Profits drop at Visant in 2Q
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- August
- 13
Visant Corp., an Armonk-based marketer of class rings and high school graduation products, reported net income of $84.5 million for the second quarter, down from net income of $94.2 million a year earlier.
Net sales of $498.8 million dropped from $567.6 million a year earlier.Chief Executive Officer Marc Reisch said that the company’s marketing and publishing services business was hurt by lower advertising spending. He added that dramatically lower spending by state and local governments “has significantly eroded demand for elementary/high school book components from our publishing services operations. We expect these trends to continue in the third quarter.”
This entry was posted
on Thursday, August 13th, 2009 at 12:56 pm by Jay Loomis.
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