CADMUS COMMUNICATIONS CORP/NEW
8-K, 1999-11-19
COMMERCIAL PRINTING
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  ------------


                                    Form 8-K

                                  ------------


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


       Date of Report (Date of earliest event reported)   November 18, 1999
                                                       -----------------------


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



            Virginia                     0-12954                54-1274108
- -------------------------------        -----------           ----------------
(State or other jurisdiction of        (Commission           (I.R.S. Employer
 incorporation or organization)        File Number)       Identification Number)



6620 West Broad Street, Suite 240, Richmond, Virginia           23230
- -----------------------------------------------------           -----
     (Address of principal executive offices)                 (Zip Code)



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

<PAGE>

Item 5.       Other Events.

On November 18, 1999, C. Stephenson  Gillispie,  Jr., Chairman,  President,  and
Chief Executive Officer, and Bruce V. Thomas, Executive Vice President and Chief
Operating Officer of Cadmus Communications Corporation (the "Company"), made the
prepared  remarks  attached  hereto as Exhibit 99 at the  Company's  1999 Annual
Meeting of Shareholders.

Information  in  these  documents  relating  to  Cadmus'  future  prospects  and
performance  are  "forward-looking   statements,"  as  defined  by  the  Private
Securities  Litigation  Reform Act of 1995, and, as such, are subject to certain
risks and  uncertainties  that could cause actual results to differ  materially.
Potential  risks and  uncertainties  include  but are not  limited  to:  (1) the
effective integration of recent acquisitions, (2) continuing competitive pricing
in the  markets  in  which  the  Company  competes,  (3)  the  gain  or  loss of
significant customers or the decrease in demand from existing customers, (4) the
ability of the  Company to continue to obtain  improved  efficiencies  and lower
overall  production  costs, (5) changes in the Company's  product sales mix, (6)
the  performance of new  management and leadership  teams in the Company and its
divisions, (7) the impact of industry consolidation among key customers, (8) the
ability of the Company to operate  profitably and effectively with higher levels
of  indebtedness,  and (9) the ability to retain key  employees  and managers in
light of lower-than-planned incentives and benefits.





Item 7.       Exhibits.

         Exhibit 99      Prepared Remarks from Annual Meeting



                                       2
<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 hereunto duly authorized on November 19, 1999.


                                  CADMUS COMMUNICATIONS CORPORATION


                                  By:  /s/ C. Stephenson Gillispie, Jr.
                                      -----------------------------------------
                                       C. Stephenson Gillispie, Jr.
                                       Chairman, President, and Chief Executive
                                       Officer





                                       3
<PAGE>

                                  Exhibit Index


         Exhibit


99       Prepared Remarks from Annual Meeting







                                       4

                                                                      Exhibit 99

                                 ANNUAL MEETING OF SHAREHOLDERS
                                        Prepared Remarks
                                        November 18, 1999


Good morning ladies and gentlemen and welcome to the Cadmus  Communications 1999
Annual Meeting. I will now call the meeting to order.

I am C. Stephenson Gillispie,  Jr., Chairman of the Board, President,  and Chief
Executive  Officer of Cadmus  Communications  Corporation.  On the stage with me
today is Bruce V. Thomas,  Cadmus' Chief Operating Officer. We'd like to welcome
each of you to the 1999 annual meeting of our shareholders.

In accordance with our Bylaws,  as Chairman of the Board, I will act as Chairman
of the meeting and Bruce Thomas,  in his capacity as Corporate  Secretary,  will
act as Secretary of this meeting.

The polls for casting  ballots or submitting  proxies are now open. For purposes
of  determining  the  presence  of  a  quorum  and  for  all  matters  on  which
shareholders will vote at this meeting,  the polls will close today at such time
as the  inspector  has  collected  all  ballots on all  matters  voted on at the
meeting.

Holly  Drummond of the Corporate  Trust  Department of First Union National Bank
has been appointed inspector to conduct the voting at this meeting. Ms. Drummond
is present and has taken the oath of office.  Among her duties, the inspector is
to determine  whether a quorum is present,  to ascertain the validity of proxies
and ballots,  to tabulate the votes, and to certify the count of all proxies and
ballots.

Ms.  Drummond  has advised me that in excess of 51% of our shares are present in
person or by proxy, and, accordingly, I declare that a quorum is present.

We also have with us the minutes of the 1998 meeting of  shareholders  and those
minutes are here for inspection  after the meeting by any  shareholder who would
like to see them.

