ITEM 1. BUSINESS
Introduction Cadmus Communications Corporation ("the Company" or "Cadmus") is a graphic communications company which, through its subsidiaries, provides printing, marketing, and publishing services. The Company is a Virginia corporation headquartered at 6620 West Broad Street, Suite 500, Richmond, Virginia 23230. Cadmus was formed in 1984 when The William Byrd Press, Incorporated ("Byrd"), a leading regional publications printer, combined its operations with Washburn Graphics, Inc. ("Washburn"), a vertically integrated graphic arts firm. Byrd, in operation since 1904, is based in Richmond, Virginia and Washburn, in operation since 1902, is based in Charlotte, North Carolina. Since its inception in 1984, Cadmus has grown primarily through acquisitions of companies which either complement or expand the capabilities the Company offers its customers. On June 30, 1986, Cadmus acquired American Graphics, Inc. ("American"), a full-service graphic arts firm specializing in promotional printing and the production of point-of- sale advertising materials which is based in Atlanta, Georgia. Cadmus Direct Marketing, Inc. ("CDMI"), formerly Washburn Direct Marketing, Inc., was incorporated on January 1, 1990, having previously operated as a division of Washburn. CDMI provides direct marketing and database management services. During fiscal year 1988, Cadmus acquired three additional companies: Three Score, Inc. ("3 Score"), an Atlanta, Georgia company engaged in retail and other direct mail catalog production services; Garamond/Pridemark Press, Inc. ("Garamond"), located in Baltimore, Maryland; and Vaughan Printers, Incorporated ("Vaughan"), located in Orlando, Florida. Both Garamond and Vaughan are smaller commercial printing companies specializing in products similar to those at Washburn. In fiscal year 1992, the Company acquired Tuff Stuff Publications, Inc. ("Tuff Stuff") a Richmond, Virginia based publisher of pricing guide magazines for various trading card collectors and other related products. During fiscal year 1993, the Company completed a joint venture arrangement with The Lanman Companies, Inc. ("Lanman") whereby the operations of Vaughan were combined with those of Central Florida Press, a division of Lanman. This new company, Central Florida Press, L.C. ("CFP"), located in Orlando, Florida, has both sheetfed and half-web print capabilities. Also during the year, the Company acquired Marblehead Communications, Inc. ("Marblehead"), based in Boston, Massachusetts, is a contract/custom publisher that produces magazines and newsletters. During fiscal year 1994, the Company acquired the net assets of Waverly Press from Waverly, Inc. Waverly Press is a Maryland-based premier printer of scientific, scholarly and medical journals and now operates under the name Cadmus Journal Services, Inc ("Cadmus Journal Services").
Printing and Marketing
Printing and marketing services account for approximately 92.5% of Cadmus revenues. Printing operations provide a full range of services to customers which include state-of-the-art data imaging, electronic prepress, multicolor printing, custom binding and distribution services. The following is a list of major printed materials produced with some examples of each:
Research Journals Medical and Biomedical, Technical and Scientific, Learned and Scholarly, and Mathematics Journals
Specialty Periodicals Professional, Trade, Corporate and Consumer Magazines
Financial Documents Debt and Equity Offerings, Proxy Statements, Annual Reports, and Quarterly Reports
Promotional Materials Catalogs, Directories, Brochures, Product Literature, and Point-of-Sale Materials
Specialty Packaging Cartons, Portfolio Folders, 3-D Mailers and Video Sleeves
Through our marketing services we provide our clients complete creative, production, mailing, and fulfillment services for direct marketing programs and marketing information systems. Cadmus integrates direct marketing functions, ranging from consumer market research and agency services to database management and marketing information analysis, with the resulting ability to implement tactical direct response campaigns and programs for our clients. Cadmus also provides turn-key catalog services from original design conception through the final product for retail department stores, direct marketing retailers, and industrial customers.
Publishing
Publishing services account for approximately 7.5% of Cadmus revenues. There are two major types published products:
Consumer Products Tuff Stuff publishes special interest magazines which target specific consumers. Currently there are four such Cadmus-owned publications: Tuff Stuff Tuff Stuff's Collect! Kenner Guide Mid-Atlantic Soccer
Contract Products Marblehead publishes magazines for clients under contract whereby the client retains ownership of the title. Cadmus contract services include design, editorial, advertising sales, production, and distribution of titles.
