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American Achievement Corp.
Business Summary
American Achievement Corporation, operating as a subsidiary of AAC Holding Corp, offers graduation products, class rings for schools, university students and others. American Achievement Corporation is headquartered in Austin, Texas.
Overview & Corporate Organization
Basic Information
| Company Tags: | PE Backed VC Backed |
| Formerly Named: | Commemorative Brands Holding Corporation |
| Fiscal Year End: | 08/31 |
| 1YR Revenue Growth Rate: | View % |
| 3YR Revenue Growth Rate (CAGR): | View % |
| 1YR Employee Growth Rate: | View % |
| City: | Austin |
| State/Province: | Texas |
| Country: | United States |
| Website: | www.americanachievementcorp.com |
Corporate Organization
| Parent Companies: | AAC Holding Corp. |
| Subsidiaries: | ArtCarved Balfour Dean's List Keystone Class Rings Master Class Rings Namesake Family Jewelry R Johns Ltd Who's Who |
Industry Information
PrivCo Industries (Sector > Industry > Sub-Industry)
| Consumer Products > Jewelry > Other Jewelry |
The PrivCo Industry Classification System™ (PICS) is our proprietary, modernized industry classification system, geared especially toward privately-held companies and including newer emerging sub-industries that are not reflected in other outdated industry classification systems, such as SIC and NAICS.
Charts, Financials, and Statistics (Table Format)
Copy & Paste Financials Into Spreadsheet or
| Income Statement | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
| Revenues | View | View | View | View | View | View | $313,788,000 | $314,071,000 | $308,431,000 | $304,378,000 | $281,053,000 | $182,285,000 |
| Cost of Goods Sold (Cost of Sales) | View | View | View | View | View | View | $134,375,000 | $143,378,000 | $139,170,000 | $146,898,000 | $142,164,000 | $80,929,000 |
| Gross Profit | View | View | View | View | View | View | $179,413,000 | $170,693,000 | $169,261,000 | $157,480,000 | $138,889,000 | $101,356,000 |
| Selling, General and Administrative Expenses | View | View | View | View | $144,592,000 | $137,639,000 | $129,423,000 | $129,734,000 | $119,972,000 | $85,559,000 | ||
| Operating Expense - Other | View | View | View | View | $0 | |||||||
| Operating Income/(Loss) | View | View | View | View | $34,821,000 | $33,054,000 | $39,838,000 | $22,096,000 | $18,917,000 | $15,797,000 | ||
| Interest Expense | View | View | View | View | $23,497,000 | $26,026,000 | $15,691,000 | |||||
| Net Interest Income/(Expense) | ($26,712,000) | ($28,940,000) | ($22,846,000) | |||||||||
| Non-operating Expense - Other | $2,783,000 | $0 | $0 | |||||||||
| Income/(Loss) from Continuing Operations Before Income Taxes | View | View | View | View | View | $11,324,000 | $6,342,000 | $10,898,000 | ($6,713,000) | ($3,929,000) | $106,000 | |
| Provision for Income Taxes | View | View | View | View | View | $4,617,000 | $4,459,000 | $132,000 | ($1,171,000) | ($1,443,000) | $333,000 | |
| Income/(Loss) Before Extraordinary Items and Cumulative Effect of Change in Accounting Principle | ($227,000) | |||||||||||
| Extinguishment of Debt | ($5,650,000) | $0 | ||||||||||
| Extraordinary Items, Net of Tax Effect | $6,695,000 | |||||||||||
| Income/(Loss) Before Cumulative Effect of Change in Accounting Principle | ($2,486,000) | |||||||||||
| Cumulative Effect of a Change in Accounting Principle, Net of Tax Effect | ($1,835,000) | $0 | ||||||||||
