SADDLE BROOK, N.J., Oct. 2, 2001 (PRIMEZONE) -- Sealed Air Corporation (NYSE:SEE), in anticipation of participation in upcoming investment community conferences, announced today that its business is returning to pre-September 11 order patterns following the tragedy three weeks ago.
The Company anticipates that earnings for the third quarter of 2001 will fall within the current range of analyst estimates published by First Call of $0.40 to $0.45 per share assuming conversion of the Company's outstanding preferred stock and excluding any restructuring or other charges.
Sales volume, particularly in the Company's protective packaging segment, continued to reflect weak economic conditions in the United States and other parts of the world. The food packaging segment continues to benefit from further market penetration of the Company's case ready offering. The food packaging business in Europe is progressing toward more normal levels of meat supply and beef consumption following disruptions earlier in the year.
Commenting on the Company's outlook, William V. Hickey, President and Chief Executive Officer stated, "While the current economic conditions are more challenging, the strength of our Company remains apparent. We continue to add customers and introduce new products. Our food packaging business remains solid and our case ready and fluid food packaging businesses continue to progress. I expect that our tight control of expenses and consistent cash flow will be evident in our third quarter results.
"Although it may be too early to fully assess the short-term implications that recent events may have on the economy in the fourth quarter and next year, we remain confident in the long-term future of our business and our leadership position in the industry."
Business
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 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 statements. 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, business and market conditions in the geographic areas in which the Company conducts business, 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2001, and in the Company's other publicly available filings with the Securities and Exchange Commission.