Visant Drops to Net Loss on Small Net Sales Decline

Net sales for the Memory Book segment were $362.4 million for the fiscal year, a decrease of 4 percent compared to $375.9 million for the fiscal year ended January 1, 2011. This decrease was primarily attributable to lower volume.

Net sales for the Marketing and Publishing Services segment decreased $14.5 million, or 4 percent, to $380.8 million for the fiscal year 2011, compared to $395.3 million for the fiscal year ended Jan. 1, 2011. This decrease was primarily attributable to lower volume in our publishing services and direct mail operations offset by significant organic growth in sampling sales and sales attributed to the company’s acquisition of Color Optics, which was completed in April 2011.

Fourth Quarter by Segment
Net sales for the Scholastic segment were $133.7 million for the fourth fiscal quarter of 2011, a decrease of 3 percent, compared to $137.8 million for the fourth fiscal quarter of 2010. This decrease was primarily attributable to lower overall jewelry volume and a shift in mix to lower priced metals in our jewelry products. The decrease was offset somewhat by higher prices in our jewelry products.