Also,  I  should  note  that  in  accordance  with  Virginia  law  our  list  of
shareholders is on the table outside, and is available for inspection during the
meeting by any  shareholder who desires to do so in connection with the business
of this meeting.

Is there anyone present who has not submitted a proxy who wishes to vote, or has
submitted a proxy and wishes to revoke it and vote in person?  If so,  would you
raise your hand and identify yourself to our inspector who has extra ballots.

Before we move on to our business  agenda,  I would like to note as a procedural
matter  that the two items to be voted on at  today's  meeting  are  affirmative
recommendations of management that have been set forth in the Proxy Statement.

As such,  in  accordance  with our  Bylaws,  these two  matters are deemed to be
properly  before the meeting for  shareholder  vote  without the  necessity of a
motion or second from the floor.

The first item of business is the  election of  directors.  The Proxy  Statement
sent to you contains the names and biographical information on the three persons
to be  nominated  as Class I directors  for a term of three years until the 2002
Annual Meeting.  When I call your name,  please stand.  The nominees for Class I
directors are:

   o     Nathu R. Puri
   o     Jerry I. Reitman
   o     Wallace Stettinius

The Class II and III directors  previously elected by shareholders will continue
to serve until the expiration of their  respective  terms in 2000 and 2001. Most
of our nominees and continuing  directors are with us this morning,  and I would
like to introduce them. When I call your name, please stand.

Joining me on our Board are:

   o     Frank Daniels, III
   o     G. Waddy Garrett
   o     John C. Purnell, Jr.
   o     Nathu R. Puri
   o     Jerry I. Reitman
   o     Russell M. Robinson, II
   o     John W. Rosenblum
   o     Wallace Stettinius
   o     Bruce A. Walker
   o     David G. Wilson, Jr.

As there have been no nominations made by any  shareholders  pursuant to Article
I, Section 9 of our Bylaws, I will declare the nominations closed.  Accordingly,
the  election of the three  nominees  named in the Proxy  Statement to serve for
terms of three years until their  successors  are duly elected and  qualified is
now before you for a vote.

If all entitled to vote and who wish to do so have voted, we will proceed to the
next item of business.

Our second and final item of business is ratification of the Board of Directors'
selection of the firm of Arthur Andersen LLP as independent  public  accountants
for the Corporation and its subsidiaries for the year ending June 30, 2000.

I should add that we have representatives of Arthur Andersen present with us who
would be glad to answer any questions you may have about their duties.

Ratification of the selection of Arthur Andersen LLP, as the independent  public
accountants for Cadmus  Communications  Corporation and its subsidiaries for the
year ending June 30, 2000 is now before you for a vote.

If all  entitled  to vote  and who  wish to do so  have  voted,  I will  ask Ms.
Drummond to collect any ballots. As soon as all the ballots have been collected,
the polls will be closed.

The inspector has completed her report, and I will ask Mr. Thomas to give us the
results at this time. The report is complete.

Mr. Chairman,  each nominee for Class I director as named in the Proxy Statement
has  received  the  affirmative  vote of a plurality of the shares voted at this
meeting.  Regarding the  ratification of Arthur Andersen LLP as auditors for the
current  fiscal  year,  more than a majority of the shares  voted on this matter
have approved this motion.

You have heard the report.  I declare  the three  persons  nominated  as Class I
directors  duly elected and the selection of Arthur  Andersen LLP as independent
public accountants duly ratified.

The inspector's report will be filed with the minutes of this meeting. There are
no other items of business on the agenda.

We will now proceed with management's presentation.  I know that the question of
stock prices is on everyone's  minds and we will address those questions  during
our question and answer period.

In the 12  months  since we were  last in this  room,  we have  reshaped  Cadmus
dramatically  into a stronger and more focused company.  This morning provides a
welcome  opportunity for me to review these  accomplishments  with you. In a few
minutes, I'll turn the podium over to Bruce Thomas, our Chief Operating Officer,
who will discuss the recent restructuring initiatives we have undertaken and the
impact these measures will have on returns.

A year ago, we operated 10 businesses with total net sales of $394 million.

