Visant’s Net Income Slumps on Nearly Flat Net Sales

Visant’s consolidated adjusted EBITDA (defined in the accompanying summary of financial data) was $191.2 million for the second fiscal quarter of 2011, a decrease of $7.6 million compared to consolidated Adjusted EBITDA of $198.8 million for the second fiscal quarter of 2010.

For the first six months of fiscal year 2011, consolidated net sales were $743.9 million, a decrease of 3 percent compared to $765.1 million for the first six months of fiscal year 2010. Consolidated net income decreased to $42.1 million during the first six months of fiscal year 2011 compared to net income of $97.6 million for the comparable period in fiscal year 2010, with the decrease primarily attributable to higher interest expense as a result of the 2010 recapitalization.