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Tredegar Reports First-Quarter Results

Tredegar Corporation (NYSE:TG) reported first-quarter net income of $6.7 million (21 cents per share) compared to $5.8 million (17 cents per share) in the first quarter of 2010. Income from ongoing operations in the first quarter was $6.6 million (21 cents per share) versus $5.4 million (16 cents per share) in last year’s first quarter. First-quarter sales increased to $191.5 million from $175.0 million in the first quarter of 2010.

A summary of results for ongoing operations for the three months ended March 31, 2011 and 2010 is shown below:
(In Millions, Except Per-Share Data) Three Months Ended
March 31
  2011       2010  
Sales $ 191.5 $ 175.0

Net income as reported under generally accepted accounting principles (GAAP)
$ 6.7 $ 5.8
After-tax effects of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
- -
(Gains) losses from sale of assets and other   (.1 )     (.4 )
Income from ongoing operations* $ 6.6     $ 5.4  
Diluted earnings per share as reported under GAAP $ .21 $ .17
After-tax effects per diluted share of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
- -
(Gains) losses from sale of assets and other   -       (.01 )
Diluted earnings per share from ongoing operations* $ .21     $ .16  

* 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 (e) within the Notes to the Financial Tables provides the definition of income from ongoing operations and the reasons why the measure is presented.

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