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Visant Corp.'s Income Increases, Sales Flat

August 11, 2010
ARMONK, NY—Aug. 11, 2010—Visant Corp. today announced its results for the second fiscal quarter ended July 3, 2010, including consolidated net sales of $499.1 million, compared to $498.8 million for the comparable period in 2009. In addition, the company reported consolidated net income of $92.2 million for the second fiscal quarter of 2010, compared $84.5 million for the comparable period in 2009, an increase of 9%.

Visant also reported consolidated earnings before net interest expense, provision for income taxes and depreciation and amortization expense (EBITDA) of $186.4 million for the second fiscal quarter of 2010, compared to $176.7 million, an increase of 6%. Its consolidated Adjusted EBITDA (defined in the accompanying summary of financial data) was $198.8 million for the second fiscal quarter of 2010, compared to $189.6 million for the comparable period in 2009, an increase of 5%.

For the first six months of fiscal year 2010, consolidated net sales were $765.1 million, compared to $764.4 million for the first six months of fiscal year 2009. Consolidated net income increased by 10% during the first six months of fiscal year 2010 to $97.6 million, compared to net income of $88.6 million for the comparable period in fiscal year 2009.

Consolidated EBITDA for the first six months of fiscal year 2010 totaled $234.4 million, an increase of 5%, compared to $223.6 million for the comparable period in 2009. Consolidated Adjusted EBITDA totaled $250.9 million for the first six months of fiscal year 2010, an increase of 5%, compared to Adjusted EBITDA of $239.8 million for the comparable period in fiscal year 2009.

Net sales of the Scholastic segment increased $4.1 million, or 3%, to $131.7 million for the second fiscal quarter of 2010 from $127.6 million for the second fiscal quarter of 2009. The increase was primarily attributable to higher prices and volume in our jewelry products and the incremental impact from acquisitions completed during 2009 and 2010. The increase was offset somewhat by lower volume in our other scholastic products.

Net sales of the Memory Book segment decreased $6.3 million, or 2%, to $276.9 million for the second fiscal quarter of 2010 compared to $283.2 million for the second fiscal quarter of 2009, primarily due to lower volume of memory books.

Net sales of the Marketing and Publishing Services segment increased $2.5 million, or 3%, to $90.5 million for the second fiscal quarter of 2010 from $88.0 million for the second fiscal quarter of 2009. This increase was primarily attributable to higher volume in our sampling operations offset somewhat by lower volume in our direct marketing operations.

Adjusted EBITDA for the Scholastic segment increased $1.2 million, or 4%, to $30.8 million for the second fiscal quarter of 2010 from $29.6 million for the second fiscal quarter of 2009. The increase was primarily due to higher prices in our jewelry and other scholastic products offset somewhat by higher precious metal costs year over year.
 

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