Visant Reports 2.4% Decrease in 2013 FY Net Sales

For the fourth fiscal quarter of 2013, consolidated net sales were $226.7 million, an increase of approximately 0.8 percent, compared to consolidated net sales of $225.0 million for the fourth fiscal quarter of 2012. In addition, the company reported a consolidated net loss of $13.7 million for the fourth quarter of 2013 compared to a consolidated net loss of $85.6 million for the fourth quarter of 2012. The net loss in 2013 includes the $8.2 million write-off of a tradename no longer in use in the Marketing and Publishing Services segment and the net loss in 2012 was primarily attributable to the $64.2 million non-cash impairment charge recorded in 2012 associated with the write-down of goodwill in the Marketing and Publishing Services and Scholastic segments. Consolidated Adjusted EBITDA was $33.3 million for the fourth quarter of 2013 compared to consolidated Adjusted EBITDA of $35.9 million for the fourth quarter of 2012.

Fiscal Year 2013
Net sales for the Scholastic segment for the fiscal year ended December 28, 2013 decreased by $13.9 million, or 3.1 percent, to $431.9 million compared to $445.8 million for the fiscal year ended December 29, 2012. This decrease was primarily attributable to lower volume in our high school jewelry and announcement products. Partially offsetting the decrease was the shift of approximately $4.0 million of jewelry sales to the 2013 fiscal year from the fall of 2012 due to the timing of orders.