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Tredegar Reports Second-Quarter Results

Tredegar Corporation (NYSE:TG) reported second-quarter net income from continuing operations of $6.0 million (19 cents per share) compared to $5.0 million (15 cents per share) in the second quarter of 2010. Income from ongoing operations in the second quarter was $6.7 million (21 cents per share) versus $5.3 million (16 cents per share) in last year’s second quarter. Second-quarter sales increased to $201.0 million from $185.0 million in the second quarter of 2010.

A summary of results for ongoing operations for the three and six months ended June 30, 2011 and 2010 is shown below:

           
(In Millions, Except Per-Share Data) Three Months Ended Six Months Ended
June 30 June 30
2011     2010   2011     2010
Sales $ 201.0 $ 185.0 $ 392.5 $ 360.0
 

Net income from continuing operations as reported under generally accepted accounting principles (GAAP)

$ 6.0 $ 5.0 $ 12.7 $ 10.7
After-tax effects of:

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

.6 .3 .6 .3
(Gains) losses from sale of assets and other   .1     -   -     (.4 )
Income from ongoing operations* $ 6.7   $ 5.3 $ 13.3   $ 10.6  
 

Diluted earnings per share from continuing operations as reported under GAAP

$ .19 $ .15 $ .39 $ .33
After-tax effects per diluted share of:

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

.02 .01 .02 .01
(Gains) losses from sale of assets and other   -     -   -     (.01 )
Diluted earnings per share from ongoing operations* $ .21   $ .16 $ .41   $ .33  

    * 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 GAAP (defined above) and income from ongoing operations, a non-GAAP financial measure. In addition, Note (f) 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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