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Pregis Announces First Quarter 2008 Financial Results
Date:5/9/2008

weakened economic environment and to solidify our foundation for future growth."

For the first quarter of 2008, operating income was $8.3 million compared to $16.5 million in the first quarter of 2007, with the reduction driven primarily by increased raw material costs, as noted above.

Segment Performance

Comments on segment net sales performance for the first quarter of 2008 are as follows:
-- Net sales of the protective packaging segment increased by $12.8

million, or 8.2%. The 2008 first quarter sales growth was driven by

favorable foreign currency translation, as well as the incremental

sales generated by the Petroflax and Besin entities acquired in the

second half of 2007. The segment experienced declining volumes in

both its U.S. and European businesses due primarily to the weakened

U.S. and European economies. Excluding the impact of favorable

foreign currency effects and acquisitions, net sales for the segment

decreased 3.8%.

-- Net sales of the flexible packaging segment increased $5.6 million,

or 13.1%. Improvements in pricing and product mix were offset by

volume shortfalls in the segment's Egyptian operations. Excluding

the impact of favorable foreign currency, 2008 net sales for the

segment were comparable to the 2007 period.

-- Net sales of the hospital supplies segment increased $2.3 million,

or 11.9%. Excluding the impact of favorable foreign currency

effects, net sales for the segment decreased 2.1% in the quarter,

primarily due to price erosion resulting from the competitive market

environment.

-- Net sales of the rigid packaging segment were relatively flat

compared to net sales in the first quarter of 2007. However,

excluding the impact of favorable foreign currency effect
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SOURCE Pregis Corporation
Copyright©2008 PR Newswire.
All rights reserved

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