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

|                                   |
|-----------------------------------|
|                                   |  |
| Delaware                          | 43-0761773 |
| (State or other jurisdiction      | (I.R.S. Employer |
| of incorporation or organization) | Identification No.) |

|                                |
|--------------------------------|
|                                |  |  |  |
| Large accelerated filer o | Accelerated filer R | Non-accelerated filer o(Do not check if a smaller reporting company) | Smaller reporting company o |

----

|                                      |
|--------------------------------------|
|                                      |  |  |  |
|                                 |   | Page No. |
| PART I — Financial Information |   |  |
|                                 |   |   |  |
| Item 1.                         | Financial Statements |   |  |
|                                 |   |   |  |
|                                 | Consolidated Condensed Balance Sheets: |   |  |
|                                 | As of April 30, 2011 (Unaudited) and October 30, 2010 | 1 |  |
|                                 |   |   |  |
|                                 | Unaudited Consolidated Condensed Statements of Operations: |   |  |
|                                 | For the Three and Six Months Ended April 30, 2011 and May 1, 2010 | 2 |  |
|                                 |   |   |  |
|                                 | Unaudited Consolidated Condensed Statement of Cash Flows: |   |  |
|                                 | For the Three Months Ended April 30, 2011 and May 1, 2010 | 3 |  |
|                                 |   |   |  |
|                                 | Notes to Unaudited Consolidated Condensed Financial Statements | 4 |  |
|                                 |   |   |  |
| Item 2.                         | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 14 |  |
|                                 |   |   |  |
| Item 4.                         | Controls and Procedures | 22 |  |
|                                 |   |   |  |
| PART II — Other Information    |   |  |
|                                 |   |   |  |
| Item 1.                         | Legal Proceedings | 22 |  |
|                                 |   |   |  |
| Item 6.                         | Exhibits | 23 |  |
|                                 |   |   |  |
|                                 | Signatures | 23 |  |
|                                 |   |   |  |
|                                 | Certifications | 25 |  |
|  EX-31.1                        |
|  EX-31.2                        |
|  EX-32.1                        |
|  EX-32.2                        |

----

Table of Contents

|     |                                                                                                                                                   |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) | Adverse changes in economic or industry conditions, including global supply and demand conditions and prices for products of the types we produce |

|     |                                                                                                                                    |
|-----|------------------------------------------------------------------------------------------------------------------------------------|
| (b) | Our ability to compete effectively on product performance, quality, price, availability, product development, and customer service |

|     |                                                                                                                                                                                           |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (c) | Adverse changes in the markets we serve, including the packaging, transportation, building and construction, recreation and leisure, and other markets, some of which tend to be cyclical |

|     |                                                                                                                                                                                                                                               |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (d) | Volatility of prices and availability of supply of energy and raw materials that are critical to the manufacture of our products, particularly plastic resins derived from oil and natural gas, including future impacts of natural disasters |

|     |                                                                                                                                                              |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (e) | Our inability to manage or pass through to customers an adequate level of increases in the costs of materials, freight, utilities, or other conversion costs |

|     |                                                                                                                                                                                             |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (f) | Our inability to achieve and sustain the level of cost savings, productivity improvements, gross margin enhancements, growth or other benefits anticipated from our improvement initiatives |

|     |                                                                                                            |
|-----|------------------------------------------------------------------------------------------------------------|
| (g) | Our inability to collect all or a portion of our receivables with large customers or a number of customers |

|     |                                                                                                             |
|-----|-------------------------------------------------------------------------------------------------------------|
| (h) | Loss of business with a limited number of customers that represent a significant percentage of our revenues |

|     |                                                                                                                                                                                       |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (i) | Restrictions imposed on us by instruments governing our indebtedness, the possible inability to comply with requirements of those instruments and inability to access capital markets |

|     |                            |
|-----|----------------------------|
| (j) | Possible asset impairments |

|     |                                                                                                                                                                                                                                                         |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (k) | Our inability to predict accurately the costs to be incurred, time taken to complete, operating disruptions therefrom, potential loss of business or savings to be achieved in connection with announced production plant consolidations and line moves |

|     |                                                                                                                                                  |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|
| (l) | Adverse findings in significant legal or environmental proceedings or our inability to comply with applicable environmental laws and regulations |

|     |                                                               |
|-----|---------------------------------------------------------------|
| (m) | Our inability to develop and launch new products successfully |

|     |                                          |
|-----|------------------------------------------|
| (n) | Possible weaknesses in internal controls |