| Income/(Loss) from Continuing Operations | View | View | View | View | ||||||||
| Income/(Loss) from Discontinued Operations | View | View | View | View | ||||||||
| Tax Effect of Income/(Loss) from Discontinued Operations | View | View | View | View | ||||||||
| Income/(Loss) from Discontinued Operations, Net of Tax Effect | View | View | View | View | ||||||||
| Net Income (Loss) | View | View | View | View | View | $6,707,000 | $1,883,000 | $10,766,000 | ($5,542,000) | ($4,321,000) | $6,468,000 | |
| Preferred Stock Dividends | $700,000 | $1,200,000 | $1,200,000 | $1,200,000 | $1,200,000 | |||||||
| Net Income Applicable to Common Stockholders | $1,183,000 | $9,566,000 | ($6,742,000) | ($5,521,000) | $5,268,000 |
| Balance Sheet | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 |
| Cash and Cash Equivalents | View | View | View | View | $4,093,000 | $3,038,000 | $1,735,000 | $1,562,000 | $2,636,000 |
| Net Accounts Receivable Trade | View | View | View | View | $39,803,000 | $43,321,000 | $44,193,000 | $46,326,000 | $49,931,000 |
| Net Income Taxes Receivable | $738,000 | $776,000 | |||||||
| Net Inventories | View | View | View | View | $22,221,000 | $23,023,000 | $23,310,000 | $25,427,000 | $26,672,000 |
| Current Deferred Income Taxes | View | View | View | View | $6,760,000 | $10,165,000 | $6,378,000 | ||
| Prepaid Expenses | View | View | View | View | $22,785,000 | $26,230,000 | $23,939,000 | $28,021,000 | $20,158,000 |
| Current Assets | View | View | View | View | $95,662,000 | $105,777,000 | $99,555,000 | $102,074,000 | $100,173,000 |
| Net Property, Plant and Equipment | View | View | View | View | $75,943,000 | $76,565,000 | $65,307,000 | $66,592,000 | $64,842,000 |
| Goodwill | View | View | View | View | $184,026,000 | $182,080,000 | $162,059,000 | $159,308,000 | $147,497,000 |
| Indefinite-Lived - Trademarks | $41,855,000 | $42,299,000 | |||||||
| Intangible Assets - Other | View | View | View | View | $150,112,000 | $163,473,000 | $60,214,000 | ||
| Noncurrent Other Assets | View | View | View | View | $3,809,000 | $3,091,000 | $8,366,000 | $31,797,000 | $30,160,000 |
| Assets | View | View | View | View | $509,552,000 | $530,986,000 | $395,501,000 | $401,626,000 | $384,971,000 |
| Accounts Payable | View | View | View | View | $13,959,000 | $9,842,000 | $6,564,000 | $9,364,000 | $10,945,000 |
| Interest Payable | View | View | View | View | $7,370,000 | $7,334,000 | $4,231,000 | $4,138,000 | $2,240,000 |
| Other Accrued Expenses | View | View | View | View | $26,252,000 | $29,814,000 | $26,106,000 | $24,773,000 | $21,695,000 |
| Current Amounts Due To Officers/Stockholders | $750,000 | ||||||||
| Current Amounts Due To Related Parties | $500,000 | ||||||||
| Current Deferred/(Unearned) Revenue | View | View | View | View | $1,004,000 | $5,503,000 | $5,123,000 | $6,515,000 | $6,799,000 |
| Current Customer Deposits | View | View | View | View | $17,762,000 | $17,807,000 | $21,393,000 | $23,649,000 | $24,180,000 |
| Bank Overdrafts | View | View | View | View | $3,730,000 | $5,733,000 | $4,877,000 | $4,324,000 | $4,498,000 |
| Current Portion of Long-Term Debt | View | View | View | View | $1,409,000 | $1,550,000 | $0 | $12,900,000 | |
| Current Liabilities | View | View | View | View | $71,486,000 | $78,083,000 | $69,044,000 | $72,763,000 | $83,257,000 |
| Long-Term Debt | View | View | View | View | $287,711,000 | $309,108,000 | $226,710,000 | $242,117,000 | $210,709,000 |