Other Factors Affecting the Business of Cadmus
Seasonal Fluctuations Seasonal fluctuations occur in the overall demand for printing. Printing of both periodicals for the educational and scholarly market and promotional materials tends to decline in the summer months. However, consumer publications tend to peak before Christmas and before Easter. Printing of interim financial statements clusters around the end of the first month in each calendar quarter and printing of annual reports tends to fall into the first and second calendar quarters. All of these factors combine to give Cadmus a modest seasonal pattern with the months October through June producing volumes slightly greater than the months July through September.
Raw Materials The principal raw material used in Cadmus' business is paper. Significant stock inventories are not maintained except at Byrd and Cadmus Journal Services, where a supply of roll paper stock is required to operate the web presses. The other companies generally purchase paper on a direct order basis for specific jobs. Cadmus purchases its paper requirements under agreements that guarantee tonnage and provide short range price protection for three to six month intervals. The price of paper charged to customers is subject to escalation so that, except in rare instances, Cadmus does not have exposure to changes in the cost of paper. All Cadmus subsidiaries use a variety of other raw materials including ink, film, offset plates, chemicals and solvents, glue, wire, and subcontracted components. In general, none of the subsidiaries have experienced any significant difficulty in obtaining raw materials.
Competition Cadmus is subject to competition from a large number of companies, some of which have greater resources and capacity. In recent years there has been an excess of capacity in the printing industry which has increased competition. Rapid technological change has brought new competitors to the marketplace. The markets served by Cadmus face competition based on a combination of factors including quality, service levels and price.
Employees As of June 30, 1994, Cadmus and its subsidiaries employed approximately 2,400 persons. No employees are currently covered by a collective bargaining agreement. Cadmus believes its relationship with employees is excellent.
Regulation The printing business uses or generates substantial quantities of inks, solvents, and other waste products which require disposal. The subsidiaries usually return salvageable waste ink to their suppliers, and contract for the removal of other waste products. Cadmus believes its subsidiaries are in substantial compliance with all applicable air quality, waste disposal, and other environmental-related rules and regulations, as well as with other general employee health and safety laws and regulations. The Virginia State Air Pollution Control Board (the "Board") has expressed concern about excessive levels of certain air pollutant emissions throughout the metropolitan Richmond area from a number of sources, including automobiles and local industries, such as Byrd. The Board has made no decision whether further emission reductions will be required by automotive or industry emissions controls. Depending on any future action by the Board and in conjunction with the Clean Air Act Amendments of 1990, several industries, including Byrd, will be required to take further actions to reduce emission levels, which may include the installation of additional air pollution control equipment. The amount of the expenditures necessitated by any such actions is not anticipated to be material. ________________
See pages 6 through 9 and 12 through 17 of the 1994 Annual Report to Shareholders (the "Annual Report") for additional information on the business of Cadmus and its subsidiaries, which information is incorporated herein by reference.
ITEM 2.
ITEM 2. PROPERTIES
The following table contains information regarding the Company's primary facilities as of June 30, 1994:
* Cadmus does not consider any of the leased premises material to the overall business of its subsidiaries.
(A) Includes three facilities.
(B) Includes two facilities.
(C) The Company is negotiating a sale/leaseback of this building (See Note 5 in the 1994 Annual Report).
ITEM 3.
ITEM 3. LEGAL PROCEEDINGS
Neither Cadmus nor any of its subsidiaries are party to any material pending legal proceedings before any court, administrative agency or other tribunal.
ITEM 4.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
PART II
ITEM 5.
ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
Cadmus common stock is traded in the over-the-counter market and has been quoted in the National Association of Securities Dealers, Inc. Automated Quotation System ("NASDAQ") under the symbol "CDMS" since July 2, 1984 and in the NASDAQ National Market System since April 16, 1985. The stock of Byrd, the predecessor issuer to Cadmus, was also quoted in NASDAQ from September 7, 1983, the date of Byrd's first public offering, until June 29, 1984. Information with respect to market prices is presented on page 23 of the Annual Report and is incorporated herein by reference. As of August 30, 1994, the approximate number of beneficial holders of Cadmus common stock was 3,300, which includes stockholders recorded on security position listings. On August 10, 1994, Cadmus declared a regular quarterly cash dividend of $.05 per share, payable on September 2, 1994, to shareholders of record as of August 19, 1994. Information with respect to dividends declared is presented on page 23 of the Annual Report and is incorporated herein by reference. Cadmus anticipates that it will continue its policy of paying regular quarterly dividends. The amount of any future dividends will depend on general business conditions encountered by Cadmus, as well as the financial condition, earnings and capital requirements of Cadmus, and such other factors as the Board of Directors may deem relevant. For additional information regarding restrictions on payment of dividends, see the Notes to Consolidated Financial Statements (Note 8) referenced in Item 8 of this report.
ITEM 6.
ITEM 6. SELECTED FINANCIAL DATA
The information presented under the caption "Selected Consolidated Financial Data" on page 19 of the Annual Report is incorporated herein by reference.
ITEM 7.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The information presented under the caption "Management's Discussion and Analysis" on pages 20 through 23 of the Annual Report is incorporated herein by reference.
ITEM 8.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The consolidated financial statements of the registrant and subsidiaries contained on pages 24 through 34 of the Annual Report are incorporated herein by reference. The supplementary data regarding quarterly results presented under the caption "Selected Quarterly Data" on page 23 of the Annual Report is incorporated herein by reference.
ITEM 9.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE On August 18, 1994, the Company engaged the firm of Arthur Andersen LLP as the Company's independent accountants for fiscal year ending June 30, 1995. The firm of Coopers & Lybrand L.L.P. served as the Company's independent accountants for the fiscal year ended June 30, 1994. The change in accountants was recommended by the Audit Committee of the Company and approved by the Company's Board of Directors.
PART III Except as otherwise indicated, information called for by the following Items under Part III is contained in the Proxy Statement for the Annual Meeting of Cadmus Stockholders ("Proxy Statement") to be mailed to the Stockholders on or about September 23, 1994.
ITEM 10.
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF REGISTRANT
Information on the directors of the Registrant is contained on pages 5 through 8 and 19 of the Proxy Statement and is incorporated herein by reference.
The executive officers of Cadmus are elected by the Board of Directors of the Company to serve one-year terms. The following table contains information about the executive officers of Cadmus as of June 30, 1994:
ITEM 11.
ITEM 11. EXECUTIVE COMPENSATION Information on Executive Compensation is contained on pages 10 through 18 of the Proxy Statement and is incorporated herein by reference.
ITEM 12.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT Information on Security Ownership of Certain Beneficial Owners and Management is contained on pages 2 through 4 of the Proxy Statement and is incorporated herein by reference.
ITEM 13.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Information on Certain Relationships and Related Transactions is contained on page 10 of the Proxy Statement and is incorporated herein by reference. PART IV
ITEM 14.
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
(a) Financial Statements and Schedules
The financial statements incorporated by reference into this report and the financial statement schedules filed as part of this report are listed in the Index to Financial Statements and Schedules on page 12 hereof.
(b) Reports on Form 8-K
No reports on Form 8-K were filed by the registrant during the last quarter of the period covered by this report.
(c) Exhibits The Exhibits listed in the accompanying "Index of Exhibits" on pages 20 through 21 hereof are filed as a part of this report.
Management Contracts of Compensatory Plans and Arrangements
Set forth below are the management contracts or compensatory plans and arrangements required to be filed as Exhibits to this report pursuant to Item 14(c) hereof including their location:
Cadmus Executive Incentive Plan dated July 30, 1985 - Form 10-K for fiscal year ended June 30, 1985, Exhibit 10.1.
Cadmus Supplemental Executive Retirement Plan as restated effective July 1, 1992 - Form 10-K for fiscal year ended June 30, 1992, Exhibit 10.2 filed on Form SE dated September 25, 1992.
Cadmus 1984 Stock Option Plan - Form 10-K for the fiscal year ended June 30, 1985, Exhibit 10.3.
Byrd 1983 Stock Option Plan - Registration Statement No. 2-90742, Exhibit 10.9.
