Exhibit 99.1

NEWS RELEASE Constar International Inc. One Crown Way Philadelphia, PA 19154-4599 Main Phone: (215) 552-3700

For Immediate Release

CONSTAR INTERNATIONAL INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2007 RESULTS

Philadelphia, PA – March 31, 2008 — Constar International Inc. (NASDAQ: CNST) today announced its financial results for the fourth quarter and twelve months ended December 31, 2007. Highlights include:

• Full year Credit Agreement EBITDA excluding restructuring charges was $55.2 million, which was in line with the Company’s most recent guidance;

• Unit volume decreased 0.9% in 2007 compared to 2006;

• Custom unit volume increased 23.8% in the fourth quarter of 2007 compared to the fourth quarter of 2006; and

• At year-end, the Company was able to borrow approximately $54.8 million under its Credit Agreement.

“While we achieved our most recent EBITDA guidance, 2007 was a disappointing year for Constar, mainly due to price declines totaling $15 million and weak conventional sales. In spite of the obstacles we faced, we made great progress using our portfolio of superior technologies to gain new volume that led to 23.8 percent custom unit growth in the fourth quarter of 2007 compared to the same quarter in 2006. In addition, we expect approximately 30 percent unit growth in custom packaging in 2008 due to the carryover impact of new custom business secured in 2007 and newly signed custom contracts for 2008,” commented Michael Hoffman, President and CEO of Constar. “2008 performance is also supported by contractual price increases and a strong liquidity position as we begin the year.”

In connection with preparing its 2007 financial statements, the Company discovered errors related to: i) the improper capitalization of certain property, plant and equipment acquired in 2003 and prior periods; ii) an understatement of depreciation expense for certain property, plant and equipment acquired in 2003 and prior periods and iii) improperly accounting for landlord incentives which understated current liabilities and property, plant and equipment. In addition, the Company corrected the classification within stockholders’ deficit for the recording of a previously disclosed error in recording a deferred tax asset valuation allowance related to a minimum pension liability.

As a result, the Company is restating in its 2007 10-K its consolidated financial statements for the year ended December 31, 2006 to correct these errors, as well as other previously identified errors that were corrected in the periods they became known, rather than the periods in which they originated. The impact of these non-cash adjustments resulting from this review and for previously corrected non-cash items was a $0.7 million increase to Credit Agreement EBITDA before restructuring for the year ended December 31, 2006, and a reduction of $1.8 million to the previously reported net loss for the year ended December 31, 2006. The impact of the restatement on periods prior to January 1, 2006 is reflected as an increase to beginning accumulated deficit of $3.1 million and an increase of $3.4 million to beginning accumulated other comprehensive loss. The Company will separately restate its quarterly financial statements for 2007 and 2006 by amending its previously issued 2007 Quarterly Reports on Form 10-Q as soon as practicable. In light of the restatement, the Company concluded that a material weakness existed at December 31, 2007 in the design and operation of internal controls relating to accounting for property, plant and equipment and related depreciation expense. As a result, the Company did not maintain effective internal control over financial reporting at December 31, 2007.

The detailed impact of these non-cash adjustments on the year ended December 31, 2006 financial statements is presented in the attached table titled “Restatement of 2006 Consolidated Financial Statements.”

Fourth Quarter Results:

Consolidated net sales were $202.8 million in the fourth quarter of 2007 compared to $207.1 million in the fourth quarter of 2006.

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In the U.S., net sales were $159.5 million in the fourth quarter of 2007 compared to $163.8 million in the fourth quarter of 2006. This decrease in sales was driven by contractual price concessions and the pass-through of lower resin costs to customers. Conventional unit volume declined 3.9 percent compared to the fourth quarter of 2006 due to the continued movement of water bottlers to self manufacturing and consumers shifting their preferences from carbonated soft drinks to alternative beverages. Custom unit volume increased 23.8 percent compared to the fourth quarter of 2006 due to growth in the Company’s hot-fill volume and continued growth in products utilizing the Company’s proprietary oxygen scavenging technologies, MonOxbar^TM and DiamondClear^TM.

