Visant ends first quarter with $1.9 billion debt; sales dip slightly

By Lisa Kerner

Charlotte, N.C., May 12 - Visant Corp. ended the first quarter on March 29 with consolidated debt of about $1.9 billion and cash of $123 million, including outstanding debt under its senior secured credit facilities and its 10% senior notes due 2017.

The Armonk, N.Y.-based marketing and publishing company had accrued roughly $52 million of interest under its senior notes and senior secured credit facilities as of quarter end, according to its earnings news release.

Net sales for the first fiscal quarter totaled about $244 million, compared to $245 million for the prior-year period.

Visant reported a consolidated net loss of about $10 million for quarter of 2014, compared to a consolidated net loss of about $15 million for the first fiscal quarter of 2013.

Adjusted EBITDA was down $2.1 million year over year at $45.9 million.

The company's net sales by segment for the quarter compared to same period last year were as follows: Scholastic segment sales were down at $139 million compared to $146 million due to lower volumes; Memory Book segment sales were down $200,000 at $5.4 million; and Marketing and Publishing Services segment sales increased $5.4 million to $99.3 million due to the acquisition of SAS Carestia on July 1.

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