1992 Non-Employee Director Stock Compensation Plan - Form 10-K for fiscal year ended June 30, 1992, Exhibit 10.5 filed on Form SE dated September 25, 1992.
Cadmus 1990 Long-Term Incentive Stock Plan as amended effective August 10, 1994 - Form 10-K for fiscal year ended June 30, 1994, Exhibit 10.6.
Employee Retention Agreement dated as of September 1, 1991 between Cadmus Communications Corporation and Wallace Stettinius - Form 10-K for fiscal year ended June 30, 1991, Exhibit 10.8 filed on Form SE dated September 23, 1991.
Employee Retention Agreement dated as of September 1, 1991 between Cadmus Communications Corporation and C. Stephenson Gillispie, Jr. - Form 10-K for fiscal year ended June 30, 1991, Exhibit 10.9 filed on Form SE dated September 23, 1991.
Employee Retention Agreement dated as of September 1, 1991 between Cadmus Communications and David E. Bosher - Form 10-K for fiscal year ended June 30, 1991, Exhibit 10.10 filed on Form SE dated September 23, 1991.
Employee Retention Agreement dated as of May 1, 1992 between Cadmus Communications and Bruce V. Thomas - Form 10-K for fiscal year ended June 30, 1992, Exhibit 10.11 filed on Form SE dated September 25, 1992.
Employee Retention Agreement dated as of September 1, 1991 between Cadmus Communications Corporation and John H. Phillips - Form 10-K for fiscal year ended June 30, 1993, Exhibit 10.11.
Employee Retention Agreement dated as of September 21, 1993 between Cadmus Communications Corporation and Michael Dinkins - Form 10-K for fiscal year ended June 30, 1994, Exhibit 10.12.
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, as of the 27th day of September, 1994.
CADMUS COMMUNICATIONS CORPORATION
/s/ C. Stephenson Gillispie, Jr. C. Stephenson Gillispie, Jr. President and Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in their capacities, as of the 27th day of September, 1994.
Signature Title President, Chief Executive Officer /s/ C. Stephenson Gillispie, Jr. and Director (Principal Executive C. Stephenson Gillispie, Jr. Officer)
/s/ Michael Dinkins Vice President and Chief Michael Dinkins Financial Officer (Principal Financial and Accounting Officer)
*/s/ Robert I. Dalton, Jr. Director Robert I. Dalton, Jr.
*/s/ Lee P. Dudley Director Lee P. Dudley
*/s/ Price H. Gwynn, III Director Price H. Gwynn, III
*/s/ Frank G. Louthan, Jr. Director Frank G. Louthan, Jr.
*/s/ John D. Munford, II Director John D. Munford, II
*/s/ John C. Purnell, Jr. Director John C. Purnell, Jr.
*/s/ Russell M. Robinson, II Director Russell M. Robinson, II
*/s/ John W. Rosenblum Director John W. Rosenblum
*/s/ Wallace Stettinius Chariman of the Board and Wallace Stettinius Director
*/s/ Bruce A. Walker Director Bruce A. Walker
*By /s/ C. Stephenson Gillispie, Jr. C. Stephenson Gillispie, Jr. Attorney-in-fact
INDEX TO FINANCIAL STATEMENTS AND SCHEDULES
The Consolidated Balance Sheets of Cadmus Communications Corporation and Subsidiaries as of June 30, 1994 and 1993, and the related Consolidated Statements of Income and Cash Flows for each of the three years in the period ended June 30, 1994, including the notes thereto, are included on pages 24 through 34 in the Registrant's Annual Report and are incorporated herein by reference. With the exception of the aforementioned information, and the information incorporated by reference in numbered Items 1, 5, 6, 7 and 8, no other data appearing in the Annual Report is deemed to be "filed" as part of this Form 10-K. The following additional financial data should be read in conjunction with these consolidated financial statements.
