ARMONK, NY, March 7, 2006

VISANT CORPORATION today announced 2005 full year consolidated netsales of $1,498.3 million, an increase of 2.5% over 2004 consolidated net sales of $1,462.2 million. In addition, theCompany reported consolidated net income for full year 2005 of $48.1 million, compared to a consolidated net loss of $90.4million for 2004. Visant also reported consolidated net income before net interest expense, provision for income taxes, anddepreciation and amortization expense (EBITDA) of $293.1 million for full year 2005, an increase of 71.8%, versus $170.7million for the same prior year period. Visant announced consolidated Adjusted EBITDA (as defined in the accompanyingsummary of financial data) of $319.7 million for full year 2005, an increase of 11.2%, compared to Adjusted EBITDA of$287.4 million for 2004.

For the fourth quarter of 2005, consolidated net sales were $338.5 million, an increase of 5.8% over $319.8 millionfor the comparable 2004 period. Consolidated net income increased during the fourth quarter of 2005 to $7.9 million from anet loss of $55.7 million for the same period of 2004. Consolidated EBITDA for the fourth quarter of 2005 totaled $66.6million, versus an EBITDA loss of $43.9 million for the fourth quarter of 2004. Consolidated Adjusted EBITDA (as definedin the accompanying summary of financial data) totaled $69.0 million for the fourth quarter of 2005, an increase of 11.9%,compared to Adjusted EBITDA of $61.7 million for the same period of 2004."Visant had a very solid 2005, and a strong fourth quarter", commented Marc Reisch, Visant's Chairman, Presidentand Chief Executive Officer. "I am especially pleased that the Company has prepaid $203.5 million of bank term loans in ourfirst fifteen months of operations. The significant improvement in our Adjusted EBITDA margin highlights the improvementin our operations and the benefits from the cost synergies that have been realized."Visant has provided a reconciliation of net income to EBITDA and Adjusted EBITDA in the accompanyingsummary of financial data. It should be noted that Adjusted EBITDA as presented excludes certain non-recurring costs,including Jostens incremental diploma costs. These higher than planned diploma production and delivery costs were incurredin connection with the manufacturing inefficiencies resulting from relocation of Jostens' diploma operations out of the RedWing, Minnesota manufacturing facility to certain other facilities in 2005. These non-recurring costs were not excluded fromAdjusted EBITDA as presented in previous quarters of 2005.Supplemental data has also been provided for Visant's segments. Visant has further disaggregated its segmentdisclosure to present Jostens, Inc. ("Jostens") in three segments: a) Jostens Yearbook, b) Jostens Scholastic and c) JostensPhoto. Visant's other business has been presented in two segments: a) Marketing and Publishing Services and b) EducationalTextbooks.

Full Year 2005 versus 2004Jostens reported full year 2005 net sales of $840.4 million, an increase of 4.1%, compared to $807.2 million in 2004.Jostens' Scholastic business reported full year 2005 net sales of $425.0 million, an increase of 4.7% over the $406.1 millionin 2004. This year-over-year increase was primarily attributable to stronger sales of both class rings and graduation products,as well as pricing increases. Jostens' Yearbook business reported full year 2005 net sales of $348.5 million, an increase of4.5% over the $333.6 million in 2004, due to stronger sales volume as well as pricing increases. Jostens' Photo segmentreported full year 2005 net sales of $66.9 million, versus $67.5 million in 2004.

Visant's Marketing and Publishing Services segment reported 2005 net sales of $479.3 million, an increase of 2.6%over the $467.0 million reported in 2004. This growth was primarily attributable to increased direct marketing and samplingvolume, partially offset by a reduction in sales of approximately $12.2 million related to the closure of the Frederick,Maryland facility during the first quarter of 2005. Net sales for Visant's Educational Textbooks business were $187.0million for full year 2005, a decrease of 4.0%, compared to $194.7 million of net sales in 2004. The decrease in net salesfrom textbooks was primarily attributable to lower pricing and lower sales of paper to customers.

