| þ | QUARTERLY      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|--------|---------------------------------------------------------------------------------------------------|

| o | TRANSITION      REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF      1934 |
|---|----------------------------------------------------------------------------------------------------|

|   | CHESAPEAKE      CORPORATION                                 |   |
|--------|-------------------------------------------------------------|--------|
|   | (Exact      name of registrant as specified in its charter) |   |

| Virginia                                                            |   | 54-0166880                                |
|---------------------------------------------------------------------|--------|-------------------------------------------|
| (State      or other jurisdiction of incorporation or organization) |   | (I.R.S.      Employer Identification No.) |
|                                                                |   |                                      |
| 1021      East Cary Street                                          |   |                                      |
| Richmond,      Virginia                                             |   | 23219                                     |
| (Address      of principal executive offices)                       |   | Zip      Code                             |

| Registrant's      telephone number, including area code: |   | 804-697-1000 |   |
|----------------------------------------------------------|--------|--------------|--------|

|   | Not      Applicable                                                                           |   |
|--------|-----------------------------------------------------------------------------------------------|--------|
|   | (Former      name, former address, and former fiscal year, if changed since last      report) |   |

| Large      accelerated filer o | Accelerated      filer  þ | Non-accelerated      filer  o | Smaller      reporting company  o |
|--------------------------------|------------------------------------------|-----------------------------------------|---------------------------------------------|

----

| PART      I. FINANCIAL INFORMATION | PAGE      NUMBER                                                                                   |   |
|------------------------------------|----------------------------------------------------------------------------------------------------|--------|
|                               |                                                                                               |   |   |
| Item      1.                       | Financial      Statements (Unaudited)                                                              |   |   |
|                               |                                                                                               |   |   |
|                               | Consolidated      Statements of Operations - Quarters ended March 30, 2008, and April 1,      2007 | 2      |   |
|                               |                                                                                               |   |   |
|                               | Consolidated      Balance Sheets at March 30, 2008, and December 30, 2007                          | 3      |   |
|                               |                                                                                               |   |   |
|                               | Consolidated      Statements of Cash Flows - Quarters ended March 30, 2008, and April 1,      2007 | 4      |   |
|                               |                                                                                               |   |   |
|                               | Notes      to Consolidated Financial Statements                                                    | 5      |   |
|                               |                                                                                               |   |   |
| Item      2.                       | Management's      Discussion and Analysis of Financial Condition and Results of      Operations    | 23     |   |
|                               |                                                                                               |   |   |
| Item      3.                       | Quantitative      and Qualitative Disclosures About Market Risk                                    | 32     |   |
|                               |                                                                                               |   |   |
| Item      4.                       | Controls      and Procedures                                                                       | 32     |   |
|                               |                                                                                               |
| PART      II. OTHER INFORMATION    |                                                                                               |
|                               |                                                                                               |   |   |
| Item      1.                       | Legal      Proceedings                                                                             | 34     |   |
|                               |                                                                                               |   |   |
| Item      1A.                      | Risk      Factors                                                                                  | 34     |   |
|                               |                                                                                               |   |   |
| Item      6.                       | Exhibits                                                                                           | 34     |   |
|                               |                                                                                               |   |
| Signature                          | 35                                                                                                 |   |

