Profits drop at Visant in 2Q
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.”