Cenveo, Inc. reported financial results for the third quarter ended October 1, 2016. Net sales in the third quarter of 2016 were $406.0 million compared to $419.8 million in the same period last year, a 3% decline.
Operating income in the third quarter increased 7% to $20.9 million compared to $19.5 million in the same period last year. The increase was primarily due to a significant restructuring charge in the third quarter of 2015 related to the closure of a print facility, partially offset by lower gross profit in the label and envelope segments in the third quarter of 2016 due the aforementioned lower demand and decision to exit the coating operation.
Income from continuing operations in the third quarter was $8.7 million, or $1.00 per diluted share, compared to a loss of $3.6 million, or $0.42 per diluted share, for the same period last year. The significant increase was primarily driven by gains on the early extinguishment of debt of $7.4 million.
Net income in the third quarter was $9.4 million compared to a net loss of $3.2 million for the same period last year. Adjusted EBITDA was $38.9 million compared to $42.0 million for the same period last year.
Cenveo is a leading global provider of print and related resources, offering world-class solutions in the areas of custom labels, envelopes, commercial print, content management and publisher solutions.