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|                                                                                                                                                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                     |  |  |  |  |  |  |  |
|                                                                                                                                                | (Unaudited) |  |   |   |
|                                                                                                                                                | April 30, |  |   | October 30, |  |
| (Dollars in thousands, except share data)                                                                                                           | 2011 |  |   | 2010 |  |
| Assets                                                                                                                                              |   |   |   |
| Current assets:                                                                                                                                     |   |   |   |
| Cash and cash equivalents                                                                                                                           | $ | 2,707 |  |   | $ | 4,900 |  |
| Trade receivables, net of allowances of $3,863 and $3,404, respectively                                                                             | 149,254 |  |   | 134,902 |  |
| Inventories, net of inventory reserves of $8,312 and $6,539, respectively                                                                           | 99,894 |  |   | 79,691 |  |
| Prepaid expenses and other current assets, net                                                                                                      | 24,966 |  |   | 35,789 |  |
| Assets held for sale                                                                                                                                | 3,156 |  |   | 3,256 |  |
| Total current assets                                                                                                                                | 279,977 |  |   | 258,538 |  |
| Property, plant, and equipment, net                                                                                                                 | 210,835 |  |   | 211,844 |  |
| Goodwill                                                                                                                                            | 87,921 |  |   | 87,921 |  |
| Other intangible assets, net                                                                                                                        | 13,716 |  |   | 14,559 |  |
| Other long-term assets                                                                                                                              | 4,102 |  |   | 4,279 |  |
|                                                                                                                                                |   |   |   |
| Total assets                                                                                                                                        | $ | 596,551 |  |   | $ | 577,141 |  |
| Liabilities and shareholders’ equity                                                                                                          |   |   |   |
| Current liabilities:                                                                                                                                |   |   |   |
| Current maturities of long-term debt                                                                                                                | $ | 526 |  |   | $ | 880 |  |
| Accounts payable                                                                                                                                    | 137,731 |  |   | 129,037 |  |
| Accrued liabilities                                                                                                                                 | 32,877 |  |   | 34,112 |  |
| Total current liabilities                                                                                                                           | 171,134 |  |   | 164,029 |  |
|                                                                                                                                                |   |   |   |
| Long-term debt, less current maturities                                                                                                             | 177,734 |  |   | 171,592 |  |
|                                                                                                                                                |   |   |   |
| Other long-term liabilities:                                                                                                                        |   |   |   |
| Deferred taxes                                                                                                                                      | 41,751 |  |   | 42,648 |  |
| Other long-term liabilities                                                                                                                         | 6,358 |  |   | 5,866 |  |
| Total liabilities                                                                                                                                   | 396,977 |  |   | 384,135 |  |
| Shareholders’ equity                                                                                                                          |   |   |   |
| Preferred stock (authorized: 4,000,000 shares, par value $1.00)Issued: None                                                                         | — |  |   | — |  |
| Common stock (authorized: 55,000,000 shares, par value $0.75)Issued: 33,131,846 shares; outstanding: 30,825,000 and 30,884,503 shares, respectively | 24,849 |  |   | 24,849 |  |
| Contributed capital                                                                                                                                 | 204,435 |  |   | 204,966 |  |
| Retained earnings                                                                                                                                   | 13,689 |  |   | 10,036 |  |
| Treasury stock, at cost, 2,306,846 and 2,247,343 shares, respectively                                                                               | (50,952 | ) |   | (52,730 | ) |
| Accumulated other comprehensive income                                                                                                              | 7,553 |  |   | 5,885 |  |
| Total shareholders’ equity                                                                                                                    | 199,574 |  |   | 193,006 |  |
|                                                                                                                                                |   |   |   |
| Total liabilities and shareholders’ equity                                                                                                    | $ | 596,551 |  |   | $ | 577,141 |  |

