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

EBITDA is a significant operating measure used by the Company to measure its operating performance and liquidity.

Commenting on the Company's results, Mike McDonnell, President and Chief Executive Officer, stated, "During the second quarter, despite substantial volume decreases resulting from very difficult economic conditions, we delivered strong Adjusted EBITDA performance due in part to our success in driving aggressive cost reductions as well as our continued disciplined pricing for value, which we maintained in spite of downward pressure on our key raw material costs."

Mr. McDonnell continued, "Looking forward to the second half of 2009, we expect demand to remain weak, particularly in our protective packaging segment. Resin costs have increased by approximately 35% in both North America and Europe through the first seven months of 2009 based on their respective indices and are expected to continue to increase in the third quarter. In response to these cost increases and the expectation of further increases in the third quarter, we anticipate increasing our selling prices in North America and Europe in September 2009 to account for these cost increases. It is critical that these higher costs result in selling price increases so that we can avoid the significant margin compression we experienced last year associated with the excessive time lag between the sharp cost increases and higher selling prices."

Segment Performance

Comments on segment net sales and EBITDA performance for the second quarter of 2009 is as follows:

  • Net sales of the protective packaging segment decreased by $59.8 million, or 33.5%. The 2009 second quarter sales decline was driven by significant decreases in volume in both the U.S. and European businesses resulting from continued economic weakness in both markets, as well as unfavorable foreign currency translation. Excluding the impac
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SOURCE Pregis Corporation
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