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Visant Posts a Larger Net Loss for Latest Quarter on Lower Net Sales

November 9, 2012
ARMONK, NY— Nov. 9, 2012—Visant Corp. announced results for its third fiscal quarter ended Sept. 29, 2012, including consolidated net sales of $206.9 million, compared to $227.6 million for its third quarter ended Oct. 1, 2011, a decrease of approximately 9 percent.

The company reported a consolidated net loss of $19.5 million for the third quarter of 2012, compared to a net loss of $12.3 million for the third quarter of 2011. Visant's consolidated Adjusted EBITDA (defined in the accompanying summary of financial data) was $39.2 million for the third fiscal quarter of 2012, a decrease of $6.2 million compared to consolidated Adjusted EBITDA of $45.4 million for the third fiscal quarter of 2011.

For the nine months ended Sept. 29, 2012, consolidated net sales were $930.4 million, a decrease of approximately 4 percent compared to $971.5 million for the nine months ended Oct. 1, 2011. Consolidated net income was $27.0 million vs. $29.8 million for the comparable period in fiscal year 2011. Consolidated Adjusted EBITDA totaled $262.1 million for the nine-month period, a decrease of $23.3 million compared to Adjusted EBITDA of $285.4 million for the comparable period in fiscal year 2011.

• Net sales for the Scholastic segment were $41.7 million for the third fiscal quarter of 2012, a decrease of 15 percent, compared to $49.0 million for the third fiscal quarter of 2011. This decrease was primarily attributable to $4.5 million of lower volume in our professional championship jewelry products when compared to the prior year comparable period. Also contributing to the decline was lower sales volume of class rings.

Adjusted EBITDA for the Scholastic segment declined $1.2 million to a loss of $9.1 million compared to a loss of $7.9 million for the third fiscal quarter of 2011. This decrease was primarily due to lower volume in our professional championship jewelry products.

• Net sales for the Memory Book segment were $66.5 million for the third fiscal quarter of 2012, a decrease of 9 percent, compared to $72.7 million for the third fiscal quarter of 2011. This decrease was primarily attributable to lower volume in the quarter, including due to a shift in the timing of approximately $2.2 million of shipments of yearbooks to the fourth quarter of 2012 from the third quarter of 2012.

Adjusted EBITDA for the Memory Book segment for the third fiscal quarter of 2012 was $23.0 million, a decrease of $1.5 million, compared to $24.6 million for the third fiscal quarter of 2011. This decrease was primarily attributable to lower volume, partially offset by savings from previously announced facility consolidations.

• Net sales for the Marketing and Publishing Services segment decreased $7.1 million, or 7 percent, to $98.9 million from $106.0 million for the third 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.
 

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