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Visant Posts Smaller Net Loss on Flat Sales

November 10, 2011
ARMONK, NY—Nov. 10, 2011—Visant Corp. announced results for its third fiscal quarter ended Oct. 1, 2011, including consolidated net sales of $227.6 million, compared to $224.3 million for its third quarter ended Oct. 2, 2010, an increase of approximately 1 percent.

In addition, Visant reported a consolidated net loss of $12.3 million for the quarter, compared to a consolidated net loss of $21.6 million for the third quarter of 2010. The company's loss position for the third quarter 2011 and 2010 was primarily attributable to higher interest expense and loss on repurchase and redemption of debt resulting from the recapitalization in September 2010 of Visant's and Visant Holding Corp.'s indebtedness.

Visant's consolidated Adjusted EBITDA was $45.4 million for the third fiscal quarter of 2011, an increase of $0.5 million compared to $44.9 million for the third fiscal quarter of 2010.

For the nine months ended Oct. 1, 2011, Visant’s consolidated net sales were $971.5 million, a decrease of 1.8 percent compared to $989.4 million for the first nine months ended Oct. 2, 2010. Consolidated net income decreased to $29.8 million, compared to net income of $76.1 million for the comparable period in fiscal year 2010, with the decrease primarily attributable to higher interest expense as a result of the 2010 recapitalization.

Consolidated Adjusted EBITDA totaled $285.4 million for the nine-month period ended Oct. 1, 2011, a decrease of 3.5 percent compared to Consolidated Adjusted EBITDA of $295.8 million for the comparable period in fiscal year 2010.

Net sales for the Scholastic segment were $49.0 million for the third fiscal quarter of 2011, an increase of 15 percent compared to $42.5 million for the third fiscal quarter of 2010. This increase was primarily attributable to professional championship jewelry volume in the third fiscal quarter of 2011 compared to the third fiscal quarter of 2010.

Net sales for the Memory Book segment were $72.7 million, a decrease of 3 percent compared to $74.7 million for the third fiscal quarter of 2010. This decrease was primarily attributable to lower volume.

Net sales for the Marketing and Publishing Services segment decreased $1.1 million, or 1 percent, to $106.0 million from $107.1 million for the third fiscal quarter of 2010. This decrease was primarily attributable to lower volume in Visant’s publishing services and direct mail operations, offset by significant organic growth in sampling sales, as well as sales attributed to the company's acquisition of Color Optics which was completed in April 2011.

Adjusted EBITDA for the Scholastic segment improved $1.1 million, or 12 percent, to a loss of $7.9 million for the third fiscal quarter of 2011 from a loss of $9.0 million for the third fiscal quarter of 2010. This improvement was primarily due to higher professional championship jewelry volume offset somewhat by higher precious metal costs.
 

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