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|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                         | Three Months Ended |   | Six Months Ended |
|                                                         | April 30, |  |   | May 1, |  |   | April 30, |  |   | May 1, |  |
| (Unaudited and dollars in thousands, except per share data)  | 2011 |  |   | 2010 |  |   | 2011 |  |   | 2010 |  |
| Net sales                                                    | $ | 282,551 |  |   | $ | 268,524 |  |   | $ | 517,334 |  |   | $ | 493,687 |  |
| Costs and expenses                                           |   |   |   |   |   |   |   |
| Cost of sales                                                | 255,474 |  |   | 237,642 |  |   | 471,851 |  |   | 435,974 |  |
| Selling, general and administrative expenses                 | 19,010 |  |   | 20,452 |  |   | 37,984 |  |   | 38,868 |  |
| Amortization of intangibles                                  | 422 |  |   | 963 |  |   | 845 |  |   | 1,928 |  |
| Restructuring and exit costs                                 | 548 |  |   | 1,596 |  |   | 1,377 |  |   | 2,266 |  |
| Total costs and expenses                                     | 275,454 |  |   | 260,653 |  |   | 512,057 |  |   | 479,036 |  |
| Operating earnings                                           | 7,097 |  |   | 7,871 |  |   | 5,277 |  |   | 14,651 |  |
| Interest, net of interest income                             | 2,686 |  |   | 3,251 |  |   | 5,257 |  |   | 6,767 |  |
| Earnings from continuing operations before income taxes      | 4,411 |  |   | 4,620 |  |   | 20 |  |   | 7,884 |  |
| Income tax expense (benefit)                                 | 1,564 |  |   | 80 |  |   | (987 | ) |   | (1,393 | ) |
| Net earnings from continuing operations                      | 2,847 |  |   | 4,540 |  |   | 1,007 |  |   | 9,277 |  |
| Net earnings (loss) from discontinued operations, net of tax | (225 | ) |   | (87 | ) |   | 2,646 |  |   | (80 | ) |
| Net earnings                                                 | 2,622 |  |   | 4,453 |  |   | 3,653 |  |   | 9,197 |  |
| Basic earnings per share:                                    |   |   |   |   |   |   |   |
| Earnings from continuing operations                          | $ | 0.09 |  |   | $ | 0.15 |  |   | $ | 0.03 |  |   | $ | 0.30 |  |
| Earnings (loss) from discontinued operations, net of tax     | (0.01 | ) |   | $ | (0.01 | ) |   | 0.09 |  |   | $ | — |  |
| Net earnings per share                                       | $ | 0.08 |  |   | $ | 0.14 |  |   | $ | 0.12 |  |   | $ | 0.30 |  |
| Diluted earnings (loss) per share:                      |   |  |   |   |  |   |   |   |   |
| Earnings from continuing operations                          | $ | 0.09 |  |   | $ | 0.15 |  |   | $ | 0.03 |  |   | $ | 0.30 |  |
| Earnings (loss) from discontinued operations, net of tax     | (0.01 | ) |   | $ | (0.01 | ) |   | 0.09 |  |   | $ | (0.01 | ) |
| Net earnings per share                                       | $ | 0.08 |  |   | $ | 0.14 |  |   | $ | 0.12 |  |   | $ | 0.29 |  |

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|                                                                                     |
|-------------------------------------------------------------------------------------|
|                                                                                     |  |  |  |  |  |  |  |
|                                                                                | Six Months Ended |
|                                                                                | April 30, |  |   | May 1, |  |
| (Unaudited and dollars in thousands)                                                | 2011 |  |   | 2010 |  |
| Cash flows from operating activities                                                |   |   |   |
| Net earnings                                                                        | $ | 3,653 |  |   | $ | 9,197 |  |
| Adjustments to reconcile net earnings to net cash provided by operating activities: |   |   |   |
| Depreciation and amortization                                                       | 16,137 |  |   | 19,013 |  |
| Stock-based compensation expense                                                    | 1,541 |  |   | 1,931 |  |
| Restructuring and exit costs                                                        | 299 |  |   | 152 |  |
| Gain (loss) on disposition of assets, net                                      | 192 |  |   | (884 | ) |
| Provision for bad debt expense                                                      | 774 |  |   | 25 |  |
| Change in current assets and liabilities                                            | (13,434 | ) |   | (8,161 | ) |
| Other, net                                                                          | (673 | ) |   | (1,703 | ) |
| Net cash provided by operating activities                                           | 8,489 |  |   | 19,570 |  |
| Cash flows from investing activities                                                |   |   |   |
| Capital expenditures                                                                | (14,201 | ) |   | (7,579 | ) |
| Proceeds from the disposition of assets                                             | — |  |   | 2,876 |  |
| Net cash used by investing activities                                               | (14,201 | ) |   | (4,703 | ) |
| Cash flows from financing activities                                                |   |   |   |
| Bank credit facility borrowings, net                                                | 6,000 |  |   | 11,900 |  |
| Payments on notes and bank term loan                                                | (378 | ) |   | (49,590 | ) |
| Payments on bonds and leases                                                        | (255 | ) |   | (262 | ) |
| Debt issuance costs                                                                 | (1,561 | ) |   | — |  |
| Stock-based compensation exercised                                                  | (294 | ) |   | — |  |
| Net cash provided (used) by financing activities                                    | 3,512 |  |   | (37,952 | ) |
| Effect of exchange rates on cash and cash equivalents                               | 7 |  |   | 18 |  |
| Decrease in cash and cash equivalents                                               | (2,193 | ) |   | (23,067 | ) |
| Cash and cash equivalents at beginning of year                                      | 4,900 |  |   | 26,925 |  |
| Cash and cash equivalents at end of year                                            | $ | 2,707 |  |   | $ | 3,858 |  |

