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PORTOLA PACKAGING REPORTS THIRD QUARTER RESULTSSAN JOSE, CA—June 18, 2003 - Portola Packaging, Inc. today reported results for its third quarter of fiscal 2003 ended May 31, 2003. Sales were $53.7 million compared to $53.0 million for the same quarter of the prior year, an increase of 1.3%. For the first nine months of fiscal year 2003, sales were $156.8 million compared to $155.2 million for the first nine months of fiscal year 2002, an increase of 1.0%. The Company had operating income of $3.8 million for the third quarter of fiscal 2003 compared to operating income of $5.2 million for the third quarter of fiscal 2002. For the first nine months of fiscal year 2003, the Company had operating income of $6.4 million compared to operating income of $10.6 million for the first nine months of fiscal year 2002. The Company reported a net loss of $0.4 million for the third quarter of fiscal 2003 compared to net income of $1.3 million for the same period of fiscal year 2002 and a net loss of $2.8 million for the first nine months of fiscal year 2003 compared to net income of $0.2 million for the same period in fiscal 2002. During the first nine months of fiscal 2003, the Company incurred pretax restructuring charges of $0.4 million. Gross profit decreased $2.5 million to $11.9 million for the third quarter of fiscal 2003 compared to $14.4 million for the same quarter of the prior year. For the first nine months of fiscal 2003, gross profit was $33.0 million compared to $38.3 million for the first nine months of fiscal 2002. As a percentage of sales, gross profit decreased to 21.0% for the first nine months of fiscal 2003 compared to 24.7 % for the same period in fiscal 2002. EBITDA decreased 15.5% to $8.7 million in the third quarter of fiscal 2003 compared to $10.3 million in the third quarter of fiscal 2002 and decreased 20.2% to $20.1 million for the first nine months of fiscal 2003 from $25.2 million for the same period in fiscal 2002. Adjusted EBITDA, which excludes the effect of restructuring charges, warrant interest (income) expense and (gains) losses on foreign exchange, decreased 17.5% to $8.5 million in the third quarter of fiscal 2003 compared to $10.3 million in the third quarter of 2002 and decreased 19.4% to $20.3 million for the first nine months of fiscal 2003 from $25.2 million for the same period in fiscal 2002. CONFERENCE CALL Portola Packaging, Inc. executives will hold a conference call to discuss the third quarter of fiscal year 2003 results. The conference call is scheduled for June 19, 2003, at 10:00 A.M. Pacific Daylight Time. The United States Dial-In Number is 888-273-9890. The International Dial-In Number is 612-332-0228. ABOUT PORTOLA PACKAGING, INC. Portola Packaging, Inc. is a leading designer, manufacturer and marketer of tamper evident plastic closures used in dairy, fruit juice, bottled water, sports drinks, institutional food products and other non-carbonated beverage products. The Company also produces a wide variety of plastic bottles for use in the dairy, water and juice industries, including five-gallon polycarbonate water bottles. In addition, the Company designs, manufactures and markets capping equipment for use in high speed bottling, filling and packaging production lines as well as manufactures and markets customized five-gallon water capping and filling systems. The Company is also engaged in the manufacture and sale of tooling and molds used in the blow molding industry. For more information about Portola Packaging, visit the Company’s Web site at www.portpack.com . FOR ADDITIONAL INFORMATION CONTACT:
PORTOLA PACKAGING, INC.
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