open up the session for any
questions you may have for us.