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Pregis Announces Third Quarter 2008 Financial Results
Date:11/13/2008

DEERFIELD, Ill., Nov. 13 /PRNewswire/ -- Pregis Corporation, a leading international manufacturer, marketer, and supplier of protective packaging products and specialty packaging solutions, today announced its financial results for the third quarter of 2008.

The Company's net sales in the third quarter were $265.2 million, an increase of 8.2% over net sales of $245.2 million in the third quarter of 2007. Excluding the impact of favorable foreign currency translation and sales from an acquisition made in the fourth quarter of 2007, the quarter's net sales increased 2.5% compared to the prior year quarter.

Gross profit margin, as a percent of net sales, was 22.4% in the third quarter of 2008, compared to 23.1% in the third quarter of 2007. The decline in gross margin was primarily due to significantly increased costs of resin, fuel and other raw materials in the 2008 period. According to the CMAI indices, resin costs in the U.S. and Europe increased approximately 31% and 17%, respectively, in the third quarter of 2008 compared to the third quarter of 2007. The third quarter gross margin percentage improved 100-basis points compared to the gross profit margin of 21.4% in the second quarter of 2008, reflecting the impact of selling price increases implemented during the quarter as well as the impact of continued cost reduction initiatives.

For the third quarter of 2008, operating income was $10.1 million compared to $10.4 million in the third quarter of 2007, with the reduction driven primarily by pre-tax severance charges totaling $5.2 million relating to the Company's various productivity and cost reduction programs. The third quarter pre-tax severance charges include $3.9 million relating to the Eerbeek, Netherlands plant closure previously announced.

Commenting on the Company's results for the third quarter, Mike McDonnell, President and Chief Executive Officer, stated, "Overall, we are pleased with the results we achieved in the t
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