Exhibit 99.1

Contact:

David Bullock

Chief Financial Officer

(717) 849-8500

Graham Packaging Announces Results for 2010 Fourth Quarter and Full Year

YORK, PA, February 10, 2011—Graham Packaging Company Inc. (NYSE:GRM) today announced results for the quarter and full year ended December 31, 2010.

Highlights

Fourth Quarter 2010

Net sales improved to $643.9 million, an increase of $109.2 million over the fourth quarter of last year. The acquisition of Liquid Container on September 23, 2010, contributed $93.8 million to the increase, and the remainder was driven by an increase in resin costs which are passed through to customers.

Adjusted EBITDA increased to $125.1 million compared to $99.9 million in the fourth quarter of last year. Excluding the $16.8 million of adjusted EBITDA of Liquid Container and associated cost synergies of $2.0 million, adjusted EBITDA was $106.3 million.

“Our fourth quarter profitability exceeded our expectations,” said CEO Mark Burgess. “Our legacy business delivered a 6.4% improvement in adjusted EBITDA over the prior year as a result of operational improvements and our focus on productivity. This improvement occurred despite slightly lower volumes in our legacy business, a volume decline which was anticipated due to challenging market conditions and inventory destocking. Additionally, we are very pleased with the great progress we have made integrating Liquid Container, and expect to maximize our cost synergies.”

By segment, sales in North America increased by $111.2 million, or 25.0%, due to the acquisition of Liquid Container, increases in resin costs mentioned above, and slightly higher volumes in the legacy business. Sales in Europe declined by $6.6 million, or 10.3%, due primarily to lower volumes and unfavorable exchange rates. Sales in South America declined by $0.5 million, or 2.3%, due to unfavorable exchange rates and lower volumes. Sales in Asia Pacific were $5.1 million, reflecting the July acquisition of our Chinese operation.

SG&A expenses increased to $41.1 million, up $8.1 million from the fourth quarter last year. SG&A expenses related to acquisition activity were $5.5 million, and Liquid Container’s SG&A expenses were $6.0 million. These increases were offset by a decrease in advisory service fees and lower incentive compensation expenses.

Operating income increased to $52.8 million from $23.7 million for the fourth quarter of last year. The increase was driven by lower asset impairment charges, the acquisition of Liquid Container and increased operating income in the legacy business due to productivity initiatives. Those increases were offset by SG&A expenses related to the acquisition and increased cost of goods sold from purchase accounting allocations.

Net interest expense was $54.4 million, an increase of $4.8 million from the fourth quarter of last year, primarily due to the interest expense on the debt related to the acquisition of Liquid Container and the higher effective interest rate on the portion of our term loans which were extended in September 2010.

In the fourth quarter of 2010, a majority-owned subsidiary of the Company recorded the reversal of a valuation allowance previously established on deferred tax assets of $86.6 million in the US and $3.8 million in foreign tax jurisdictions. Excluding this reversal, the Company’s net loss improved to a net loss of $37.5 million as compared to a net loss of $46.6 million for the fourth quarter of the prior year.

Full Year 2010

Full year net sales improved to $2,512.7 million, an increase of $241.7 million over 2009. The acquisition of Liquid Container contributed $101.4 million to the increase, and the remainder was driven by higher volumes and an increase in resin costs which are passed through to customers.

Adjusted EBITDA increased to $504.4 million compared to $462.5 million in 2009. Excluding the acquisition of Liquid Container and associated cost synergies, adjusted EBITDA for 2010 increased by 4.6% to $483.8 million. The Company achieved approximately $2.0 million in cost synergies on the integration of Liquid Container during 2010. On a standalone basis, Liquid Container’s adjusted EBITDA was $70.6 million for 2010, $18.6 million of which was achieved during Graham’s period of ownership.

By segment for 2010, sales in North America increased by $235.0 million, or 12.1%, due to the acquisition of Liquid Container, increases in resin costs mentioned above, and higher volumes in the legacy business. Sales in Europe declined by $9.9 million, or 4.2%, primarily due to unfavorable exchange rates and lower

volumes. Sales in South America improved by $6.9 million, or 7.4%, due to price increases and higher volumes. Sales in Asia Pacific were $9.7 million, reflecting the July acquisition of our Chinese operation.

Operating income increased to $241.7 million from $233.7 million in 2009. The increase was driven by lower asset impairment charges, increased operating income in the legacy business due to productivity initiatives, the acquisition of Liquid Container and a decrease in advisory service fees. Those increases were offset by SG&A expenses related to the Company’s IPO, expenses related to acquisitions, a payment made to OnTech Operations, Inc. to settle its claims against the Company and increased cost of goods sold from purchase accounting allocations.

Net interest expense was $184.9 million, a $9.1 million increase over 2009.

The Company retired $222.0 million of debt during 2010. Approximately $129.0 million of the retirement was funded with proceeds from the Company’s IPO, with the remaining $93.0 million funded with cash.

