Cenevo Inc. has a market cap of $345 million; its shares were traded at around $5.5 with a P/E ratio of 20.4 and P/S ratio of 0.2. Hedge Fund Gurus that owns CVO: Joel Greenblatt of Gotham Capital, George Soros of Soros Fund Management LLC, Steven Cohen of SAC Capital Advisors. Mutual Fund and Other Gurus that owns CVO: Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:Our envelopes, forms and labels segment operates 34 manufacturing facilities in North America. In 2009, we added to our envelopes, forms and labels business with the acquisition of Nashua Corporation, which we refer to as Nashua. In February 2011, we added to our envelopes, forms and labels business with the acquisition of MeadWestvaco s Envelope Product Group, which we refer to as EPG. Envelopes, forms and labels had net sales of $966.9 million, $819.4 million and $916.1 million and operating income (loss) of $93.1 million, $77.2 million and $(41.0) million, in 2010, 2009 and 2008, respectively. Total assets for envelopes, forms and labels were $665.1 million, $689.5 million and $624.8 million, as of the years ended 2010, 2009 and 2008, respectively.
Our commercial printing segment operates 37 manufacturing facilities in the United States, Canada, Latin America and Asia. In 2010, we added to our commercial printing business with the acquisitions of Impaxx, Inc., the sole owner of CMS Gilbreth Packaging Solutions, Inc., which we refer to as Gilbreth, Glyph International and its subsidiaries, which we refer to as Glyph, and Clixx Direct Marketing Services Inc., which we refer to as Clixx, and collectively with Gilbreth and Glyph we refer to as the 2010 Acquisitions. In 2008, we expanded our commercial printing business with the acquisition of Rex Corporation and its manufacturing facility, which we refer to as Rex. Commercial printing had net sales of $847.9 million, $895.2 million and $1.2 billion and operating losses of $159.2 million, $6.4 million and $136.8 million in 2010, 2009 and 2008, respectively. Total assets for commercial printing were $628.0 million, $776.6 million and $863.2 million, as of the years ended 2010, 2009 and 2008, respectively.
The United States printing industry is large and highly fragmented with just over 32,400 estimated participants as reported in the second quarter 2010 United States Department of Labor Quarterly Census of Employment and Wages. This is down from approximately 33,900 participants in the second quarter of 2009. The Printing Industries of America estimated 2009 aggregate shipment revenues for the printing industry were $141 billion. The industry consists of a few large companies with sales in excess of $1 billion, several mid-sized companies with sales in excess of $100 million and thousands of smaller operations. These printing businesses operate in a broad range of sectors, including commercial printing, envelopes, forms and labels, specialty printing, trade publishing, and specialty packaging among others. We estimate that in 2009 the ten largest North American commercial printers by revenue, as reported in the Printing Impressions 400, represented approximately 19% of total industry sales, while the market sectors in which we primarily compete, as categorized in the 2010 PIA/GATF Print Market Atlas, comprised approximately 74% of total industry sales.
The backlog of customer orders to be produced or shipped was approximately $90.1 million and $87.1 million as of the years ended 2010 and 2009, respectively.
Robert G. Burton, Sr. Mr. Burton, 70, has been Cenveo s Chairman and Chief Executive Officer since September 2005. In January 2003, he formed Burton Capital Management, LLC, a company that invests in manufacturing companies, and has been its Chairman, Chief Executive Officer and sole managing member since its formation. From December 2000 through December 2002, Mr. Burton was the Chairman, President and Chief Executive Officer of Moore Corporation Limited, a leading printing company with over $2.0 billion in revenue for fiscal year 2002. Preceding his employment at Moore, Mr. Burton was Chairman, President, and Chief Executive Officer of Walter Industries, Inc., a diversified holding company. From April 1991 through October 1999, he was the Chairman, President and Chief Executive Officer of World Color Press, Inc., a $3.0 billion diversified printing company. From 1981 through 1991, he held a series of senior executive positions at Capital Cities/ABC, including President of ABC Publishing. Mr. Burton was also employed for 10 years as a senior executive of SRA, the publishing division of IBM.
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