Visant Corporation Announces 2004 Fourth Quarter and Full Year Results.ARMONK, N.Y. -- VISANT CORPORATION (formerly Jostens Jostens is an American company that produces class rings for various high schools and colleges as well as championship rings for sports, including the Super Bowl rings. They also publish yearbooks. The company is based in Minneapolis, Minnesota and was founded in 1897. IH Corp.) today announced 2004 fiscal year sales of $1,462.2 million and net income (loss) before net interest expense and loss on debt redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. , income taxes, and depreciation and amortization (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) of $246.5 million on an historical basis. The company also reported 2004 pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income of $24.6 million and $287.4 million of Adjusted EBITDA(1). On October October: see month. 4, 2004, Kohlberg Kravis Roberts Kohlberg Kravis Roberts & Co (commonly referred to as KKR) is a New York City-based private equity firm that focuses primarily on late-stage leveraged buyouts. It was founded in 1976 by Jerome Kohlberg, Jr., and cousins Henry Kravis and George R. & Co. L.P. and affiliates of DLJ Merchant Banking Partners DLJ Merchant Banking Partners (DLJMB) is a LBO-focused private equity firm of Credit Suisse. DLJMB has offices in New York, London and Los Angeles. External links
A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. printing, marketing and school-related affinity The relationship that a person has to the blood relatives of a spouse by virtue of the marriage. The doctrine of affinity developed from a Maxim of Canon Law that a Husband and Wife were made one by their marriage. There are three types of affinity. products and services organization comprised of the operations of Jostens, Inc. ("Jostens"), Von Von. For some German names beginning thus, see under the proper name; e.g., for Otto von Bismarck, see Bismarck, Otto von. (Voice On the Net, Video On the Net) A trade show sponsored by pulver. Hoffmann Hoffmann thrice a loser when one girl turns out to be a mechanical doll, the second dies, and the third loves another man. [Fr. Opera: Tales of Hoffmann in Scholes, 1005] See : Love, Unrequited Holdings Inc. ("Von Hoffmann"), including Von Hoffmann's subsidiary, The Lehigh Lehigh (lē`hī), river, 103 mi (166 km) long, rising in NE Pa. and flowing generally SE to the Delaware River at Easton. It flows through the Lehigh Valley, where rich anthracite deposits made Allentown and Bethlehem (a famed steel producer) Press, Inc. ("Lehigh"), and AHC AHC Appalachian Hardwood Center AHC American Heritage Center (University of Wyoming, Laramie, WY) AHC American Horse Council AHC Association for History and Computing AHC Australian Heritage Commission AHC Assault Helicopter Company I Acquisition Corp. ("Arcade arcade, series of arches supported by columns or piers. An arcade may stand free; if it is attached to a wall it is called a wall arcade or a blind arcade. The earliest-known arcades were in Roman architecture, in which piers, ornamented with engaged columns carrying "). On February February: see month. 22, 2005, the company announced that it along with its parent, Jostens Holding Corp., had been renamed Visant Corporation ("Visant") and Visant Holding Corp., respectively. The new name, derived de·rive v. de·rived, de·riv·ing, de·rives v.tr. 1. To obtain or receive from a source. 2. from the word "advisor", reflects the organization's strategy to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the collective resources of the Jostens, Von Hoffmann, Lehigh and Arcade businesses in an effort to guide and support the companies toward optimal growth for each of their businesses and the organization as a whole. As a result of the October 4, 2004 transactions, in addition to reporting audited GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). statements of operations for the fourth quarter and fiscal year ended January January: see month. 1, 2005, Visant is presenting unaudited pro forma summary financial information for the 2004 periods and the corresponding periods in 2003 in order to present a meaningful comparison. The results of Visant's Print Group, comprised of the operations of Von Hoffmann, Lehigh Lithographers, Arcade and Lehigh Direct have been presented on an aggregate basis. The unaudited pro forma condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of operations for the periods presented give effect to (1) the October 4th transactions and related financing; (2) the 2003 merger of Jostens with an affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. of DLJMBP; (3) adjustments to exclude the effect on costs of products sold of purchase accounting adjustments to Jostens' inventory in connection with the 2003 merger, as well as transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). related to the 2003 merger; (4) the acquisition by Von Hoffmann of Lehigh; (5) the reclassification Reclassification The process of changing the class of mutual funds once certain requirements have been met. These requirements are generally placed on load mutual funds. Reclassification is not considered to be a taxable event. of the Lehigh Direct division from a discontinued operation discontinued operation A segment of a business that has been abandoned or sold or for which plans for one or another of these actions have been approved. See also continuing operations. to a continuing operation; and (6) the December December: see month. 