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Visant Corporation Announces Q1 Results

Tuesday, May 13, 2014

Press release from the issuing company

ARMONK, N.Y. - VISANT CORPORATION today announced results for its first fiscal quarter ended March 29, 2014, including consolidated net sales of $243.6 million, compared to $244.9 million for its first fiscal quarter ended March 30, 2013.  Visant reported a consolidated net loss of $9.9 million for the first fiscal quarter of 2014, compared to a consolidated net loss of $14.9 million for the first fiscal quarter of 2013.  Visant's consolidated Adjusted EBITDA (defined in the accompanying summary of financial data) was $45.9 million for the first fiscal quarter of 2014, a decrease of $2.1 million, compared to consolidated Adjusted EBITDA of $48.0 million for the first fiscal quarter of 2013.

Net sales for the Scholastic segment were $139.1 million for the first fiscal quarter of 2014 compared to $145.6 million for the first fiscal quarter of 2013.  This decrease was primarily attributable to lower volume in our jewelry and announcement products.

Net sales for the Memory Book segment were $5.4 million for the first fiscal quarter of 2014 compared to $5.6 million for the first fiscal quarter of 2013.  This slight decrease was primarily attributable to lower volume.

Net sales for the Marketing and Publishing Services segment for the first fiscal quarter of 2014 increased $5.4 million to $99.3 million from $93.9 million for the first fiscal quarter of 2013.  This increase included sales attributable to the Company's acquisition of SAS Carestia ("Carestia"), a leader in fragrance sampling in Europe, which closed on July 1, 2013.  Excluding the impact attributable to the acquisition of Carestia, sales decreased slightly compared to the first fiscal quarter of 2013, primarily due to lower revenue in our direct mail operations, offset by higher organic revenues from our base sampling operations and our publishing services operations.   

Adjusted EBITDA for the Scholastic segment decreased $3.7 million to $30.9 million for the first fiscal quarter of 2014, compared to $34.6 million for the first fiscal quarter of 2013, primarily due to lower volume in our jewelry and announcement products.

Adjusted EBITDA for the Memory Book segment for the first fiscal quarter of 2014 was a loss of $5.4 million compared to a loss of $5.1 million for the first fiscal quarter of 2013.  This decrease in Adjusted EBITDA was primarily due to lower sales volume.

The Marketing and Publishing Services segment reported Adjusted EBITDA of $20.5 million for the first fiscal quarter of 2014 compared to $18.6 million for the first fiscal quarter of 2013.  This increase was due to the impact of the Carestia acquisition and higher revenues from our base sampling operations and our publishing services operations.

Consolidated Indebtedness

As of March 29, 2014, Visant's consolidated debt, comprised of the outstanding indebtedness under its senior secured credit facilities and its 10.00% senior notes due 2017, was $1,883.6 million, including $6.5 million of capital lease and equipment financing obligations and exclusive of original issue discount of $11.0 million related to the term loan under the senior secured credit facilities.  Visant's cash position as of March 29, 2014 totaled $122.9 million.

The Company had accrued approximately $51.8 million of interest under its senior notes and senior secured credit facilities as of March 29, 2014.  This amount was paid following the end of the first fiscal quarter.

Visant has provided a reconciliation of net income to Adjusted EBITDA and EBITDA to 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.

 

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