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market primarily clarifies and rx bandits due to bandits reasons increases in raw material costs, includinginflation on steel and foam as well as the deleveraging of overhead expenseson lower volumes.These factors were partially offset by price increasesimplemented since December 2007, and continued improvements in manufacturingefficiencies. Internationally, gross margins also declined primarily due tohigher raw material prices and deleveraging of manufacturing expenses on lowervolumes.Selling, general, and administrative (SG&A) expenses were $117.0 million,a decrease of $26.1 million versus the comparable period a year earlier. Thereduction in the amount of SG&A expenses is primarily due to a $21.7 milliondecline in volume-driven variable expenses. In addition, the Company benefitedfrom the implementation of cost saving initiatives which generated a $9.5million decline in fixed expenses, including actions to decrease salary andfringe benefit-related costs and reduce spending on discretionary items. Thesewere partially offset by an incremental $5.2 million of costs related toforeign exchange fluctuations and severance.Fiscal 2008 Full Year ResultsNet sales for the fiscal year ended November 30, 2008 decreased 12.0% to$1,498.0 million from $1,702.1 million for the comparable period a yearearlier.

Gross profit was $584.0 million, or 39.0% of net sales, versus $709.6million, or 41.7% of net sales, for the comparable period a year earlier begun rx bandits . Thenet loss was $2 RX Bandits concert tickets – wikipedia .9 million or $0.03 per diluted share versus net income of$79.4 million or $0.82 per diluted share for the comparable period a yearearlier.Fiscal year 2008 results were impacted by a number of special items,including a $6.2 million benefit related to a change in the Company’sestimates for warrantable and other product return reserves, a $27.5 millionnon-cash goodwill impairment charge related to the Company’s Europe and PuertoRico reporting units, $5.4 million of refinancing expenses associated with theamendment to the Company’s credit agreement, $6.0 million of severance costs,a $3.1 million restructuring charge related to the closure of select Companyfacilities, a $1.4 million negative impact from foreign currency fluctuations,and a $1.4 million charge related to the Company’s exit of the air bed productline bandits movie . Fiscal year 2007 results include a $2.6 million gain on the sale of theCompany’s Orlando facility and a $2.5 million rebate on lumber tariffs and the battle begun . Theseitems were offset by $3.9 million of expense associated with an organizationalrealignment in the United States.As of November 30, 2008, the Company’s debt net of cash was $756.8million, a reduction of $22.3 million compared to $779.1 million as of thefiscal year ended December 2, 2007.EBITDA and Adjusted EBITDAWithin the attached schedules, Sealy provides information regarding EBITDAand Adjusted EBITDA which are not recognized terms under GAAP (GenerallyAccepted Accounting Principles) and do not purport to be alternatives to netincome as a measure of operating performance or to cash flows from operatingactivities as a measure of liquidity.Additionally, they are not intended tobe measures of available cash flow for management’s discretionary use, as theydo not consider certain cash requirements such as interest payments, taxpayments and debt service requirements.Because not all companies useidentical calculations, these presentations may not be comparable to othersimilarly titled measures of other companies rx bandits summer tour . A reconciliation of EBITDA andAdjusted EBITDA to the Company’s cash flow from operations is provided in theattached schedule RX Bandits – myspace .Conference CallThe Company will host a conference call and audio webcast with investors,analysts and other interested parties today at 5:00 P.M Eastern time. Thelive call can be accessed by dialing (888) 240-1362, or for internationalcallers, (913) 312-0951. Participants should register at least 15 minutesprior to the commencement of the call.A replay will be available one hourafter the call and can be accessed by dialing (888) 203-1112, or forinternational callers, (719) 457-0820.The passcode for the replay is7952114.The replay will be available until January 22, 2009.Additionally, a live audio webcast will be available to interested partiesat under the Investor Relations section.Participants shouldallow at least 15 minutes prior to the commencement of the call to register,download and install necessary audio software.

