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JOSTENS ANNOUNCES PRELIMINARY FISCAL-YEAR EARNINGS

 JOSTENS ANNOUNCES PRELIMINARY FISCAL-YEAR EARNINGS
 MINNEAPOLIS, July 20 /PRNewswire/ -- Jostens Inc. (NYSE: JOS) today


announced preliminary unaudited sales and earnings results for the fiscal year ended June 30, 1992.
 Sales for the year increased 2 percent to $876 million compared to $860 million a year ago. Net income was $61.4 million, down 4 percent from $64.2 million reported for the prior year. Earnings per share were $1.50 versus $1.58 for fiscal 1991.
 H. William Lurton, chairman and chief executive officer, said, "Although all of our businesses except the custom recognition products area reported sales gains over the prior year, I am disappointed that this year's sales and earnings performance was less than expected. The current economic climate, while not causing a major downturn in any of our businesses, has affected each of them in some way."
 School Products sales advanced 1 percent to $546 million in spite of a 5 percent decline in class ring sales. Cautious consumer spending impacted this area again in fiscal 1992, although ring unit order activity did improve in the latter part of this year.
 Jostens Learning sales reached $172 million, an increase of 7 percent over the prior year. Although its products sold well in many parts of the country, revenues were below recent expectations in some areas due to the impact of the economy on school budgets. In addition, some customer orders were delayed pending the release of new software products. These programs are scheduled for release in October along with the first prototype of Jostens Learning InterActiveMedia(TM), a new generation of video-based educational software. Although fiscal 1992 sales were less than anticipated, Jostens Learning is expected to return in fiscal 1993 to its long-term growth target of 25 percent.
 Jostens Recognition sales were down 1 percent from the previous year to $95 million and Sportswear sales declined 3 percent to $64 million, with that business reporting an operating loss for the year. New Sportswear management is redesigning much of the product line, which should generate improved results for fiscal 1993.
 Lurton added, "I am proud of our record as a performance-oriented company, and as I look ahead, I am confident that we will return to improved sales and earnings in fiscal 1993. Although we project some help from improving economic conditions in the coming months, our focus for fiscal 1993 will be on continuing to improve our marketing effectiveness and on controlling costs in all areas of the company.
 "Acquisition costs in excess of $2 million relating to the pending Wicat acquisition will reduce our first quarter earnings, but comparisons to fiscal 1992 should improve as we move through the year. Efficiencies in the School Products Group due to the recent plant consolidations, which should reduce manufacturing costs by at least $4 million in 1993, Jostens Learning's new product releases, a redesigned Sportswear line and an expected improvement in economic conditions, should all result in stronger performance in 1993."
 Jostens Inc. is a leading provider of products and services for the youth, education, sports award and recognition markets. The Fortune 500 company is listed on the New York Stock Exchange under the symbol JOS.
 JOSTENS, INC. AND SUBSIDIARIES
 STATEMENTS OF CONSOLIDATED INCOME
 (In thousands, except per share data)
 Year Ended Three Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 (Unaudited) (Unaudited)
 Net sales $876,395 $859,878 $336,357 $330,619
 Operating expenses 770,055 748,006 282,419 271,633
 Income before interest
 and taxes 106,340 111,872 53,938 58,986
 Interest expense 8,704 10,249 1,732 2,184
 Income before taxes 97,636 101,623 52,206 56,802
 Income taxes 36,223 37,459 19,388 20,928
 Net income $61,413 $64,164 $32,818 $35,874
 Earnings per share $1.50 $1.58 $.80 $.88
 Average shares
 outstanding 41,045 40,693 41,143 40,857
 -0- 7/20/92
 /CONTACT: Robb Prince of Jostens, 612-830-3262/
 (JOS) CO: Jostens Inc. ST: Minnesota IN: SU: ERN


KH -- MN015 -- 0917 07/20/92 16:38 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
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