They included:

   o     Cadmus Journal Services
   o     CadmusCom Atlanta
   o     Graphic Solutions
   o     Financial Communications
   o     CadmusCom Richmond
   o     Custom Publishing
   o     Direct Marketing
   o     Point of Purchase
   o     Specialty Packaging & Promotional Printing
   o     and Technology Solutions

Excluding Cadmus Journal Services,  the annual net sales of the other nine units
averaged  only $21  million.  Their  relatively  small  size  carried  intrinsic
bottom-line  risks that were  compounded  in some  cases by a reliance  on major
customers and uncertain  marketplace  dynamics.  In other words,  they contained
characteristics  increasingly  out of sync  with  the  dynamic  requirements  of
today's public markets.  At the same time, our immediate and tangible  successes
in  the  Professional   Communications  group  created  increasingly  compelling
arguments to focus our resources on these markets.

For these  reasons we have  restructured  Cadmus and today are composed of three
primary  business  units with a current run rate of $470  million.  We have,  in
effect,  put our money where our results and  greatest  immediate  opportunities
are.  Very  importantly,  we have at the same time created a more compact and we
believe more manageable organization.

When the industry  around you is  consolidating  -- as is certainly  the case in
printing -- your first focus must be on revenue  growth.  When your  industry is
commodotizing  -- and there are few  industries  commodotizing  as the  printing
industry is doing -- your next focus must be on market concentration.

Consequently, as you can see from this picture, we have placed great emphasis on
both  revenue  growth  and market  concentration  with a very  substantial  leap
forward in fiscal 1999.  Over the past five years,  Cadmus' net sales have grown
at a compounded  rate of 12.3%. I believe Cadmus is stronger today because it is
bigger,  and has good -- even  commanding  --  concentration  in two large,  key
markets.  We are the world's #1 producer of scientific,  technical,  and medical
journals  with  33% of the STM  market.  And,  Cadmus  is now  the  4th  largest
publications  printer, and among the top producers of special interest magazines
in the U.S.

In addition,  we are making great progress in building a similar position in our
Specialty  Packaging and  Promotional  Printing  business.  In fiscal 1999, this
business  grew 30% in net sales,  with a compounded  annual growth since 1996 of
26%. In the current  fiscal year, we have sustained this pace with a 35% gain in
net sales for the first quarter.  Importantly, this growth has all been internal
growth, truly outstanding performance in our industry.

Over the  years,  however,  a good  portion  of  Cadmus'  growth  has come  from
acquisitions. And we have funded these transactions primarily through borrowing,
which we have been able to do because of our stable and consistent cash flow.

As  you  know,  EBITDA  (earnings  before  interest,  taxes,  depreciation,  and
amortization)  is a common  measure  of cash  flow,  one of the  most  important
components of corporate  financial  strength.  As this chart shows,  Cadmus does
have a long history of strong and growing cash flow.  More  importantly,  Cadmus
has consistently  increased EBITDA margins over the past five years.  Mack added
very positively to that picture.  This chart supports our belief that Cadmus can
service and repay our debt. In fact,  looking  forward,  with our  restructuring
plans fully in place,  we believe  annual  EBITDA  will  increase  further  from
today's run rate of $71 million.

I should note that figures contained in our slides have been adjusted to exclude
restructuring  charges and other one-time  items to better reflect  results from
operations.

This  year,  and for  the  immediate  future,  we  will  be  placing  tremendous
importance  and  focus on moving  our much  larger  base of sales and  operating
income to the bottom  line.  The formula  for this is very  clear.  We must grow
sales, we must increase margins, and we must reduce debt.

Cadmus has already made  significant  strides in that  direction.  For the first
quarter, we have reduced our debt levels by over $16 million,  well ahead of our
public  commitments and expectations.  These results put us on pace to reach and
possibly exceed our debt reduction goal for fiscal 2000 of $20 million.

Margins  are also a key factor in  financial  success.  We are  working  hard to
increase our margins, and, again, have already made progress in this fiscal year
toward achieving that objective. Excluding problem and divested businesses which
are no longer a part of our  financial  profile,  our  proforma  1999  operating
margin has improved to 9.4%. This is up from 5.6% just five years ago.

Importantly,  the new  Cadmus  proforma  margins  are right in line  with  other
industry leaders.

To  drive  and  pick  up  the  pace  in  internally-generated   sales,  we  have
successfully  completed a total  integration of both the Mack and Cadmus Journal
Services sales  professionals and we are now well into the implementation of the
most aggressive sales management,  training,  and sales execution program in our
history.

And although  our earnings for fiscal 1999 were down from the prior year,  which
was a record year, we have publicly  indicated our expectation  that fiscal 2000
results will be sequentially stronger than 1999- even before the full benefit of
the current restructuring plan synergies is realized.

