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Pregis Announces Second Quarter 2009 Financial Results
Date:8/13/2009

DEERFIELD, Ill., Aug. 13 /PRNewswire/ -- Pregis Corporation, a leading international manufacturer, marketer, and supplier of protective packaging products and specialty packaging solutions, today announced its 2009 second quarter financial results.

For the second quarter of 2009, the Company generated net sales of $196.0 million, a decrease of 28.8% versus net sales of $275.2 million in the second quarter of 2008. Excluding the impact of unfavorable foreign currency translation, resulting from the U.S. dollar strengthening against the euro and pound sterling, the quarter's net sales were down 19.8% compared to the prior year quarter due to the significant and continuing global recession.

Gross profit margin, as a percent of net sales, was 25.0% in the second quarter of 2009, compared to 21.4% in the second quarter of 2008. The 360 basis point increase in margin percentage was driven by the impact of the Company's aggressive cost reduction initiatives, continued disciplined pricing, and the impact from lower raw material costs.

The Company generated an operating income of $6.5 million in the second quarter of 2009, which included pre-tax restructuring charges of $5.1 million relating to the Company's cost reduction initiatives, as well as unfavorable foreign currency translation of approximately $1.0 million. This compared to operating income of $7.3 million for the second quarter of 2008 and pre-tax restructuring charges of $2.6 million. Adjusted for the restructuring charge and unfavorable foreign currency translation, operating income for the second quarter of 2009 was $12.6 million, which represents an increase of approximately 27% compared to the 2008 second quarter.

Adjusted EBITDA, or "Consolidated Cash Flow" as defined by our indentures, was $24.2 million in the second quarter of 2009 compared to $25.4 million for the same period in 2008. Adjusted
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