Jostens reported full year 2005 Adjusted EBITDA of $200.1 million, an increase of 17.4% or $29.6 million,compared to $170.5 million in 2004. Jostens' Scholastic business reported full year 2005 Adjusted EBITDA of $82.3million, an increase of 15.5% over the $71.3 million reported in 2004, primarily due to increased net sales and cost reductionsin 2005. This Adjusted EBITDA amount excludes $14.7 million of higher than planned diploma production and deliverycosts in connection with the manufacturing inefficiencies resulting from relocation of Jostens' diploma operations out of itsRed Wing, Minnesota manufacturing facility to certain other facilities in 2005. Jostens' Yearbook business reported full year2005 Adjusted EBITDA of $110.7 million, an increase of 18.6% over the $93.3 million reported in 2004 as a result of highernet sales, operating synergies and other cost reductions. The increase in Adjusted EBITDA from 2004 to 2005 of JostensScholastic and Jostens Yearbook included $3.2 million and $1.8 million, respectively, due to a reclassification from sellingexpense to amortization expense. Excluding the effect of this reclassification, the full year 2005 Adjusted EBITDA ofJostens Scholastic and Jostens Yearbook increased 10.9% and 16.7%, respectively, over 2004. Jostens' Photo segmentreported Adjusted EBITDA of $7.1 million, an increase of 20.1% from the $5.9 million reported in 2004, as a result of costreductions.Visant's Marketing and Publishing Services segment reported full year 2005 Adjusted EBITDA of $90.7 million, anincrease of 13.9%, as compared to 2004 Adjusted EBITDA of $79.6 million. This improvement was primarily attributable togrowth in sales of direct marketing and sampling materials as well as savings from operating synergies and other costreductions in 2005. Adjusted EBITDA for Visant's Educational Textbooks business was $28.9 million for 2005, a decreaseof 22.5%, as compared to $37.3 million of Adjusted EBITDA in 2004. This decrease was attributable to lower pricing andsignificant operating inefficiencies during peak production periods, offset in part by cost reductions from operating synergies.Fourth Quarter 2005 versus 2004Net sales for Jostens were $189.9 million for the fourth quarter of 2005, an increase of 4.0%, compared to $182.7million in the fourth quarter of 2004. Jostens' Scholastic business reported net sales in the fourth quarter of 2005 of $127.4million, an increase of 10.2% over the fourth quarter of 2004. This period-over-period increase was primarily attributable tostronger sales of class rings and graduation products. Jostens' Yearbook business reported fourth quarter 2005 net sales of$27.8 million, a decrease of 3.5% compared to the $28.8 million reported in the fourth quarter of 2004, due to the timing ofshipments. Jostens' Photo segment reported fourth quarter 2005 net sales of $34.7 million, down 9.3% from the $38.2million recorded in the comparable period of 2004, resulting from a reduction in the number of accounts.

Visant's Marketing and Publishing Services segment reported fourth quarter 2005 revenues of $117.7 million, anincrease of 9.9%, as compared to 2004's fourth quarter net sales of $107.1 million. This increase was primarily attributableto growth in sales of direct marketing and sampling materials in the fourth quarter of 2005. Net sales for Visant'sEducational Textbooks business in the quarter were $32.7 million for 2005, an increase of 3.8% over the $31.5 million of netsales in the fourth quarter of 2004, due to higher sales of paper to customers.

Jostens reported fourth quarter 2005 Adjusted EBITDA of $46.0 million, an increase of 5.6% or $2.4 million,compared to $43.5 million in the 2004 fourth quarter. Jostens' Scholastic business reported fourth quarter 2005 AdjustedEBITDA of $34.7 million, an increase of 14.4% over the $30.3 million reported in 2004 fourth quarter, primarily due tohigher net sales in the fourth quarter of 2005. Jostens' Yearbook business reported $0.1 million of an Adjusted EBITDAloss, versus $0.8 million of Adjusted EBITDA in the fourth quarter of 2004. This decrease was a primarily a result of thelower sales during the quarter. Fourth quarter 2005 Adjusted EBITDA of Jostens Scholastic and Jostens Yearbook increased$0.8 million and $0.5 million, respectively, versus the fourth quarter of 2004 due to a reclassification from selling expense toamortization expense. Jostens' Photo segment reported Adjusted EBITDA of $11.3 million, a decrease from the $12.3million recorded in the fourth quarter of 2004. This decrease was the result of lower sales volume during the fourth quarterof 2005.