| Minority Interest | $18,050,000 | $16,850,000 | $15,650,000 | ||||||
| Deferred Tax Liability | View | View | View | View | $27,748,000 | $25,844,000 | $6,378,000 | ||
| Noncurrent Other Liabilities | View | View | View | View | $8,344,000 | $9,439,000 | $3,476,000 | $4,642,000 | $4,527,000 |
| Liabilities | View | View | View | View | $395,289,000 | $422,474,000 | $305,608,000 | $319,522,000 | $298,493,000 |
| Preferred Stock - Value (Excluding Additional Paid in Capital) | $10,000 | $10,000 | $10,000 | ||||||
| Common Stock - Value (Excluding Additional Paid in Capital) | View | View | View | View | $0 | $0 | $8,000 | $8,000 | $8,000 |
| Additional Paid in Capital | View | View | View | View | $102,046,000 | $102,046,000 | $95,350,000 | $95,310,000 | $94,760,000 |
| Retained Earnings | View | View | View | View | $13,173,000 | $6,466,000 | ($18,375,000) | ($27,941,000) | ($21,199,000) |
| Other Accumulated Comprehensive Income, Net of Tax Effect | View | View | View | View | ($956,000) | $0 | ($5,150,000) | ($2,133,000) | ($2,751,000) |
| Stockholders' Equity | View | View | View | View | $114,263,000 | $108,512,000 | $71,843,000 | $65,254,000 | $70,828,000 |
| Liabilities and Stockholders' Equity | View | View | View | View | $509,552,000 | $530,986,000 | $395,501,000 | $401,626,000 | $384,971,000 |
| Cash Flow Statement | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 |
| Operating Activities Beginning Net Income | View | View | View | View | $6,707,000 | $1,883,000 | $10,766,000 | ($5,542,000) | ($4,321,000) | $6,468,000 |
| Amortization | View | View | View | View | $1,527,000 | $1,826,000 | $2,051,000 | $1,355,000 | $1,534,000 | $0 |
| Depreciation and Amortization | View | View | View | View | $25,281,000 | $18,874,000 | $14,149,000 | $19,712,000 | $17,586,000 | $9,100,000 |
| Adjustment Accretion | $0 | |||||||||
| Total Adjustments to Provision for Doubtful Accounts | View | View | View | View | ($107,000) | ($380,000) | ($376,000) | $145,000 | $383,000 | $630,000 |
| Gain/(Loss) on Sale/Retirement of Property, Plant and Equipment | View | View | View | View | $0 | $0 | ||||
| Adjustment Issuance Stock and or Warrants | $0 | $0 | ||||||||
| Adjustment Derivatives | $182,000 | $0 | $0 | |||||||
| Adjustment Realized Gains Losses On Sale Asset | $0 | |||||||||
| Deferred Income Taxes | View | View | View | View | $4,392,000 | $4,309,000 | $0 | $0 | ||
| Adjustment Extraordinary Items | ($5,650,000) | $0 | $6,741,000 | |||||||
| Adjustments to Other Deferred Charges | View | View | View | |||||||
| Adjustments to Cumulative Effect of a Change in Accounting Principle, Net of Tax Effect | ($1,835,000) | $0 | ||||||||
| Other Adjustments to Common Stockholders' Net Income - Increase/(Decrease) | View | View | View | View | $0 | |||||
| Increase/(Decrease) in Receivables | $10,093,000 | ($3,622,000) | ||||||||
| Change Accounts Receivable | View | View | View | View | ($3,586,000) | ($1,252,000) | ($2,469,000) | ($3,582,000) | ||
| Change Income Taxes Receivable | ($738,000) | ($38,000) | $776,000 | $0 | ||||||
| Increase/(Decrease) in Inventories | View | View | View | View | ($802,000) | ($7,303,000) | ($2,117,000) | ($1,380,000) | ($881,000) | ($151,000) |
| Change Prepaid Expenses Other Current Assets | View | View | View | View | ($3,445,000) | $13,689,000 | $2,296,000 | $5,057,000 | $5,437,000 | $276,000 |