Page
Report of Independent Accountants . . . . 13
Financial Statement Schedules: *
II - Amounts Receivable from Related Parties and Underwriters, Promoters, and Employees Other Than Related Parties . . . . . . . 14
V - Property, Plant and Equipment . . 15
VI - Accumulated Depreciation and Amortization of Property, Plant and Equipment 16
VIII - Valuation and Qualifying Accounts 17
IX - Short-Term Borrowings . . . . . . 18
X - Supplementary Income Statement Information . 19
* All other schedules have been omitted since the required information is not present in amounts sufficient to require submission of the schedules, or because the information required is included in the consolidated financial statements, including the notes thereto.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Directors Cadmus Communications Corporation:
We have audited the consolidated financial statements of Cadmus Communications Corporation and Subsidiaries as of June 30, 1994 and 1993, and for each of the three years in the period ended June 30, 1994, which financial statements are included on pages 24 through 34 of the 1994 Annual Report to Shareholders of Cadmus Communications Corporation and incorporated by reference herein. We have also audited the financial statement schedules listed in the index on page 12 of this Form 10-K. These financial statements and financial statement schedules are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and financial statement schedules based on our audits.
We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Cadmus Communications Corporation and Subsidiaries as of June 30, 1994 and 1993, and the consolidated results of their operations and their cash flows for each of the three years in the period ended June 30, 1994 in conformity with generally accepted accounting principles. In addition, in our opinion, the financial statement schedules referred to above, when considered in relation to the basic financial statements taken as a whole, present fairly, in all material respects, the information required to be included therein.
As discussed in Notes 9 and 11 to the consolidated financial statements, effective as of the beginning of 1994, Cadmus changed its method of accounting for income taxes to conform with Statement of Financial Accounting Standards No. 109 and its method of accounting for postretirement benefits other than pensions to conform with Statement of Financial Accounting Standards No. 106.
/s/ Coopers & Lybrand L.L.P. Coopers & Lybrand L.L.P.
Richmond, Virginia August 2, 1994
SCHEDULE II
CADMUS COMMUNICATIONS CORPORATION AMOUNTS RECEIVABLE FROM RELATED PARTIES AND UNDERWRITERS, PROMOTERS, AND EMPLOYEES OTHER THAN RELATED PARTIES (in thousands)
(A) Principal and interest (accruing at a variable rate) are due in full on the earlier of June 30, 1994, or upon the sale of certain property serving as collateral for the loan.
(B) Principal and interest (accruing at 2.00%) were paid in full or written off on June 30, 1994, upon the sale of the property serving as collateral for the loan.
(C) Principal is due in full upon the sale of certain property serving as collateral for the loan.
SCHEDULE V
CADMUS COMMUNICATIONS CORPORATION PROPERTY, PLANT AND EQUIPMENT (in thousands)
Depreciation is computed principally by the straight line method. The range of lives used to compute depreciation follows:
Buildings and improvements 5 to 40 years Machinery, equipment and fixtures 3 to 11 years Transportation equipment 3 to 4 years
(A) Property, plant and equipment of Tuff Stuff acquired in April 1992.
(B) Includes addition of double-round press at Byrd.
(C) Adjustments resulting from the formation of CFP, the acquisition of Marblehead and the sale of Washburn Distribution Services by CDMI.
(D) Adjustments resulting from the acquisition of Cadmus Journal Services.
SCHEDULE VI
CADMUS COMMUNICATIONS CORPORATION ACCUMULATED DEPRECIATION AND AMORTIZATION OF PROPERTY, PLANT AND EQUIPMENT (in thousands)
(A) Accumulated depreciation of property, plant and equipment of Tuff Stuff, acquired in 1992.
(B) Adjustments resulting from the formation of CFP, the acquisition of Marblehead and the sale of Washburn Distribution Services by CDMI.
SCHEDULE VIII
CADMUS COMMUNICATIONS CORPORATION VALUATION AND QUALIFYING ACCOUNTS (in thousands)
(A) Uncollectible accounts charged off, net of recoveries.
(B) Allowance for doubtful accounts of Tuff Stuff acquired in April 1992.
(C) Allowance for doubtful accounts of Marblehead acquired in December 1993.
(D) Adjustments resulting from acquisition of Cadmus Journal Services in November 1993.
SCHEDULE IX
CADMUS COMMUNICATIONS CORPORATION SHORT-TERM BORROWINGS (in thousands)
(A) The average amount outstanding during the period was computed by dividing the sum of the amounts outstanding at the end of every month in the period by the number of months in the period.