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|                                                           |
|-----------------------------------------------------------|
|                                                           |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                      | Three Months Ended |   | Six Months Ended |
|                                                      | April 30, 2011 |  |   | May 1, 2010 |  |   | April 30, 2011 |  |   | May 1, 2010 |  |
| Net sales                                                 | $ | — |  |   | $ | 6 |  |   | $ | — |  |   | $ | 6 |  |
| Earnings from discontinued operations before income taxes | (363 | ) |   | (89 | ) |   | 4,271 |  |   | (78 | ) |
| Provision for income taxes                                | (138 | ) |   | (2 | ) |   | 1,625 |  |   | 2 |  |
| Earnings from discontinued operations, net of tax         | $ | (225 | ) |   | $ | (87 | ) |   | 2,646 |  |   | (80 | ) |

|                        |
|------------------------|
|                        |  |  |  |  |  |  |  |
|                   | April 30, 2011 |  |   | October 30, 2010 |  |
| Raw materials          | $ | 62,097 |  |   | $ | 50,258 |  |
| Production supplies    | 6,767 |  |   | 6,547 |  |
| Finished goods         | 39,342 |  |   | 29,425 |  |
| Inventory reserves     | (8,312 | ) |   | (6,539 | ) |
| Total inventories, net | $ | 99,894 |  |   | $ | 79,691 |  |

|                                                   |
|---------------------------------------------------|
|                                                   |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                              | Three Months Ended |   | Six Months Ended |
|                                              | April 30, 2011 |  |   | May 1, 2010 |  |   | April 30, 2011 |  | May 1, 2010 |  |
| Restructuring and exit costs:                     |   |   |   |   |   |   |
| Custom Sheet and Rollstock                        | $ | 109 |  |   | $ | 771 |  |   | $ | 459 |  | $ | 853 |  |
| Packaging Technologies                            | 131 |  |   | 10 |  |   | 247 |  | (719 | ) |
| Color and Specialty Compounds                     | 308 |  |   | 787 |  |   | 665 |  | 2,104 |  |
| Corporate                                         | — |  |   | 28 |  |   | 6 |  | 28 |  |
| Total restructuring and exit costs                | 548 |  |   | 1,596 |  |   | 1,377 |  | 2,266 |  |
| Income tax benefit                                | (203 | ) |   | (598 | ) |   | (509 | ) | (848 | ) |
| Impact on net earnings from continuing operations | $ | 345 |  |   | $ | 998 |  |   | $ | 868 |  | $ | 1,418 |  |

