Pregis Announces Third Quarter 2011 Financial Results
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 been included in specialty packaging segment and manufactures flexible and foodservice packaging such as films, bags, pouches, and labels. As part of this divestiture, the Company sold certain assets which historically have been a part of the Hospital Supplies business. Both sales are expected close during the fourth quarter of 2011.
The Hexacomb business met the criteria for “Assets held for sale” in accordance with Accounting Standards Codification (“ASC”) Topic 360 (“ASC 360”), Property, Plant, and Equipment as of September 30, 2011. The Kobusch-Sengewald business did not meet the criteria for “Assets held for sale” as of September 30, 2011, due to ongoing negotiations and related uncertainty. The Hexacomb assets and liabilities are reflected as “held for sale” on the consolidated balance sheets in accordance with ASC 360 at September 30, 2011 and December 31, 2010. In addition, the results of operations for the Hexacomb business have been presented as discontinued operations in accordance with ASC 205-20, Results of Operations – Discontinued Operations for all periods presented.
Pregis – Results from Continuing Operations
For the third quarter of 2011, the Company generated net sales from continuing operations of $212.0 million, an increase of 7.2% versus net sales from continuing operations of $197.7 million in the third quarter of 2010. The increase was driven primarily by the impact of selling price increases and favorable foreign currency translation. Excluding the impact of favorable foreign currency translation, net sales from continuing operations for the three months ended September 30, 2011 increased 2.9% compared to the same period in 2010.
Gross margin as a percent of net sales decreased year-over-year to 19.9% for the third quarter of 2011, compared to 20.5% for the same period of 2010. The year-over-year decline in gross margin 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. Excluding favorable foreign currency translation, net sales for the third quarter 2011 increased 3.2%.
- EBITDA of the protective packaging segment decreased $0.2 million, or 2.0%, compared to the same quarter of 2010. This decrease was primarily due to increased key raw material costs partially offset by selling price increases.
- Net sales of the specialty packaging segment increased $7.3 million, or 8.9% compared to the same quarter 2010. This increase was primarily driven by the impact of selling price increases and favorable foreign currency translation. Excluding the favorable foreign currency translation, net sales for the third quarter 2011 increased 2.4%.
- EBITDA of the specialty packaging segment increased $2.3 million, or 29.3%, due primarily to the Company's cost reduction efforts.
Previously, the results of the Hexacomb business were reported as protective packaging in the Company's segment analysis. As a result of the pending sale of the Hexacomb business, the results of the Hexacomb business are now reported as discontinued operations.
A summary of Adjusted EBITDA, a significant measure required by the Company's indentures and used by the Company to measure its operating performance and liquidity, is presented in the supplemental information at the end of this release.
Conference Call:
The Company will conduct an investor conference call to review its 2011 third quarter results on Wednesday, November 16, 2011 at 10:00 a.m. ET (9:00 a.m. CT). The call can be accessed through the following dial-in numbers: Domestic: 866-761-0748; International: 617-614-2706; Participant Passcode: 32326120. A replay of the conference call will be available through November 30, 2011. The replay may be accessed using the following dial-in information: Domestic: 888-286-8010; International: 617-801-6888; Passcode: 64436210.
About Pregis:
Pregis Corporation is a leading global provider of innovative protective, flexible, and foodservice packaging and hospital supply products. The specialty-packaging leader currently operates 46 facilities in 18 countries around the world. Pregis Corporation is a wholly owned subsidiary of Pregis Holding II Corporation. For more information about Pregis, visit the Company's web site at www.pregis.com.