21, 2004 amendment to the Visant credit agreement for the re-pricing of its Tranche Tranche One of several related securities offered at the same time. Tranches from the same offering usually have different risk, reward, and/or maturity characteristics. tranche A class of bonds. C term loan, as if they had all occurred on December 29, 2002. The unaudited pro forma information is based upon available information and certain assumptions that the company believes are reasonable under the circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . The unaudited pro forma financial information is presented for informational purposes only and does not purport To convey, imply, or profess; to have an appearance or effect. The purport of an instrument generally refers to its facial appearance or import, as distinguished from the tenor of an instrument, which means an exact copy or duplicate. PURPORT, pleading. to represent what the company's results of operations or financial condition would actually have been had all of the events described above, including the October 4th transactions, occurred on the date indicated, nor does it purport to project the results of operations or financial condition of Visant for any future period or as of any future date. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the three-month period and fiscal year ended January 1, 2005 were $319.8 million and $1,462.2 million, respectively, a decrease of 1.3% and an increase of 3.7% over respective prior year periods. Net sales for Jostens were $182.7 million for the three-month period, a decrease of 7.7%, compared to $198.0 million in the prior year comparative period. This period over period decrease was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the timing of shipments from fourth quarter to third quarter compared to prior year. Net sales for the Print Group were $137.2 million for the three-month period, an increase of 8.9%, compared to $125.9 million of pro forma net sales in 2003. This growth resulted primarily from higher direct mail sales. Fiscal 2004 full year net sales for Jostens were $807.2 million, an increase of 2.4%, compared to $788.2 million in 2003 and net sales for the Print Group were $654.9 million, an increase of 5.4%, compared to $621.3 million of pro forma net sales in 2003. Pro forma net loss for the three-month period ended January 1, 2005 was $5.5 million, compared to the fourth quarter 2003 pro forma net loss of $16.4 million. Pro forma net income for fiscal 2004 was $24.6 million, compared to $7.1 million in 2003. Adjusted EBITDA (as defined in the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. summary of financial data) on a pro forma basis for the three-month period and fiscal year was $61.2 million and $287.4 million, respectively, an increase of 5.4% and 8.7%, respectively, over prior year comparative periods. Visant has provided a reconciliation of pro forma net (loss) income to Adjusted EBITDA in the accompanying summary of financial data. Fourth quarter 2004 Adjusted EBITDA on a pro forma basis for Jostens was up 5.0% to $44.4 million, compared to $42.3 million in 2003, despite the decrease in sales. This increase was primarily due to cost reductions. The Print Group reported fourth quarter 2004 Adjusted EBITDA of $18.4 million, compared to $15.7 million in 2003, due to increased volume of higher margin work and administrative cost administrative cost Managed care A cost incurred by the 'business' end of a health care facility or university–eg, staffing and personnel costs, nursing home and hospital administration, insurance, and overhead expenses. Cf Indirect costs. reductions. Full year 2004 Adjusted EBITDA on a pro forma basis for Jostens was $171.5 million, compared to $155.8 million in 2003 primarily due to higher volume and cost reductions. The Print Group reported full year 2004 Adjusted EBITDA of $117.7 million, compared to $108.5 million in 2003 primarily due to higher volume. At year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2004, Visant's cash position was $82.3 million, and $8.3 million was outstanding under its revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. . Total debt less cash of Visant was $1,446.0 as of January 1, 2005. Visant made an optional bank debt pre-payment of $63.6 million on February 22, 2005. "We are very pleased to report solid performance in our first full quarter since the close of the transactions in October 2004," said Marc Reisch, Chairman, President and Chief Executive Officer of Visant. "We will continue the momentum underway in integrating the businesses for optimal growth and customer satisfaction. Our recent debt prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. reflects the ability of these businesses to generate significant free cash flow." Jostens is a leading provider of school-related affinity products and services that help people celebrate important moments, recognize achievements and build affiliation affiliation (  fil´ēā´sh . Jostens' products include
yearbooks, class rings, graduation Graduation is the action of receiving or conferring an academic degree or the associated ceremony. The date of event is often called degree day. The event itself is also called commencement, convocation or invocation. products and school photography.Visant's Print Group includes the operations of Von Hoffmann, Lehigh Lithographers, Arcade and Lehigh Direct. Von Hoffmann is a leading manufacturer of four-color four-col·or adj. Of or being an overprinting or photographic process in which three primary colors and black are transferred by four different plates or filters to a surface, reproducing the colors of the subject matter. case bound and soft-cover educational textbooks, standardized test A standardized test is a test administered and scored in a standard manner. The tests are designed in such a way that the "questions, conditions for administering, scoring procedures, and interpretations are consistent" [1] materials and related components for major educational publishers in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Lehigh Lithographers is a leading manufacturer of textbook textbook Informatics A treatise on a particular subject. See Bible. covers. Von Hoffmann also provides commercial printing services to non-educational customers, including business-to-business  This article or section needs copy editing for grammar, style, cohesion, tone and/or spelling.You can assist by [ editing it] now. catalogers. Arcade is a leading global marketer and manufacturer of multi-sensory and interactive advertising sampling systems for the fragrance, cosmetics cosmetics, preparations externally applied to change or enhance the beauty of skin, hair, nails, lips, and eyes. The use of body paint for ornamental and religious purposes has been common among primitive peoples from prehistoric times (see body-marking). and personal care markets as well as other consumer product markets, including household products and the food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. industries. Lehigh Direct provides a range of innovative printing products and services to the direct marketing sector. This release may contain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. ." Forward-looking statements are based on our current expectations or forecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project," or "continue," or the negative thereof or similar words. We base these forward-looking statements on assumptions that we believe are reasonable; however, these assumptions may prove incorrect Incorrect means to not be correct and may also refer to:
2. following the consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the transactions; our inability to implement our business strategy and achieve anticipated cost savings in a timely and effective manner; competition from other companies; the seasonality of our businesses; loss of significant customers or customer relationships; fluctuations of raw material prices and our reliance on a limited number of suppliers; Jostens' reliance on independent sales representatives; our reliance on numerous complex information systems; Von Hoffmann's dependency dependency In international relations, a weak state dominated by or under the jurisdiction of a more powerful state but not formally annexed by it. Examples include American Samoa (U.S.) and Greenland (Denmark). on the sale of school textbooks; the textbook adoption cycle and levels of government funding for education spending; the reliance of our businesses on limited production facilities; the amount of capital expenditures required at our businesses; the failure of Arcade's sampling systems to comply with U.S. postal Postal can refer to:
When a person begins a civil lawsuit, the person enters into a process called litigation. ; and control by our controlling shareholders. (1) As defined in the accompanying summary of financial data.