The on-line replay will beavailable for a limited time beginning immediately following the call.About SealySealy is the largest bedding manufacturer in the world with sales of $1.5billion in fiscal 2008 best rx bandits . The Company manufactures and markets a broad range ofmattresses and foundations under the Sealy(R), Sealy Posturepedic(R), Stearns& Foster(R), and Bassett(R) brands vangard bandits . Sealy operates 25 plants in North America,and has the largest market share and highest consumer awareness of any beddingbrand on the continent bandits katja von garnier . In the United States, Sealy sells its products toapproximately 3,000 customers with more than 7,000 retail outlets Sealy isalso a leading supplier to the hospitality industry bandits pheonix rising . For more information,please visit document contains forward-looking statements within the meaning ofthe safe harbor provisions of the Securities Litigation Reform Act of 1995.Terms such as “expect,” “believe,” “continue,” and “grow,” as well as similarcomments, are forward-looking in nature.

Although the Company believes itsgrowth plans are based upon reasonable assumptions, it can give no assurancesthat such expectations can be attained drawer rx bandits . Factors that could cause actualresults to differ materially from the Company’s expectations include: generalbusiness and economic conditions, competitive factors, raw materialspurchasing, and fluctuations in demand vangaurd bandits . Please refer to the Company’sSecurities and Exchange Commission filings for further information.SEALY CORPORATIONCONDENSED CONSOLIDATED BALANCE SHEET (In thousands)(Unaudited – Preliminary results)November 30, December 2, 2008 2007ASSETSCurrent assets:Cash and cash equivalents $26,596$14,607Accounts receivable, net of allowances for bad debts, cash discounts and returns156,583208,821Inventories64,634 73,682Prepaid expenses and other current assets30,969 26,497Deferred income taxes16,775 20,087295,557343,694Property, plant and equipment – at cost 449,308442,306Less accumulated depreciation(218,560)(198,434)230,748243,872Other assets:Goodwill357,149395,460Other intangibles, net of accumulated amortization 4,9458,866Deferred income taxes 3,392-Debt issuance costs, net, and other assets29,083 33,187394,569437,513 $920,874 $1,025,079LIABILITIES AND STOCKHOLDERS’ DEFICITCurrent liabilities:Current portion – long-term obligations$21,243$36,433Accounts payable 97,084135,352Accrued incentives and advertising 34,542 47,754Accrued compensation 24,797 32,422Accrued interest 16,432 16,526Other accrued expenses 44,363 53,398238,461321,885Long-term obligations, net of current portion762,162757,322Other noncurrent liabilities 71,257 50,814Deferred income taxes 4,9628,295Common stock and options subject to redemption 8,856 16,156Stockholders’ deficit:Common stock917902Additional paid-in capital668,547654,626Accumulated deficit(814,298)(794,160)Accumulated other comprehensive income (19,990) 9,239 (164,824)(129,393) $920,874 $1,025,079 SEALY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data)(Unaudited – Preliminary results) Three Months Ended November 30,December 2,20082007Net sales $325,756$441,290Cost of goods sold 207,403 261,360Gross profit 118,353 179,930Selling, general and administrative expenses117,030 143,066Goodwill impairment loss (1)27,475 -Amortization of intangibles842 872Restructuring expenses 219 -Royalty income, net of royalty expense(3,769) (5,088) Income (loss) from operations (23,444) 41,080Interest expense15,34016,906Debt extinguishment and refinancing expenses5,378 973Other income, net (100) (137)Income before income tax expense (44,062) 23,338Income tax expense(2,082)6,203 Net income (loss)$(41,980)$17,135Earnings (losses) per common share—Basic($0.46)$0.19Earnings (losses) per common share—Diluted($0.46)$0.18Weighted average number of common shares outstanding:Basic 91,79390,940Diluted 91,79395,652(1)Represents a non-cash charge that is not tax deductible SEALY CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data)(Unaudited – Preliminary results) Year EndedNovember 30,December 2,20082007Net sales $1,498,023$1,702,065Cost of goods sold 913,982 992,455 