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Pregis Announces First Quarter 2009 Financial Results
Date:5/12/2009

rrency translation. Excluding the impact of unfavorable foreign currency, net sales for the segment decreased 24.8%.
  • Net sales of the specialty packaging segment decreased $19.6 million, or 21.9%. This sales decline was driven by unfavorable foreign currency translation, as well as decreased volumes driven in part by a reduction in volumes from a significant medical products customer, offset in part by positive pricing. Excluding the impact of unfavorable foreign currency, net sales for the segment decreased 6.9%.

    • A summary of a significant measure required by the Company's indentures is presented in the supplemental information at the end of this release.

                                Pregis Holding II Corporation
                            Consolidated Balance Sheets
                                     Unaudited
                             (dollars in thousands)

                                       March 31, 2009  December 31, 2008
                                       --------------  -----------------
      Assets                             (Unaudited)
      Current assets
        Cash and cash equivalents             $42,356            $41,179
        Accounts receivable
          Trade, net of allowances of
           $5,175 and $5,357
           respectively                       110,646            121,736
          Other                                 4,121             13,829
        Inventories, net                       83,678             87,867
        Deferred income taxes                   4,353              4,336
        Due from Pactiv                         1,404              1,399
        Prepayments and other current
         assets                                 7,919              8,435
                                                -----              -----
              Total current assets            25
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    SOURCE  Pregis Corporation
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