----

| Item 1: | Financial      Statements |
|---------|---------------------------|

CHESAPEAKE CORPORATION AND SUBSIDIARIES

|                                                                                           |   | Quarters Ended |   |
|------------------------------------------------------------------------------------------------|--------|----------------|--------|
|                                                                                           |   | Mar. 30, 2008  |   |   | Apr. 1, 2007 |   |
|                                                                                           |   |           |   |   |   |   |
| Net      sales                                                                                 |   | $              | 252.9  |   |   | $ | 272.0 |   |
|                                                                                           |   |           |   |   |   |   |   |   |
| Costs      and expenses:                                                                       |   |           |   |   |   |   |   |   |
| Cost      of products sold                                                                     |   |           | 218.1  |   |   |   | 222.4 |   |
| Selling,      general and administrative expenses                                              |   |           | 36.7   |   |   |   | 34.2 |   |
| Restructuring      expenses, asset impairments and other exit costs                            |   |           | 0.6    |   |   |   | 0.8 |   |
| Other      income, net                                                                         |   |           | 2.0    |   |   |   | 0.6 |   |
| Operating      (loss) income                                                                   |   |           | (0.5   | ) |   |   | 15.2 |   |
|                                                                                           |   |           |   |   |   |   |   |   |
| Interest      expense, net                                                                     |   |           | 11.5   |   |   |   | 10.7 |   |
| (Loss)      income from continuing operations before taxes                                     |   |           | (12.0  | ) |   |   | 4.5 |   |
| Income      tax (benefit) expense                                                              |   |           | (3.6   | ) |   |   | 3.6 |   |
| (Loss)      income from continuing operations                                                  |   |           | (8.4   | ) |   |   | 0.9 |   |
|                                                                                           |   |           |   |   |   |   |   |   |
| Discontinued      operations:                                                                  |   |           |   |   |   |   |   |   |
| Loss      from discontinued operations, including income tax expense of      $0.4and      $0.5 |   |           | (0.4   | ) |   |   | (0.2 | ) |
| Net      (loss) income                                                                         |   | $              | (8.8   | ) |   | $ | 0.7 |   |
| Basic      earnings per share:                                                                 |   |           |   |   |   |   |   |   |
| (Loss)      income from continuing operations                                                  |   | $              | (0.43  | ) |   | $ | 0.05 |   |
| Discontinued      operations                                                                   |   |           | (0.02  | ) |   |   | (0.01 | ) |
| Net      (loss) income                                                                         |   | $              | (0.45  | ) |   | $ | 0.04 |   |
| Diluted      earnings per share:                                                               |   |           |   |   |   |   |   |   |
| (Loss)      income from continuing operations                                                  |   | $              | (0.43  | ) |   | $ | 0.05 |   |
| Discontinued      operations                                                                   |   |           | (0.02  | ) |   |   | (0.01 | ) |
| Net      (loss) income                                                                         |   | $              | (0.45  | ) |   | $ | 0.04 |   |
| Weighted      average number of common shares outstanding:                                     |   |           |   |   |   |   |   |   |
| Basic                                                                                          |   |           | 19.4   |   |   |   | 19.4 |   |
| Diluted                                                                                        |   |           | 19.4   |   |   |   | 19.4 |   |

----

CHESAPEAKE CORPORATION AND SUBSIDIARIES

|                                                       |   | Mar.      30, 2008 |    |   | Dec.      30, 2007 |   |
|------------------------------------------------------------|--------|--------------------|---------|--------|--------------------|--------|
| ASSETS                                                     |   |               |    |   |               |   |
| Current      assets:                                       |   |               |    |   |               |   |
| Cash      and cash equivalents                             |   | $                  | 23.1    |   |               | $      | 10.0 |   |
| Accounts      receivable (less allowance of $3.7 and $3.6) |   |               | 156.9   |   |               |   | 163.6 |   |
|                                                       |   |               |    |   |               |   |   |   |
| Inventories:                                               |   |               |    |   |               |   |   |   |
| Finished      goods                                        |   |               | 67.4    |   |               |   | 70.4 |   |
| Work-in-process                                            |   |               | 18.2    |   |               |   | 17.1 |   |
| Materials      and supplies                                |   |               | 33.9    |   |               |   | 33.9 |   |
| Total      inventories                                     |   |               | 119.5   |   |               |   | 121.4 |   |
|                                                       |   |               |    |   |               |   |   |   |
| Prepaid      expenses                                      |   |               | 13.2    |   |               |   | 13.0 |   |
| Income      taxes receivable                               |   |               | 6.3     |   |               |   | 6.3 |   |
| Other      current assets                                  |   |               | 38.7    |   |               |   | 16.9 |   |
| Total      current assets                                  |   |               | 357.7   |   |               |   | 331.2 |   |
|                                                       |   |               |    |   |               |   |   |   |
| Property,      plant and equipment, net                    |   |               | 357.5   |   |               |   | 358.7 |   |
| Goodwill                                                   |   |               | 387.4   |   |               |   | 387.4 |   |
| Other      assets                                          |   |               | 122.5   |   |               |   | 136.4 |   |
| Total      assets                                          |   | $                  | 1,225.1 |   |               | $      | 1,213.7 |   |

