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Pregis Announces Fourth Quarter and Full Year 2008 Financial Results
Date:3/26/2009

DEERFIELD, Ill., March 26 /PRNewswire/ -- Pregis Corporation, a leading international manufacturer, marketer, and supplier of protective packaging products and specialty packaging solutions, today announced its 2008 fourth quarter and full year financial results.

For the fourth quarter of 2008, the Company generated net sales of $219.6 million, a decrease of 13.4% versus net sales of $253.7 million in the fourth quarter of 2007. Excluding incremental revenue from 2007 acquisitions, as well as a $20 million impact of unfavorable foreign currency translation, as the U.S. dollar strengthened significantly against the euro and pound sterling, net sales for the quarter decreased 6.8%.

For the full year, 2008 net sales increased 4.1% to $1.019 billion as compared to $979.4 million in 2007. Excluding a $21 million impact of favorable foreign currency translation on a year-to-date basis and incremental revenue from 2007 acquisitions, 2008 net sales decreased 1.1%.

Gross profit margin, as a percent of net sales, was 20.7% in the fourth quarter of 2008, compared to 23.9% in the fourth quarter of 2007. The margin decline was primarily the result of decreased sales volumes due to weakened demand across our segments, offset in part by the impact of selling price increases implemented in the third quarter of 2008 as well the impact of our 2008 cost reduction initiatives. For the full year, our gross profit margin, as a percent of net sales, decreased to 21.6% for 2008 compared to 24.4% for 2007. The decline for the year was primarily due to increased costs of resin, fuel and other raw materials, combined with the significant decline in volumes in the latter part of the year, offset by the impact of selling price increases and cost reduction initiatives.

The Company generated an operating loss in the fourth quarter of 2008 of $12.3 million, compared to operating income of $4.9 million for the fourth q
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SOURCE Pregis Corporation
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