Visant Reports 2.4% Decrease in 2013 FY Net Sales

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.

The Scholastic segment reported Adjusted EBITDA of $74.6 million for the fiscal year ended December 28, 2013, an increase of $2.1 million, compared to $72.5 million for the fiscal year ended December 29, 2012. This increase was primarily due to lower overall costs, including lower selling expenses, material costs and pension expense, partially offset by lower sales volume in high school jewelry and announcement products.

Our Memory Book segment reported Adjusted EBITDA of $140.1 million for the fiscal year ended December 28, 2013, a decrease of $3.6 million, compared to $143.7 million for the fiscal year ended December 29, 2012. This decrease was primarily due to lower yearbook volume partially offset by lower overall costs as a result of cost saving initiatives and lower pension expense.

The Marketing and Publishing Services segment reported Adjusted EBITDA of $70.1 million for the fiscal year ended December 28, 2013, a decrease of $11.8 million, compared to $81.9 million for the prior year comparative period. This decrease was primarily due to lower volume and unfavorable sales mix in our sampling business.

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