| LIABILITIES      AND STOCKHOLDERS' EQUITY                                                                                                        |   |   |    |   |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|---------|--------|--------|--------|
| Current      liabilities:                                                                                                                        |   |   |    |   |   |   |
| Accounts      payable                                                                                                                            |   | $      | 131.5   |   |   | $      | 147.2 |   |
| Accrued      expenses                                                                                                                            |   |   | 106.4   |   |   |   | 81.4 |   |
| Current      maturities of long-term debt                                                                                                        |   |   | 190.4   |   |   |   | 6.9 |   |
| Income      taxes payable                                                                                                                        |   |   | 0.1     |   |   |   | 1.8 |   |
| Dividends      payable                                                                                                                           |   |   | -       |   |   |   | - |   |
|                                                                                                                                             |   |   |    |   |   |   |   |   |
| Total      current liabilities                                                                                                                   |   |   | 428.4   |   |   |   | 237.3 |   |
|                                                                                                                                             |   |   |    |   |   |   |   |   |
| Long-term      debt                                                                                                                              |   |   | 352.8   |   |   |   | 508.4 |   |
| Environmental      liabilities                                                                                                                   |   |   | 40.5    |   |   |   | 58.9 |   |
| Pensions      and postretirement benefits                                                                                                        |   |   | 39.3    |   |   |   | 38.5 |   |
| Deferred      income taxes                                                                                                                       |   |   | 42.4    |   |   |   | 43.8 |   |
| Long-term      income taxes payable                                                                                                              |   |   | 29.0    |   |   |   | 28.5 |   |
| Other      long-term liabilities                                                                                                                 |   |   | 15.7    |   |   |   | 17.1 |   |
|                                                                                                                                             |   |   |    |   |   |   |   |   |
| Total      liabilities                                                                                                                           |   |   | 948.1   |   |   |   | 932.5 |   |
|                                                                                                                                             |   |   |    |   |   |   |   |   |
| Stockholders'      equity:                                                                                                                       |   |   |    |   |   |   |   |   |
| Common      stock, $1 par value; authorized, 60 million shares; outstanding, 20.5      million shares and 19.9 million shares, respectively |   |   | 20.5    |   |   |   | 19.9 |   |
| Additional      paid-in-capital                                                                                                                  |   |   | 94.0    |   |   |   | 94.2 |   |
| Accumulated      other comprehensive income                                                                                                      |   |   | 53.8    |   |   |   | 47.9 |   |
| Retained      earnings                                                                                                                           |   |   | 108.7   |   |   |   | 119.2 |   |
|                                                                                                                                             |   |   |    |   |   |   |   |   |
| Total      stockholders' equity                                                                                                                  |   |   | 277.0   |   |   |   | 281.2 |   |
|                                                                                                                                             |   |   |    |   |   |   |   |   |
| Total      liabilities and stockholders' equity                                                                                                  |   | $      | 1,225.1 |   |   | $      | 1,213.7 |   |

