EXHIBIT 99.1

American Achievement Corporation
Preliminary Estimated Operating Results


AAC Group Holding Corp. and American Achievement Corporation (collectively, the “Company”) are announcing preliminary estimated operating results of American Achievement Corporation for the fiscal year ended August 29, 2009.

The following table presents preliminary estimated information regarding American Achievement Corporation’s net sales, operating income, EBITDA (earnings before interest, taxes, depreciation and amortization) from continuing operations and Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization and other adjustments, as described below) from continuing operations for the years ended August 29, 2009 and August 30, 2008:

 
American Achievement Corporation
(in millions)
 
Fiscal Year Ended
August 29, 2009
 
August 30, 2008
       
Net sales
$ 288 – $ 293
 
$  313.4
Operating income from continuing operations (a)
35  –  37
 
      40.2
EBITDA from continuing operations (a)(b)(d)
60  –  63
 
      65.1
Adjusted EBITDA from continuing operations (a)(c)(d)
72  – 75
 
     74.2


(a)  
Operating income from continuing operations, EBITDA from continuing operations and Adjusted EBITDA from continuing operations do not reflect the impact, if any, of the Company’s annual evaluation for impairment of goodwill and indefinite-lived intangible assets, which has not yet been completed as of the date of the preliminary estimated results.

(b)  
EBITDA from continuing operations represents operating income from continuing operations plus depreciation and amortization.  EBITDA from continuing operations includes a $3.6 million non-cash fixed asset impairment charge incurred during the fiscal year ended August 29, 2009.

(c)  
Adjusted EBITDA from continuing operations represents EBITDA from continuing operations plus the following adjustments: (i) annual management fees and expenses incurred pursuant to the management agreement entered into in connection with the March 2004 acquisition of the Company; (ii) consulting and professional fees incurred by the Company relating to streamlining its business and improving operational efficiencies and software implementation; (iii) non-cash fixed asset impairment charge of $3.6 million incurred during fiscal year 2009; (iv) professional fees incurred to amend the Company’s credit facility;  (v) severance and plant closing costs; and (vi) expenses incurred in the re-branding and marketing of certain products.

(d)  
The Company considers EBITDA and Adjusted EBITDA to be key indicators of operating performance.  These and similar measures are instrumental in the determination of compliance with certain financial covenants in its senior secured credit facility, in the calculation of the aggregate fee payable under the Company’s management agreement and in the determination of a portion of compensation for certain employees. The Company also believes that EBITDA and Adjusted EBITDA are useful to investors in assessing the value of companies in general and in evaluating the liquidity of companies with debt service obligations and their ability to service their indebtedness.

EBITDA and Adjusted EBITDA are not defined terms under accounting principles generally accepted in the United States (GAAP) and should not be considered alternatives to operating income or net income as a measure of operating results or to cash flows from operating activities as a measure of liquidity. EBITDA and Adjusted EBITDA have important limitations as an analytical tool and neither metric should be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. For example, EBITDA and Adjusted EBITDA: (i) do not reflect the Company’s cash expenditures or future requirements for capital expenditures or contractual commitments; (ii) do not reflect changes in or cash requirements for the Company’s working capital needs; (iii) do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on the Company’s debts; and (iv) exclude income tax payments that represent a reduction in cash available to the Company. Despite these limitations, the Company believes that EBITDA and Adjusted EBITDA are useful since they provide investors with additional information not available in a GAAP presentation. To compensate for these limitations the Company relies primarily on its GAAP results and uses EBITDA and Adjusted EBITDA only supplementally.

 
 

The following information was filed by American Achievement Corp on Friday, September 25, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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