FORM 10-Q
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                               (Amendment No. 1)

[x]   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the quarterly period ended May 31, 1997

                                       or

[ ]   TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

                        Commission File Number: 333-20759

                           COMMEMORATIVE BRANDS, INC.
             (Exact name of Registrant as specified in its charter)

                    Delaware                            13-3915801
          -------------------------------           -------------------
          (State or other jurisdiction of           (I.R.S. Employer
          incorporation or organization)            Identification No.)

                      7211 Circle S Road, Austin, Texas 78745
             -------------------------------------------------------
              (Address of principal executive offices) (Zip Code)

              Registrant's telephone number, including area code (512) 440-0571

      Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES |X| NO ___



                                   Signatures:

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                       Commemorative Brands, Inc.
                                    --------------------------------
                                       (Registrant)


Date: July 14, 1997                 By: /s/ Richard H. Fritsche
     ----------------------            -----------------------------
                                          Richard H. Fritsche
                                          Chief Financial Officer