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Pregis Announces Third Quarter 2009 Financial Results

nties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are made only as of the date hereof. The Company undertakes no duty to update its forward-looking statements.

                            Pregis Holding II Corporation
                             Consolidated Balance Sheets
                                (dollars in thousands)

                                                 September 30,   December 31,
                                                        2009           2008
                                                 -------------   ------------
    Assets                                         (Unaudited)
    Current assets
      Cash and cash equivalents                       $100,202        $41,179
      Accounts receivable
        Trade, net of allowances of $6,205 and
         $5,357 respectively                           123,250        121,736
        Other                                            7,944         13,829
      Inventories, net                                  85,751         87,867
      Deferred income taxes                              4,867          4,336
      Due from Pactiv                                    1,166          1,399
      Prepayments and other current assets               8,788          8,435
                                                         -----          -----
          Total current assets                         331,968        278,781
    Property, plant and equipment, net                 238,193        245,124
    Other assets
      Goodwill                                         128,015        127,395
      Intangible assets, net                            39,540         41,254
      Deferred financing costs, net                      4,506          7,734
      Due from Pactiv, long-term                        10,025         13,234
SOURCE Pregis Corporation
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