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

Consolidated Statements of Cash Flows Unaudited (dollars in thousands) Year ended December 31, ----------------------- 2008 2007 ---- ---- Operating activities Net loss $(47,730) $(4,779) Adjustments to reconcile net loss to cash provided by operating activities: Depreciation and amortization 52,344 55,799 Deferred income taxes (7,769) (2,110) Unrealized foreign exchange loss (gain) 14,022 (2,692) Amortization of deferred financing costs 2,374 2,194 Gain on disposal of property, plant and equipment (313) (332) Stock compensation expense 951 558 Defined benefit pension plan expense (income) (187) 2,256 Curtailment gain on defined benefit pension plan (3,736) - Gain on insurance settlement - (2,873) Goodwill impairment 19,057 - Trademark impairment 1,297 403 Impairment of interest rate swap asset 1,299 - Changes in operating assets and liabilities, net of effects of acquisitions: Accounts receivable, net 13,907 (5,444) Due from Pactiv 6,630 11,542 Inventories, net 13,597 (8,186) Prepayments and other current assets 79 (279) Accounts payable
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