Jostens Reports Sales Increase For The Second Quarter And First Half Of 2004
Press release from the issuing company
MINNEAPOLIS, August 5, 2004 -- Jostens, Inc. today reported net sales for the quarter ended July 3, 2004 of $376.2 million, bringing net sales for the first half of fiscal 2004 to $519.3 million. For the second quarter and first half of fiscal 2003, the Company reported net sales of $374.9 million and $496.5 million, respectively.
The Company reported net income of $41.8 million for the second quarter of fiscal 2004 and $21.9 million for the first half of fiscal 2004. For the second quarter and first half of fiscal 2003, the Company reported net income of $53.7 million and $45.1 million, respectively.
The Company has accounted for its July 29, 2003 merger with a subsidiary established by DLJ Merchant Banking Partners III, L.P. and its affiliated funds and coinvestors utilizing purchase accounting, which resulted in a new valuation of the assets and liabilities of the Company. In the accompanying statements of operations, the Company has presented adjusted operating results for the second quarter and first half of fiscal 2004, which exclude the impact of purchase accounting relating to the transaction, to further enhance comparability with the corresponding 2003 periods. Net income excluding purchase accounting was $68.7 million and $55.9 million for the second quarter and first half, respectively.
Adjusted EBITDA (as defined in the accompanying condensed consolidated statements of operations) was $114.3 million for the second quarter and $127.6 million for the first half of fiscal 2004. For the second quarter and first half of fiscal 2003, the Company reported Adjusted EBITDA of $111.7 million and $117.2 million, respectively. The Company has presented Adjusted EBITDA because the Company uses it to monitor and evaluate its ongoing operating results and trends, and believes it provides investors an understanding of its operating performance over comparative periods. Page Two….Jostens third quarter 2003
Capital spending for the first half was $6.7 million. In the first half of fiscal year 2004, Jostens also repurchased $5.0 million principal amount of its 12.75% senior subordinated notes and made an optional pre-payment on the bank term loan of $36.0 million.
"We had a strong first-half performance from our key spring product lines of yearbook and graduation products and overall are pleased with our performance," said Michael L. Bailey, CEO.
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