In Europe, net sales were $43.3 million in the fourth quarter of 2007, unchanged compared to the fourth quarter of 2006. European volume increased 7.1 percent for the fourth quarter of 2007 compared to the fourth quarter of 2006. In addition, foreign currency changes increased sales by 6.5 percent in the fourth quarter of 2007 compared to the fourth quarter of 2006. These increases were offset by the pass through of lower resin costs and a negative sales revenue mix shift to higher volume but lower revenue products.

Gross profit, excluding depreciation expense, decreased $3.9 million, or 20.7 percent, in the fourth quarter of 2007 compared to the fourth quarter of 2006. Gross profit, excluding depreciation expense, as a percentage of net sales decreased to 7.3 percent in the fourth quarter of 2007 from 9.0 percent in the fourth quarter of 2006. This decrease was driven primarily by the impact of contractual price concessions, offset in part by lower manufacturing costs and improved product mix.

Selling and administrative and research and technology expenses of $9.1 million in the fourth quarter of 2007 decreased by $0.1 million from the fourth quarter of 2006, primarily due to decreased compensation and legal expenses.

A provision for restructuring of $0.6 million was recorded in the fourth quarter of 2007 related to the closing of one of the Company’s U.S. facilities.

Operating loss was $2.3 million in the fourth quarter of 2007 compared to operating income of $1.4 million in the fourth quarter of 2006. This decrease was driven by the factors described above.

Interest expense decreased to $10.0 million in the fourth quarter of 2007 compared to $10.2 million in the fourth quarter of 2006.

Other expense was $1.7 million in the fourth quarter of 2007 compared to income of $1.3 million in the fourth quarter of 2006. The expense in 2007 primarily resulted from the negative impact of foreign currency translation of intra-company balances, partially offset by net royalty income.

Net loss was $14.1 million in the fourth quarter of 2007, or $1.14 loss per basic and diluted share, compared to a net loss of $7.2 million, or $0.59 loss per basic and diluted share, in the fourth quarter of 2006.

Free cash flow was positive $6.5 million in the fourth quarter of 2007 compared to positive free cash flow of $1.9 million in the fourth quarter of 2006. This improvement in free cash flow was driven by cash flow from operating activities, principally working capital improvements.

Credit Agreement EBITDA excluding restructuring charges in the fourth quarter of 2007 decreased by $1.7 million, or 14.8 percent, to $9.5 million from $11.1 million in the fourth quarter of 2006. This decrease was driven by the factors discussed above.

Full Year Results:

Consolidated net sales declined to $881.6 million in 2007 from $927.0 million in 2006.

In the U.S., net sales decreased $61.1 million to $689.1 million in 2007 from $750.2 million in 2006.

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The decrease in U.S. net sales in 2007 was driven by a decrease in unit volume of 4.5 percent and negative pricing impact of approximately $15.0 million. This decrease reflects a flat custom unit volume and a conventional unit volume decline of 5.1 percent. The decrease in conventional unit volume was driven by the continued movement of water bottlers to self manufacturing and consumers shifting their preferences from carbonated soft drinks to alternative beverages.

In Europe, net sales increased $15.7 million to $192.5 million in 2007 from $176.8 million in 2006. The increase in European net sales in 2007 was primarily due to a 5.7 percent increase in total unit volume and the strengthening of the British Pound and Euro against the U.S. Dollar.

Gross profit, excluding depreciation expense, decreased $17.6 million, or 17.9 percent, to $80.5 million for 2007 from $98.1 million in 2006. Gross profit, excluding depreciation expense, as a percentage of net sales in 2007 decreased to 9.1 percent from 10.6 percent in the same period last year. This decrease was driven by contractual price concessions and lower volumes, offset in part by lower manufacturing costs.

Selling and administrative and research and technology expenses were $32.6 million in 2007 compared to $35.2 million last year. This decrease primarily results from a $2.3 million decrease in legal fees, a $1.0 million decrease for audit and Sarbanes-Oxley related expenses and decreased stock compensation expense of $0.6 million, offset by an increase in other professional fees of $0.3 million.

In 2006, the Company recorded a non-cash asset impairment charge of $0.9 million to write down the carrying value of an asset to fair value.

The full year 2007 provision for restructuring of $3.7 million principally related to the Company’s facility in Holland and a facility in the U.S.

Operating income was $15.1 million in 2007 compared to operating income of $28.9 million in 2006. The decrease in operating income primarily relates to the decreased operating performance described above.

