PREPARED REMARKS FROM CONFERENCE CALL                               EXHIBIT 99-2


                     FIRST QUARTER FY 2000 EARNINGS RELEASE
                             CONFERENCE CALL SCRIPT


INTRODUCTION - STEVE GILLISPIE

Good morning and thank you for participating in this call. This morning, Bruce
Thomas, our executive vice president and chief operating officer, and David
Bosher, our chief financial officer, will join me in reviewing the results for
our first fiscal quarter. Each of you should have received a copy of the news
release that we issued this morning on Cadmus' financial performance for the
three months ended September 30, 1999.

As we indicated in our call several weeks ago, we recorded restructuring charges
in the first quarter of $16.6 million before taxes and $14.1 million after
taxes, resulting in a net loss for our fiscal first quarter. The total charge is
expected to amount to $33-$37 million before taxes, with the remainder to be
recorded in the second quarter.

We will be glad to go into more detail about the status of the restructuring
plan, but there is not much new to report that has happened since we announced
it three weeks ago. Everything is proceeding well and on schedule. We have not
encountered any meaningful surprises, issues or obstacles as we have begun to
implement our restructuring plan. Reaction from our associates and customers has
been positive, and we still believe that annualized savings will be in the $6-7
million range.

Also as I indicated in our call last month, I understand the frustration that
investors have with the Company's recent performance. The first quarter's
results only highlight the need to immediately address the POP situation - which
we have done. We are confident that results for the balance of this year will
show a positive track for Cadmus, and we are committed to delivering that
improved financial performance.

With that, I will turn the call over to David Bosher who will go over the
financial results and help you separate the results of the ongoing operations
from those that have been sold or closed. Dave.

FINANCIAL REVIEW - DAVID BOSHER

Thank you, Steve.
First Quarter Operating Results. I am not going to reiterate the numbers from
our news release, but let me highlight a couple of year-to-year comparisons that
will help you understand the true pace of the ongoing business.

Mack added $37.0 million to our sales in the first quarter. Excluding that
contribution and the sales from operations we have divested since a year ago,
our pro forma sales rose 3% for the quarter, from $85.5 million to $87.7
million.

Professional communications net sales, adjusted for the acquisition of Mack,
were down 3% for the quarter due primarily to lower paper prices, as well as a
lull in new business acquisition as we integrated the Mack and CJS sales forces.
Based on current booked volume and backlogs in our plants, we are confident that
we will show renewed sales growth from this group in our fiscal second quarter
and ensuing quarters as the successful integration of the sales forces begins to
yield benefits.


Marketing communications net sales, adjusted for acquisitions and divestitures,
were up 9% in the first quarter, driven by continued growth in our specialty
packaging business and graphic solutions operations, which offset a significant
decline in point of purchase net sales. Our specialty packaging business
recorded a particularly strong gain in sales of 41% due to both increased sales
to existing customers as well as to new ones. This continuation of double-digit
growth is especially encouraging, since it will help absorb the capacity in our
Charlotte manufacturing operations, which should add to operating earnings and
margins over the balance of this year. We expect this internal growth to
continue in the second quarter and we are encouraged that this business is on
track to return to its historical levels of profitability.

Before restructuring charges, operating income rose 37% for the quarter from
$6.1 million last year to $8.4 million, and operating margins improved to 6.7%
in the quarter. First quarter EBITDA rose 40% to $15.5 million. Included in
these first quarter operating results was an operating loss from our point of
purchase business of $1.9 million. Adjusted for this loss, EBITDA would have
been $17.4 million in the first quarter.

Now, let's take a look at our balance sheet. We exceeded our cash flow targets
and reduced debt by $16.3 million during the first quarter, bringing total debt
at September 30 down to $259.5 million compared to $275.9 million at June 30.
Cash flow in the quarter totaled $18.8 million. Free cash flow from operations
provided $12.8 million, and proceeds from the sale of our direct marketing
business provided the remaining $6.0 million. Capital expenditures in the first
quarter totaled $5.1 million, keeping us on-target for our full-year fiscal 2000
capital spending plan of $20 million. This capital spending plan, coupled with
continued improvements in working capital management, should result in free cash
flow of at least $20 million for the fiscal year. As we have stated, our plan
remains to use free cash flow to repay debt.

Finally, I'd like to provide you a brief update on the restructuring plan. As
Steve said, we estimate the charge will still be in the range of $33-37 million
before taxes. The savings are still estimated at $6 to $7 million before taxes,
with another $1 million in reduced interest expense from net cash generated by
the plan. The pre-tax cash cost component of the plan is estimated at $5-6
million currently, yielding us a cash savings return of less than one year.
Several of the restructuring actions have already been initiated and will begin
to have a positive impact on our fiscal third quarter results.

With that, I will turn it back over to Steve.

Steve

CLOSING - STEVE GILLISPIE

Thank you again for your participation this morning. We had not expected this
call to run too long since the important script for Cadmus is going to be
written in subsequent periods this year. Bruce, Dave, and I are available to
answer any individual questions you may have, and we look forward to reporting
to you again at mid-year about the progress of the changes we are making in our
organization and the outlook for our second half.

Operator, we are now ready for questions.