----

CHESAPEAKE CORPORATION AND SUBSIDIARIES

|                                                                                                                         |   | Quarters Ended |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                                                         |   | Mar.      30, 2008  |   |   | Apr.      1, 2007 |   |
| Operating      activities:                                                                                                   |   |                |   |   |   |   |
| Net      (loss) income                                                                                                       |   | $                   | (8.8   | ) |   | $ | 0.7 |   |
| Adjustments      to reconcile net income (loss) to net cash provided      by  (used in) operating activities: |   |                |   |   |   |   |   |   |
| Depreciation      and amortization                                                                                           |   |                | 12.8   |   |   |   | 13.2 |   |
| Deferred      income taxes                                                                                                   |   |                | (4.5   | ) |   |   | 0.7 |   |
| Pension      expense                                                                                                         |   |                | 2.0    |   |   |   | 3.8 |   |
| Gain      on sales of property, plant and equipment                                                                          |   |                | (0.1   | ) |   |   | (0.1 | ) |
| Changes      in operating assets and liabilities, net of acquisitions and      dispositions:                                 |   |                |   |   |   |   |   |   |
| Accounts      receivable, net                                                                                                |   |                | 2.5    |   |   |   | (13.6 | ) |
| Inventories                                                                                                                  |   |                | 3.6    |   |   |   | (1.4 | ) |
| Prepaids      and other assets                                                                                               |   |                | (2.6   | ) |   |   | - |   |
| Accounts      payable                                                                                                        |   |                | (17.9  | ) |   |   | 5.9 |   |
| Accrued      expenses                                                                                                        |   |                | 6.0    |   |   |   | 4.1 |   |
| Income      taxes payable and receivable, net                                                                                |   |                | 0.7    |   |   |   | 3.7 |   |
| Contributions      to defined benefit pension plans                                                                          |   |                | (1.9   | ) |   |   | (2.1 | ) |
| Other                                                                                                                        |   |                | 3.2    |   |   |   | (0.7 | ) |
|                                                                                                                         |   |                |   |   |   |   |   |   |
| Net      cash (used in) provided by operating activities                                                                     |   |                | (5.0   | ) |   |   | 14.2 |   |
|                                                                                                                         |   |                |   |   |   |   |   |   |
| Investing      activities:                                                                                                   |   |                |   |   |   |   |   |   |
| Purchases      of property, plant and equipment                                                                              |   |                | (15.7  | ) |   |   | (12.5 | ) |
| Proceeds      from sales of property, plant and equipment                                                                    |   |                | 14.9   |   |   |   | 1.1 |   |
|                                                                                                                         |   |                |   |   |   |   |   |   |
| Net      cash used in investing activities                                                                                   |   |                | (0.8   | ) |   |   | (11.4 | ) |
|                                                                                                                         |   |                |   |   |   |   |   |   |
| Financing      activities:                                                                                                   |   |                |   |   |   |   |   |   |
| Net      borrowings on lines of credit                                                                                       |   |                | 18.3   |   |   |   | 6.1 |   |
| Payments      on long-term debt                                                                                              |   |                | (0.6   | ) |   |   | (0.5 | ) |
| Debt      issue costs                                                                                                        |   |                | (1.6   | ) |   |   | - |   |
| Dividends      paid                                                                                                          |   |                | -      |   |   |   | (4.3 | ) |
| Other                                                                                                                        |   |                | -      |   |   |   | 0.5 |   |
|                                                                                                                         |   |                |   |   |   |   |   |   |
| Net      cash provided by financing activities                                                                               |   |                | 16.1   |   |   |   | 1.8 |   |
| Effect      of exchange rate changes on cash and cash equivalents                                                            |   |                | 2.8    |   |   |   | 0.4 |   |
|                                                                                                                         |   |                |   |   |   |   |   |   |
| Increase      in cash and cash equivalents                                                                                   |   |                | 13.1   |   |   |   | 5.0 |   |
| Cash      and cash equivalents at beginning of period                                                                        |   |                | 10.0   |   |   |   | 7.8 |   |
| Cash      and cash equivalents at end of period                                                                              |   | $                   | 23.1   |   |   | $ | 12.8 |   |

----

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

----

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|                                                                                     |   | March      30, 2008 |                               |
|------------------------------------------------------------------------------------------|--------|---------------------|------------------------------------|
|                                                                                     |   |                | Fair      Value Measurements Using |   |
|                                                                                     |   | Level      1        |                               |   | Level      2 |   |   | Level      3 |   |   | Assets      and Liabilities at Fair Value |   |
| Assets:                                                                                  |   |                |                               |   |   |   |   |   |   |   |   |   |
|       VEBA      trust assets                               |   | $                   | 6.4                                |   |   | $ | - |   |   | $ | - |   |   | $ | 6.4 |   |
|       Available      for sale securities                   |   |                | 2.6                                |   |   |   | - |   |   |   | - |   |   |   | 2.6 |   |
|       Insurance      contract investment                   |   |                | -                                  |   |   |   | 1.0 |   |   |   | - |   |   |   | 1.0 |   |
|           Total      assets            |   | $                   | 9.0                                |   |   | $ | 1.0 |   |   | $ | - |   |   | $ | 10.0 |   |
|                                                                                     |   |                |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Liabilities:                                                                             |   |                |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
|        Derivative      liabilities                    |   | $                   | -                                  |   |   | $ | 11.5 |   |   | $ | - |   |   | $ | 11.5 |   |
|            Total      liabilities |   | $                   | -                                  |   |   | $ | 11.5 |   |   | $ | - |   |   | $ | 11.5 |   |
|                                                                                     |   |                |                               |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| (in      millions)                                                                           |   | Quarters      Ended |   |
|----------------------------------------------------------------------------------------------|--------|---------------------|--------|
|                                                                                         |   | Mar.      30, 2008  |   |   | Apr.      1, 2007 |
|                                                                                         |   |                |   |   |   |
| Net      (loss) income                                                                       |   | $                   | (8.8   | ) |   | $ | 0.7 |   |
| Foreign      currency translation                                                            |   |                | 1.7    |   |   |   | 1.3 |   |
| Change      in fair market value of derivatives, net of tax                                  |   |                | 2.2    |   |   |   | 1.0 |   |
| Amortization      of unrecognized amounts in net periodic benefit cost, net of      tax |   |                | 1.0    |   |   |   | 2.0 |   |
|                                                                                         |   |                |   |   |   |   |
| Comprehensive      (loss) income                                                             |   | $                   | (3.9   | ) |   | $ | 5.0 |   |