Interest expense decreased $0.2 million to $41.0 million in 2007.

In 2007, the Company reported other expense of $0.6 million compared to other income of $2.8 million in 2006. The expense in 2007 primarily resulted from the negative impact of foreign currency translation of intra-company balances, partially offset by net royalty income of $0.9 million.

Net loss in 2007 was $26.3 million, or $2.14 loss per basic and diluted share, compared to a net loss of $10.3 million, or $0.84 loss per basic and diluted share, in 2006.

Free cash flow was negative $15.3 million in 2007 as compared to positive free cash flow of $21.7 million in 2006. The decrease in cash flow was driven by lower EBITDA results, cash restructuring charges and increased capital spending in support of new customer custom unit projects and less improvement in working capital in 2007 as compared to 2006.

Credit Agreement EBITDA excluding restructuring charges in 2007 decreased by 16.7 percent to $55.2 million from $66.3 million in 2006. This decrease was driven by the operating results discussed above.

Non-GAAP Measures

EBITDA is defined by the Company as net income (loss) before interest expense, provision for income taxes, depreciation and amortization. The Company’s Credit Agreement formerly contained a definition of EBITDA that made adjustments for certain items. This definition was deleted and not replaced as part of the previously reported amendments to the Credit Agreement made in the first quarter of 2007. In the fourth quarter of 2007 and the year ended December 31, 2007, these adjustments would have amounted to $6.2 million and $11.4 million, respectively. In the fourth quarter of 2006 and the year ended December 31, 2006, the adjustments were $0.6 million and $3.2 million, respectively. For consistency, the Company is reporting EBITDA on the same Credit Agreement basis, but excluding restructuring charges.

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Credit Agreement EBITDA excluding restructuring charges is not a GAAP-defined measure and may not be comparable to credit agreement or adjusted EBITDA as defined by other companies. Management believes that investors, analysts and other interested parties view our ability to generate Credit Agreement EBITDA as an important indicator of the Company’s operating performance. Management also believes that Credit Agreement EBITDA excluding restructuring charges is a useful measure in understanding trends because it eliminates various non-operational and non-recurring items. In addition, Credit Agreement EBITDA facilitates comparisons to operating performance in prior periods and is used by the Company in setting incentive plan targets. Investors are urged to take into account GAAP measures in evaluating the Company and to review the reconciliation of Credit Agreement EBITDA excluding restructuring charges to net income (loss) in the attached unaudited consolidated statements of operations.

Gross profit, excluding depreciation expense, is not a GAAP-defined measure and may not be comparable to gross profit as defined by other companies. The Company believes that gross profit, excluding depreciation expense, is a useful measure in understanding trends because it eliminates non-cash charges related to depreciation. Investors are urged to take into account GAAP measures in evaluating the Company, and to review the reconciliation of gross profit to gross profit, excluding depreciation expense in the attached unaudited consolidated statements of operations.

Free cash flow is derived from the Company’s consolidated statement of cash flows and is defined as net cash provided by operating activities less net cash used in investing activities. Free cash flow is not a GAAP-defined measure and may not be comparable to free cash flow as defined by other companies. The Company uses free cash flow to evaluate performance and the Company’s ability to incur and service debt. Investors are urged to take into account GAAP measures in evaluating the Company, and to review the separate line items for net cash provided by operating activities and net cash used in investing activities in the attached unaudited consolidated statements of cash flow.

Conference Call, Web Cast Information

The Company will hold a conference call on Monday, March 31, 2008 at 9:00 a.m. ET to discuss this news release. Forward-looking and other material information will be discussed on this conference call. The dial-in numbers for the conference call are (877) 545-1409 (domestic callers) or (719) 325-4878 (international callers). The conference call will also be broadcast live over the internet and can be accessed via the Company’s website: www.constar.net. Please log on approximately 15 minutes prior to the call to register and download any necessary audio software.

A replay of the conference call will be available from 1:00 p.m. ET that day through midnight ET, Monday April 7, 2008 and can be accessed by calling (888) 203-1112 (domestic callers) or (719) 457-0820 (international callers) and entering pass code 5630643. The replay will also be accessible via the web at http://www.constar.net where it will be archived.

