Visant Posts Smaller Net Loss on Flat Sales

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.

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.

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