In short,  Cadmus today is larger,  stronger,  leaner, and more focused. We have
created a platform  from which we now can work toward new levels of earnings and
financial  performance.  Those new levels began with the integration of Mack. We
are now well into the second  phase of this plan and we have  already  announced
savings or future annual contributions to earnings of $6 million once this phase
is completed later this fiscal year.

As I am sure you know  well,  the path to this point has been  difficult  and in
some cases less linear or less direct than certainly you or I would have liked.

Any  corporation  engaged in  consolidation  will confirm that meshing  acquired
operations into a cohesive  structure is an extremely  difficult task. But there
is always a point when tough choices about resource  allocation  have to be made
and existing boundaries must be removed.
That is what we have done.

During  fiscal  1999,  we became  convinced  that there was a growing  disparity
between the  prospects of our various  businesses.  We  concluded  that our most
responsible  course was to move very  aggressively  to place our  financial  and
managerial resources where we had the best short-and long-term opportunities and
potential  pay-offs.  Accordingly,  we embarked on a path to divest  those units
that did not fit with a strategy of market  leadership or niche based end-to-end
services.

First, this past February, we sold our financial communications operation, where
we were a distant # 5 domestically  to R. R.  Donnelley.  We divested our custom
publishing and direct marketing  operations,  and closed our CadmusCom  Richmond
agency, once we concluded that the resources required to successfully  implement
their  strategies  would  diminish our ability to support our other  winning and
successful  businesses.  And, of course,  we recently  closed our POP  operation
because it was detracting value from our overall organization.

So,  let me say a few words  about the  businesses  that form the core of Cadmus
today.

We created our Professional  Communications  group by acquiring and successfully
integrating three large journal producers into an industry  powerhouse -- namely
Cadmus Journal  Services,  Waverly Press in fiscal 1994, and Lancaster  Press in
fiscal 1996.

Our Professional Communications leadership did an outstanding job of integrating
these  acquisitions.  This chart is the hard proof of that success. It shows the
payoff for successful integration,  improved synergies,  and economies of scale.
Over this period Professional Communications net sales grew at a compounded rate
of 20% and EBITDA rose 30%. But I want to call your attention to the margin line
that  expanded  from  11% of net  sales  in 1993  to 18% in  1999.  This  margin
improvement was largely the product of integration synergies.

These past successes and the  attractive  aspects of this market are the reasons
why we took  advantage  seven months ago of the  opportunity to acquire The Mack
Printing Group. This transaction locked in our worldwide  leadership position in
the scientific, technical, and medical journal market.

But it did more than that. It tripled our share in the special  interest segment
of the magazine  market,  making  Cadmus a significant  national  player in this
important  market. In addition to increasing our total magazine revenues to more
than $120 million,  Mack's Northeast  locations and its technology and resources
devoted to magazines  greatly enhances our competitive  strength and position in
this important and growing market.  Finally,  through its unique Port City Press
operation, Mack brought vital short-run book and directory printing capabilities
to Cadmus.  This capability  strongly  complements our existing  product/service
offerings and provides the potential for strong internal sales growth.

In  the  Marketing   Communications   arena,  our  world-class   Charlotte-based
manufacturing  facility  --  backed  by  an  ISO9002-certified  fulfillment  and
distribution  facility  in  Atlanta  -- is one of the  top  specialty  packaging
businesses nationally.  The market attributes of specialty packaging are similar
to our journal business in that specialty  packaging customers also seek turnkey
outside  solutions.  They value service and creativity,  and they are seeking to
build true working partnerships.  For our specialty packaging clients, we can do
everything from the initial design to the actual  fulfillment or distribution of
the materials they require.

With annual  shipments of $10 billion,  the high quality folding carton industry
is very large and extremely fragmented such that the breadth of our resources is
an extremely valuable asset. Our net sales in specialty packaging have grown 26%
compounded  annually for the past three years,  and as I indicated,  this strong
momentum is carrying over into fiscal 2000.

This strong internal growth is being driven by an aggressive sales and marketing
program.  Having an integrated  "create-produce-distribute"  solution  under one
roof continues to be a strong card for us to play with prospective accounts. For
future  growth  we are  now  looking  hard  at new  packaging  markets  such  as
pharmaceuticals  and cosmetics  where our  experience,  size,  and  demonstrated
state-of-the-art  manufacturing  capabilities  are vital assets in responding to
our current and prospective customers' needs.