Cautionary Note Regarding Forward-Looking Statements

Except for historical information, all information in this news release consists of forward-looking statements within the meaning of the federal securities laws. These forward-looking statements involve a number of risks, uncertainties and other factors, which may cause the actual results to be materially different from those expressed or implied in the forward-looking statements. Important factors that could cause the statements made in this news release or the actual results of operations or financial condition of the Company to differ include the Company’s relationship with its largest customers, the outcome of the Company’s negotiation to renew its contract with its largest customer, the impact of self-manufacturing on the Company’s business, and the Company’s ability to secure new business, expand sales of custom products and improve the operating performance of its European business. Other important factors are discussed under the caption “Risk Factors” in the Company’s Form 10-K Annual Report for the year

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ended December 31, 2007 and in subsequent filings with the Securities and Exchange Commission made prior to, on or after the date hereof. The Company does not intend to review or revise any particular forward-looking statement in light of future events.

About Constar

Philadelphia-based Constar is a leading global producer of PET (polyethylene terephthalate) plastic containers for food, soft drinks and water. The Company provides full-service packaging solutions, from product design and engineering, to ongoing customer support. Its customers include many of the world’s leading branded consumer products companies.

For more information contact:

Walter S. Sobon, Executive Vice President and Chief Financial Officer, (215) 552-3700

Ed Bisno, Bisno Communications, (212) 717-7578

Tables to Follow

CONSTAR INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF OPERATIONS COMPARISON

(in thousands, except per share data)

	Three months ended December 31,						For the year ended December 31,
	2007			Restated 2006			2007			Restated 2006
Net customer sales	$	202,697		$	206,590		$	878,199		$	923,398
Net affiliate sales		124			541			3,369			3,571
Net sales		202,821			207,131			881,568			926,969
Cost of products sold, excluding depreciation		188,055			188,505			801,076			828,905
Depreciation		7,377			7,711			29,110			32,211
Gross profit		7,389			10,915			51,382			65,853
Selling and administrative expenses		7,547			7,761			25,621			29,041
Research and technology expenses		1,586			1,480			6,983			6,177
Asset impairment charges		—			—			—			870
Provision for restructuring		555			263			3,722			854
Total operating expenses		9,688			9,504			36,326			36,942
Operating income (loss)		(2,299	)		1,411			15,056			28,911
Interest expense		10,038			10,154			41,049			41,226
Other (income) expense, net		1,654			(1,334	)		564			(2,761	)
Loss from continuing operations before income taxes		(13,991	)		(7,409	)		(26,557	)		(9,554	)
(Provision for) benefit from income taxes		—			127			—			127
Loss from continuing operations		(13,991	)		(7,282	)		(26,557	)		(9,427	)
Income (loss) from discontinued operations, net of taxes		(81	)		48			211			(834	)
Net loss	$	(14,072	)	$	(7,234	)	$	(26,346	)	$	(10,261	)
Basic and diluted loss per common share:
Continuing operations	$	(1.13	)	$	(0.59	)	$	(2.16	)	$	(0.77	)
Discontinued operations		(0.01	)		—			0.02			(0.07	)
Net loss per share	$	(1.14	)	$	(0.59	)	$	(2.14	)	$	(0.84	)
Weighted average common shares outstanding:
Basic and diluted		12,337			12,254			12,313			12,224

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	Three months ended December 31,						For the year ended December 31,
	2007			Restated 2006			2007			Restated 2006
Reconciliation of net loss to Credit Agreement EBITDA:
Net loss	$	(14,072	)	$	(7,234	)	$	(26,346	)	$	(10,261	)
Add back:
Interest expense		10,038			10,154			41,049			41,226
Taxes		—			(127	)		—			(127	)
Depreciation		7,377			7,711			29,110			32,211
EBITDA		3,343			10,504			43,813			63,049
Restructuring Charges		555			313			3,960			1,579
EBITDA, excluding restructuring charges		3,898			10,817			47,773			64,628
Other adjustments under Credit Agreement (1)		5,596			329			7,395			1,624
Credit Agreement EBITDA	$	9,494		$	11,146		$	55,168		$	66,252
Note 1: Other adjustments includes, among other things, changes in allowances for doubtful accounts, inventory reserves and foreign currency gains and losses.
	Three months ended December 31,						For the year ended December 31,
	2007			Restated 2006			2007			Restated 2006
Reconciliation of gross profit to gross profit, excluding depreciation expense:
Gross Profit	$	7,389		$	10,915		$	51,382		$	65,853
Add back: Depreciation		7,377			7,711			29,110			32,211
Gross profit, excluding depreciation expense	$	14,766		$	18,626		$	80,492		$	98,064
Percentage of net sales		7.3	%		9.0	%		9.1	%		10.6	%