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|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                       |   |   | Six Months      Ended |  |   |   |
|                                       | Cumulativethrough 2010 |  |   | April 30, 2011 |  |   | CumulativeTo-Date |  |
| Employee severance                         | $ | 5,798 |  |   | $ | 474 |  |   | $ | 6,272 |  |
| Facility consolidation and shut-down costs | 5,311 |  |   | 1,002 |  |   | 6,313 |  |
| Fixed asset valuation adjustments, net     | 3,167 |  |   | (99 | ) |   | 3,068 |  |
| Total                                      | $ | 14,276 |  |   | $ | 1,377 |  |   | $ | 15,653 |  |

|                         |
|-------------------------|
|                         |  |  |  |  |  |  |  |
|                    | April 30, 2011 |  |   | October 30, 2010 |  |
| 2004 Senior Notes       | $ | 113,594 |  |   | $ | 113,972 |  |
| Credit facility         | 51,900 |  |   | 45,900 |  |
| Other                   | 12,766 |  |   | 12,600 |  |
| Total debt              | 178,260 |  |   | 172,472 |  |
| Less current maturities | 526 |  |   | 880 |  |
| Total long-term debt    | $ | 177,734 |  |   | $ | 171,592 |  |

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|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     | April 30, 2011 |   | October 30, 2010 |
|                                     | CarryingAmount |  |   | EstimatedFair Value |  |   | CarryingAmount |  |   | EstimatedFair Value |  |
| Total debt (including credit facilities) | $ | 178,260 |  |   | $ | 184,879 |  |   | $ | 172,472 |  |   | $ | 176,631 |  |

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|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |
|                                                               | Three Months Ended |   | Six Months Ended |
|                                                               | April 30, 2011 |  |   | May 1, 2010 |  |   | April 30, 2011 |  |   | May 1, 2010 |  |
| Antidilutive shares:                                               |   |   |   |   |   |   |   |
| SSARs                                                              | 994 |  |   | 1,113 |  |   | 991 |  |   | 1,166 |  |
| Stock options                                                      | 677 |  |   | 842 |  |   | 677 |  |   | 927 |  |
| Unvested restricted stock                                          | 125 |  |   | 117 |  |   | 124 |  |   | 117 |  |
| Performance shares                                                 | — |  |   | 84 |  |   | — |  |   | 84 |  |
| Total antidilutive shares excluded from diluted earnings per share | 1,796 |  |   | 2,156 |  |   | 1,792 |  |   | 2,294 |  |

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|                                                                                       |
|---------------------------------------------------------------------------------------|
|                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                  | Three Months Ended |   | Six Months Ended |
|                                                                                  | April 30, 2011 |  |   | May 1, 2010 |  |   | April 30, 2011 |  |   | May 1, 2010 |  |
| Basic and diluted net earnings:                                                       |   |   |   |   |   |   |   |
| Net earnings from continuing operations                                               | $ | 2,847 |  |   | $ | 4,540 |  |   | $ | 1,007 |  |   | $ | 9,277 |  |
| Less: net earnings from continuing operations allocated to participating securities   | 28 |  |   | 65 |  |   | 11 |  |   | 137 |  |
| Net earnings from continuing operations attributable to common shareholders           | 2,819 |  |   | 4,475 |  |   | 996 |  |   | 9,140 |  |
| Net earnings (loss) from discontinued operations, net of tax                          | (225 | ) |   | (87 | ) |   | 2,646 |  |   | (80 | ) |
| Less: net earnings from discontinued operations allocated to participating securities | (2 | ) |   | — |  |   | 29 |  |   | — |  |
| Net earnings (loss) from discontinued operations attributable to common shareholders  | (223 | ) |   | (87 | ) |   | 2,617 |  |   | (80 | ) |
| Net earnings attributable to common shareholders                                      | $ | 2,596 |  |   | $ | 4,388 |  |   | $ | 3,613 |  |   | $ | 9,060 |  |
| Weighted average shares outstanding:                                                  |   |   |   |   |   |   |   |
| Basic weighted average common shares outstanding                                      | 30,652 |  |   | 30,556 |  |   | 30,619 |  |   | 30,515 |  |
| Add: dilutive shares from equity instruments                                          | 76 |  |   | 227 |  |   | 85 |  |   | 215 |  |
| Diluted weighted average shares outstanding                                           | 30,728 |  |   | 30,783 |  |   | 30,704 |  |   | 30,730 |  |
| Basic earnings per share attributable to common stockholders:                         |   |   |   |   |   |   |   |
| Net earnings from continuing operations                                               | $ | 0.09 |  |   | $ | 0.15 |  |   | $ | 0.03 |  |   | $ | 0.30 |  |
| Net earnings (loss) from discontinued operations, net of tax                          | (0.01 | ) |   | $ | (0.01 | ) |   | 0.09 |  |   | $ | — |  |
| Net earnings per share                                                                | $ | 0.08 |  |   | $ | 0.14 |  |   | $ | 0.12 |  |   | $ | 0.30 |  |
| Diluted earnings per share attributable to common shareholders:                       |   |   |   |   |   |   |   |
| Net earnings from continuing operations                                               | $ | 0.09 |  |   | $ | 0.15 |  |   | $ | 0.03 |  |   | $ | 0.30 |  |
| Net earnings (loss) from discontinued operations, net of tax                          | (0.01 | ) |   | (0.01 | ) |   | 0.09 |  |   | (0.01 | ) |
| Net earnings per share                                                                | $ | 0.08 |  |   | $ | 0.14 |  |   | $ | 0.12 |  |   | $ | 0.29 |  |

