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Visant Reports Q1 Results

Monday, May 18, 2015

Press release from the issuing company

ARMONK, NY - VISANT CORPORATION today announced results for the first fiscal quarter ended April 4, 2015, including consolidated net sales from continuing operations of $169.6 million, compared to $168.6 million for its first fiscal quarter ended March 29, 2014. Visant reported a consolidated net loss from continuing operations of $14.5 million for the first fiscal quarter ended April 4, 2015, compared to a consolidated net loss from continuing operations of $13.5 million for the first fiscal quarter ended March 29, 2014. Visant’s consolidated Adjusted EBITDA (defined in the accompanying summary of financial data) from continuing operations totaled $31.4 million for the first fiscal quarter of 2015, compared to consolidated Adjusted EBITDA from continuing operations of $31.7 million for the first fiscal quarter of 2014.

Visant’s reported consolidated results from continuing operations do not include the Lehigh Direct operations of The Lehigh Press LLC and AKI, Inc. d/b/a Arcade Marketing business, which were, as previously reported, sold during the third quarter of fiscal 2014. The results of these businesses, which comprised a portion of the Marketing and Publishing Services segment, have been reclassified on the consolidated statement of operations to a single line captioned “Income from discontinued operations, net of tax.” Previously, the results of these businesses included certain allocated corporate costs, which costs have been reallocated to the remaining continuing operations on a retrospective basis, which continuing operations are now comprised of our Scholastic, Memory Book and Publishing and Packaging Services segments. Results from continuing operations for all periods are exclusive of these discontinued operations.

Results of Operations

Net sales for the Scholastic segment were $142.3 million for the first fiscal quarter of 2015, compared to $139.1 million for the first fiscal quarter of 2014. This increase was primarily attributable to increased volume in our graduation products.

Net sales for the Memory Book segment were $6.2 million for the first fiscal quarter of 2015, compared to $5.4 million for the first fiscal quarter of 2014. This increase was primarily attributable to higher volume.

Net sales for the Publishing and Packaging Services segment for the first fiscal quarter of 2015 were $21.1 million, compared to $24.3 million for the first fiscal quarter of 2014. This decrease was primarily due to lower book component volume compared to the first quarter of 2014, which included three major publisher titles.

Adjusted EBITDA for the Scholastic segment increased approximately $2.2 million to $32.5 million for the first fiscal quarter of 2015, compared to $30.4 million for the first fiscal quarter of 2014. This increase was primarily due to increased volumes in our graduation products.

Adjusted EBITDA for the Memory Book segment decreased $0.7 million to a loss of $6.2 million for the first fiscal quarter of 2015, compared to a loss of $5.5 million for the first fiscal quarter of 2014. This decrease was attributable to an increase in costs incurred in initiatives to improve customer experience, marketing and talent.

Adjusted EBITDA for the Publishing and Packaging Services segment decreased $1.8 million to $5.0 million for the first fiscal quarter of 2015, compared to $6.8 million for the first fiscal quarter of 2014. This decrease was primarily due to the decrease in book component volumes.

Consolidated Indebtedness
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As of April 4, 2015, Visant’s consolidated debt, comprised of the outstanding indebtedness under its senior secured credit facilities and its 10.00% senior notes due 2017, was $1,511.4 million, including $3.6 million of capital lease and equipment financing obligations and exclusive of original issue discount of $14.6 million related to the term loan under the senior secured credit facilities. Visant’s cash position as of April 4, 2015 totaled $32.9 million.

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 Publishing and Packaging Services. 

 

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