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CONSTAR INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEETS COMPARISON

(in thousands, except par value)

	December 31,
	2007			Restated 2006
ASSETS
Current Assets:
Cash and cash equivalents	$	4,254		$	19,370
Accounts receivable, net		61,212			61,101
Accounts receivable - related party		483			856
Inventories, net		73,213			60,198
Prepaid expenses and other current assets		19,205			28,907
Deferred income taxes		2,045			2,257
Current assets of discontinued operations		527			11,602
Total current assets		160,939			184,291
Property, plant and equipment, net		147,061			145,085
Goodwill		148,813			148,813
Other assets		15,476			21,722
Non-current assets of discontinued operations		—			1,286
Total assets	$	472,289		$	501,197
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Short-term debt	$	438		$	—
Accounts payable		83,856			82,611
Accounts payable - related party		1,000			950
Accrued expenses and other current liabilities		36,607			33,421
Current liabilities of discontinued operations		395			8,680
Total current liabilities		122,296			125,662
Long-term debt		393,733			393,466
Pension and postretirement liabilities		11,368			19,143
Deferred income taxes		2,045			2,257
Other liabilities		14,411			8,117
Non-current liabilities of discontinued operations		743			2,144
Total liabilities		544,596			550,789
Commitments and contingent liabilities
Stockholders’ deficit:
Preferred Stock, $.01 par value - none issued or outstanding at December 31, 2007 and 2006		—			—
Common stock, $.01 par value - 13,008 shares and 12,809 shares issued, 12,717 and 12,576 outstanding at December 31, 2007 and 2006, respectively		125			125
Additional paid-in capital		276,546			275,754
Accumulated other comprehensive loss		(18,620	)		(22,378	)
Treasury stock, at cost - 291 and 233 shares at December 31, 2007 and 2006, respectively		(945	)		(704	)
Accumulated deficit		(329,413	)		(302,389	)
Total stockholders’ deficit		(72,307	)		(49,592	)
Total liabilities and stockholders’ deficit	$	472,289		$	501,197

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CONSTAR INTERNATIONAL INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except par value)

	For the Year Ended December 31,
	2007			Restated 2006
Cash flows from operating activities:
Net loss	$	(26,346	)	$	(10,261	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		32,951			34,943
Asset impairment charges		—			870
Bad debt expense		1,058			547
Stock-based compensation		600			1,222
Reclassification gain of foreign currency translation adjustments		(112	)		—
Deferred income taxes		—			(107	)
(Gain) loss on disposal of assets		144			1,721
Minority interest		(2,097	)		(225	)
Other operating activities, net		—			(92	)
Changes in operating assets and liabilities:
Accounts receivable		11,628			11,825
Inventories		(12,322	)		18,309
Prepaid expenses and other current assets		10,952			2,277
Accounts payable and accrued expenses		(13,980	)		(16,403	)
Change in outstanding book overdrafts		9,110			(814	)
Pension and postretirement benefits		(1,311	)		467
Net cash provided by operating activities		10,275			44,279
Cash flows from investing activities:
Purchases of property, plant and equipment		(31,143	)		(23,471	)
Proceeds from the sale of property, plant and equipment		3,801			903
Proceeds from the cash surrender value of life insurance		1,805			—
Net cash used in investing activities		(25,537	)		(22,568	)
Cash flows from financing activities:
Proceeds from Revolver loan		760,022			811,544
Repayment of Revolver loan		(759,584	)		(821,997	)
Costs associated with debt financing		(397	)		(320	)
Repayment of other debt		—			(1,540	)
Net cash provided by (used in) financing activities		41			(12,313	)
Effect of exchange rate changes on cash and cash equivalents		105			309
Net change in cash and cash equivalents		(15,116	)		9,707
Cash and cash equivalents at beginning of year		19,370			9,663
Cash and cash equivalents at end of year	$	4,254		$	19,370