We have presented unaudited pro forma condensed consolidated
statements of operations for Visant Corporation for the periods
indicated to aid the understanding of financial information. In
addition, we have presented unaudited supplemental data for Jostens,
Inc. and Visant's Print Group, which is comprised of the operations of
Von Hoffmann, Arcade and Lehigh. The unaudited pro forma condensed
consolidated statements of operations for the three and twelve month
periods ended January 1, 2005 and January 3, 2004 include adjustments
which give effect to (1) the October 4th transactions and related
financing; (2) the 2003 merger of Jostens with an affiliate of DLJMBP;
(3) adjustments to exclude the effect on costs of products sold of
purchase accounting adjustments to Jostens' inventory in connection
with the 2003 merger, as well as transaction costs related to the 2003
merger; (4) the acquisition by Von Hoffmann of The Lehigh Press, Inc.;
(5) the reclassification of the Lehigh Direct division from a
discontinued operation to a continuing operation, and (6) the December
21, 2004 amendment to the credit agreement for the re-pricing of its
Tranche C Term Loan, as if they had all occurred on December 29, 2002.
The unaudited pro forma condensed consolidated statement of operations
for fiscal year 2003 is presented to show the combination of (1)
Consolidated Visant Corp. 5 Months Successor financial information
which consists of historical consolidated financial data of Jostens,
Inc., Von Hoffmann and Arcade after July 29, 2003, (2) Jostens, Inc. 7
Months Predecessor financial information which is the historical
consolidated financial data of Jostens, Inc. prior to July 29, 2003,
and (3) Pro Forma Adjustments as defined above as well as the
historical consolidated financial data of Von Hoffmann and Arcade
prior to July 29, 2003. The unaudited pro forma information is based
upon available information and certain assumptions that the company
believes are reasonable under the circumstances. The unaudited pro
forma financial information is presented for informational purposes
only and does not purport to represent what the company's results of
operations or financial condition would actually have been had all of
the events described above, including the October 4th. transactions,
occurred on the date indicated, nor does it purport to project the
results of operations or financial condition of Visant Corporation for
any future period or as of any future date. The foregoing information
may contain financial measures other than in accordance with generally
accepted accounting principles and should not be considered in
isolation from or as a substitute for the company's historical
condensed consolidated financial statements. The company presents this
information because management uses it to monitor and evaluate the
company's ongoing operating results and trends, and believes it
provides investors an understanding of the company's operating
performance over comparative periods, and because the covenants in our
debt agreements are tied to these measures.
VISANT CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Fiscal Year 2004
-------------------------------------
Consolidated Pro Forma
In thousands Visant Corp. Adjustments Pro Forma
----------------------------------------------------------------------
Net sales $1,462,161 $-- $1,462,161
Cost of products sold 914,964 (35,751) 879,213
----------------------------------------------------------------------
Gross profit 547,197 35,751 582,948
Selling and administrative
expenses 434,197 (448) 433,749
Transaction costs 15,899 (15,899) -
Special charges 15,663 - 15,663
----------------------------------------------------------------------
Operating income 81,438 52,098 133,536
Loss on redemption of debt 75,849 (75,849) -
Interest expense, net 143,817 (50,140) 93,677
Other income (1,092) - (1,092)
----------------------------------------------------------------------
(Loss) income before income
taxes (137,136) 178,087 40,951
(Benefit from) provision for
income taxes (46,728) 63,108 16,380
Cumulative effect of accounting
change - - -
----------------------------------------------------------------------
Net (loss) income $(90,408) $114,979 $24,571
======================================================================
Adjusted EBITDA (1) $287,376
Adjusted EBITDA Reconciliation:
In thousands Pro Forma
----------------------------------------------------------------------
Net (loss) income $24,571
Interest expense, net 93,677
Income taxes 16,380
Depreciation and amortization
expense (2) 127,778
------------
EBITDA 262,406
Special charges (3) 15,663
Other (4) 9,307
--------------------------------- ------------
Adjusted EBITDA (1) $287,376
================================= ============
Fiscal Year 2003
------------------------------------------------
Consolidated
Visant Corp. Jostens, Inc.