Commenting on the full year performance, Burgess stated: “We have had a terrific year at Graham that began with our IPO in February, continued with the establishment of operations in Asia and the acquisition of Liquid Container, and culminated with the delivery of solid financial results. Through improved volumes and productivity initiatives, we grew our legacy business adjusted EBITDA by 4.6%, generated strong free cash flow and strengthened our capital structure with the retirement of $222.0 million in debt. We continue to see good momentum on the technology and conversion fronts that can help us provide value added packaging solutions for our customers. While our progress to date has been gratifying, we are excited about what we can deliver in 2011.”

Excluding the reversal of the deferred tax asset valuation allowance previously described, the Company’s net loss for the full year was $28.6 million compared to net income of $14.3 million in 2009.

2011 Outlook

For fiscal 2011, the Company currently expects adjusted EBITDA to be $583.0 million, which includes $12.0 million of synergies associated with the acquisition of Liquid Container. The Company has updated its view of the full run rate of synergies from this acquisition to be $25.0 million.

Conference Call Information

The Company will hold a conference call to discuss fiscal 2010 fourth quarter and full year results at 5:00 p.m. EST this afternoon. The call will be web cast live over the Internet from the company’s Web site at www.grahampackaging.com under “Investor Relations.” Participants should follow the instructions provided on the Web site for downloading and installing the necessary audio applications. The conference call also is available by dialing 866-825-3308 (domestic) or 617-213-8062 (international) and entering pass code 53378587.

Following the live conference call, a replay will be available one hour after the call. The replay also will be available on the company’s Web site or by dialing 888-286-8010 (domestic) or 617-801-6888 (international) and entering pass code 54448436. The telephonic replay will be available for thirty days.

About Graham Packaging

Graham Packaging, based in York, Pennsylvania, is a worldwide leader in the design, manufacture and sale of technology-based, customized blow molded plastic containers for the branded food and beverage, household, personal care/specialty and automotive lubricants product categories. The Company has an extensive blue-chip customer base that includes many of the world’s largest branded consumer products companies. It produces more than 20 billion container units annually at 98 plants in North America, Europe, South America and Asia.

Graham Packaging is a leading U.S. supplier of plastic containers for hot-fill juice and juice drinks, sports drinks, drinkable yogurt and smoothies, nutritional supplements, wide-mouth food, dressings, condiments and beers; the leading global supplier of plastic containers for yogurt drinks; a leading supplier of plastic containers for liquid fabric care products, dish care products and hard-surface cleaners; and the leading supplier in the U.S., Canada and Brazil of one-quart/liter plastic motor oil containers.

To learn more about Graham Packaging, please visit the Company’s Web site at http://www.grahampackaging.com/. Graham Packaging uses its Web site as a channel of distribution for material Company information. Financial and other material information regarding Graham Packaging is routinely posted on the Company’s Web site and is readily accessible.

Forward-Looking Statements

Information provided and statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements only speak as of the date of this press release and Graham Packaging assumes no obligation to update the information included in this press release. Such forward-looking statements include information concerning Graham Packaging’s possible or assumed future results of operations. These statements often include words such as “approximate,” “believe,” “expect,” “anticipate,” “outlook,” “intend,” “plan,” “estimate”, “guidance” or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about Graham Packaging’s industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond Graham Packaging’s control. Accordingly, readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, without limitation, specific factors discussed herein and in other releases and public filings made by the Company (including the Company’s filings with the Securities and Exchange Commission, more specifically the Risk Factors sections of the Company’s Annual Report on Form 10-K and Quarterly Reports on Forms 10-Q). Although Graham Packaging believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Forward-looking statements only speak as of the date of this press release or the date they were made and, unless otherwise required by law, Graham Packaging disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made in this press release.

Adjusted EBITDA and free cash flow are not intended to represent, and should not be considered more meaningful than, or as an alternative to, income (loss) from continuing operations and net cash provided by operating activities, respectively, in both cases as calculated in accordance with GAAP. The Company believes that the presentation of adjusted EBITDA and free cash flow provides investors with useful analytical indicators of its performance. Additionally, the Company uses adjusted EBITDA and free cash flow as key internal metrics and two components, among several, of management incentive compensation. Because not all companies use identical calculations, these presentations of adjusted EBITDA may not be comparable to other similarly titled measures of other companies. A reconciliation of income (loss) from continuing operations to adjusted EBITDA is as follows:

(1) Reconciliation of income (loss) from continuing operations to EBITDA:

Reconciliation of EBITDA to adjusted EBITDA:

(2) Reconciliation of cash flow from operations to free cash flow:

GRAHAM PACKAGING COMPANY INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

GRAHAM PACKAGING COMPANY INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

GRAHAM PACKAGING COMPANY INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

The Company is organized and managed on a geographical basis in four operating segments: North America, Europe, South America and Asia. The Company began accounting for its Asian operations as a new operating segment as of July 1, 2010, with the acquisition of China Roots. The Company’s measure of segment profit or loss is operating income. Segment information for the three years ended December 31, 2010, representing the reportable segments currently utilized by the chief operating decision makers, was as follows (unaudited):