PKDY Packaging Dynamics - When-Issued Common Stock (MM)

Packaging Dynamics Corporation Declares Cash Dividend and Announces 2004 Annual Stockholders' Meeting Date CHICAGO, March 12 /PRNewswire-FirstCall/ -- Packaging Dynamics Corporation (the "Company" or "Packaging Dynamics") announced that its Board of Directors has approved the payment of a cash dividend of $0.05 per common share. The dividend will be paid on April 5, 2004 to stockholders of record as of March 17, 2004. "Our Board of Directors and management are pleased to announce the second quarterly dividend in the Company's history, continuing the pattern established during the fourth quarter of 2003. The dividend is indicative of the financial strength of the Company and stability of our cash flow," commented Mr. Frank V. Tannura, Chairman. The Company also announced that its Board of Directors has approved the time and location of its 2004 Annual Stockholders' Meeting. The Annual Meeting will be held at the Company's offices in Baxter Springs, Kansas on Wednesday, May 12, 2004 at 8:00 a.m. (Central time). The Company's Board of Directors also established March 17, 2004 as the record date for the determination of the stockholders entitled to notice of, and to vote at, the Annual Meeting. Packaging Dynamics, headquartered in Chicago, Illinois, is a flexible packaging company that laminates and converts paper, film and foil into various value-added flexible packaging products for the food service, food processing, bakery, supermarket, deli and concession markets as well as a limited number of industrial markets. The statements contained in this press release are forward-looking and are identified by the use of forward-looking words and phrases, such as "estimates," "plans," "expects," "to continue," "subject to," "target" and such other similar phrases. These forward-looking statements are based on the current expectations of the company. Because forward-looking statements involve risks and uncertainties, the company's plans, actions and actual results could differ materially. Among the factors that could cause plans, actions and results to differ materially from current expectations are: (i) changes in consumer demand and prices resulting in a negative impact on revenues and margins; (ii) raw material substitutions and increases in the costs of raw materials, utilities, labor and other supplies; (iii) increased competition in the company's product lines; (iv) changes in capital availability or costs; (v) workforce factors such as strikes or labor interruptions; (vi) the ability of the company and its subsidiaries to develop new products, identify and execute capital programs and efficiently integrate acquired businesses; (vii) the cost of compliance with applicable governmental regulations and changes in such regulations, including environmental regulations; (viii) the general political, economic and competitive conditions in markets and countries where the company and its subsidiaries operate, including currency fluctuations and other risks associated with operating in foreign countries; and (ix) the timing and occurrence (or non-occurrence) of transactions and events which may be subject to circumstances beyond the control of the company and its subsidiaries. DATASOURCE: Packaging Dynamics Corporation CONTACT: Ms. Sharon Thompson of Packaging Dynamics Corporation, +1-773-843-8013 Web site: http://www.pkdy.com/

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