Cenveo continues to experience financial problems. Gross Earnings for 2013 are supposed to be 0.20 which is 54% less than 2012's 0.44 in which CVO's net revenue was about (-$72M), primarily due to finance charges. CVO hasn't filed a Net Profit with SEC in over 5 years and 2013 is not expected to be any better than 2012 and most likely worse/
Moody's, and you can check on the web is currently reviewing CVO's liquidity. The results are expected by the 10th of this month.
Moody’s stated. “The review for downgrade was prompted by concerns that the company's capital structure is not sustainable, a matter highlighted by growing financial leverage, the result of significant revenue and EBITDA declines recorded during the first half of 2013. With Moody's adjusted leverage now at 7.2x, it is not clear whether Cenveo can service its debts in a timely fashion.”
It appears the review was prompted by Cenveo purchase certain of the assets of National Envelope. There was question if CVO could service the debt it previously was carrying, and they made this purchase, followed by the sale of CVO’s profitable CED division. The net effect appears to be negative.