5 Months 7 Months Pro Forma
In thousands Successor Predecessor Adjustments Pro Forma
----------------------------------------------------------------------
Net sales $502,664 $504,058 $402,821 $1,409,543
Cost of products sold 335,826 218,594 313,947 868,367
----------------------------------------------------------------------
Gross profit 166,838 285,464 88,874 541,176
Selling and
administrative
expenses 168,470 196,430 69,521 434,421
Transaction costs 226 30,960 (31,186) -
Special charges - - - -
----------------------------------------------------------------------
Operating income (1,858) 58,074 50,539 106,755
Loss on redemption of
debt 503 13,878 (14,381) -
Interest expense, net 66,691 32,446 (4,135) 95,002
Other income - - - -
----------------------------------------------------------------------
(Loss) income
before income
taxes (69,052) 11,750 69,055 11,753
(Benefit from)
provision for income
taxes (18,755) 8,695 14,761 4,701
Cumulative effect of
accounting change - (4,585) 4,585 -
----------------------------------------------------------------------
Net (loss) income $(50,297) $7,640 $49,709 $7,052
======================================================================
Adjusted EBITDA (1) $264,299
Adjusted EBITDA
Reconciliation:
In thousands Pro Forma
----------------------------------------------------------------------
Net (loss) income $7,052
Interest expense, net 95,002
Income taxes 4,701
Depreciation and
amortization expense (2) 151,494
-----------
EBITDA 258,249
Special charges (3) -
Other (4) 6,050
---------------------- -----------
Adjusted EBITDA (1) $264,299
====================== ===========
VISANT CORPORATION AND SUBSIDIARIES
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended January 1, 2005
----------------------------------
Consolidated Pro Forma
In thousands Visant Corp. Adjustments Pro Forma
----------------------------------------------------------------------
Net sales $319,849 $-- $319,849
Cost of products sold 193,847 (3,290) 190,557
----------------------------------------------------------------------
Gross profit 126,002 3,290 129,292
Selling and administrative expenses 105,662 401 106,063
Transaction costs 15,885 (15,885) -
Special charges 9,856 - 9,856
----------------------------------------------------------------------
Operating (loss) income (5,401) 18,774 13,373
Loss on redemption of debt 75,429 (75,429) -
Interest expense, net 26,047 (2,987) 23,060
Other income (1,092) - (1,092)
----------------------------------------------------------------------
(Loss) income before income taxes (105,785) 97,190 (8,595)
(Benefit from) provision for income
taxes (50,047) 46,969 (3,078)
----------------------------------------------------------------------
Net (loss) income $(55,738) $50,221 $(5,517)
======================================================================
Adjusted EBITDA (1) $61,152
Adjusted EBITDA Reconciliation:
In thousands Pro Forma
----------------------------------------------------------------------
Net (loss) income $(5,517)
Interest expense, net 23,060
Income taxes (3,078)
Depreciation and amortization
expense 32,430
---------
EBITDA 46,895
Special charges (3) 9,856
Other (4) 4,401
------------------------------------ ---------
Adjusted EBITDA (1) $61,152
==================================== =========
Three Months Ended January 3, 2004
----------------------------------
Consolidated Pro Forma
In thousands Visant Corp. Adjustments Pro Forma
----------------------------------------------------------------------
Net sales $318,691 $5,252 $323,943
Cost of products sold 186,532 25,535 212,067
----------------------------------------------------------------------
Gross profit 132,159 (20,283) 111,876
Selling and administrative expenses 113,940 1,280 115,220
Transaction costs 226 (226) -
Special charges - - -
----------------------------------------------------------------------
Operating (loss) income 17,993 (21,337) (3,344)
Loss on redemption of debt 404 (404) -
Interest expense, net 42,038 (18,264) 23,774
Other income - - -
----------------------------------------------------------------------
(Loss) income before income taxes (24,449) (2,669) (27,118)
(Benefit from) provision for income
taxes (7,422) (3,284) (10,706)
----------------------------------------------------------------------
Net (loss) income $(17,027) $615 $(16,412)