Our  Richmond-based  Graphic Solutions  business is still in the early stages of
its strategy to build focused relationships with large corporations. In addition
to servicing the  mid-Atlantic  commercial  market,  this unit continues to show
progress  in  establishing  a  solid  niche  in   business-to-business   catalog
production.

In order to continue to improve the day-to-day  implementation of our objectives
within  Cadmus,  we have initiated some key personnel  moves.  Dave Wilson,  who
provides  valuable  leadership as President of our  Professional  Communications
Group, has been appointed Vice Chairman of our Board of Directors.  Dave Bosher,
who has functioned as Cadmus'  Treasurer for the past ten years, has assumed the
role of Chief Financial Officer. And Bruce Thomas,  formerly our Chief Financial
Officer, has assumed the new position of Chief Operating Officer with day-to-day
responsibility for overseeing the operations of all Cadmus businesses.

Personally,  I believe this is a change that will have very positive results for
Cadmus. With over 8 years of proven experience in increasingly responsible roles
in senior management,  Bruce profoundly understands the company, the people, and
the strategy.  He has already begun to help create the highest possible sense of
urgency and focus to improved operational and organizational performance.

Looking forward,  I recognize that Bruce and I face some formidable  challenges.
We are  more  leveraged  and  must  keep a  sharp  eye on  debt  reduction.  The
restructuring  required to complete the  integration  of Mack will bring further
changes to Cadmus, always a concern for associates. Also, some of our plants and
departments are not performing at the levels of quality, efficiency, and service
which is increasingly mandatory in this competitive market. Finally, the changes
we have made have  been so swift  and so  dramatic  that we know many of our own
associates  are looking for guidance  about where we are now headed.  During the
coming months,  Bruce, the leadership  throughout  Cadmus, and I will be working
with great intensity and energy to address these issues,  and to bring Cadmus to
new levels of strategic and operational focus and clarity.

Now,  I'd like to turn the meeting  over to Bruce  Thomas,  our Chief  Operating
Officer. Bruce...

Thank you Steve, and good morning everyone.

My focus this morning is going to be on three points.  First,  I want to discuss
the restructuring  plan we are implementing and highlight the role these actions
will play in executing the strategy  that Steve has just  described.  Second,  I
want to review our recent  results  and review the  progress we have made on our
key value drivers.  Finally, I want to share with you my personal perspective on
where  Cadmus  stands  today and what Cadmus can achieve  over the next  several
quarters and the next several years.

Last month,  we  announced  a major  restructuring  plan to focus the  Company's
resources on the primary markets that Steve described.  The  restructuring  plan
consists of the following components:

     o    first, closing the Atlanta-based Point of Purchase business unit;

     o    second, divesting our Charlotte and Richmond-based marketing agencies;

     o    third,  consolidating  certain redundant operations in connection with
          our continued integration of Mack and Cadmus Journal Services;

     o    and  fourth,   consolidating  and  rationalizing  certain  sector  and
          corporate overhead functions.

Charges  associated  with this  restructuring  will be in the  range of  $33-$37
million.  Of the total,  non-cash items  resulting from the write-off of assets,
goodwill,  and other  intangibles are expected to comprise $27 to $30 million of
the charges. So as you can see, the charge is largely non-cash in nature.

We believe  that the annual  pre-tax  savings from the  implementation  of these
changes will total at least $6 million.  In  addition,  we expect to realize net
proceeds  from the closures and  divestitures  that will be sufficient to reduce
interest expense by approximately $1 million annually.

We have been working hard to complete  these  restructuring  tasks,  and we have
made good  progress in the past several  months.  We have divested the marketing
agencies.   The  POP  unit  will  be   completely   closed   next   month.   The
integration-related  actions at Mack -- such as the  consolidation of our Tapsco
and  Science  Press  composition  operations  -- are well  underway  and will be
completed  during the third and fourth  quarters.  To date, all of these actions
are proceeding smoothly,  they are on schedule in terms of timing, and we are on
track in terms of projected savings.

Let me now review briefly our first quarter results.

As you can see from the slide,  we earned $0.17 per share for the quarter before
the one-time  charges.  Those results included a $0.12 loss for the quarter from
our POP unit that was still in operation  during that  period.  You can also see
here  the  impact  of the  Mack  acquisition  --  significantly  increasing  our
revenues,  our operating income,  and our operating margins despite the sizeable
POP losses.

