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Pregis Announces First Quarter 2008 Financial Results

are beyond the Company's control. For a discussion of key risk factors, please see the risk factors disclosed in the Company's annual report, which is available on its website, These risks may cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risk and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. The Company undertakes no duty to update its forward-looking statements.

Pregis Holding II Corporation

Consolidated Balance Sheets


(dollars in thousands)

March 31, December 31,

Assets 2008 2007

Current assets

Cash and cash

equivalents $42,511 $34,989

Accounts receivable

Trade, net of

allowances of $5,621

and $5,313,

respectively 159,392 148,045

Other 11,202 18,532

Inventories, net 121,952 108,914

Deferred income taxes 3,028 2,991

Due from Pactiv 3,474 7,072

Prepayments and other

current assets 9,903 9,187

Total current assets 351,462 329,730'/>"/>

SOURCE Pregis Corporation
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