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Tredegar Reports Third-Quarter Results

Effective January 1, 2012, the operations of Bright View Technologies Corporation (“Bright View”) were incorporated into Film Products to leverage research and development efforts and accelerate new product development. Prior year balances for Bright View have been reclassified to Film Products to conform with the current year presentation. Operating losses for Bright View in the first nine months of 2012 were $2.9 million, which were consistent with the first nine months of 2011.

Capital expenditures in Film Products were $18.6 million in the first nine months of 2012 compared to $8.9 million in the first nine months of 2011. Film Products currently estimates that capital expenditures will be approximately $36 million in 2012, which includes approximately $22 million in capital expenditures for a project that will expand our capacity at the manufacturing facility in Cabo de Santo Agostinho, Brazil. This multi-year project will significantly increase capacity in Brazil and primarily serve flexible packaging films customers in Latin America. Depreciation expense was $26.8 million in the first nine months of 2012 and $25.5 million in the first nine months of 2011, and is projected to be approximately $35 million in 2012.

Aluminum Extrusions

A summary of third quarter and year-to-date operating results for Aluminum Extrusions, which is also referred to as Bonnell Aluminum, is provided below:

 
Aluminum
 
  Quarter Ended

 

Favorable/

  Nine Months Ended

 

Favorable/

(In Thousands, September 30

 

(Unfavorable)

September 30

 

(Unfavorable)

Except Percentages)   2012   2011

 

% Change

  2012   2011

 

% Change

   
Sales volume (pounds) 26,458 29,484 (10.3 )% 81,144 82,679 (1.9 )%
 
Net sales $ 55,222 $ 66,815 (17.4 )% $ 172,525 $ 186,712 (7.6 )%
 

Operating profit from ongoing operations

  $ 1,846   $ 2,301   (19.8 )%   $ 7,349   $ 2,539   189.4 %
 

Net sales in the third quarter and first nine months of 2012 decreased in comparison to the same periods of the prior year due to lower volume resulting from the shutdown of the Kentland, Indiana facility and a decrease in average selling prices as a result of lower average aluminum prices. The plant closure was completed in the third quarter, with approximately half of the business transferred to our other facilities.

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