Visant’s Net Income Slumps on Nearly Flat Net Sales

For the six months ended July 2, 2011, the Scholastic segment reported Adjusted EBITDA of $63.9 million, an increase of $1.4 million, or 2 percent, compared to $62.5 million for the prior year comparative period. The increase was primarily due to the impact of cost reduction initiatives.

Our Memory Book segment reported Adjusted EBITDA of $136.5 million for the six months ended July 2, 2011, a decrease of $2.8 million, or 2 percent, compared to $139.3 million for the six months ended July 3, 2010. This decrease was primarily due to lower volume.