Safe Harbor Statement:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. You can generally identify forward-looking statements by the Company's use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "seek," "should," or "will," or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond the Company's control. For a discussion of key risk factors, please see the risk factors disclosed in the Company's annual report, which is available on its website, www.pregis.com. These risks may cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risk and uncertainties, 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 Unaudited (dollars in thousands) |
||||
September 30, 2011 |
December 31, 2010 |
|||
(Unaudited) |
||||
Assets |
||||
Current assets |
||||
Cash and cash equivalents |
$ 21,247 |
$ 46,159 |
||
Accounts receivable |
||||
Trade, net of allowances of $8,536 and $7,151 respectively |
123,328 |
106,652 |
||
Other |
16,407 |
18,509 |
||
Inventories, net |
89,869 |
83,123 |
||
Deferred income taxes |
3,186 |
3,140 |
||
Due from Pactiv |
1,167 |
1,161 |
||
Assets held for sale |
99,465 |
99,348 |
||
Prepayments and other current assets |
9,308 |
8,560 |
||
Total current assets |
363,977 |
366,652 |
||
Property, plant and equipment, net of accumulated |
||||
depreciation of $215,546 and $190,927, respectively |
180,149 |
184,433 |
||
Other assets |
||||
Goodwill |
60,510 |
78,706 |
||
Intangible assets, net |
45,707 |
50,177 |
||
Deferred financing costs, net |
6,218 |
4,816 |
||
Due from Pactiv, long-term |
6,322 |
8,168 |
||
Pension and related assets |
11,859 |
11,848 |
||
Restricted Cash |
3,503 |
3,501 |
||
Other |
383 |
397 |
||
Total other assets |
134,502 |
157,613 |
||
Total assets |
$ 678,628 |
$ 708,698 |
||
Liabilities and stockholder's equity |
||||
Current liabilities |
||||
Current portion of long-term debt |
$ 2,601 |
$ 46,363 |
||
Accounts payable |
98,652 |
91,751 |
||
Accrued income taxes |
- |
2,268 |
||
Accrued payroll and benefits |
14,775 |
12,810 |
||
Accrued interest |
12,653 |
7,654 |
||
Liabilities held for sale |
18,469 |
16,167 |
||
Other |
18,141 |
19,679 |
||
Total current liabilities |
165,291 |
196,692 |
||
Long-term debt |
492,081 |
442,909 |
||
Deferred income taxes |
13,721 |
14,185 |
||
Long-term income tax liabilities |
3,990 |
5,732 |
||
Pension and related liabilities |
3,732 |
4,149 |
||
Other |
13,808 |
18,500 |
||
Stockholder's equity: |
||||
Common stock - $0.01 par value; 1,000 shares authorized, |
||||
149.0035 shares issued and outstanding at |
||||
September 30, 2011 and December 31, 2010 |
- |
- |
||
Additional paid-in capital |
155,992 |
155,055 |
||
Accumulated deficit |
(161,374) |
(119,400) |
||
Accumulated other comprehensive loss |
(8,613) |
(9,124) |
||
Total stockholder's equity |
(13,995) |
26,531 |
||
Total liabilities and stockholder's equity |
$ 678,628 |
$ 708,698 |
||
Pregis Holding II Corporation Consolidated Statements of Operations Unaudited (dollars in thousands) |
||||||||
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
2011 |
2010 |
2011 |
2010 |
|||||
Net Sales |
$ 211,995 |
$ 197,727 |
$ 625,217 |
$ 575,451 |
||||
Operating costs and expenses: |
||||||||
Cost of sales, excluding depreciation |
||||||||
and amortization |
169,904 |
157,236 |
498,258 |
454,511 |
||||
Selling, general and administrative |
25,953 |
25,567 |
81,712 |
83,966 |
||||
Depreciation and amortization |
11,525 |
10,968 |
35,036 |
32,283 |
||||
Goodwill impairment |
18,072 |
- |
18,072 |
- |
||||
Other operating expense, net |
3,823 |
3,871 |
4,240 |
5,345 |
||||
Total operating costs and expenses |
229,277 |
197,642 |
637,318 |
576,105 |
||||
Operating income (loss) from continuing operations |
(17,282) |
85 |
(12,101) |
(654) |
||||
Interest expense, net of interest income |
12,405 |
11,717 |
37,592 |
35,284 |
||||
Foreign exchange (gain) loss, net |
1,768 |
(427) |
1,170 |
333 |
||||
Loss from continuing operations before income taxes |
(31,455) |
(11,205) |
(50,863) |
(36,271) |
||||
Income tax expense (benefit) |
356 |
(1,979) |
(2,866) |
(8,581) |
||||
Loss from continuing operations |
(31,811) |
(9,226) |
(47,997) |
(27,690) |
||||
Income from discontinued operations, net of tax |
2,486 |
1,309 |
6,023 |
3,983 |
||||
Net loss |
$ (29,325) |
$ (7,917) |
$ (41,974) |
$ (23,707) |
||||
Net Sales from continuing operations |
$ 211,995 |
$ 197,727 |
$ 625,217 |
$ 575,451 |
||||
Net Sales from discontinued operations |
29,105 |
25,954 |
85,044 |
76,067 |
||||
Total Net Sales |
$ 241,100 |
$ 223,681 |
$ 710,261 |