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|                                |
|--------------------------------|
|                                |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                           | Three Months Ended |   | Six Months Ended |
|                           | April 30, 2011 |  |   | May 1, 2010 |  |   | April 30, 2011 |  |   | May 1, 2010 |  |
| Net sales: (a)(b)              |   |   |   |   |   |   |   |
| Custom Sheet and Rollstock     | $ | 146,116 |  |   | $ | 150,577 |  |   | 271,260 |  |   | 275,745 |  |
| Packaging Technologies         | 62,362 |  |   | 54,869 |  |   | 114,105 |  |   | 102,972 |  |
| Color and Specialty Compounds  | 74,073 |  |   | 63,078 |  |   | 131,969 |  |   | 114,970 |  |
|                           | $ | 282,551 |  |   | $ | 268,524 |  |   | $ | 517,334 |  |   | $ | 493,687 |  |
| Operating earnings (loss): (b) |   |   |   |   |   |   |   |
| Custom Sheet and Rollstock     | $ | 7,075 |  |   | $ | 9,815 |  |   | 11,558 |  |   | 18,106 |  |
| Packaging Technologies         | 6,358 |  |   | 5,467 |  |   | 11,000 |  |   | 11,472 |  |
| Color and Specialty Compounds  | 961 |  |   | 2,191 |  |   | (1,637 | ) |   | 3,089 |  |
| Corporate                      | (7,297 | ) |   | (9,602 | ) |   | (15,644 | ) |   | (18,016 | ) |
|                           | $ | 7,097 |  |   | $ | 7,871 |  |   | $ | 5,277 |  |   | $ | 14,651 |  |

|                |
|----------------|
|                |  |  |
| Notes to Table |
| (a)            |   | Excludes intersegment sales of $14,012 and $13,388 in the second quarter of 2011 and 2010, respectively, and intersegment sales of $24,771 and $23,533 in the first six months of 2011 and 2010, respectively. |
| (b)            |   | Excludes discontinued operations. |

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                     | Three Months Ended |   | Six Months Ended |
|                                     | April 30, 2011 |  |   | May 1, 2010 |  |   | April 30, 2011 |  |   | May 1, 2010 |  |
| Net earnings                             | $ | 2,622 |  |   | $ | 4,453 |  |   | $ | 3,653 |  |   | $ | 9,197 |  |
| Foreign currency translation adjustments | 1,256 |  |   | 2,437 |  |   | 1,668 |  |   | 3,672 |  |
| Total comprehensive income               | $ | 3,878 |  |   | $ | 6,890 |  |   | $ | 5,321 |  |   | $ | 12,869 |  |

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|-------------------|
|                   |  |  |  |  |  |
|              | Q2 2011 vs. Q2 2010 |  |   | YTD 2011 vs. YTD 2010 |  |
| Underlying volume | -3 |  % |   | -3 |  % |
| Price/Mix         | 8 |  % |   | 8 |  % |
| Total             | 5 |  % |   | 5 |  % |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Three Months Ended |   | Six Months Ended |
|                            | April 30, 2011 |  |   | May 1, 2010 |  |   | April 30, 2011 |  |   | May 1, 2010 |  |
| Dollars and Pounds(in millions) |   |   |   |   |   |   |   |
| Net sales                       | $ | 282.6 |  |   | $ | 268.5 |  |   | $ | 517.3 |  |   | $ | 493.7 |  |
| Cost of sales                   | 255.5 |  |   | 237.6 |  |   | 471.9 |  |   | 436.0 |  |
| Gross margin                    | $ | 27.1 |  |   | $ | 30.9 |  |   | $ | 45.4 |  |   | $ | 57.7 |  |
|                            |   |   |   |   |   |   |   |
| Pounds sold                     | 235.9 |  |   | 242.1 |  |   | 439.8 |  |   | 452.7 |  |
| Dollars per Pound Sold          |   |   |   |   |   |   |   |
| Net sales                       | $ | 1.198 |  |   | $ | 1.109 |  |   | $ | 1.176 |  |   | $ | 1.091 |  |
| Cost of sales                   | 1.083 |  |   | 0.982 |  |   | 1.073 |  |   | 0.963 |  |
| Gross margin                    | $ | 0.115 |  |   | $ | 0.127 |  |   | $ | 0.103 |  |   | $ | 0.128 |  |

