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Pregis Announces Third Quarter 2009 Financial Results
Date:11/12/2009

DEERFIELD, Ill., Nov. 12 /PRNewswire/ -- Pregis Corporation, a leading international manufacturer, marketer, and supplier of protective packaging products and specialty packaging solutions, today announced its 2009 third quarter financial results.

For the third quarter of 2009, the Company generated net sales of $207.0 million, a decrease of 21.9% versus net sales of $265.2 million in the third quarter of 2008. Excluding the impact of unfavorable foreign currency translation, resulting from the U.S. dollar strengthening against the euro and pound sterling on a year-over-year basis, the quarter's net sales were down 17.2% compared to the prior year quarter due to continued global weak economic conditions.

Gross profit margin, as a percent of net sales, was 24.6% in the third quarter of 2009, compared to 22.4% in the third quarter of 2008. The 220 basis point increase in margin percentage was driven by the impact of the Company's aggressive cost reduction initiatives and the impact from lower raw material costs.

The Company generated operating income of $7.4 million in the third quarter of 2009, which included pre-tax restructuring charges of $2.1 million relating to the Company's cost reduction initiatives. This compared to operating income of $10.1 million for the third quarter of 2008 and pre-tax restructuring charges of $5.2 million. Adjusted for the restructuring charges and unfavorable foreign currency translation, operating income for the third quarter of 2009 was $9.5 million compared to $15.3 million in the third quarter of 2008. This decrease was primarily a result of lower volumes, partially offset by the impact of Company's aggressive cost reduction initiatives.

Adjusted EBITDA, or "Consolidated Cash Flow" as defined by our indentures, is a significant operating measure used by the Company to measure its operating performance and liquidity. Adjusted EBITDA was $25.2 million in the third quarter o
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