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

n as a percentage of net sales was due to cost increases of over $5 million in key raw materials offset by the impact of selling price increases implemented during the past twelve months.  The majority of the products we sell are plastic-resin based, and therefore our operations are highly sensitive to fluctuations in the costs of plastic resins.  In the third quarter of 2011 as compared to the same period of 2010, average resin costs were higher by approximately 10% in North America and 17% in Europe, as measured by the Chemical Market Associates, Inc. ("CMAI") index and ICIS index, their respective market indices.

Commenting on the Company's third quarter results, Glenn Fischer, President and Chief Executive Officer, stated, "I am very pleased with our strong third quarter performance.  Our adjusted EBITDA from continuing and discontinued operations of $22.9 million was the highest quarterly EBITDA performance since the third quarter of 2009.  We were able to drive year-over-year EBITDA improvement by continuing to reduce our cost structure, as well as offsetting significant resin cost increases with the impact of our selling price initiatives over the past twelve months."

Mr. Fischer continued, "In October, we announced the divestiture of our Hexacomb and Kobusch-Sengewald business units.  The sale of these businesses is part of Pregis' objective to optimize our overall business unit portfolio.  The divestment of these businesses will allow us to focus our energy on driving the operating performance of our core global protective packaging business."

Segment Performance –Continuing Operations

Comments on segment net sales and EBITDA performance for the third quarter of 2011 are as follows:

  • Net sales of the protective packaging segment increased by $7.0 million, or 6.1%. This increase was driven primarily by the impact from selling price increases and favorable foreign currency translation. 
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  • SOURCE Pregis Corporation
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