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Visant Corp. Reports Dip in Net Sales and Income

March 7, 2011
ARMONK, NY—March 7, 2011—Visant Corp. announced results for its fiscal year ended Jan. 1, 2011, including consolidated net sales of $1.241 billion, compared to $1.255 billion for its fiscal year ended Jan. 2, 2010, a decrease of approximately 1 percent. Consolidated net income decreased to $56.2 million from $90.7 million for fiscal year 2009. The drop was primarily due to the impact of the repurchase and redemption of debt and higher interest costs in connection with the company’s refinancing of its capital structure.

Visant also reported consolidated EBITDA (earnings before net interest expense, provision for income taxes and depreciation and amortization expense) of $292.7 million for fiscal year 2010, a decrease of 4 percent compared to $304.7 million for fiscal year 2009.

Visant’s consolidated Adjusted EBITDA (defined in the accompanying summary of financial data) was $340.1 million for fiscal year 2010, an increase of 3 percent compared to $330.2 million for the comparable period in 2009.

For the company’s fourth quarter ended Jan. 1, 2011, consolidated net sales were $251.5 million vs. $255.1 million in the previous fourth quarter, a decrease of 1 percent. In addition, it reported a consolidated net loss of $19.9 million for the quarter, compared to net income of $1.3 million for the fourth quarter of 2009. This decrease was primarily attributable to higher interest costs.

Consolidated EBITDA for the fourth quarter of 2010 was $37.7 million, a decrease of 12 percent compared to $43.0 million for the fourth quarter of 2009. Consolidated Adjusted EBITDA was $44.3 million, a decrease of 6 prcent compared to $47.1 million for the fourth quarter of 2009.

Fiscal Year 2010 by Segment

For the fiscal year ended Jan. 1, 2011, net sales for the Scholastic segment were $469.7 million, an increase of 2 percent compared to $462.7 million for the 2009 fiscal year. This increase was primarily attributable to the incremental impact from acquisitions completed during 2009 and 2010, as well as higher prices offset slightly by lower overall volumes.

Net sales for the Memory Book segment were $375.9 million, a decrease of 3 percent compared to $386.8 million for the 2009 fiscal year. This decrease was primarily attributable to lower volume.

Net sales for the Marketing and Publishing Services segment decreased $10.7 million, or 3 percent, to $395.3 million during the fiscal year ended Jan. 1, 2011 from $406.0 million for fiscal 2009. This decrease was primarily attributable to lower volume in our publishing services operations offset in part by higher volume in our sampling and direct marketing operations.

The Scholastic segment reported Adjusted EBITDA of $79.4 million, a decrease of $1.8 million compared to $81.2 million for fiscal 2009. This slight decrease was primarily due to the impact of higher precious metal costs year-over-year offset somewhat by higher prices.
 

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