Armonk, NY - Visant Corporation today announced results for its fiscal year ended January I, 2011, including consolidated net sales of $1,240.9 million, compared to $1,255.3 million for its fiscal year ended January 2, 2010, a decrease of approximately I%. Consolidated net income decreased to $56.2 million from $90.7 million of consolidated net income for fiscal year 2009, primarily due to the impact of the loss on the repurchase and redemption of debt and higher interest costs, in connection with the company's refinancing of its capital structure in September 2010. Visant also reported consolidated earnings before net interest expense, provision for income taxes and depreciation and amortization expense (EBLTDA) for fiscal year 2010 of$292.7 million, a decrease of4% compared to consolidated EBITDA of$304.7 million for fiscal year 2009. Visant's consolidated Adjusted EBLTDA(defined in the accompanying summary of financial data) was $340.1 million for fiscal year 2010, an increase of 3% compared to consolidated Adjusted EBLTDA of $330.2 million for the comparable period in 2009. As previously disclosed, Adjusted EBLTDAfor 2009 has been adjusted to exclude certain non-recurring costs as more fully described below.

For Visant's fourth quarter ended January I, 2011, consolidated net sales were $251.5 million compared to consolidated net sales for the fourth quarter ended January 2,2010 of$255.1 million, a decrease of 1%. In addition, the company reported a consolidated net loss for the fourth quarter of 20I0 of $19.9 million, compared to net income of $1.3 million for the fourth quarter of 2009. This decrease was primarily attributable to higher interest costs. Consolidated EBITDA for the fourth quarter of2010 was $37.7 million, a decrease of 12% compared to consolidated EBLTDA of $43.0 million for the fourth quarter of 2009. Consolidated Adjusted EBITDA was $44.3 million for the fourth quarter of 2010, a decrease of 6% compared to consolidated Adjusted EBITDA of $47.1 million for the fourth quarter of2009.

Fiscal Year 2010

For the fiscal year ended January I, 20II, net sales for the Scholastic segment were $469.7 million, an increase of 2% compared to $462.7 million for the 2009 fiscal year. This increase was primarily attributable to the incremental impact from acquisitions completed during 2009 and 2010 as well as higher prices offset slightly by lower overall volumes.

Net sales for the Memory Book segment were $375.9 million for the fiscal year ended January I, 2011, a decrease of3% compared to $386.8 million for the 2009 fiscal year. This decrease was primarily attributable to lower volume.

Net sales for the Marketing and Publishing Services segment decreased $10.7 million, or 3%, to $395.3 million during the fiscal year ended January I, 2011 from $406.0 million for fiscal 2009. This decrease was primarily attributable to lower volume in our publishing services operations offset in part by higher volume in our sampling and direct marketing operations.

For the fiscal year ended January 1,20II, the Scholastic segment reported Adjusted EBITDA of $79.4 million, a decrease of $1.8 million compared to $81.2 million for fiscal 2009. This slight decrease was primarily due to the impact of higher precious metal costs year-over-year offset somewhat by higher prices.

The Memory Book segment reported Adjusted EBLTDAof$163.4 million for fiscal year 2010, an increase of$8.2 million, or 5%, compared to $155.2 million for fiscal 2009. This increase was primarily due to the impact of cost reduction initiatives and efficiencies.

The Marketing and Publishing Services segment reported Adjusted EBITDA of $97.3 million for the 2010 fiscal year, an increase of $3.5 million, or 4%, compared to $93.8 million during the full fiscal year 2009. This increase was primarily due to higher volume in our sampling and direct marketing operations and the impact of cost reduction initiatives, offset in part by lower volume in our publishing services operations.

Fourth Fiscal Quarter 2010

Net sales of the Scholastic segment increased slightly to $137.8 million for the fiscal quarter ended January 1, 2011 from $137.7 million for the fourth quarter ended January 2, 2010. Net sales of the Memory Book segment increased slightly to $17.5 million for the fourth quarter of2010 compared to $17.4 million for the fourth quarter of2009.

Net sales ofthe Marketing and Publishing Services segment decreased $3.7 million, or 4%, to $96.2 million for the fourth quarter of 2010 from $99.9 million for the fourth quarter of 2009. This decrease was primarily attributable to lower volume in our publishing services operations offset in part by higher volume in our direct marketing operations.

Adjusted EBITDA for the Scholastic segment decreased $1.5 million, or 6%, to $25.9 million for the fourth quarter of 20 10 from $27.4 million for the fourth quarter of2009. This decrease was primarily due to higher precious metal costs year-over-year and lower volume. The decrease was offset somewhat by higher prices.

Adjusted EBITDA for the Memory Book segment improved from a loss of $4.1 million for the fourth quarter of 2009 to a loss of $2.3 million for the fourth quarter of 2010. This improvement was primarily due to the impact of cost reduction initiatives and efficiencies.

Adjusted EBITDA for the Marketing and Publishing Services segment decreased $2.9 million, or 12%, to $20.8 million during the fourth quarter of2010 from $23.7 million in the fourth quarter of 2009. The decrease was primarily attributable to lower volume in our publishing services operations offset in part by higher volume in our direct marketing operations and the impact of cost reduction initiatives.

Consolidated Indebtedness

As ofJanuary 1, 2011, Visant's consolidated debt, comprised of the outstanding indebtedness under its senior secured credit facilities and its 10.00% senior notes due 2017, was $2,012.4 million, including $15.6 million of capital lease and equipment financing obligations and exclusive of original issue discount related to the term loan under the senior secured credit facilities of $23.7 million. Visant's cash position as of January 1, 2011 totaled $60.2 million.

On March 1, 2011, Visant announced the completion of a repricing of its term loan facility under its senior secured credit facilities. The amendment resulted in a decrease ofthe applicable margin to 4.00%, with respect to term loans bearing interest at LIBOR, and to 3.00%, with respect to term loans bearing interest at an alternate base rate (ABR), as well as a decrease in the LIBOR floor to 1.25% with respect to the LIBOR component ofthe interest rates on borrowings under the new term loans. Prior to the amendment, the applicable margins for LIBOR loans and ABR loans were 5.25% and 4.25%, respectively, and the LIBOR floor was 1.75%.

Visant has provided a reconciliation of net income to EBITDA and Adjusted EBITDA in the accompanying summary of financial data. Adjusted EBITDA for the 2009 fiscal year has been adjusted to exclude non-recurring costs incurred in connection with certain legal proceedings ongoing during such period.

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