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|                   |
|-------------------|
|                   |  |  |  |  |  |
|              | Q2 2011 vs. Q2 2010 |  |   | YTD 2011 vs. YTD 2010 |  |
| Underlying volume | -16 |  % |   | -13 |  % |
| Price/Mix         | 13 |  % |   | 11 |  % |
| Total             | -3 |  % |   | -2 |  % |

|                   |
|-------------------|
|                   |  |  |  |  |  |
|              | Q2 2011 vs. Q2 2010 |  |   | YTD 2011 vs. YTD 2010 |  |
| Underlying volume | 2 | % |   | 0 | % |
| Price/Mix         | 12 | % |   | 11 | % |
| Total             | 14 | % |   | 11 | % |

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|                   |
|-------------------|
|                   |  |  |  |  |  |
|              | Q2 2011 vs. Q2 2010 |  |   | YTD 2011 vs. YTD 2010 |  |
| Underlying volume | 13 | % |   | 9 | % |
| Price/Mix         | 4 | % |   | 6 | % |
| Total             | 17 | % |   | 15 | % |

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |
|                                                         | Six Months Ended |
|                                                         | April 30, 2011 |  |   | May 1, 2010 |  |
| Cash Flows (in thousands)                                    |   |   |   |
| Net cash provided by operating activities                    | $ | 8,489 |  |   | $ | 19,570 |  |
| Net cash used by investing activities                        | (14,201 | ) |   | (4,703 | ) |
| Net cash provided (used) by financing activities             | 3,512 |  |   | (37,952 | ) |
| Effect of exchange rate changes on cash and cash equivalents | 7 |  |   | 18 |  |
| Decrease in cash and cash equivalents                        | $ | (2,193 | ) |   | $ | (23,067 | ) |

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|                                                                                              |
|----------------------------------------------------------------------------------------------|
|                                                                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                         | Three Months Ended |   | Six Months Ended |
|                                                                                         | April 30, |  |   | May 1, |  |   | April 30, |  | May 1, |  |
| (unaudited and in thousands, except per share data)                                          | 2011 |  |   | 2010 |  |   | 2011 |  | 2010 |  |
| Operating earnings (GAAP)                                                                    | $ | 7,097 |  |   | $ | 7,871 |  |   | $ | 5,277 |  | $ | 14,651 |  |
| Restructuring and exit costs                                                                 | 548 |  |   | 1,596 |  |   | 1,377 |  | 2,266 |  |
| Operating earnings excluding special items (Non-GAAP)                                        | $ | 7,645 |  |   | $ | 9,467 |  |   | $ | 6,654 |  | $ | 16,917 |  |
| Net earnings from continuing operations (GAAP)                                               | $ | 2,847 |  |   | $ | 4,540 |  |   | $ | 1,007 |  | $ | 9,277 |  |
| Restructuring and exit costs, net of tax                                                     | 345 |  |   | 998 |  |   | 868 |  | 1,418 |  |
| Tax benefits from restructuring of foreign operations                                        | — |  |   | (1,631 | ) |   | — |  | (4,401 | ) |
| Net earnings from continuing operations excluding special items (Non-GAAP)                   | $ | 3,192 |  |   | $ | 3,907 |  |   | $ | 1,875 |  | $ | 6,294 |  |
| Net earnings from continuing operations per diluted share (GAAP)                             | $ | 0.09 |  |   | $ | 0.15 |  |   | $ | 0.03 |  | $ | 0.30 |  |
| Restructuring and exit costs, net of tax                                                     | 0.01 |  |   | 0.03 |  |   | 0.03 |  | 0.05 |  |
| Tax benefit on restructuring of foreign operations                                           | — |  |   | (0.05 | ) |   | — |  | (0.14 | ) |
| Net earnings from continuing operations per diluted share excluding special items (Non-GAAP) | $ | 0.10 |  |   | $ | 0.13 |  |   | $ | 0.06 |  | $ | 0.21 |  |

