Visant Records Net Sales Decline and Net Loss

Visant’s consolidated Adjusted EBITDA (defined in the accompanying summary of financial data) was $48.8 million for the first fiscal quarter of 2011, a decrease of $3.3 million, compared to consolidated Adjusted EBITDA of $52.1 million for the first fiscal quarter of 2010.

Net sales for its Scholastic segment were $156.3 million, a decrease of 1 percent compared to $157.7 million for the first fiscal quarter of 2010. This decrease was primarily attributable to lower volume in our graduation products.