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

t of unfavorable foreign currency, net sales for the segment decreased 27.3%.
  • EBITDA of the protective packaging segment increased $0.9 million, or 6.2%. This increase reflects the significant cost savings realized from cost reduction programs as well as year-over-year reductions in the cost of resin and other materials. These impacts were offset by decreased volumes driven by the ongoing recession in North America and Europe.
  • Net sales of the specialty packaging segment decreased $19.4 million, or 20.1%. This sales decline was driven by unfavorable foreign currency translation, as well as decreased volumes driven in part by a reduction in volumes from the termination of a contract with a significant medical products customer. Excluding the impact of unfavorable foreign currency, net sales for the segment decreased 5.9%.
  • EBITDA of the specialty packaging segment decreased $1.8 million, or 15.3%. This decrease was a result of the decline in sales as described above, partially offset by savings resulting from our cost reduction program.
  • A summary of Adjusted EBITDA, a significant measure required by the Company's indentures and used by the Company to measure its operating performance and liquidity, is presented in the supplemental information at the end of this release.

    Conference Call:

    The Company will conduct an investor conference call to review its 2009 second quarter results on Friday, August 14, 2009 at 10:00 a.m. ET (9:00 a.m. CT). The call can be accessed through the following dial-in numbers: Domestic: 866-277-1182; International: 617-597-5359; Participant Passcode: 48840899. A replay of the conference call will be available through August 28, 2009. The replay may be accessed using the following dial-in information: Domestic: 888-286-8010; International: 617-801-6888; Passcode: 59807481.

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    SOURCE Pregis Corporation
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