----

|  (in      millions)                                                     | Quarters      Ended |   |
|------------------------------------------------------------------------------|---------------------|--------|
|                                                                         | Mar.      30, 2008  |   | Apr.      1, 2007 |   |
| Employee-related      costs                                                  |                | $      | 0.5 |   |   | $ | 1.1 |   |
| Asset      impairments                                                       |                |   | — |   |   |   | (0.5 | ) |
| Loss      on asset sales, redeployment costs, and other exit costs           |                |   | 0.1 |   |   |   | 0.2 |   |
|                                                                         |                |   |   |   |   |
| Total      restructuring expenses, asset impairments and other exit    costs |                | $      | 0.6 |   |   | $ | 0.8 |   |

| (in      millions)                                                                                        |   | Employee-related      Costs |    |   | Asset      Impairments |   |    | Other      Exit Costs |   |   | Total   |   |
|-----------------------------------------------------------------------------------------------------------|--------|-----------------------------|---------|--------|------------------------|--------|---------|-----------------------|--------|--------|---------|--------|
| Balance      December 30, 2007                                                                            |   | $                           | 2.7     |   |                   | $      | — |                  |   | $      | 0.1     |   |   | $ | 2.8 |   |
| Restructuring      charges, asset impairments and other exit costs (benefits), continuing      operations |   |                        | 0.5     |   |                   |   | — |                  |   |   | 0.1     |   |   |   | 0.6 |   |
| Cash payments                                                                                             |   |                        | (1.5    | )      |                   |   | — |                  |   |   | (0.1    | )      |   |   | (1.6 | ) |
| Asset    impairments                                                                                      |   |                        | — |   |                   |   | — |                  |   |   | — |   |   |   | — |   |
| Balance      March 30, 2008                                                                               |   | $                           | 1.7     |   |                   | $      | — |                  |   | $      | 0.1     |   |   | $ | 1.8 |   |

----

| 2008      (remaining 9 months) | $1.2 |
|--------------------------------|------|
| 2009                           | 1.6  |
| 2010                           | 1.6  |
| 2011                           | 1.6  |
| 2012                           | 1.6  |

----

| (in      millions)                                      | U.S.      Plans | Non-U.S.      Plans | OPEB |
|---------------------------------------------------------|-----------------|---------------------|------|
| Retained      earnings, net of tax                      | $0.2            | $1.2                | $0.3 |
| Accumulated      other comprehensive income, net of tax | $0.3            | $0.6                | $0.1 |

|                                |   | Pension      Benefits |   |   | Postretirement      Benefits Other Than Pensions |   |
|-------------------------------------|--------|-----------------------|--------|--------|--------------------------------------------------|--------|
| (in      millions)                  |   | U.S.      Plans       |   |   | Non-U.S.      Plans                              |   |   |   |   |
| Quarters      ended:                |   | Mar.      30, 2008    |   |   | Apr.      1, 2007                                |   |   | Mar.      30, 2008 |   |   | Apr.      1, 2007 |   |   | Mar.      30, 2008 |   |   | Apr.      1, 2007 |   |
| Service      cost                   |   | $                     | -      |   |                                             | $      | - |   |   | $ | 1.4 |   |   | $ | 1.6 |   |   | $ | - |   |   | $ | - |   |
| Interest      cost                  |   |                  | 1.0    |   |                                             |   | 1.0 |   |   |   | 6.2 |   |   |   | 5.5 |   |   |   | 0.2 |   |   |   | 0.2 |   |
| Expected      return on plan assets |   |                  | (1.2   | )      |                                             |   | (1.1 | ) |   |   | (6.8 | ) |   |   | (5.7 | ) |   |   | - |   |   |   | - |   |
| Recognized      actuarial loss      |   |                  | 0.2    |   |                                             |   | 0.3 |   |   |   | 0.9 |   |   |   | 1.9 |   |   |   | 0.1 |   |   |   | 0.1 |   |
|                                |   |                  |   |   |                                             |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net      pension expense            |   | $                     | -      |   |                                             | $      | 0.2 |   |   | $ | 1.7 |   |   | $ | 3.3 |   |   | $ | 0.3 |   |   | $ | 0.3 |   |