As Steve said, our plan has been to focus on those markets and those  businesses
where we can  achieve  leadership  positions  and deliver  consistent  financial
performance.

So  let's  look  at what  those  businesses  - our  "continuing"  businesses  --
delivered  in the first  quarter.  My point in this  slide is to  highlight  the
ongoing  profitability of Cadmus.  And, I'd also like to point out the stability
of our earnings.  As you can see,  proforma for divested and closed  operations,
our operating margin was 8.5% compared to the 6.7% we reported.

Our  professional  communications  group is a very stable source of business for
Cadmus.  Since this area  accounts for well over 80% of our cash flow, we have a
distinct  advantage as we support a more leveraged capital  structure.  And, I'd
like to  repeat,  we were able to reduce  debt in the first  quarter by over $16
million and are well on our way to the $20 million debt reduction  target we had
planned for this year.

I'd like to close with just a couple of  personal  observations.  I have been in
the role of COO for exactly 5 weeks today. I have spent much of that time in the
plants,  talking  with our  associates  - the people who make the  products  and
interact  with our  customers  all day and every day. It has been a difficult 12
months or so for these  people.  There have been lots of changes in the  company
that they have had to deal with. Our financial  performance has not been what we
had hoped for,  and  bonuses  and other  benefits  have been lower than in years
past.   And,  our  company  and  its  leadership   have  been  subjected  to  an
unprecedented amount of public criticism.

And yet,  meeting with our associates you cannot help but feel optimistic  about
this company.  Our associates  are deeply  committed to their work and feel that
their work is important - that they are an important  part, for example,  in the
dissemination  of information that advances  science and may,  ultimately,  help
save lives. Our associates want to be part of a winning team, and are constantly
asking to do more, to make a bigger contribution, and thinking of ways we can be
more  competitive  or add  more  value  for our  customers.  And,  finally,  our
associates are proud of where they work -- they are proud of Cadmus.

We have talked today about strategy,  market positions, cash flow, and improving
financial  performance.  Cadmus  is now a sound  and  profitable  business  with
steadily  increasing  cash flow. But it is the 4,000  associates of Cadmus -- in
places  such as  Easton  and  Baltimore,  Maryland;  Easton,  East  Stroudsburg,
Lancaster, and Ephrata,  Pennsylvania;  Richmond; Charlotte; and Atlanta -- that
will enable Cadmus to capitalize on the opportunities we have and to realize our
full potential.  Based on what I've seen and whom I've met, I am more optimistic
than ever about our company's future. And, I am also more committed than ever to
do everything I can to help Cadmus be successful.

With that, I will turn it back over to Steve.  Thank you for your attendance and
your support. Steve ...

Cadmus today,  like most  businesses,  is wrestling with a really  mind-boggling
acceleration  in the pace and the extent of change in its markets,  competitors,
and its  technologies.  During the past year, we recognized  that we had to move
much more  dramatically  and  aggressively  to keep Cadmus in the game.  We made
wrenching changes with extraordinary speed.

Clearly,  some  inside  and some  outside  of  Cadmus  are still  struggling  to
understand  and evaluate  these  actions.  However,  I believe we have built the
foundation   for   what  we  know  to  be  a   strong,   customer-focused,   and
growth-oriented  organization,  peopled  by 4,000  very  capable  and  dedicated
associates.

Our  immediate  future course is very clear.  We will link the fullest  possible
spectrum of services to sell better,  service better,  produce more efficiently,
and deliver more reliably than anyone else.

We are delivering on that promise today throughout Cadmus' remaining  businesses
and we will be improving on that  performance over the ensuing months and years.
Our executive team and site leaders are committed to a diligent course of action
that will yield a record of which our shareholders and associates can be proud.

In closing,  I am obligated by our attorneys in today's  environment to say that
certain  of our  comments  represent  "forward-looking  statements"  subject  to
certain  risks and  uncertainties  that  could  cause  actual  results to differ
materially from those projected.  Those risks and uncertainties are set forth in
our 8-K that includes this script,  which will be filed shortly with the SEC and
to which you should refer for additional details.

Before  we  conclude  today's  meeting,  I would  like to open the  floor to any
questions from shareholders of record.

There are no other items of business on our agenda.

I therefore declare the meeting adjourned.  We appreciate your attendance today,
and look forward to seeing you again next year.


