Exhibit 99.1
 PACKAGING CORPORATION OF AMERICA REPORTS SECOND QUARTER 2011 RESULTS
 Lake Forest, IL, July 18, 2011




---



##### 



www.packagingcorp.com
  WHAT:
    
    Packaging Corporation of Americas 2nd Quarter 2011 Earnings Conference CallWHEN:
    
    Tuesday, July 19, 201110:00 a.m. Eastern TimeNUMBER:
    
    (866) 261-3330 (U.S. and Canada) or (703) 639-1224 (International)Dial in by 9:45 a.m. Eastern TimeConference Call Leader: Mr. Mark KowlzanWEBCAST:
    
    http://www.packagingcorp.com
 REBROADCAST DATES:
    
    July 19, 2011 2:00 p.m. Eastern Time throughAugust 10, 2011 11:59 p.m. Eastern TimeREBROADCAST NUMBER:
    
    (888) 266-2081 (U.S. and Canada) or (703) 925-2533 (International)Passcode: 1537872




---



##### 



Packaging Corporation of America
Consolidated Earnings Results
Unaudited
 Three Months Ended June 30,(in millions, except per share data)
    
    2011
    
    
    2010Net sales
    
    $
    665.5
    
    
    $
    615.5Cost of sales
    
    
    (528.6
    )
    
    
    (483.8
    )Gross profit
    
    
    136.9
    
    
    
    131.7Selling and administrative expenses
    
    
    (48.2
    )
    
    
    (44.7
    )Corporate overhead
    
    
    (16.4
    )
    
    
    (15.4
    )Other expense, net
    
    
    (4.5
    )
    
    
    (3.9
    )Income before interest and taxes
    
    
    67.8
    
    
    
    67.7Interest expense, net
    
    
    (6.3
    )
    
    
    (8.1
    )Income before taxes
    
    
    61.5
    
    
    
    59.6Provision for income taxes
    
    
    (22.1
    )
    
    
    (21.6
    )Net income
    
    $
    39.4
    
    
    $
    38.0Earnings per share:Basic
    
    $
    0.39
    
    
    $
    0.37Diluted
    
    $
    0.39
    
    
    $
    0.37Basic common shares outstanding
    
    
    100.1
    
    
    
    102.0Diluted common shares outstanding
    
    
    101.1
    
    
    
    102.9Supplemental financial information:Capital spending
    
    $
    80.4
    
    
    $
    92.2Cash balance
    
    $
    119.2
    
    
    $
    181.5




---



##### 



Packaging Corporation of America
 Consolidated Earnings Results
 Unaudited
 Six Months Ended June 30,(in millions, except per share data)
    
    2011
    
    
    2010Net sales
    
    $
    1,294.9
    
    
    $
    1,166.2Cost of sales
    
    
    (1,024.9
    )
    
    
    (947.7
    )Gross profit
    
    
    270.0
    
    
    
    218.5Selling and administrative expenses
    
    
    (96.2
    )
    
    
    (89.0
    )Corporate overhead
    
    
    (31.9
    )
    
    
    (28.0
    )Other expense, net
    
    
    ( 8.2
    )
    
    
    ( 0.2
    )Income before interest and taxes
    
    
    133.7
    
    
    
    101.3Interest expense, net
    
    
    (13.2
    )
    
    
    (16.8
    )Income before taxes
    
    
    120.5
    
    
    
    84.5Provision for income taxes
    
    
    (43.7
    )
    
    
    (27.3
    )Net income
    
    $
    76.8
    
    
    $
    57.2Earnings per share:Basic
    
    $
    0.76
    
    
    $
    0.56Diluted
    
    $
    0.76
    
    
    $
    0.56Basic common shares outstanding
    
    
    100.4
    
    
    
    102.0Diluted common shares outstanding
    
    
    101.5
    
    
    
    102.9Supplemental financial information:Capital spending
    
    $
    145.2
    
    
    $
    155.3




---



##### 



Packaging Corporation of America
Reconciliation of Non-GAAP Financial Measures (1)  Unaudited
 Three Months Ended June 30,2011
    
    
    2010(in millions, except per share data)
    
    Net Income
    
    
    EPS
    
    
    Net Income
    
    
    EPSAs reported
    
    $
    39.4
    
    
    $
    0.39
    
    
    $
    38.0
    
    
    $
    0.37Special items:Medical benefits reserve adjustment (2)
    
    
    (1.0
    )
    
    
    (0.01
    )
    
    
    
    
    
    
    Asset disposal charges (3)
    
    
    1.2
    
    
    
    0.01
    
    
    
    1.1
    
    
    
    0.01Total special items
    
    
    0.2
    
    
    
    
    
    
    
    1.1
    
    
    
    0.01Excluding special items
    
    $
    39.6
    
    
    $
    0.39
    
    
    $
    39.1
    
    
    $
    0.38
 Six Months Ended June 30,2011
    
    
    2010(in millions, except per share data)
    
    Net Income
    
    
    EPS
    
    
    Net Income
    
    
    EPSAs reported
    
    $
    76.8
    
    
    $
    0.76
    
    
    $
    57.2
    
    
    $
    0.56Special items:Medical benefits reserve adjustment (2)
    
    
    (1.0
    )
    
    
    (0.01
    )
    
    
    
    
    
    
    Asset disposal charges (3)
    
    
    3.3
    
    
    
    0.03
    
    
    
    3.6
    
    
    
    0.03Biofuel tax credits (4)
    
    
    
    
    
    
    
    
    
    
    (9.2
    )
    
    
    (0.09
    )Total special items
    
    
    2.3
    
    
    
    0.02
    
    
    
    (5.6
    )
    
    
    (0.06
    )Excluding special items
    
    $
    79.1
    
    
    $
    0.78
    
    
    $
    51.6
    
    
    $
    0.50
 
 Notes to Reconciliation of Non-GAAP Financial Measures(1)
    
    Net income and earnings per share excluding special items are non-GAAP financial
measures. The after-tax effect of special items are excluded as management considers such
items to be unusual in nature. Management uses these measures to focus on PCAs on-going
operations and believes that it is useful to investors because it enables them to perform
meaningful comparisons of past and present operating results.(2)
    
    Represents income from an adjustment to reserves related to medical benefits.(3)
    
    Represents charges from asset disposals related to major energy projects and,
additionally for the first quarter of 2010, a plant closure.(4)
    
    Represents income from the 2009 biofuel tax credits.