	Three months ended December 31,						For the year ended December 31,
	2007			Restated 2006			2007			Restated 2006
Reconciliation of net cash provided by operating activities to free cash flow:
Net cash provided by operating activities	$	11,248		$	7,357		$	10,275		$	44,279
Net cash used in investing activites		(4,755	)		(5,473	)		(25,537	)		(22,568	)
Free cash flow	$	6,493		$	1,884		$	(15,262	)	$	21,711

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Restatement of 2006 Consolidated Financial Statements

Consolidated Balance Sheet

(in thousands)

	December 31, 2006
	As Previously Reported			Adjustments			As Restated
ASSETS
Current Assets:
Cash and cash equivalents	$	19,370		$	—		$	19,370
Accounts receivable, net		61,101			—			61,101
Accounts receivable - related party		856			—			856
Inventories, net		60,198			—			60,198
Prepaid expenses and other current assets		28,522			385	(a)		28,907
Deferred income taxes		2,257			—			2,257
Current assets of discontinued operations		11,602			—			11,602
Total current assets		183,906			385			184,291
Property, plant and equipment, net		148,235			(553	)(b)		145,085
					(2,597	)(c)
Goodwill		148,813			—			148,813
Other assets		21,722			—			21,722
Non-current assets of discontinued operations		1,286			—			1,286
Total assets	$	503,962		$	(2,765	)	$	501,197
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable	$	82,611		$	—		$	82,611
Accounts payable - related party		950			—			950
Accrued expenses and other current liabilities		31,433			1,988	(d)		33,421
Current liabilities of discontinued operations		8,680			—			8,680
Total current liabilities		123,674			1,988			125,662
Long-term debt, net of debt discount		393,466			—			393,466
Pension and postretirement liabilities		19,143			—			19,143
Deferred income taxes		2,257			—			2,257
Other liabilities		8,117			—			8,117
Non-current liabilities of discontinued operations		2,144			—			2,144
Total liabilities		548,801			1,988			550,789
Commitments and contingent liabilities
Stockholders’ deficit:
Preferred stock, $.01 par value - none issued or outstanding at December 31, 2006		—			—			—
Common stock, $.01 par value - 12,809 shares issued, 12,576 outstanding at December 31, 2006		125			—			125
Additional paid-in capital		275,754			—			275,754
Accumulated other comprehensive loss, net of tax		(18,958	)		(3,420	)(e)		(22,378	)
Treasury stock, at cost - 233 shares at December 31,2006		(704	)		—			(704	)
Accumulated deficit		(301,056	)		(1,333	)(f)		(302,389	)
Total stockholders’ deficit		(44,839	)		(4,753	)		(49,592	)
Total liabilities and stockholders’ deficit	$	503,962		$	(2,765	)	$	501,197

(a) - Adjustment to reduce pension expense related to a foreign benefit plan.

(b) - Adjustments to reverse $2,196 of improperly capitalized assets and to reclassify $1,643 of landlord incentives to current liabilities.

(c) - Adjustment to accumulated depreciation for property, plant and equipment acquired in 2003 and prior periods.

(d) - Adjustments to: (i) reclassify $1,643 of landlord incentives from property, plant and equipment;

(ii) recognize amortization of $245 of landlord incentives

(iii) recognize $433 for the remaining minimum purchase commitment received prior to 2002; and,

(iv) properly recognize $157 of accrued interest.

(e) - Adjustment to correct the classification within stockholders’ deficit for a previously disclosed error in recording a deferred tax asset valuation allowance related to a minimum pension liability.

(f) - Adjustment to accumulated deficit represents: (i) the effect of 2006 statement of operations adjustments resulting in income of $1,761 and (ii) the cumulative effect ($3,094) of the errors in periods prior to 2006 having been reflected as an opening retained earnings adjustment.