| Increase/(Decrease) in Other Non-operating Assets | View | View | View | View | $2,664,000 | ($820,000) | $1,043,000 | $739,000 | $2,620,000 | $4,778,000 |
| Increase/(Decrease) in Accounts Payable and Accrued Expenses | View | View | View | View | ($1,049,000) | $15,191,000 | ($685,000) | $2,888,000 | $4,485,000 | ($17,544,000) |
| Increase/(Decrease) in Unearned Premiums | View | View | View | View | ($4,499,000) | $380,000 | ($1,392,000) | ($284,000) | $6,799,000 | $0 |
| Net Cash Flows Provided By/(Used In) Operating Activities | View | View | View | View | $37,421,000 | $37,769,000 | $26,498,000 | $23,310,000 | $10,256,000 | ($9,368,000) |
| Purchase of Property, Plant and Equipment | View | View | View | View | $12,795,000 | $16,458,000 | $11,243,000 | $14,247,000 | $7,499,000 | $5,087,000 |
| Acquisition of Businesses, Net of Cash Acquired | View | View | View | View | $0 | $99,263,000 | $0 | $15,502,000 | $50,413,000 | ($905,000) |
| Proceeds from Divestiture of Business | $47,000 | $0 | ||||||||
| Proceeds from Sale of Property, Plant and Equipment | View | View | View | View | $0 | $0 | $673,000 | $0 | $0 | |
| Net Cash Flows Provided By/(Used In) Investing Activities | View | View | View | View | ($12,795,000) | ($115,721,000) | ($11,243,000) | ($29,076,000) | ($57,865,000) | ($4,182,000) |
| Net Increase/(Decrease) in Bank Overdrafts | View | View | View | View | ($2,003,000) | $856,000 | $553,000 | ($174,000) | $0 | $0 |
| Proceeds from Lines of Credit | View | View | View | View | $33,450,000 | $11,000,000 | $47,500,000 | $56,905,000 | ||
| Proceeds from Notes Payable | $0 | $0 | ||||||||
| Repayments on Lines of Credit | View | View | View | View | $33,450,000 | $20,500,000 | $63,175,000 | $65,589,000 | ||
| Repayments on Notes Payable | $6,075,000 | $0 | $0 | |||||||
| Net Change Bank Debt | $5,121,000 | ($21,660,000) | ||||||||
| Proceeds from Senior Debt | $150,000,000 | |||||||||
| Proceeds Debt | $155,000,000 | $0 | $166,612,000 | $35,835,000 | $98,984,000 | |||||
| Repayments from Senior Debt | $212,280,000 | |||||||||
| Repayments of Related Party Debt | $28,383,000 | $8,600,000 | $62,638,000 | |||||||
| Repayments Debt | View | View | View | View | $15,493,000 | $387,000 | $0 | $121,400,000 | $0 | $0 |
| Debt Issuance Costs | View | View | View | $11,112,000 | $0 | |||||
| Financing Costs | View | $0 | ||||||||
| Net Change Derivatives | ($3,279,000) | $0 | $0 | |||||||
| Proceeds from Issuance of Common Stock | $102,046,000 | $40,000 | $0 | $16,000,000 | $0 | |||||
| Proceeds from Issuance of Preferred Stock | View | |||||||||
| Proceeds from Stock Options Exercised | $2,000 | $0 | ||||||||
| Increase/(Decrease) in Other Equity | $0 | $0 | ||||||||
| Repurchase of Preferred and Common Stock | $95,368,000 | $0 | $0 | |||||||
| Payment of Dividends | $0 | |||||||||
| Cash Provided by/(Used in) Financing Activities - Other | View | View | View | |||||||
| Net Cash Flows Provided By/(Used In) Financing Activities | View | View | View | View | ($23,571,000) | $79,255,000 | ($15,082,000) | $4,692,000 | $48,358,000 | $14,686,000 |
| Increase/(Decrease) in Cash and Cash Equivalents | View | View | View | View | $1,055,000 | $1,303,000 | $173,000 | ($1,074,000) | $749,000 | $1,136,000 |
| Cash and cash equivalents at the beginning of the year | View | View | View | View | $3,038,000 | $9,265,000 | $1,562,000 | $2,636,000 | $1,887,000 | $751,000 |
