Visant Drops to Net Loss on Small Net Sales Decline

Results by Segment
Net sales for the Scholastic segment for the fiscal year ended Dec. 31, 2011, increased by $5.0 million, or 1 percent, to $474.7 million, compared to $469.7 million for the fiscal year ended Jan. 1, 2011. This increase was primarily attributable to championship jewelry volume as well as higher prices for jewelry products as compared to the comparative period in 2010.

Net sales for the Memory Book segment were $362.4 million for the fiscal year, a decrease of 4 percent compared to $375.9 million for the fiscal year ended January 1, 2011. This decrease was primarily attributable to lower volume.

Net sales for the Marketing and Publishing Services segment decreased $14.5 million, or 4 percent, to $380.8 million for the fiscal year 2011, compared to $395.3 million for the fiscal year ended Jan. 1, 2011. This decrease was primarily attributable to lower volume in our publishing services and direct mail operations offset by significant organic growth in sampling sales and sales attributed to the company’s acquisition of Color Optics, which was completed in April 2011.

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.

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