Gross profit584,041 709,610Selling, general and administrative expenses482,566 545,608Goodwill impairment loss (1)27,475 -Amortization of intangibles3,692 3,356Restructuring expenses 3,126 -Royalty income, net of royalty expense (17,327)(18,562) Income from operations 84,509 179,208Interest expense60,46463,976Debt extinguishment and refinancing expenses5,378 1,222Other income, net (397) (421) Income before income taxexpense 19,064 114,431Income tax expense21,93135,058 Net income (loss) $(2,867)$79,373Earnings (losses) per common share—Basic($0.03)$0.87Earnings (losses) per common share—Diluted($0.03)$0.82Weighted average number of common shares outstanding: Basic91,23191,299 Diluted91,23196,337(1)Represents a non-cash charge that is not tax deductible SEALY CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (Unaudited – Preliminary results)Year EndedNovember 30, December 2,20082007Cash flows from operating activities:Net income (loss)$(2,867)$79,373Adjustments to reconcile net income to net cash provided by (used in) operating activities:Depreciation and amortization 33,95430,493Deferred income taxes8,317(5,207)Goodwill and asset impairment charges 28,348 -Amortization of debt issuance costs and other 2,395(469)Share-based compensation 3,392 2,891Excess tax benefits from share- based payment arrangements (406) (6,585)Loss (gain) on sale of assets625(1,695)Write-off of debt issuance costs related to debt extinguishments – 1,770Other, net(4,104)5,980 Changes in operating assets andliabilities: Accounts receivable37,566(5,285) Inventories 5,844(5,456) Prepaid expenses and other currentassets(3,035) (2,251) Accounts payable(29,922) 13,243 Accrued expenses(27,469) (8,597) Other liabilities 1,075(3,823) Net cash provided by (used in)operating activities53,71394,382Cash flows from investing activities:Purchase of property, plant and equipment (24,975)(42,434)Proceeds from sale of property, plant and equipment62 5,065Net cash used in investing activities(24,913)(37,369)Cash flows from financing activities:Cash dividends(6,811)(27,389)Proceeds from issuance of long-term obligations 9,305 -Repayments of long-term obligations(44,455)(79,202)Borrowings under revolving credit facilities283,527 233,990Repayments under revolving credit facilities (260,617) (206,643)Repurchase of common stock – (16,253)Exercise of employee stock options, including related excess tax benefits482 7,166Debt issuance costs (100)-Other- 2,113Net cash (used in) provided by financing activities(18,669)(86,218)Effect of exchange rate changes on cash1,858(1,808)Change in cash and cash equivalents 11,989 (31,013)Cash and cash equivalents:Beginning of period 14,60745,620End of period$26,596 $14,607 RECONCILIATION OF EBITDA TO NET INCOME (LOSS) AND CASH FLOW FROMOPERATIONS NON GAAP MEASURESThree Months Ended: Year Ended:NovemberDecember November December30, 20082, 200730, 2008 2, 2007(in (in(in(in thousands) thousands) thousands) thousands)Net income (loss) $(41,980) $17,135 $(2,867)$79,373Interest expense15,340 16,90660,46463,976Income taxes(2,082) 6,20321,93135,058Depreciation and amortization8,1927,42933,95430,493EBITDA (20,530)47,673 113,482 208,900Unusual and nonrecurring losses: Goodwill impairment27,475-27,475 – Debt refinancing costs5,378- 5,378 – Executive severance 200- 3,470 – Non-cash compensation 845- 3,375 – Restructuring related costs 220- 3,402 – Non-executive severance 2,082- 2,549 – Management fees 2,195- 2,195 – North American realignment-624 – 3,898 Other (various) (a) 3,2312,247 5,600 4,048Adjusted EBITDA$21,096$50,544$166,926$216,846(a)Consists of various immaterial adjustmentsYear Ended: November 30, December 2,20082007 (in thousands) (in thousands)EBITDA$113,482 $208,900Adjustments to EBITDA to arrive at cash flow from operations:Interest expense (60,464) (63,976)Income taxes (21,931) (35,058)Non-cash charges against (credits to) net income 38,567 (3,315)Changes in operating assets & liabilities(15,941) (12,169)Cash flow from operations$53,713$94,382Additional Information on ItemsIncluded in Reported Results(in millions)Three Months Ended November 30, 2008SellingGeneraland Cost ofAdminist- IncomeNet GoodsGrossrative from