Robert G. Burton, Sr., Chairman and CEO stated: "We are very encouraged by our 2Q performance highlighted by delivering consolidated organic revenue growth of over 2%. We also were able to grow our Adjusted EBITDA by approximately 7% versus the same quarter in the prior year; successfully refinance a significant portion of our capital structure, which will result in interest savings; and made significant progress on our accelerated integration efforts with National Envelope. We now expect to finalize our National Envelope consolidation efforts later this year, instead of in 2015 as originally planned. As a result of this accelerated consolidation, we have experienced some disruptions in our envelope operations that we originally anticipated occurring over a longer duration. Despite these disruptions, we are very pleased to have accomplished our financial objectives for the quarter and remain on track to deliver our 2014 full-year guidance.”
Operating income was $13.3 million for the 2Q 2014, compared to $16.8 million for the same period last year. Operating income was $23.4 million for the six months ended June 28, 2014, compared to $28.5 million for the same period last year. The decrease was primarily due to higher restructuring and integration charges from the closure of two print plants, the closure and consolidation of several envelope plants related to the integration of National Envelope, and the impact of the higher cost structure of National Envelope.
For the 2Q 2014, the Company had a loss from continuing operations of $39.3 million, or $0.59 per diluted share, compared to a loss of $19 million, or $0.30 per diluted share, for the same period last year. For the six months ended June 28, 2014, the Company had a loss from continuing operations of $56.1 million, or $0.84 per diluted share, compared to a loss of $39.5 million, or $0.62 per diluted share, for the same period last year.
Adjusted EBITDA for the three months ended June 28, 2014, was $42.1 million, compared to Adjusted EBITDA of $39.5 million for the same period last year. For the six months ended June 28, 2014, Adjusted EBITDA was $78.9 million, compared to $72.9 million for the same period last year.
Robert G. Burton, Sr., Chairman and CEO concluded: "As we begin the second half of the year, we will continue to focus on driving cash flow through our working capital initiatives and our improved operational performance. We also expect to see lower cash interest payments as a result of an accelerated interest payment in the second quarter in connection with the refinancing. I remain optimistic about the Company's future as we look forward to the completion of the consolidation efforts with National Envelope, the benefits of our refinancing, and expansion in the higher growth segments of our business."
Cenveo is a leading global provider of print and related resources, offering world-class solutions in the areas of custom boxes, custom labels, shrink sleeve labels, envelopes, commercial print, content management and publisher solutions.