Top Judgements:
Saskatoon Co-operative Association Limited v United Food and Commercial Workers | Aug 15, 2022
Old Lakeshore Inc. v City of Burlington | Sep 2, 2022
Tietz v. Affinor Growers Inc. | Sep 13, 2022
Efficiencyone (E1) | Sep 6, 2022
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First Global Data Ltd | Sep 15, 2022
Rayonier v Unifor, Locals 256 and 89 | Aug 11, 2022
Alberta Workers’ Compensation Appeals Commission | Decision No. 2021-0334 | Jul 14, 2022
Metrowest Developments Ltd v Flynn Canada Ltd | Sep 14, 2022
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Functional Servicing and Stormwater Management | Jul 28, 2022
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Waste Control Services Inc. v International Union of Operating Engineers, Local No. 115 | Aug 12, 2022
RJM56 Holdings Inc. c. Bazinet | Aug 17, 2022
Sherwood v The Owners, Strata Plan VIS 1549 | Aug 9, 2022
WCAT Decision A2001487 | Aug 8, 2022
City of Hamilton v Ontario Water Employees’ Association | Sep 12, 2022
Century Services Corp. v. LeRoy | Jul 8, 2022
United Food and Commercial Workers, Local 175 v Metro Ontario Inc. | Jul 4, 2022
Langmaid’s Island Corporation v Lake of Bays | Sep 12, 2022
WCAT Decision A2102416 | Jul 22, 2022
Inquiry about McAbee Fossil beds | Jul 14, 2022
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Biogen Canada Inc. v. Pharmascience Inc. | Aug 8, 2022
CIC Management Services Inc. v City of Toronto | Jul 21, 2022
Bonterra Energy Corp v Rosells’ Enterprises Ltd | Aug 31, 2022
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Leffler v Aaron Behiel Legal Professional Corporation | Jun 30, 2022
Espartel Investments v. MTCC No. 993 | Aug 19, 2022
Onespace Unlimited Inc. v. Plus Development Group Corp. | Sep 19, 2022
Professional Institute of the Public Service of Canada v. Canada Revenue Agency | Jun 23, 2022
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Galperti SRL v F.I.A.L. Finanziaria Industrie Alto Lario S.P.A | Jun 30, 2022
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Questor Technology Inc v Stagg | Sep 8, 2022
MediPharm v. Hexo and Hwang | Jul 25, 2022
Immunization rates & vaccine hesitancy | Aug 17, 2022
Morabito v. British Columbia Securities Commission | Aug 12, 2022
Killeleagh v Mountain View County (Development Authority) | Aug 24, 2022
Quality Control Council v Stanley Inspection Canada Ltd. | Sep 9, 2022
British Columbia Investment Management Corporation | Aug 17, 2022
Abbeylawn Manor Living Inc. v Sevice Employees International Union, Local 1 Canada | Jul 5, 2022
Windrift Adventures Inc. et al. v. Chief Animal Welfare Inspector | Aug 18, 2022
Irani and Khan v. Registrar, Motor Vehicle Dealers Act | Jul 14, 2022
CP REIT Ontario Properties Limited v City of Toronto | Aug 12, 2022
Potash Corporation of Saskatchewan Inc. v. The Queen | Jul 7, 2022
Wong v. Pretium Resources Inc. | Jul 22, 2022
Labourers' International Union of North America, Local 183, Union v Mulmer Services Ltd. | Aug 5, 2022
City of Mississauga v. Hung | Sep 22, 2022
Secretary of the Ministry of Health v The New South Wales Nurses and Midwives' Association (28 September 2022)
Orewa Community Church v Minister for Covid-19 Response (16 August 2022)
Yeshiva College Bondi Limited v NSW Education Standards Authority (15 August 2022)
Moreland Planning Scheme Amendment C208more | Heritage Nominations Study | Panel Report | 15 July 2022
New Zealand Tegel Growers Association Incorporated | 2 August 2022
Farrow-Smith and Comcare (Compensation) | 26 September 2022
Evolution Fleet Services Pty Ltd v Allroads Plant Pty Ltd | 14 September 2022
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Parmar v Tribe Management Inc. | Sep 26, 2022
DES Studio inc. c. Shuchat | Sep 26, 2022
Van-Kam Freightways Ltd. v Teamsters Local Union No. 31 | Sep 28, 2022
Rogers Communication Inc. v British Columbia | Sep 28, 2022
Alderbridge Way GP Ltd. | Sep 28, 2022

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