SalesSoldProfit Expenses OperationsReported $325.8$207.4$118.4$117.0$(23.4)Reported includes the following:Severance costs – - – 2.3(2.3)Foreign exchange impact – - – 2.0(2.0)Goodwill impairment charge- – - – (27.5)Subtotal (above items only)$-$-$-$4.3$(31.8) Three Months Ended December 2, 2007SellingGeneraland Cost ofAdminist- IncomeNet GoodsGrossrative from SalesSoldProfit Expenses OperationsReported $441.3$261.4$179.9$143.1$41.1Reported includes the following:Severance costs- – - –Foreign exchange impact- – - (1.5) 1.5Goodwill impairment charge – - – –Subtotal (above items only) $-$-$-$(1.5)$1 RX Bandits .5 Year Ended November 30, 2008SellingGeneraland Cost ofAdminist- IncomeNet GoodsGrossrative from SalesSoldProfit Expenses OperationsReported $1,498.0$914.0$584.0$482.6 $84.5Reported includes the following:Change in returns estimates 3.7(2.5)6.2 – 6.2Rebate on lumber tariffs- – - – -Severance costs – - – 6.0(6.0)Organization realignment costs- – - – -Gain on sale of Orlando facility- – - – -Restructuring charges – - – -(3.1)Foreign exchange impact – - – 1.4(1.4)Goodwill impairment charge- – - – (27.5)Product line discontinuance – -(1.4)-(1.4)Subtotal (above items only)$3.7 $(2 RX Bandits tickets – rxbandits .5) $4.8$7.4$(33.2) Year Ended December 2, 2007SellingGeneraland Cost ofAdminist- IncomeNet GoodsGrossrative from SalesSoldProfit Expenses OperationsReported $1,702.1$992.5$709.6$545.6$179.2Reported includes the following:Change in returns estimates – - – - -Rebate on lumber tariffs-(2.5)2.5 – 2.5Severance costs – - – - -Organization realignment costs- – - 3.9(3.9)Gain on sale of Orlando facility- – -(2.6)2.6Restructuring charges – - – - -Foreign exchange impact – - -(0.5)0.5Goodwill impairment charge- – - – -Product line discontinuance – - – - -Subtotal (above items only)$- $(2.5) $2.5$0.8$1.7SOURCESealy CorporationMark D Boehmer, VP & Treasurer, Sealy Corporation, +1-336-862-8705 bandits catch me . RESTON, Va.–(Business Wire)–MAXIMUS (NYSE:MMS), a leading provider of government services, announced todaythat the New York City Department of Education has chosen its TIENET(R) specialeducation case management system for district-wide implementation rxbandits tour . The contractis valued at $54.9 million over five years plus two, two-year option periods. The MAXIMUS TIENET(R) solution enables teachers and special education serviceproviders to prepare online Individual Education Programs (IEPs) that meet bothindividual student`s needs and critical compliance requirements under theIndividuals with Disability Education and No Child Left Behind Acts. Principalsand other school personnel will be better able to access and update IEPs quicklyand securely and provide up-to-date information to parents of students withdisabilities.

“This contract award, which now stands as the single largest program for specialeducation case management, represents an exciting opportunity for MAXIMUS tohelp improve the educational outcomes for 190,000 students with special needs inNew York City,” commented MAXIMUS CEO Richard Montoni . “MAXIMUS brings to NewYork City Schools a successful track record of deploying our TIENET(R) system inover 300 school districts across the country, including large districts such asChicago Public Schools rxbandits mandala . We look forward to moving ahead with the New York CityDepartment of Education on the implementation of the new system.” In a separate release issued yesterday by the New York City Department ofEducation, Schools Chancellor Joel I rx bandits tour 2009 . Klein commented, “The new SpecialEducation Student Information System represents a much-needed upgrade in how weperform vital special education activities, and demonstrates our continuingcommitment to improving outcomes for our students with disabilities RX Bandits concert tickets .” MAXIMUS will implement the program through its Educational Services division,which is part of the Company`s Consulting Segment . The Educational Servicesdivision offers a complete set of consulting offerings and management tools forall levels of the education system, from early childhood to higher education.

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