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Consolidated Statement of Operations

(in thousands)

	For the Year Ended December 31, 2006
	As Previously Reported			Adjustments			As Restated
Net customer sales	$	923,398		$	—		$	923,398
Net affiliate sales		3,571			—			3,571
Net sales		926,969			—			926,969
Cost of products sold, excluding depreciation		829,208			(303	)(g)		828,905
Depreciation		33,441			(1,230	)(h)		32,211
Gross profit		64,320			1,533			65,853
Selling and administrative expenses		29,426			(385	)(i)		29,041
Research and technology expenses		6,177			—			6,177
Asset impairment charges		870			—			870
Provision for restructuring		854			—			854
Total operating expenses		37,327			(385	)		36,942
Operating income		26,993			1,918			28,911
Interest expense		(41,069	)		(157	)(j)		(41,226	)
Other income, net		2,761			—			2,761
Loss from continuing operations before income taxes		(11,315	)		1,761			(9,554	)
Benefit from income taxes		127			—			127
Loss from continuing operations		(11,188	)		1,761			(9,427	)
Loss from discontinued operations, net of taxes		(834	)		—			(834	)
Net loss	$	(12,022	)	$	1,761		$	(10,261	)
Basic and diluted loss per common share:
Continuing operations	$	(0.92	)	$	0.14		$	(0.77	)
Discontinued operations		(0.07	)		—			(0.07	)
Net loss per share	$	(0.99	)	$	0.14		$	(0.84	)
Weighted average common shares outstanding:
Basic and diluted		12,224						12,224

(g) - Adjustment to recognize the advance payment ($106) and landlord incentives ($197) earned in 2006.

(h) - Adjustment to: (i) reverse $640 of depreciation expense for a facility exited in 2004, and (ii) reverse $1,813 of improper capitalization of certain property, plant and equipment acquired in 2003, offset by the recording of depreciation expense of $1,223.

(i) - Adjustment to reduce pension expense related to a foreign benefit plan.

(j) - Adjustment to properly recognize 2006 interest expense.

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Consolidated Statement of Cash Flows

(in thousands)

	For the Year Ended December 31, 2006
	As Previously Reported			Adjustments			As Restated
Cash flows from operating activities:
Net loss	$	(12,022	)	$	1,761		$	(10,261	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		36,173			(1,230	)(k)		34,943
Asset impairment charges		870			—			870
Bad debt expense		547			—			547
Stock-based compensation		1,222			—			1,222
Deferred income taxes		(107	)		—			(107	)
(Gain) loss on disposal of assets		1,721			—			1,721
Minority interest		(225	)		—			(225	)
Other operating activities, net		(92	)		—			(92	)
Changes in operating assets and liabilities:
Accounts receivable		11,825			—			11,825
Inventories		18,309			—			18,309
Prepaid expenses and other current assets		2,662			(385	)(l)		2,277
Accounts payable and accrued expenses		(16,257	)		(146	)(m)		(16,403	)
Change in outstanding book overdrafts		(814	)		—			(814	)
Pension and postretirement benefits		467			—			467
Net cash provided by operating activities		44,279			—			44,279
Cash flows from investing activities:
Purchases of property, plant and equipment		(23,471	)		—			(23,471	)
Proceeds from the sale of property, plant and equipment		903			—			903
Net cash used in investing activities		(22,568	)		—			(22,568	)
Cash flows from financing activities:
Proceeds from Revolver loan		811,544			—			811,544
Repayment of Revolver loan		(821,997	)		—			(821,997	)
Costs associated with debt financing		(320	)		—			(320	)
Repayment of other debt		(1,540	)		—			(1,540	)
Net cash used in financing activities		(12,313	)		—			(12,313	)
Effect of exchange rate changes on cash and cash equivalents		309			—			309
Net change in cash and cash equivalents		9,707			—			9,707
Cash and cash equivalents at beginning of year		9,663			—			9,663
Cash and cash equivalents at end of year	$	19,370		$	—		$	19,370
Supplemental Disclosure of Cash Flow Information:
Cash paid during the year for:
Interest	$	38,863		$	—		$	38,863
Income taxes	$	134		$	—		$	134

(k) - Adjustment to: (i) reverse $640 of depreciation expense for a facility exited in 2004, and (ii) $1,813 of improper capitalization of certain property, plant and equipment acquired in 2003, offset by the understatement of depreciation expense of $1,223.

(l) - Adjustment to reduce pension expense related to a foreign benefit plan.

(m) - Adjustment to reflect the impact of the advance payment ($106), landlord advances ($197) earned, but not recognized, in 2006 and properly accrue ($157) of interest expense in 2006.

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