Visant Drops to Net Loss on Small Net Sales DeclineMarch 8, 2012
Fourth Quarter by Segment
Net sales for the Scholastic segment were $133.7 million for the fourth fiscal quarter of 2011, a decrease of 3 percent, compared to $137.8 million for the fourth fiscal quarter of 2010. This decrease was primarily attributable to lower overall jewelry volume and a shift in mix to lower priced metals in our jewelry products. The decrease was offset somewhat by higher prices in our jewelry products.
Net sales for the Memory Book segment were $15.3 million for the fourth fiscal quarter of 2011 compared to $17.5 million for the fourth fiscal quarter of 2010. This decrease was primarily attributable to lower volume.
Net sales for the Marketing and Publishing Services segment increased $1.1 million to $97.3 million from $96.2 million for the fourth fiscal quarter of 2010. This increase was primarily attributable to the impact of higher sampling sales. This increase was partially offset by lower volume in our direct mail operations.
As of Dec. 31, 2011, Visant’s consolidated debt, comprised of the outstanding indebtedness under its senior secured credit facilities and its 10.00 percent senior notes due 2017, was $1,936.8 million, including $12.4 million of capital lease and equipment financing obligations and excluding the original issue discount of $19.2 million related to the term loans under the senior secured credit facilities. Visant’s cash position as of December 31, 2011 totaled $36.0 million.
Visant is a leading marketing and publishing services enterprise servicing the school affinity, direct marketing, fragrance, cosmetic and personal care sampling, and educational and trade publishing segments.