SADDLE BROOK, N.J., Dec. 10, 2001 (PRIMEZONE) -- Sealed Air Corporation (NYSE:SEE), in response to inquiries relating to recent activity in its stock, noted that there has been no change in its operations or prospects that it believes would explain the activity in its stock over the last several days.
The Company reaffirms its full year 2001 earnings expectations that it had previously published in its third quarter earnings release, in the range of $1.62 - $1.72 per share (assuming conversion of the Company's outstanding preferred stock and excluding Restructuring and other charges and the debt guarantee provision incurred in the first quarter).
Sealed Air Corporation's position regarding the liabilities of W. R. Grace & Co. and the effect on Sealed Air Corporation in light of the 1998 corporate transaction involving Sealed Air and Grace has not changed since its most recent filing on Form 10-Q for the quarter ended September 30, 2001.
The Company will conduct a conference call for its investors and analysts on Tuesday, December 11, 2001 at 9:00 a.m. (ET). To access the call via telephone, please dial 888-303-1619 or Internationally, 212-271-4764, reservation number 20093844.
The conference call will be broadcast over the Internet and can be accessed from a link on the Company's homepage at http://www.sealedair.com. Listeners should go to the web site prior to the call to register, and to download and install any necessary audio software. The conference call webcast can also be accessed through CCBN on the StreetEvents web site, located at http://www.streetevents.com/.
A replay of the webcast will be available from both web sites for 30 days. A replay of the conference call will be available from 1:00 p.m. (ET) on Tuesday, December 11, 2001 to 12:00 Midnight (ET) on Tuesday, December 18, 2001. To access the replay via telephone, please dial 800-633-8284 or Internationally, 858-812-6440, reservation number 20093844.
Sealed Air is a leading global manufacturer of a wide range of food, protective and specialty packaging materials and systems, including such widely recognized brands such as Bubble-Wrap(r) air cellular cushioning, Jiffy(r) protective mailers and Cryovac(r) food packaging products. For more information about Sealed Air Corporation, please visit the Company's web site at www.sealedair.com.
Certain statements made by the Company in this press release may be forward-looking. These statements include comments as to future events and trends affecting the Company's business, which are based upon management's current expectations and are necessarily subject to risks and uncertainties, many of which are outside the control of the Company. Forward-looking statements can be identified by such words as "expects," "intends," "plans," "estimates" and similar expressions. Actual results may differ materially from these expectations due to a number of factors, including changes in economic, political, business and market conditions in the geographic areas in which the Company conducts business, acts of war or terrorism, factors affecting customers, exchange rates, the success of new products, raw material and energy costs and legal proceedings, including those related to W. R. Grace & Co. A more extensive list and description of these factors can be found under the heading "Forward-Looking Statements" in Management's Discussion and Analysis of Results of Operations and Financial Condition, which appears in the Company's most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, and in the Company's other publicly available filings with the Securities and Exchange Commission.