| Total Cash and cash equivalents at the end of the year | View | View | View | View | $4,093,000 | $3,038,000 | $1,735,000 | $1,562,000 | $2,636,000 | $1,887,000 |
| Income Taxes Paid | View | View | View | View | $224,000 | $266,000 | $133,000 | $802,000 | $443,000 | $226,000 |
| Cash Interest Expense | View | View | View | View | $21,966,000 | $21,440,000 | $26,790,000 | $24,001,000 | $20,461,000 | $17,730,000 |
| Dividends Declared but Not Paid | $700,000 | $1,200,000 | $1,200,000 | $1,200,000 | $1,200,000 | |||||
| Supplemental Property Plant Equipment Acquired | View | View | View | View | ||||||
| Stock Issued | $550,000 | $0 | $30,000,000 | |||||||
| Supplemental Other Net | View | View | View |
| Financial Notes: | |
| * | American Achievement Corp. fiscal year end: 08/31 |
Charts, Financials, and Statistics (Graphs)
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American Achievement Corp. Total Employees: |
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Mergers & Acquisitions
| Date | Status | Target | Buyer | Deal Type | Price | |
| Details | Jun. 2000 | Completed | American Achievement Corp.1 | Castle Harlan, Inc. | Other | Unspecified |
| Details | Mar. 2001 | Completed | Education Communications Inc. | American Achievement Corp. | Acquisition Add-On | $58,700,000 |
| Details | Jul. 2002 | Completed | Milestone Marketing, Incorporated | American Achievement Corp. | Acquisition | $16,300,000 |
| Details | Mar. 2004 | Completed | American Achievement Corp. | Fenway Partners, Inc. | Secondary Sale Acquisition Majority Acquisition | $420,000,000 |
| Details | May. 2008 | Canceled | View2 | View | Acquisition | View |
| 1 | American Achievement Corporation (formerly known as Commemorative Brands Holding Corporation) was formed as a holding company for the Commemorative Brands. This followed Castle Harlan's 1996 acquisition of ArtCarved and Balfour Company. - Details → |
| 2 | The acquisition agreement with Herff...Read More → |
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VC/Funding Activity
| Date | Investor | Round | Investor Type | |
| Nov. 2010 | View | Debt Funding | Corporate | |
| Details | Total Round Debt Funding View | |||
| Total of Funding Shown Above View | ||||
| 1 | 10.875% senior secured notes due...Read More → |
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Detailed Business Description: American Achievement Corp.
Company Background
American Achievement Corp. was founded when the operations of ArtCarved, which were previously owned by CJC Holdings, Inc., and the operations of Balfour, which were previously owned by L.G. Balfour Company, Inc., were combined through various asset purchase agreements in December 1996. AAC was formed in June 2000 to serve as a holding company for these operations as well as any future acquisitions. In June 2000, American Achievement Corp. acquired the Taylor Senior Holding Company, the parent company of Taylor Publishing Company, whose primary business is designing and printing student yearbooks. In July 2002, AAC acquired all the outstanding stock and warrants of Milestone Marketing, a marketer of class rings and other graduation products to the college market. In January 2004, AAC acquired C-B Graduation Announcements, a marketer of graduation products to the college market. In April 2007, Commemorative Brands, Inc, a wholly-owned subsidiary of AAC, acquired all… Continue Reading →
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