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Tredegar Reports Fourth-Quarter Results

Stocks in this article: TG

Tredegar Corporation (NYSE:TG) reported fourth-quarter net income of $7.3 million (23 cents per share) compared to $10.0 million (29 cents per share) in the fourth quarter of 2009. Income from ongoing operations in the fourth quarter was $8.9 million (28 cents per share) versus $5.2 million (15 cents per share) in the fourth quarter last year. Fourth-quarter sales increased to $182.9 million from $161.8 million in 2009.

A summary of results for ongoing operations for the three and twelve months ended December 31, 2010 and 2009 is shown below:

       
(In Millions, Except Per-Share Data) Three Months Ended Year Ended
December 31 December 31
2010   2009 2010   2009
Sales $ 182.9 $ 161.8 $ 740.5 $ 648.6
 

Net income (loss) as reported under generally accepted accounting principles (GAAP)

$ 7.3 $ 10.0 $ 27.0 $ (1.4 )
After-tax effects of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings

.4 1.5 .8 2.4
(Gains) losses from sale of assets and other 1.2 (6.3 ) 1.1 (2.7 )

Goodwill impairment relating to aluminum extrusions business

  -     -     -     30.6  
Income from ongoing operations* $ 8.9   $ 5.2   $ 28.9   $ 28.9  
 

Diluted earnings (loss) per share as reported under GAAP

$ .23 $ .29 $ .83 $ (.04 )
After-tax effects per diluted share of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings

.01 .04 .03 .07
(Gains) losses from sale of assets and other .04 (.18 ) .03 (.08 )

Goodwill impairment relating to aluminum extrusions business

  -     -     -     .90  
Diluted earnings per share from ongoing operations* $ .28   $ .15   $ .89   $ .85  
 

* Ongoing operations include operating profit (loss) of Film Products, Aluminum Extrusions and the Other segment as well as 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 ongoing operations, a non-GAAP financial measure. In addition, Note (i) within the Notes to the Financial Tables provides the definition of income from ongoing operations; the reasons why the measure is presented; the rationale for the recent change to the presentation of income and earnings per share from ongoing operations from the presentation of income and earnings per share from manufacturing operations; and a reconciliation of income and earnings per share from ongoing operations and income and earnings per share from manufacturing operations.

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