Question-and-Answer Session
Operator
Thank you. The question-and-answer session will be conducted electronically and we have several questions. Our first question comes from George Staphos from Bank of America.
George Staphos - Bank of America Securities
Hi, everyone. Good morning. I guess looking at 2009 we appreciate all of the details that you provided for the businesses. But, if we distill it down to, maybe two or three trends, with resin prices being down significantly and your selling prices in flexible packaging -- some of the details that Gene shared, being up fairly sharply into the fourth quarter of 2008, and therefore entering 2009. What are the primary reasons why you expect earnings are more likely to be down than up in your guidance range? Thanks, and I had a follow-on question.
Gene Wulf
Good morning, George.
George Staphos - Bank of America Securities
Good morning.
Gene Wulf
As you look at our food business, it is doing very well. And as you say, we've been able to get our price increases through. The real areas that we are concerned about are the pressure sensitive business and our display films business, which we pointed out in our remarks before. Those are very sensitive to the economy, and even though they represent smaller portions of it, they probably will be a drag on our business in the first quarter.
George Staphos - Bank of America Securities
Okay. I guess the other question I then had, Henry. I haven't had this one up in a few quarters, but I will bring it back again to me. The company has over the year spent a lot of money on developing new applications, and higher value-added films and structures, within food, packaging in particular, and while we can't always see with the granularity that we'd like the benefits of that in your P&L, it sounds like you are pleased with the margin improvement that you are getting out of those businesses, yet for various reasons, not necessarily the company's fault, some portion of business always seems to be dragging the good performance in food packaging down.
Is it a time to maybe take another look at the overall portfolio within Bemis and determine whether being in pressure sensitive materials or some of these more commodity overwrap businesses is in fact the right strategy, or maybe should be perhaps look to be disassociated with the company? Thanks.
Gene Wulf
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