|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Three Months Ended |   | Three Months Ended |
|                            | April 30, 2011 |   | May 1, 2010 |
|                            | OperatingEarnings (Loss) (GAAP) |   | SpecialItems |   | Operating Earnings(Loss)Excluding(Non-GAAP) Special Items |   | OperatingEarnings (Loss) (GAAP) |   | SpecialItems |   | Operating Earnings(Loss)Excluding(Non-GAAP) Special Items |
| Segment                         |   |   |   |   |   |
| Custom Sheet and Rollstock      | $ | 7,075 |  |   | $ | 109 |  |   | $ | 7,184 |  |   | $ | 9,815 |  |   | $ | 771 |  |   | $ | 10,586 |  |
| Packaging Technologies          | 6,358 |  |   | 131 |  |   | 6,489 |  |   | 5,467 |  |   | 10 |  |   | 5,477 |  |
| Color & Specialty Compounds | 961 |  |   | 308 |  |   | 1,269 |  |   | 2,191 |  |   | 787 |  |   | 2,978 |  |
| Corporate                       | (7,297 | ) |   | — |  |   | (7,297 | ) |   | (9,602 | ) |   | 28 |  |   | (9,574 | ) |
| Total                           | $ | 7,097 |  |   | $ | 548 |  |   | $ | 7,645 |  |   | $ | 7,871 |  |   | $ | 1,596 |  |   | $ | 9,467 |  |

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|                                 |
|---------------------------------|
|                                 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                            | Six Months Ended |   | Six Months Ended |
|                            | April 30, 2011 |   | May 1, 2010 |
|                            | OperatingEarnings (Loss) (GAAP) |   | SpecialItems |   | Operating Earnings(Loss)Excluding(Non-GAAP) Special Items |   | OperatingEarnings (Loss) (GAAP) |   | SpecialItems |   | Operating Earnings(Loss)Excluding(Non-GAAP) Special Items |
| Segment                         |   |   |   |   |   |
| Custom Sheet and Rollstock      | $ | 11,558 |  |   | $ | 459 |  |   | $ | 12,017 |  |   | $ | 18,106 |  |   | $ | 853 |  |   | $ | 18,959 |  |
| Packaging Technologies          | 11,000 |  |   | 247 |  |   | 11,247 |  |   | 11,472 |  |   | (719 | ) |   | 10,753 |  |
| Color & Specialty Compounds | (1,637 | ) |   | 665 |  |   | (972 | ) |   | 3,089 |  |   | 2,104 |  |   | 5,193 |  |
| Corporate                       | (15,644 | ) |   | 6 |  |   | (15,638 | ) |   | (18,016 | ) |   | 28 |  |   | (17,988 | ) |
| Total                           | $ | 5,277 |  |   | $ | 1,377 |  |   | $ | 6,654 |  |   | $ | 14,651 |  |   | $ | 2,266 |  |   | $ | 16,917 |  |

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|      |
|------|
|      |  |
| 31.1 | Section 302 Certification of CEO |
| 31.2 | Section 302 Certification of CFO |
| 32.1 | Section 1350 Certification of CEO |
| 32.2 | Section 1350 Certification of CFO |

|        |
|--------|
|        |  |  |  |  |
|   |   |   | SPARTECH CORPORATION(Registrant)  |
| Date:  | June 8, 2011 | By:   | /s/ Victoria M. Holt   |
|   |   |   | Victoria M. Holt  |
|   |   |   | President and Chief Executive Officer (Principal Executive Officer)  |
|   |   |
|   |   |   | /s/ Randy C. Martin   |
|   |   |   | Randy C. Martin  |
|   |   |   | Executive Vice President and Chief Financial Officer (Principal Financial Officer)  |
|   |   |
|   |   |   | /s/ Michael G. Marcely   |
|   |   |   | Michael G. Marcely  |
|   |   |   | Senior Vice President of Finance(Principal Accounting Officer)  |