$ 651,518 |
||||
Pregis Holding II Corporation Consolidated Statements of Cash Flows Unaudited (dollars in thousands) |
||||
Nine Months Ended September 30, |
||||
2011 |
2010 |
|||
Cash flow from operating activities of continuing operations |
||||
Net loss |
$ (41,974) |
$ (23,707) |
||
Adjustments to reconcile net loss to cash provided |
||||
by operating activities of continuing operations: |
||||
Income from discontinued operations |
(6,023) |
(3,983) |
||
Depreciation and amortization |
35,036 |
32,283 |
||
Amortization of inventory step-up |
- |
406 |
||
Deferred income taxes |
(1,175) |
(10,167) |
||
Unrealized foreign exchange loss |
1,328 |
690 |
||
Amortization of deferred financing costs |
3,080 |
2,615 |
||
Amortization of debt discount |
2,524 |
2,174 |
||
Gain on disposal of property, plant and equipment |
(250) |
1,737 |
||
Stock compensation expense |
937 |
1,389 |
||
Goodwill impairment |
18,072 |
- |
||
Changes in operating assets and liabilities |
||||
Accounts and other receivables, net |
(15,581) |
(18,211) |
||
Due from Pactiv |
1,905 |
(169) |
||
Inventories, net |
(7,440) |
(10,898) |
||
Prepayments and other current assets |
(259) |
(184) |
||
Accounts payable |
6,941 |
18,263 |
||
Accrued taxes |
(4,442) |
855 |
||
Accrued interest |
4,780 |
4,469 |
||
Other current liabilities |
2,074 |
(331) |
||
Pension and related assets and liabilities, net |
(437) |
(1,428) |
||
Other, net |
(1,088) |
(2,070) |
||
Cash used in operating activities of continuing operations |
(1,992) |
(6,267) |
||
Investing activities of continuing operations |
||||
Capital expenditures |
(26,528) |
(20,207) |
||
Proceeds from sale of assets |
342 |
535 |
||
Proceeds from sale leaseback, net of costs |
- |
17,875 |
||
Acquisition of business, net of cash acquired |
(2,733) |
(31,655) |
||
Change in restricted cash |
(2) |
(3,501) |
||
Cash used in investing activities of continuing operations |
(28,921) |
(36,953) |
||
Financing activities of continuing operations |
||||
Repayment of debt |
(43,000) |
- |
||
Proceeds from ABL credit facility |
44,891 |
- |
||
Proceeds from revolving credit facility |
500 |
500 |
||
Proceeds from foreign lines of credit draws |
375 |
3,670 |
||
Deferred financing fees |
(4,822) |
- |
||
Other, net |
(252) |
71 |
||
Cash provided by/(used in) financing activities of continuing operations |
(2,308) |
4,241 |
||
Effect of exchange rate changes on cash |
||||
and cash equivalents |
264 |
(1,722) |
||
Decrease in cash and cash equivalents from continuing operations |
(32,957) |
(40,701) |
||
Cash flow from discontinued operations |
||||
Cash flows from operating activities of discontinued operations, net |
7,850 |
6,534 |
||
Cash flows from investing activities of discontinued operations, net |
(580) |
(1,612) |
||
Effect of exchange rate changes on cash |
(6) |
(69) |
||
Net decrease in cash and cash equivalents |
(25,693) |
(35,848) |
||
Cash and cash equivalents, beginning of period |
46,159 |
78,168 |
||
Cash and cash equivalents of discontinued/held-for-sale operations, beginning of period |
1,686 |
2,267 |
||
Net decrease in cash and cash equivalents |
(25,693) |
(35,848) |
||
Less: cash and cash equivalents of discontinued/held for sale operations at end of period |
(905) |
(2,058) |
||
Cash and cash equivalents, end of period |
$ 21,247 |
$ 42,529 |
||
Pregis Holding II Corporation Supplemental Information (Unaudited) Calculation of Adjusted EBITDA ("Consolidated Cash Flow") |
|||||
(unaudited) |
Three Months Ended September 30, |
||||
(dollars in thousands) |
2011 |
2010 |
|||
Net loss of Pregis Holding II Corporation continuing operations |
$ (31,811) |
$ (9,226) |
|||
Interest expense, net of interest income |
12,405 |
11,717 |
|||
Income tax (benefit) expense |
356 |
(1,979) |
|||
Depreciation and amortization |
11,525 |
10,968 |
|||
EBITDA |
(7,525) |
11,480 |
|||
Other non-cash charges (income): |
|||||
Unrealized foreign currency transaction losses (gains), net |
1,906 |
(431) |
|||
Non-cash stock based compensation expense |
360 |
330 |
|||
Non-cash asset impairment charge |
18,072 |
- |
|||
Loss on sale leaseback transaction |
- |
1,837 |
|||
Net unusual or nonrecurring gains or losses: |
|||||
Restructuring, severance and related expenses |
166 |
2,218 |
|||
Other unusual or nonrecurring gains or losses |
5,042 |
538 |
|||
Other adjustments: |
|||||
Amounts paid pursuant to management agreement with Sponsor |
585 |
1,511 |
|||
Discontinued operations |
4,254 |
2,757 |
|||
Pro forma adjusted EBITDA of acquired business |
