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Visant Posts Declines in Net Sales Across All Three Market Segments

August 13, 2012
ARMONK, NY—August 13, 2012—Visant Corp. announced its financial results for the second fiscal quarter ended June 30, 2012, including consolidated net sales of $464.7 million, compared to $493.1 million for its second quarter ended July 2, 2011, a decrease of approximately 6 percent.

The company reported consolidated net income of $56.6 million for the quarter vs. net income of $60.6 million for the second quarter of 2011. Its Adjusted EBITDA was $172.8 million, a decrease of $18.4 million compared to consolidated Adjusted EBITDA of $191.2 million for the second fiscal quarter of 2011.

For the first six months of fiscal year 2012, Visant’s consolidated net sales total $723.5 million, a decrease of approximately 3 percent compared to $743.9 million for the first six months of fiscal year 2011. Consolidated net income increased to $46.5 million, compared to net income of $42.1 million for the comparable period in fiscal year 2011. Consolidated Adjusted EBITDA totaled $223.0 million, a decrease of 7 percent compared to Adjusted EBITDA of $240.0 million for the comparable period in fiscal year 2011.

Net sales for the Scholastic segment were $127.9 million for the second quarter of 2012, a decrease of 6 percent compared to $135.7 million for the second fiscal quarter of 2011. This decrease was primarily attributable to lower volume in our jewelry and announcement products, as well as a shift in jewelry sales metal mix to lower priced metals.

Net sales for the Memory Book segment were $257.6 million, a decrease of 4 percent compared to $268.8 million for the second fiscal quarter of 2011. This decrease was primarily attributable to lower volume.

Net sales for the Marketing and Publishing Services segment decreased $9.3 million, or 10 percent, to $79.4 million from $88.7 million for the second fiscal quarter of 2011. This decrease was attributable to lower volume in our direct mail and publishing services operations partially offset by higher volume in our sampling operations.
 
The Scholastic segment reported Adjusted EBITDA of $26.4 million, a decrease of $3.6 million compared to $30.0 million for the second fiscal quarter of 2011. This decrease was primarily due to lower overall volumes in our jewelry and announcement products.

Adjusted EBITDA for the Memory Book segment was $131.6 million, a decrease of $10.1 million compared to $141.7 million for the second fiscal quarter of 2011. This decrease was primarily attributable to lower volume.

The Marketing and Publishing Services segment reported Adjusted EBITDA of $14.8 million, a decrease of $4.8 million compared to $19.5 million for the second fiscal quarter of 2011. This decrease was primarily due to lower volume in our direct mail and publishing services operations partially offset by higher volume in our sampling operations.
 

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