Visant Reports 2.4% Decrease in 2013 FY Net Sales

Our Memory Book segment reported Adjusted EBITDA of $140.1 million for the fiscal year ended December 28, 2013, a decrease of $3.6 million, compared to $143.7 million for the fiscal year ended December 29, 2012. This decrease was primarily due to lower yearbook volume partially offset by lower overall costs as a result of cost saving initiatives and lower pension expense.