ARMONK, NY, -- VISANT CORPORATION today announced results for its fiscal year ended January 3, 2009, including consolidated net sales of $1,365.6 million, compared to $1,270.2 million for its fiscal year ended December 29, 2007, an increase of approximately 8%. Consolidated net income from operations increased by 11% during fiscal year 2008 to $87.0 million from $78.2 million of consolidated net income from continuing operations for fiscal year 2007. Visant also reported consolidated earnings before net interest expense, provision for income taxes and depreciation and amortization expense (EBITDA) from operations for fiscal year 2008 of $313.8 million, an increase of 3% compared to consolidated EBITDA from continuing operations of $305.0 million for fiscal year 2007. Visant's consolidated Adjusted EBITDA (defined in the accompanying summary of financial data) was $339.9 million for fiscal year 2008, an increase of 9% compared to consolidated Adjusted EBITDA from continuing operations of $313.1 million for the comparable period in 2007.

For Visant's fourth quarter ended January 3, 2009, consolidated net sales were $294.2 million compared to consolidated net sales from continuing operations for the fourth quarter ended December 29, 2007 of $274.5 million, an increase of 7%. In addition, the company reported a consolidated net loss for the fourth quarter of 2008 of $2.6 million, compared to consolidated net income from continuing operations of $3.3 million for the fourth quarter of 2007. Consolidated EBITDA for the fourth quarter of 2008 was $41.9 million, a decrease of 12% compared to consolidated EBITDA of $47.5 million from continuing operations for the fourth quarter of 2007. Consolidated Adjusted EBITDA was $50.6 million for the fourth quarter of 2008, a decrease of 1% compared to consolidated Adjusted EBITDA from continuing operations of $51.2 million for the fourth quarter of 2007.

Fiscal Year 2008

For the fiscal year ended January 3, 2009, net sales for the Scholastic segment were $472.4 million, an increase of 1% compared to $465.4 million for the 2007 fiscal year. The increase was primarily attributable to incremental volume driven by the acquisition of Neff Motivation, Inc., which occurred during the first quarter of 2007, and the impact of price increases for jewelry products, partially offset by lower jewelry sales due to an unfavorable shift in metal mix to lower priced metals.

Net sales for the Memory Book segment were $393.3 million for the fiscal year ended January 3, 2009, an increase of 6% compared to $372.1 million for the comparable 2007 fiscal period. The increase was primarily the result of account growth, increased sales driven by new and enhanced product and service offerings and the acquisition of the assets of Publishing Enterprises, Incorporated ("Publishing Enterprises") made during the fourth quarter of 2007.

Net sales of the Marketing and Publishing Services segment increased $67.3 million, or 16%, to $501.4 million during the fiscal year ended January 3, 2009 from $434.1 million for fiscal 2007. This increase was primarily attributable to incremental sales volume generated by operations we acquired in 2008 and 2007 (including Phoenix Color Corp. ("Phoenix Color")). This increase was offset by lower volume in our educational book component and direct marketing operations.

For the fiscal year ended January 3, 2009, the Scholastic segment reported Adjusted EBITDA of $78.1 million, a decrease of $5.7 million compared to $83.7 million for the prior fiscal year. This decrease was due primarily to higher precious metal costs and an unfavorable shift in jewelry metal mix to lower priced metals.

The Memory Book segment reported Adjusted EBITDA of $143.5 million for the full fiscal year 2008, an increase of $14.6 million compared to $128.9 million for the prior year comparative period. The increase was primarily the result of sales growth, strong operating performance and the incremental impact from the acquisition of the assets of Publishing Enterprises.

The Marketing and Publishing Services segment reported Adjusted EBITDA of $118.3 million for the fiscal year ended January 3, 2009, an increase of $17.9 million compared to $100.4 million during the full fiscal year 2007. This increase was mainly the result of volume generated by the operations acquired in 2008 and 2007 and the impact of facility consolidations and other cost reduction measures, partially offset by lower sales in our educational book component and direct marketing operations.

Fourth Fiscal Quarter 2008

Net sales of the Scholastic segment decreased $1.1 million, or 1%, to $143.9 million for the quarter ended January 3, 2009 from $145.1 million for the fourth quarter ended December 29, 2007. This decrease was primarily attributable to a shift to lower priced metals in our jewelry products.

Net sales of the Memory Book segment decreased $1.3 million, or 5%, to $26.3 million for the fourth quarter of 2008 compared to $27.6 million for the fourth quarter of 2007. This decrease was primarily due to the timing of shipments resulting in lower volumes during the quarter.

Net sales of the Marketing and Publishing Services segment increased $22.0 million, or 21%, to $124.4 million for the fourth quarter of 2008 from $102.4 million for the fourth quarter of 2007. This increase was primarily attributable to incremental sales volume generated by Phoenix Color acquired in the second quarter of 2008. This increase was offset primarily by lower volume in our educational book component operations.

Adjusted EBITDA for the Scholastic segment decreased $1.7 million to $29.5 million for the fourth quarter of 2008 from $31.2 million for the fourth quarter of 2007. This decrease was due to higher gold costs and a shift in metal mix in our jewelry products to lower priced metals.

Adjusted EBITDA for the Memory Book segment was a loss of $3.9 million for the fourth quarter of 2008 compared to a loss of $4.1 million for the prior year comparative period. The improvement of $0.2 million was primarily due to the impact of continued cost reduction initiatives.

Adjusted EBITDA for the Marketing and Publishing Services segment increased $0.9 million, or 4%, to $25.0 million during the fourth quarter of 2008 from $24.1 million in the fourth quarter of 2007. The increase was primarily a result of the inclusion of the volume generated by Phoenix Color, as well the impact of facility consolidations and other cost reductions, partially offset by lower volume in our educational book component operations and an unfavorable product mix in our direct marketing operations.

Consolidated Indebtedness

As of January 3, 2009, Visant Corporation's consolidated debt, comprised of the outstanding indebtedness under its senior credit facilities and its senior subordinated notes, was $953.5 million, including $137.0 million of borrowings outstanding under its domestic revolving line of credit. Visant's cash position at January 3, 2009 totaled $117.6 million. Visant's parent, Visant Holding Corp., had outstanding senior discount notes with an accreted value of $247.2 million, senior notes of $350.0 million and cash of $0.7 million as of January 3, 2009.

The results of Von Hoffmann Holdings, Inc., Von Hoffmann Corporation and Anthology, Inc. subsidiaries have been reclassified on the consolidated statement of operations for all periods presented as a single caption titled "(Loss) income from discontinued operations, net". These businesses were sold in the second quarter of 2007. Previously, the results of these businesses included certain allocated corporate costs, which have been reallocated to the remaining continuing operations.

Visant has provided a reconciliation of net income to EBITDA and Adjusted EBITDA in the accompanying summary of financial data.

Supplemental data has also been provided for Visant's three segments: Scholastic, Memory Book and Marketing and Publishing Services.