Visant's Marketing and Publishing Services segment reported fourth quarter 2005 Adjusted EBITDA of $21.1million, an increase of 49.8% as compared to 2004 fourth quarter Adjusted EBITDA of $14.1 million. This improvementwas primarily attributable to growth in sales of direct marketing and sampling materials as well as savings from our operatingsynergies. Fourth quarter 2005 Adjusted EBITDA for Visant's Educational Textbooks business was $1.9 million, a decreaseof $2.1 million as compared to $4.0 million of Adjusted EBITDA reported in the fourth quarter of 2004. This decrease wasattributable to higher period-over-period costs.

As of December 31, 2005, Visant Corporation's consolidated debt was $1,328.4 million, including $11.9 millionoutstanding under its Canadian revolving line of credit. Visant's cash position at December 31, 2005 totaled $19.9 million.In December 2005, Visant voluntarily pre-paid an additional $90.0 million under its Term Loan A and an additional $10.0million of Term Loan C under its senior secured credit facilities. With these prepayments, the outstanding balance atDecember 31, 2005 under the Term Loan A was extinguished and the balance under the Term Loan C was reduced to $816.5million. Since the consummation of the transactions that formed Visant in October 2004, Visant has made voluntary prepaymentson its bank term loans of $203.5 million, representing the originally scheduled payments through most of 2010.Visant used cash flow generated from operations and $6.1 million from proceeds of equity investments by certain membersof management during 2005 to make these pre-payments.

Visant Corporation's parent, Visant Holding Corp., additionally had senior discount notes with an accreted value of $184.7 million and cash of $0.8 million as of December 31, 2005.Jostens is a leading provider of school-related affinity products and services that help people celebrate importantmoments, recognize achievements and build affiliation. Jostens' operations are reported in three segments: a) JostensScholastic, which includes the production of class rings and graduation products, b) Jostens Yearbook

Visant's Marketing and Publishing Services produces multi-sensory and interactive advertising sampling systems,primarily for the fragrance, cosmetics and personal care markets, and innovative printed products and services to the directmarketing sector. The group also produces test and supplemental materials and related components for educationalpublishers. Visant's Educational Textbook segment is primarily engaged in the production of four-color case boundeducational textbooks.

This release may contain "forward-looking statements." Forward-looking statements are based on our current expectations orforecasts of future events. Forward-looking statements generally can be identified by the use of forward-looking terminologysuch as "may", "might", "will", "should", "estimate", "project", "plan", "anticipate", "expect", "intend", "outlook","continue", "believe", or the negative thereof or other similar expressions that are intended to identify forward-lookingstatements and information. Such forward-looking statements involve known and unknown risks, uncertainties and otherimportant factors that could cause the actual results, performance or achievements of the company or industry results, todiffer materially from historical results, any future results, performance or achievements expressed or implied by suchforward-looking statements. These forward-looking statements are based on estimates and assumptions by our managementthat, although we believe are reasonable, are inherently uncertain and subject to a number of risks and uncertainties, and youshould not place undue reliance on them. Such risks and uncertainties include, but are not limited to, the following: oursubstantial indebtedness; our inability to implement our business strategy and achieve anticipated cost savings in a timely andeffective manner; competition from other companies; the seasonality of our businesses; the loss of significant customers orcustomer relationships; fluctuations in raw material prices; our reliance on a limited number of suppliers; our reliance onnumerous complex information systems; the reliance of our businesses on limited production facilities; the amount of capitalexpenditures required at our businesses; labor disturbances; environmental regulations; foreign currency fluctuations andforeign exchange rates; the outcome of litigation; control by our controlling stockholders; our dependency on the sale ofschool textbooks, the textbook adoption cycle and levels of government funding for education spending; Jostens' reliance onindependent sales representatives; and the failure of our sampling systems to comply with U.S. postal regulations. Thesefactors could cause actual results to differ materially from historical results or those anticipated or predicted by the forwardlookingstatements. We caution that the foregoing list of important factors is not exclusive. Forward-looking statementsspeak only as of the date they are made and we undertake no obligation to update publicly or revise any of them in light ofnew information, future events or otherwise, except as required by law.

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View as PDF:
2005 Q4 Press Release (PDF)

Contacts:
Paul Carousso
(914) 595-8218