----

----

----

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operations.

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| (in      millions)                                                  |   | First Quarter |   |
|---------------------------------------------------------------------|--------|---------------|--------|
|                                                                |   | 2008          |   |   | 2007 |   |
| Net      sales:                                                     |   |          |   |   |   |   |
| Paperboard      Packaging                                           |   | $             | 200.3  |   |   | $ | 225.3 |   |
| Plastic      Packaging                                              |   |          | 52.6   |   |   |   | 46.7 |   |
|                                                                |   |          |   |   |   |   |   |   |
| Consolidated      net sales                                         |   | $             | 252.9  |   |   | $ | 272.0 |   |
|                                                                |   |          |   |   |   |   |   |   |
| Operating      (loss) income:                                       |   |          |   |   |   |   |   |   |
| Paperboard      Packaging                                           |   | $             | (0.9   | ) |   | $ | 12.8 |   |
| Plastic      Packaging                                              |   |          | 5.0    |   |   |   | 7.0 |   |
| Corporate                                                           |   |          | (4.0   | ) |   |   | (3.8 | ) |
| Restructuring      expenses, asset impairments and other exit costs |   |          | (0.6   | ) |   |   | (0.8 | ) |
|                                                                |   |          |   |   |   |   |   |   |
| Consolidated      operating (loss) income                           |   | $             | (0.5   | ) |   | $ | 15.2 |   |
|                                                                |   |          |   |   |   |   |   |   |
| Depreciation      and amortization:                                 |   |          |   |   |   |   |   |   |
| Paperboard      Packaging                                           |   | $             | 10.8   |   |   | $ | 11.4 |   |
| Plastic      Packaging                                              |   |          | 2.0    |   |   |   | 1.7 |   |
| Corporate                                                           |   |          | -      |   |   |   | 0.1 |   |
|                                                                |   |          |   |   |   |   |   |   |
| Consolidated      depreciation and amortization                     |   | $             | 12.8   |   |   | $ | 13.2 |   |

| (in      millions)        |   | Mar.      30, 2008 |    |   | Dec.      30, 2007 |   |
|---------------------------|--------|--------------------|---------|--------|-------------------------|--------|
| Identifiable      assets: |   |               |    |   |                    |   |
| Paperboard      Packaging |   | $                  | 912.4   |   |                    | $      | 900.5 |   |
| Plastic      Packaging    |   |               | 204.2   |   |                    |   | 207.8 |   |
| Corporate                 |   |               | 108.5   |   |                    |   | 105.4 |   |
|                      |   |               |    |   |                    |   |   |   |
| Total                     |   | $                  | 1,225.1 |   |                    | $      | 1,213.7 |   |

|   |   |
|--------|--------|

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| Item      2: | Management's      Discussion and Analysis of Financial Condition and Results of      Operations |
|--------------|-------------------------------------------------------------------------------------------------|

