The Company generated an operating loss in the fourth quarter of 2008 of $12.3 medical supplies columbus oh million, compared to operating income of $4.9 million for the fourth quarter of 2007. This represents a decline of approximately 34% compared to operating income of $8.8 million for the fourth quarter of 2007, also adjusted for restructuring medical supply company
activity of $2.8 million, a $3.1 million write-off of third party evergreen herbs medical supplies llc due diligence and legal costs related to a potential acquisition that was not consummated, and an unusual insurance gain of $2.0 million. Operating income for the full year of 2008 was $13.3 medical supplies million, compared to 2007 operating income.
Excluding incremental dynarex medical supplies kansas revenue from 2007 acquisitions, as well as a $20 million impact of unfavorable foreign currency translation, as the U.S. Pregis Announces Fourth Quarter and Full Year 2008 Financial Results
DEERFIELD, Ill., / / -- Pregis Corporation, a leading international manufacturer, hospital supplies marketer, and supplier of protective packaging products wwwvital medical supplies and specialty packaging medical supply companies solutions, today announced its 2008 fourth quarter and full year financial results.
Dollar strengthened significantly against the euro and pound sterling, net sales for the quarter decreased 6.8%. For the full ordering medical supplies
medical supplies year, medical supply company 2008 net sales increased 4.1% to $1.019 billion as compared to $979.4 million in 2007. Excluding a $21 million impact of favorable medical supply company
foreign currency translation on a year-to-date basis and incremental revenue home medical supply from 2007 acquisitions, 2008 net sales decreased 1.1%. The margin apria medical supplies vendors decline was primarily the result of decreased sales volumes due to weakened demand across our segments, offset in part by the impact of selling price increases medical supplies implemented in the third quarter of 2008 as well the impact of our 2008 cost reduction initiatives. The decline for the year was primarily due to increased medical supply companies seattle area companie costs medical office supplies
of resin, fuel and other raw materials, combined with the significant decline in volumes in the latter part of the year, offset by the impact medical suppliers medical supply medical supply company companies in michigan medicaid of selling price increases and cost reduction initiatives.
For the fourth quarter of 2008, the Company generated net sales of $219.6 million, a decrease of 13.4% versus net sales of websites for medical supplies in dayton oh area $253.7 million in the fourth quarter of 2007. The fourth quarter operating loss reflects a $19.1 million non-cash goodwill impairment charge within one of the Company's specialty packaging businesses driven by the anticipation of a significant reduction in future revenue from a customer that had historically recycle medical supplies las vegas comprised a material portion of the reporting unit's annual revenues.
Gross medical supply companies profit margin, as a percent of net sales, was 20.7% in the fourth quarter of 2008, compared to 23.9% in the fourth quarter of 2007. The fourth quarter's decline in earnings was driven by a reduction in sales volumes, offset in part by cost savings from the Company's various productivity and cost reduction programs as well as favorable impact from the Company' third quarter selling price increases. Adjusted for this goodwill impairment charge, unfavorable foreign currency translation of $1.3 million, restructuring activity of $1.5 million, and a related curtailment gain of $3.7 million, operating income for the fourth quarter of 2008 was $5.8 million. For the full year, our gross profit margin, as a percent of net sales, decreased to 21.6% for 2008 compared to 24.4% for 2007.