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

• 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.

The Marketing and Publishing Services segment reported Adjusted EBITDA for the third fiscal quarter of 2012 of $25.2 million, a decrease of $3.5 million, compared to $28.7 million for the third 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.

Nine-Month Segment Results

• Net sales for the Memory Book segment were $329.6 million for the nine-month period ended September 29, 2012, a decrease of 5 percent, compared to $347.1 million for the nine-month period ended October 1, 2011. This decrease was primarily attributable to lower volume, including a shift in timing of shipments of yearbooks to the fourth quarter of 2012 from the third quarter of 2012.

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