Visant Posts Declines in Net Sales Across All Three Market Segments

For the six months ended June 30, 2012, the Scholastic segment reported Adjusted EBITDA of $60.4 million, a decrease of $3.5 million compared to $63.9 million for the prior year comparative period. This decrease was primarily due to lower overall volumes and increased pension expense.

Our Memory Book segment reported Adjusted EBITDA of $124.3 million for the six months ended June 30, 2012, a decrease of $12.2 million compared to $136.5 million for the six months ended July 2, 2011. This decrease was primarily due to lower volume and increased pension expense.