======================================================================
Adjusted EBITDA (1) $58,000
Adjusted EBITDA Reconciliation:
In thousands Pro Forma
----------------------------------------------------------------------
Net (loss) income $(16,412)
Interest expense, net 23,774
Income taxes (10,706)
Depreciation and amortization
expense 58,794
---------
EBITDA 55,450
Special charges (3) -
Other (4) 2,550
------------------------------------ ---------
Adjusted EBITDA (1) $58,000
==================================== =========
(1) The indentures governing our and our parent's outstanding notes
and our senior secured credit facilities contain financial ratios
that are calculated by reference to Adjusted EBITDA. Adjusted
EBITDA is defined as net income (loss) plus net interest expense,
income taxes and depreciation and amortization, further adjusted
to give effect to adjustments required in calculating covenant
ratios and compliance under the indentures governing our and our
parent's notes and our senior secured credit facilities. Adjusted
EBITDA is a material component of these covenants. For example,
non-compliance with the financial ratio maintenance covenants
contained in our senior secured credit facilities could result in
the requirement to immediately repay all amounts outstanding under
such facilities, while non-compliance with the debt incurrence
ratios contained in the indentures governing our and our parent's
notes would prohibit Visant Corporation and its restricted
subsidiaries from being able to incur additional indebtedness
other than pursuant to specified exceptions. Adjusted EBITDA is
not a presentation made in accordance with generally accepted
accounting principles in the United States of America (GAAP), is
not a measure of financial condition or profitability, and should
not be considered as an alternative to (1) net income (loss)
determined in accordance with GAAP or (2) operating cash flows
determined in accordance with GAAP. Additionally, Adjusted EBITDA
is not intended to be a measure of free cash flow for management's
discretionary use, as it does not consider certain cash
requirements such as interest payments, tax payments and debt
service requirements. Because not all companies use identical
calculations, this presentation of Adjusted EBITDA may not be
comparable to other similarly titled measures of other companies.
(2) Consolidated Visant Corporation depreciation and amortization
expense for fiscal year 2004 was $164.0 million.
(3) Consists primarily of restructuring charges.
(4) Activity in other for 2004 primarily includes certain costs
related to the shutdown of a facility, the restricted stock
issuance and signing bonus granted to senior management in
connection with the October 4, 2004 transactions, management and
advisory fees, a LIFO adjustment and other non-operating income.
In 2003, amounts in other primarily include severance costs,
litigation costs, and management and advisory fees.
VISANT CORPORATION AND SUBSIDIARIES
UNAUDITED SUPPLEMENTAL DATA
Fiscal Year
2004 Fiscal Year 2003
----------- ----------------------------------------------
Consolidated
Visant Jostens,
Visant Corp. Inc.
Corp. 5 Months 7 Months Pro Forma
In thousands Pro Forma Successor Predecessor Adjustments Pro Forma
------------ ---------- ----------------------------------------------
Net Sales
------------
Jostens,
Inc. $807,239 $284,171 $504,058 $-- $788,229
Print Group 654,922 218,493 - 402,821 621,314
----------- ----------------------------------------------
Total $1,462,161 $502,664 $504,058 $402,821 $1,409,543
Adjusted
EBITDA
------------
Jostens,
Inc. $171,487 $155,807
Print Group 117,691 108,492
Other (1,802) -
----------- -----------
Total $287,376 $264,299
Three Months
Ended
January 1,
2005 Three Months Ended January 3, 2004
----------- ----------------------------------
Visant Consolidated
Corp. Visant Pro Forma
In thousands Pro Forma Corp. Adjustments Pro Forma
------------ ---------- ----------------------------------
Net Sales
------------
Jostens,
Inc. $182,672 $198,008 $-- $198,008
Print Group 137,177 120,683 5,252 125,935
----------- ----------------------------------
Total $319,849 $318,691 $5,252 $323,943
Adjusted
EBITDA
------------
Jostens,
Inc. $44,424 $42,321
Print Group 18,362 15,679
Other (1,634) -
----------- -----------
Total $61,152 $58,000
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