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

- ------------ 2008 2007 2008 2007 ---- ---- ---- ---- Net sales $219,638 $253,689 $1,019,364 $979,399 Operating costs and expenses: Cost of sales, excluding depreciation and amortization 174,247 192,977 798,690 740,235 Selling, general and administrative 27,393 39,691 127,800 137,180 Depreciation and amortization 11,610 15,063 52,344 55,799 Goodwill impairment 19,057 - 19,057 - Other operating expense (income), net (354) 1,030 8,146 190 ---- ----- ----- --- Total operating costs and expenses 231,953 248,761 1,006,037 933,404 ------- ------- --------- ------- Operating income (12,315) 4,928 13,327 45,995 Interest expense 11,776 11,953 49,069 46,730 Interest income (357) (428) (875) (1,325) Foreign exchange loss (gain), net 8,087 1,188 14,728 (2,339) ----- ----- ------ ------ Income (loss) before income taxes (31,821) (7,785) (49,595) 2,929 Income tax expense (benefit) (4,894) (496) (1,865) 7,708 ------ ---- ------ ----- Net loss $(26,927) $(7,289) $(47,730) $(4,779) -------- ------- -------- ------- Pregis Holding II Corporation
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