Visant Drops to Net Loss on Small Net Sales Decline

For the fourth fiscal quarter of 2011, consolidated net sales were $246.3 million, a decrease of approximately 2 percent compared to consolidated net sales of $251.5 million for the fourth fiscal quarter of 2010.

In addition, the company reported a consolidated net loss of $44.7 million for the fourth quarter of 2011 vs. a net loss of $19.9 million for the fourth quarter of 2010. The increase in net loss was primarily attributable to the $31.9 million non-cash impairment charge associated with the write-down of certain intangible assets in our Marketing and Publishing Services segment.