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Pregis Announces Third Quarter 2011 Financial Results
Date:11/14/2011

DEERFIELD, Ill., Nov. 14, 2011 /PRNewswire/ -- Pregis Corporation ("the Company"), a leading international manufacturer, marketer, and supplier of protective packaging products and specialty packaging solutions, today announced its 2011 third quarter financial results.

Pregis – Results from Continuing and Discontinued Operations

For the third quarter of 2011, the Company generated net sales of $241.1 million, an increase of 7.8% versus net sales of $223.7 million in the third quarter of 2010. Gross margin as a percent of net sales was 20.9% for the third quarter of 2011 compared to 21.2% for the same period last year.

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 $22.9 million in the third quarter of 2011 compared to $20.2 million for the same period in 2010.

Divestitures

During October 2011, the Company announced the sale of multiple businesses.  The proceeds from the transactions will be used to repay a portion of the Company's ABL credit facility and will be otherwise retained for debt repayment, general corporate purposes, and future reinvestment.  In the first transaction, management entered into a definitive agreement with Boise Paper Holding, L.L.C. to sell the Hexacomb business for $125 million. This business was previously included in the Company’s protective packaging segment and manufactures honeycomb protective packaging material made from kraft paper.  In the second transaction, management entered into a definitive agreement with an affiliate of Sun European Partners, LLP (the European advisor to Sun Capital Partners, Inc.) to sell the Kobusch-Sengewald business for euro 160 million (approximately $220 million).  Kobusch Sengewald included both our flexibles and rigid packaging businesses.  This business has historically
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