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Tredegar Reports Third-Quarter Results

Tredegar Corporation (NYSE:TG) reported third-quarter net income of $9.0 million (28 cents per share) compared to $11.0 million (32 cents per share) in the third quarter of 2009. Income from manufacturing operations in the third quarter was $9.9 million (31 cents per share) versus $10.6 million (31 cents per share) in the third quarter last year. Third-quarter sales increased to $197.5 million from $175.7 million in 2009.

A summary of results for manufacturing operations for the three and nine months ended September 30, 2010 and 2009 is shown below:
       
(In Millions, Except Per-Share Data) Three Months Ended Nine Months Ended
September 30 September 30
2010   2009 2010   2009
Sales $ 197.5 $ 175.7 $ 557.5 $ 486.8
 

Net income (loss) as reported under generally accepted accounting principles (GAAP)
$ 9.0 $ 11.0 $ 19.7 $ (11.3 )
After-tax effects of:
Loss from Other segment ongoing operations .5 - 1.9 -

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
.1 - .4 .9
(Gains) losses from sale of assets and other items .3 (.4 ) (.1 ) 3.5

Goodwill impairment relating to aluminum extrusions business
  -     -     -       30.6  
Income from manufacturing operations* $ 9.9   $ 10.6   $ 21.9     $ 23.7  
 
 

Diluted earnings (loss) per share as reported under GAAP
$ .28 $ .32 $ .60 $ (.33 )
After-tax effects per diluted share of:
Loss from Other segment ongoing operations .02 - .06 -

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
- - .01 .01
(Gains) losses from sale of assets and other items .01 (.01 ) - .12

Goodwill impairment relating to aluminum extrusions business
  -     -     -       .90  
Diluted earnings per share from manufacturing operations* $ .31   $ .31   $ .67     $ .70  
 

* Manufacturing operations includes Film Products, Aluminum Extrusions and Corporate Expenses, Interest and Taxes. See Notes to the Financial Tables included with this press release for further detail regarding the items included in the reconciliation between net income (loss) as reported under generally accepted accounting principles (GAAP) and income from manufacturing operations, a non-GAAP financial measure. In addition, Note (h) within the Notes to the Financial Tables provides the definition of income from manufacturing operations and the reasons why management presents the measure.

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