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Visant Reports 2.4% Decrease in 2013 FY Net Sales

March 6, 2014
ARMONK, NY—March 6, 2014—Visant Corp. announced results for its fiscal year ended December 28, 2013, including consolidated net sales of $1,127.7 million, compared to $1,155.3 million for its fiscal year ended December 29, 2012, a decrease of approximately 2.4 percent. Visant reported consolidated net income of $1.1 million for the fiscal year ended December 28, 2013, compared to a consolidated net loss of $58.6 million for the fiscal year ended December 29, 2012. The 2013 fiscal year results include an $8.2 million non-cash charge associated with the write-off of a tradename no longer in use in the Marketing and Publishing Services segment and the 2012 fiscal year results included a $64.2 million non-cash impairment charge associated with the write-down of goodwill in the Marketing and Publishing Services and Scholastic segments. Visant's consolidated Adjusted EBITDA (defined in the accompanying summary of financial data) was $284.8 million for the 2013 fiscal year, a decrease of $13.3 million, compared to consolidated Adjusted EBITDA of $298.1 million for the 2012 fiscal year.

For the fourth fiscal quarter of 2013, consolidated net sales were $226.7 million, an increase of approximately 0.8 percent, compared to consolidated net sales of $225.0 million for the fourth fiscal quarter of 2012. In addition, the company reported a consolidated net loss of $13.7 million for the fourth quarter of 2013 compared to a consolidated net loss of $85.6 million for the fourth quarter of 2012. The net loss in 2013 includes the $8.2 million write-off of a tradename no longer in use in the Marketing and Publishing Services segment and the net loss in 2012 was primarily attributable to the $64.2 million non-cash impairment charge recorded in 2012 associated with the write-down of goodwill in the Marketing and Publishing Services and Scholastic segments. Consolidated Adjusted EBITDA was $33.3 million for the fourth quarter of 2013 compared to consolidated Adjusted EBITDA of $35.9 million for the fourth quarter of 2012.

Fiscal Year 2013

Net sales for the Scholastic segment for the fiscal year ended December 28, 2013 decreased by $13.9 million, or 3.1 percent, to $431.9 million compared to $445.8 million for the fiscal year ended December 29, 2012. This decrease was primarily attributable to lower volume in our high school jewelry and announcement products. Partially offsetting the decrease was the shift of approximately $4.0 million of jewelry sales to the 2013 fiscal year from the fall of 2012 due to the timing of orders.

Net sales for the Memory Book segment were $331.3 million for the fiscal year ended December 28, 2013, a decrease of 4.3 percent, compared to $346.1 million for the fiscal year ended December 29, 2012. This decrease was primarily attributable to 3.6 percent lower yearbook volume.

Net sales for the Marketing and Publishing Services segment increased to $365.0 million for the fiscal year ended December 28, 2013 compared to $364.3 million for the fiscal year ended December 29, 2012. This increase included sales attributable to the company's acquisition of SAS Carestia ("Carestia"), a leader in fragrance sampling in Europe, which closed on July 1, 2013. Excluding the impact attributable to the acquisition of Carestia, net sales declined $9.5 million compared to the fiscal year ended December 29, 2012, primarily due to lower sampling volume in North America, partially offset by higher revenues from our Latin American sampling operations and our direct mail operations.
 

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