|                                                                |   | Quarter      Ended |   |   | Quarter      Ended           |   |
|---------------------------------------------------------------------|--------|--------------------|--------|--------|------------------------------|--------|
| (in      millions)                                                  |   | Mar.      30, 2008 |   |   | Apr.      1, 2007            |   |
|                                                                |   | Net      Sales     |   |   | Operating      (Loss) Income |   |   | Net      Sales |   |   | Operating      Income |   |
| Paperboard      Packaging                                           |   | $                  | 200.3  |   |                         | $      | (0.9 | ) |   | $ | 225.3 |   |   | $ | 12.8 |   |
| Plastic      Packaging                                              |   |               | 52.6   |   |                         |   | 5.0 |   |   |   | 46.7 |   |   |   | 7.0 |   |
| Corporate                                                           |   |               | -      |   |                         |   | (4.0 | ) |   |   | - |   |   |   | (3.8 | ) |
| Restructuring      expenses, asset impairments and other exit costs |   |               | -      |   |                         |   | (0.6 | ) |   |   | - |   |   |   | (0.8 | ) |
|                                                                |   |               |   |   |                         |   |   |   |   |   |   |   |   |   |   |   |
| Total                                                               |   | $                  | 252.9  |   |                         | $      | (0.5 | ) |   | $ | 272.0 |   |   | $ | 15.2 |   |

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| (in      millions)             |   |   |   |   |   |   |   | Increase/(Decrease) |   |
|--------------------------------|--------|--------|--------|--------|--------|--------|--------|---------------------|--------|
|                           |   | 2008   |   |   | 2007   |   |   |  $             |   |   |   | % |   |
| First      Quarter:            |   |   |   |   |   |   |   |                |   |   |   |   |   |
| Net      sales                 |   | $      | 200.3  |   |   | $      | 225.3  |                |   |   | (25.0 | ) |   |   | (11.1 | )      % |
| Operating      (loss) income   |   |   | (0.9   | )      |   |   | 12.8   |                |   |   | (13.7 | ) |   |   | (107.0 | )      % |
| Operating      income margin % |   |   | (0.4   | )%     |   |   | 5.7    | %                   |   |   |   |   |   |   |   |   |

| (in      millions)             |   |   |   |   |   |   |   | Increase/(Decrease) |   |
|--------------------------------|--------|--------|--------|--------|--------|--------|--------|---------------------|--------|
|                           |   | 2008   |   |   | 2007   |   |   | $                   |   |   |   | % |   |
| First      Quarter:            |   |   |   |   |   |   |   |                |   |   |   |   |   |
| Net      sales                 |   | $      | 52.6   |   |   | $      | 46.7   |                |   |   | 5.9 |   |   |   | 12.6 | % |
| Operating      income          |   |   | 5.0    |   |   |   | 7.0    |                |   |   | (2.0 | ) |   |   | (28.6 | )% |
| Operating      income margin % |   |   | 9.5    | %      |   |   | 15.0   | %                   |   |   |   |   |   |   |   |   |

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| Item      3. | Quantitative      and Qualitative Disclosures about MarketRisk |
|--------------|----------------------------------------------------------------|

| Item      4. | Controls      and Procedures |
|--------------|------------------------------|

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PART II - OTHER INFORMATION

| Item 1. | Legal      Proceedings |
|---------|------------------------|

| Item 1A | Risk      Factors |
|---------|-------------------|

| Item 6. | Exhibits |
|---------|----------|

| (a)    | Exhibits: |
|--------|-----------|
|   | 3.1       | Amended      and Restated Bylaws of Chesapeake Corporation, as adopted April 23,      2008 |
|   | 4.1       | Amendment      No. 5, dated January 18, 2008, to the Second Amended and Restated Credit      Agreement dated February 23, 2004 (filed as Exhibit 4.1 to the      Registrant’s Current Report on Form 8-K dated January 18, 2008, and      incorporated herein by reference) |
|   | 4.2       | Amendment      No. 6, dated March 5, 2008, to the Second Amended and Restated Credit      Agreement dated February 23, 2004 (filed as Exhibit 4.1 to the      Registrant’s Current Report on Form 8-K dated March 5, 2008, and      incorporated herein by reference) |
|   | 31.1      | Certification      of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of      2002 |
|   | 31.2      | Certification      of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of      2002 |
|   | 32        | Certifications      of CEO and CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to      Section 906 of the Sarbanes-Oxley Act of2002 |

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SIGNATURE

|                              |   | CHESAPEAKE      CORPORATION         |
|-----------------------------------|--------|-------------------------------------|
|                              |   | (Registrant)                        |
|                              |   |                                |
| Date:  May      8, 2008 | BY:    | /s/ Guy N.A. Faller                 |
|                              |   | Guy      N.A. Faller                |
|                              |   | Controller                          |
|                              |   | (Principal      Accounting Officer) |

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