- |
- |
|||
Adjusted EBITDA (“Consolidated Cash Flow”) |
$ 22,860 |
$ 20,240 |
|||
(unaudited) |
Three Months Ended September 30, |
||||
(dollars in thousands) |
2011 |
2010 |
|||
Net income of discontinued operations |
$ 2,486 |
$ 1,309 |
|||
Interest expense, net of interest income |
16 |
7 |
|||
Income tax (benefit) expense |
807 |
763 |
|||
Depreciation and amortization |
532 |
678 |
|||
EBITDA |
3,841 |
2,757 |
|||
Other non-cash charges (income): |
|||||
Unrealized foreign currency transaction losses (gains), net |
- |
- |
|||
Non-cash stock based compensation expense |
- |
- |
|||
Non-cash asset impairment charge |
- |
- |
|||
Loss on sale leaseback transaction |
- |
- |
|||
Net unusual or nonrecurring gains or losses: |
|||||
Restructuring, severance and related expenses |
18 |
- |
|||
Other unusual or nonrecurring gains or losses |
395 |
- |
|||
Other adjustments: |
|||||
Amounts paid pursuant to management agreement with Sponsor |
- |
- |
|||
Discontinued operations |
- |
- |
|||
Pro forma adjusted EBITDA of acquired business |
- |
- |
|||
Adjusted EBITDA (“Consolidated Cash Flow”) |
$ 4,254 |
$ 2,757 |
|||
Note to above:
EBITDA is defined as net income before interest expense, interest income, income tax expense, depreciation and amortization. Adjusted EBITDA, referred to as Consolidated Cash Flow within the context of the Company's indentures, is presented herein because it is a material element of the fixed charge coverage ratio and secured indebtedness leverage ratio included in the Company's indentures and is a significant operating measure used by the Company to measure its operating performance and liquidity.
Pregis Holding II Corporation Supplemental Information (Unaudited) Calculation of Adjusted EBITDA ("Consolidated Cash Flow") |
|||||
(unaudited) |
Twelve Months Ended September 30, |
||||
(dollars in thousands) |
2011 |
2010 |
|||
Net loss of Pregis Holding II Corporation continuing operations |
$ (64,066) |
$ (38,921) |
|||
Interest expense, net of interest income |
50,312 |
49,529 |
|||
Income tax (benefit) expense |
(4,542) |
(10,739) |
|||
Depreciation and amortization |
46,491 |
40,988 |
|||
EBITDA |
28,195 |
40,857 |
|||
Other non-cash charges (income): |
|||||
Unrealized foreign currency transaction losses (gains), net |
1,547 |
118 |
|||
Non-cash stock based compensation expense |
2,639 |
1,681 |
|||
Non-cash asset impairment charge |
18,072 |
194 |
|||
Loss on sale leaseback transaction |
- |
1,837 |
|||
Net unusual or nonrecurring gains or losses: |
|||||
Restructuring, severance and related expenses |
6,551 |
5,629 |
|||
Other unusual or nonrecurring gains or losses |
9,236 |
11,418 |
|||
Other adjustments: |
|||||
Amounts paid pursuant to management agreement with Sponsor |
2,166 |
2,508 |
|||
Discontinued operations |
14,047 |
10,964 |
|||
Pro forma adjusted EBITDA of acquired business |
- |
1,410 |
|||
Adjusted EBITDA (“Consolidated Cash Flow”) |
$ 82,453 |
$ 76,616 |
|||
(unaudited) |
Twelve Months Ended September 30, |
||||
(dollars in thousands) |
2011 |
2010 |
|||
Net income of discontinued operations |
$ 8,758 |
$ 7,890 |
|||
Interest expense, net of interest income |
114 |
105 |
|||
Income tax (benefit) expense |
2,002 |
130 |
|||
Depreciation and amortization |
2,571 |
2,717 |
|||
EBITDA |
13,445 |
10,842 |
|||
Other non-cash charges (income): |
|||||
Unrealized foreign currency transaction losses (gains), net |
- |
- |
|||
Non-cash stock based compensation expense |
- |
- |
|||
Non-cash asset impairment charge |
- |
- |
|||
Loss on sale leaseback transaction |
- |
- |
|||
Net unusual or nonrecurring gains or losses: |
|||||
Restructuring, severance and related expenses |
57 |
122 |
|||
Other unusual or nonrecurring gains or losses |
545 |
- |
|||
Other adjustments: |
|||||
Amounts paid pursuant to management agreement with Sponsor |
- |
- |
|||
Discontinued operations |
- |
- |
|||
Pro forma adjusted EBITDA of acquired business |
- |
- |
|||
Adjusted EBITDA (“Consolidated Cash Flow”) |
$ 14,047 |
$ 10,964 |
|||
Note to above:
EBITDA is defined as net income before interest expense, interest income, income tax expense, depreciation and amortization. Adjusted EBITDA, referred to as Consolidated Cash Flow within the context of the Company's indentures, is presented herein because it is a material element of the fixed charge coverage ratio and secured indebtedness leverage ratio included in the Company's indentures and is a significant operating measure used by the Company to measure its operating performance and liquidity.
