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Tredegar Reports Third-Quarter Results

Nancy M. Taylor, Tredegar’s president and chief executive officer, said: “We are encouraged by another quarter of volume growth. Our films business encountered an unexpected surge in customer demand in the third quarter, and we experienced operational inefficiencies and increased costs as a result. Nonetheless, I am pleased with the commitment of our employees to meet aggressive customer delivery requirements. As we enter the fourth quarter, we are cautious as customer feedback indicates a likelihood of inventory corrections.”

“Our team at Bonnell Aluminum continues to focus on controlling costs, as we work through the prolonged slowdown in the nonresidential sector and explore opportunities outside of that market.”

Ms. Taylor concluded: “Our strong balance sheet should allow us to continue to invest in our people, processes, and growth initiative activities, despite continuing economic uncertainty.”

OPERATIONS REVIEW

Film Products

A summary of third quarter and year-to-date operating results for Film Products is provided below:
 

(In Thousands,

Except Percentages)
 

Quarter Ended

September 30
 

Favorable/

(Unfavorable)

% Change
 

Nine Months Ended

September 30
 

Favorable/

(Unfavorable)

% Change
  2010   2009     2010   2009  
   
Sales volume (pounds) 58,232 55,209 5.5 % 167,032 154,115 8.4 %
 
Net sales $ 137,325 $ 123,397 11.3 % $ 389,692 $ 335,984 16.0 %
 

Operating profit from ongoing operations
  $ 17,828   $ 21,750   (18.0 )%   $ 50,732   $ 48,978   3.6 %
 

Third-quarter net sales (sales less freight) rose, primarily due to higher volume and higher average selling prices from the pass-through of increased resin prices. Higher volumes, most notably in packaging (typically lower-value products) and personal care materials, resulted in an unfavorable sales mix in the third quarter of 2010 compared to the third quarter of 2009. Although demand has remained strong for surface protection products used in the LCD (liquid crystal display) market, recent forecasts for that market indicate that demand may be slowing as the market experiences excess panel supply.

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