(B) The weighted average interest rate during the period was computed by dividing actual interest expense in each period by the average short-term borrowings in such period.
SCHEDULE X
CADMUS COMMUNICATIONS CORPORATION SUPPLEMENTARY INCOME STATEMENT INFORMATION (in thousands)
Charged to Costs and Expenses
Item 1992 1993 1994
Maintenance and repairs $2,887 $3,460 $4,436 Depreciation and amortization of intangible assets, pre-operating costs and similar deferrals * * * Taxes, other than payroll and income taxes * * * Royalties * * * Advertising costs * * *
* Less than 1% of total sales.
INDEX OF EXHIBITS
3.1 Restated Articles of Incorporation of Cadmus Communications Corporation, as amended, incorporated herein by reference to Exhibit 3.1 included in Cadmus' Annual Report on Form 10-K for the year ended June 30, 1993.
3.2 Bylaws of Cadmus Communications Corporation, as amended, filed herewith.
4.1 Cadmus agrees to furnish to the Commission upon request any instrument with respect to long-term debt as to which the total amount of securities authorized thereunder does not exceed 10% of Cadmus' total consolidated assets.
4.2 Note Agreement dated as of June 15, 1988 providing for the issuance of Cadmus' $20,000,000 9.76% Senior Notes due June 30, 2000, incorporated herein by reference to Form SE dated September 27, 1988.
4.3 Note Purchase Agreement dated as of December 15, 1993 providing for the issuance of Cadmus' $40,000,000 6.74% guaranteed senior notes due 2003, filed herewith.
10.1 Cadmus Executive Incentive Plan dated July 30, 1985, incorporated herein by reference to Exhibit 10.1 included in Cadmus' Annual Report on Form 10-K for the fiscal year ended June 30, 1985 (Commission File No. 0-12954).
10.2 Cadmus Supplemental Executive Retirement Plan as restated effective July 1, 1992 incorporated herein by reference to Form SE dated September 25, 1992.
10.3 Cadmus 1984 Stock Option Plan, incorporated herein by reference to Exhibit 10.3 included in Cadmus' Annual Report on Form 10-K for the fiscal year ended June 30, 1985 (Commission File No. 0-12954).
10.4 Byrd 1983 Stock Option Plan, incorporated herein by reference to Exhibit 10.9 to Cadmus' Registration Statement on Form S-14 (Registration No. 2-90742).
10.5 1992 Non-Employee Director Stock Compensation Plan, incorporated herein by reference to Form SE dated September 25, 1992.
10.6 Cadmus 1990 Long-Term Stock Incentive Plan, as amended effective August 10, 1994, filed herewith.
10.7 Employee Retention Agreement dated as of September 1, 1991 between Cadmus Communications Corporation and Wallace Stettinius, incorporated by reference to Form SE dated September 23, 1991.
10.8 Employee Retention Agreement dated as of September 1, 1991 between
Cadmus Communications Corporation and C. Stephenson Gillispie, Jr., incorporated by reference to Form SE dated September 23, 1991.
10.9 Employee Retention Agreement dated as of September 1, 1991 between Cadmus Communications Corporation and David E. Bosher, incorporated herein by reference to Form SE dated September 23, 1991.
10.10 Employee Retention Agreement dated as of May 1, 1992 between Cadmus Communications Corporation and Bruce V. Thomas, incorporated herein by reference to Form SE dated September 25, 1992.
10.11 Employee Retention Agreement dated as of September 1, 1991 between Cadmus Communications Corporation and John H. Phillips, incorporated herein by reference to Exhibit 10.12 included in Cadmus Annual Report on Form 10-K for the year ended June 30, 1993.
10.12 Employee Retention Agreement dated as of September 21, 1993 between Cadmus Communications Corporation and Michael Dinkins, filed herewith.
11. Statement Regarding Computation of Net Income Per Share, filed herewith.
13. Portions of the Annual Report to Shareholders for Fiscal Year Ended June 30, 1994 which are incorporated by reference in this Report on Form 10-K, filed herewith.
22. Subsidiaries of the Registrant, filed herewith.
23. Consent of Coopers & Lybrand L.L.P., filed herewith.
24. Powers of Attorney, filed herewith.
27. Financial Data Schedules, filed herewith.