Pregis Holding II Corporation Third Quarter 2011 Supplemental Information (Unaudited) (Amounts and percentage changes are approximations due to rounding.) Gross Margin Calculations |
||||||
Gross Margin Calculation |
||||||
Three Months Ended September 30, |
||||||
(dollars in thousands) |
2011 |
2010 |
Change |
|||
Net sales from continuing operations |
$ 211,995 |
$ 197,727 |
$ 14,268 |
|||
Net sales from discontinued operations |
29,105 |
25,954 |
3,151 |
|||
Total Net Sales |
241,100 |
223,681 |
17,419 |
|||
Cost of sales, excluding depreciation and |
||||||
amortization of continuing operations |
(169,904) |
(157,236) |
(12,668) |
|||
Cost of sales, excluding depreciation and |
||||||
amortization of discontinued operations |
(20,688) |
(19,065) |
(1,623) |
|||
Total Cost of sales, excluding depreciation and |
(190,592) |
(176,301) |
(14,291) |
|||
amortization |
||||||
Gross margin of continuing operations |
42,091 |
40,491 |
1,600 |
|||
Gross margin of discontinued operations |
8,417 |
6,889 |
1,528 |
|||
Total gross margin |
50,508 |
47,380 |
3,128 |
|||
Gross margin, as a percent of net sales |
||||||
of continuing operations |
19.9% |
20.5% |
(0.6)% |
|||
Gross margin, as a percent of net sales |
||||||
of discontinued operations |
28.9% |
26.5% |
2.4 % |
|||
Total gross margin, as a percent of total net sales |
20.9% |
21.2% |
(0.3)% |
|||
Net Sales by Segment |
||||||||||||||||||||
Change Attributable to the |
||||||||||||||||||||
Following Factors |
||||||||||||||||||||
Three Months Ended September 30, |
Price / |
Currency |
||||||||||||||||||
2011 |
2010 |
$ Change |
% Change |
Mix |
Volume |
Acquisition |
Translation |
|||||||||||||
(dollars in thousands) |
||||||||||||||||||||
Segment: |
||||||||||||||||||||
Protective Packaging |
$ 122,877 |
$ 115,860 |
$ 7,017 |
6.1 % |
$ 3,258 |
2.8 % |
$ 422 |
0.4 % |
$ - |
- % |
$ 3,337 |
2.9 % |
||||||||
Specialty Packaging |
89,118 |
81,867 |
7,251 |
8.9 % |
2,591 |
3.2 % |
(619) |
(0.8)% |
- |
- % |
5,279 |
6.5 % |
||||||||
Total |
$ 211,995 |
$ 197,727 |
$ 14,268 |
7.2 % |
$ 5,849 |
3.0 % |
$ (197) |
(0.1)% |
$ - |
- % |
$ 8,616 |
4.3 % |
||||||||
EBITDA by Segment |
||||||||
Three Months Ended September 30, |
||||||||
2011 |
2010 |
$ Change |
% Change |
|||||
(dollars in thousands) |
||||||||
Segment: |
||||||||
Protective Packaging |
$ 10,842 |
$ 11,063 |
$ (221) |
(2.0)% |
||||
Specialty Packaging |
9,925 |
7,674 |
2,251 |
29.3 % |
||||
Total segment EBITDA |
$ 20,767 |
$ 18,737 |
$ 2,030 |
10.8 % |
||||
SOURCE Pregis Corporation
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