VISANT CORP

CIK:0001308085|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014	Jul. 04, 2015	Jun. 28, 2014
Income Statement [Abstract]
Net sales	$ 380,369	$ 389,444	$ 549,979	$ 558,012
Cost of products sold	139,130	144,930	208,681	214,863
Gross profit	241,239	244,514	341,298	343,149
Selling and administrative expenses	95,162	97,777	179,194	181,894
Gain on disposal of fixed assets	(6)	(122)	(341)	(325)
Special charges	54,174	4,253	56,053	5,599
Operating income	91,909	142,606	106,392	155,981
Interest expense, net	35,102	38,615	70,460	77,398
Equity in income of affiliate	(6,490)		(4,669)
(Loss) income before income taxes	63,297	103,991	40,601	78,583
Provision for income taxes	41,300	47,519	33,134	35,627
Income from continuing operations	21,997	56,472	7,467	42,956
Income from discontinued operations, net of tax	67	7,669	173	11,284
Net income	22,064	64,141	7,640	54,240
Comprehensive income	$ 20,143	$ 64,584	$ 6,165	$ 55,299

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jul. 04, 2015	Jun. 28, 2014
Statement of Cash Flows [Abstract]
Net income	$ 7,640	$ 54,240
Adjustments to reconcile net loss to cash (used in) provided by operating activities:
Income from discontinued operations	(173)	(11,284)
Equity in income of affiliate	(4,669)
Depreciation	18,303	17,931
Amortization of intangible assets	8,286	7,385
Amortization of debt discount, premium and deferred financing costs	3,213	6,690
Other amortization	148	153
Deferred income taxes	(3,605)	1,500
Gain on disposal of fixed assets	(341)	(325)
Excess tax benefit from share based arrangements		(36)
Loss on asset impairments	53,300	209
Changes in assets and liabilities:
Accounts receivable	(18,808)	(33,106)
Inventories	26,887	35,304
Salespersons overdrafts	8,808	8,959
Prepaid expenses and other current assets	5,344	3,520
Accounts payable and accrued expenses	(7,110)	(7,861)
Customer deposits	(112,020)	(101,249)
Commissions payable	17,717	15,841
Income taxes payable/receivable	32,337	41,448
Interest payable	95	83
Other operating activities, net	(5,103)	(2,128)
Net cash provided by operating activities of continuing operations	30,249	37,274
Net cash (used in) provided by operating activities of discontinued operations	(3,685)	12,792
Net cash (used in) provided by operating activities	26,564	50,066
Purchases of property, plant and equipment	(16,477)	(13,284)
Proceeds from sale of property and equipment	606	397
Net cash used in investing activities of continuing operations	(15,871)	(12,887)
Net cash used in investing activities of discontinued operations		(1,733)
Net cash used in investing activities	(15,871)	(14,620)
Repayment of long-term debt and capital lease obligations	(5,145)	(1,654)
Proceeds from issuance of long-term debt and capital leases		159
Excess tax benefit from share based arrangements		36
Distribution to stockholder	(1,457)	(1,121)
Debt financing costs and related expenses	(20)
Net cash used in financing activities of continuing operations	(6,622)	(2,580)
Net cash used in financing activities of discontinued operations		(1,139)
Net cash used in financing activities	(6,622)	(3,719)
Effect of exchange rate changes on cash and cash equivalents	(179)	(25)
Increase in cash and cash equivalents	3,892	31,702
Cash and cash equivalents, beginning of period	49,620	96,042
Cash and cash equivalents, end of period	53,512	127,744
Supplemental information:
Interest paid	67,243	70,628
Income taxes paid, net of refunds	$ 698	$ 4,687

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 04, 2015	Jan. 03, 2015
ASSETS
Cash and cash equivalents	$ 53,512	$ 49,620
Accounts receivable, net	71,963	53,291
Inventories	57,965	84,984
Salespersons overdrafts, net of allowance of $8,224 and $7,805, respectively	10,199	19,239
Prepaid expenses and other current assets	13,348	18,476
Income tax receivable	4,271	14,702
Deferred income taxes	19,625	19,930
Current assets of discontinued operations	1,795	2,380
Total current assets	232,678	262,622
Property, plant and equipment	400,467	384,493
Less accumulated depreciation	(281,707)	(265,348)
Property, plant and equipment, net	118,760	119,145
Goodwill	695,464	748,886
Intangibles, net	332,943	338,598
Deferred financing costs, net	22,005	24,290
Deferred income taxes	1,915	1,782
Other assets	45,293	41,689
Long-term assets of discontinued operations		1,000
Total assets	1,449,058	1,538,012
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDER'S DEFICIT
Accounts payable	26,488	26,666
Accrued employee compensation and related taxes	19,202	26,270
Commissions payable	25,657	7,476
Customer deposits	65,624	177,892
Income taxes payable	21,921	5
Current portion of long-term debt and capital leases	8,872	9,524
Interest payable	19,999	19,904
Other accrued liabilities	24,611	25,891
Current liabilities of discontinued operations	6,842	7,549
Total current liabilities	219,216	301,177
Long-term debt and capital leases - less current maturities	1,486,226	1,489,628
Deferred income taxes	105,558	108,070
Pension liabilities, net	88,606	92,727
Other noncurrent liabilities	27,445	24,289
Long-term liabilities of discontinued operations		4,822
Total liabilities	$ 1,927,051	2,020,713
Mezzanine equity		$ 11
Preferred stock $.01 par value; authorized 300,000 shares; none issued and outstanding at July 4, 2015 and January 3, 2015
Common stock $.01 par value; authorized 1,000 shares; 1,000 shares issued and outstanding at July 4, 2015 and January 3, 2015	$ 0	$ 0
Additional paid-in-capital	61,703	61,692
Accumulated deficit	(466,228)	(472,411)
Accumulated other comprehensive loss	(73,468)	(71,993)
Total stockholder's deficit	(477,993)	(482,712)
Total liabilities, mezzanine equity and stockholder's deficit	$ 1,449,058	$ 1,538,012