Visant Records Net Sales Decline and Net Loss

ARMONK, NY—May 12, 2011—Visant Corp. announced results for its first fiscal quarter ended April 2, 2011, including consolidated net sales of $250.7 million, compared to $266.0 million for its first fiscal quarter ended April 3, 2010, a decrease of approximately 6 percent. In addition, it reported a consolidated net loss of $18.5 million for the first quarter of 2011, compared to net income of $5.4 million for the first quarter of 2010. This decrease was primarily attributable to higher interest expense as a result of the recapitalization in September 2010 of Visant’s and its parent company’s indebtedness.

Visant’s consolidated Adjusted EBITDA (defined in the accompanying summary of financial data) was $48.8 million for the first fiscal quarter of 2011, a decrease of $3.3 million, compared to consolidated Adjusted EBITDA of $52.1 million for the first fiscal quarter of 2010.

Net sales for its Scholastic segment were $156.3 million, a decrease of 1 percent compared to $157.7 million for the first fiscal quarter of 2010. This decrease was primarily attributable to lower volume in our graduation products.

Net sales for its Memory Book segment were $5.6 million, a decrease of 18 percent compared to $6.8 million for the first fiscal quarter of 2010. This decrease was primarily attributable to lower volume.

Net sales for its Marketing and Publishing Services segment decreased $12.6 million, or 12 percent, to $88.9 million from $101.5 million for the first fiscal quarter of 2010. This decrease was primarily attributable to lower volume in our publishing services and direct marketing operations.

The Scholastic segment reported Adjusted EBITDA of $34.0 million, an increase of $2.3 million compared to $31.7 million for the first fiscal quarter of 2010. This increase was primarily due to the impact of cost reduction initiatives and operating efficiencies which offset the impact of lower volume and higher precious metal costs.

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