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Visant Posts Smaller Net Loss on Flat Sales

November 10, 2011

For the quarter, adjusted EBITDA for the Memory Book segment was $24.6 million, a decrease of $1.8 million, or 7 percent, compared to $26.4 million for the third fiscal quarter of 2010. This decrease was primarily attributable to lower volume.

The Marketing and Publishing Services segment reported adjusted EBITDA of $28.7 million for the quarter, an increase of $1.3 million, or 5 percent, compared to $27.4 million for the third fiscal quarter of 2010. This increase was primarily due to solid growth in our sampling operations offset somewhat by lower volume in our publishing services operations.

Net sales for our Scholastic segment for the nine-month period ended Oct. 1, 2011 increased by $9.0 million, or 3 percent, to $340.9 million compared to $331.9 million for the nine-month period ended Oct. 2, 2010. This increase was primarily attributable to professional championship jewelry volume as well as higher prices for jewelry products during the nine-month period ended Oct. 1, 2011 as compared to the comparative period in 2010.

Net sales for the Memory Book segment were $347.1 million, a decrease of 3 percent, compared to $358.4 million for the nine-month period ended Oct. 2, 2010. This decrease was primarily attributable to lower volume.

Net sales for the Marketing and Publishing Services segment decreased $15.6 million, or 5 percent, to $283.5 million, compared to $299.1 million during the nine-month period ended Oct. 2, 2010. This decrease was primarily attributable to lower volume in our publishing services and direct mail operations offset by the impact of higher sampling sales, including those attributable to the acquisition of Color Optics.

For the nine-month period ended Oct. 1, 2011, the Scholastic segment reported adjusted EBITDA of $56.1 million, an increase of $2.6 million, or 5 percent, compared to $53.5 million for the prior year comparative period. The increase was primarily due to the impact of cost reduction initiatives offset somewhat by higher precious metal costs.

Our Memory Book segment reported adjusted EBITDA of $161.1 million, a decrease of $4.6 million, or 3 percent, compared to $165.7 million for the prior year comparative period. This decrease was primarily due to lower volume.

The Marketing and Publishing Services segment reported adjusted EBITDA of $68.3 million, a decrease of $8.3 million, or 11 percent, compared to $76.6 million for the prior year comparative period. This decrease was primarily due to lower volume in our publishing services operations.

As of Oct. 1, 2011, Visant's consolidated debt, comprised of the outstanding indebtedness under its senior secured credit facilities and its 10.00 percent senior notes due 2017, was $2,052.8 million, including $52.0 million outstanding under its revolving credit facilities, $13.2 million of capital lease and equipment financing obligations and excluding the original issue discount of $21.1 million related to the term loans under the senior secured credit facilities. Visant's cash position as of Oct. 1, 2011 totaled $37.3 million.

About Visant
Visant is a leading marketing and publishing services enterprise servicing the school affinity, direct marketing, fragrance, cosmetic and personal care sampling, and educational and trade publishing segments.

The company has three reportable segments:

Scholastic - provides services in conjunction with the marketing, sale and production of class rings and an array of graduation products and other scholastic affinity products to students and administrators primarily in high schools, colleges and other post-secondary institutions.

Memory Book - provides services in conjunction with the publication, marketing, sale and production of school yearbooks, memory books and related products that help people tell their stories and chronicle important events.

Marketing and Publishing Services - provides services in conjunction with the development, marketing, sale and production of multi-sensory and interactive advertising sampling systems, primarily for the fragrance, cosmetic and personal care segments, and provides innovative products and related services to the direct marketing sector. The group also produces book components primarily for the educational and trade publishing segments.

Source: Visant.
 

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