Nancy M. Taylor, Tredegar’s president and chief executive officer, said: “Film Products’ performance for the quarter showed improvement versus the fourth quarter of last year, due to stronger results from Terphane and higher volumes in surface protection films. Overall, 2012 proved to be a challenging year for our Films business, with softness in demand and pricing pressures in several of our markets. Film Products ended the year on a positive note but we remain cautious due to the competitive dynamics in our core markets.”
Ms. Taylor continued, “We are pleased with a strong year of performance for Bonnell Aluminum. Relative to the fourth quarter, Bonnell benefitted from the addition of AACOA. We’re excited about the future opportunities that this acquisition provides, allowing us to broaden our capabilities and more actively participate in markets outside of building and construction.”
Ms. Taylor added, “We also divested our mitigation banking business, Falling Springs, in the fourth quarter. The sale of Fallings Springs is consistent with our strategic intent to focus our efforts on manufacturing.”
OPERATIONS REVIEWFilm Products A summary of fourth quarter and full year operating results for Film Products is provided below:
|Quarter Ended||Favorable/||Year Ended||Favorable/|
|(In Thousands,||December 31||(Unfavorable)||December 31||(Unfavorable)|
|Except Percentages)||2012||2011||% Change||2012||2011||% Change|
|Sales volume (pounds)||67,187||60,875||10.4||%||270,265||218,727||23.6||%|
|Operating profit from ongoing operations||$||19,951||$||15,621||27.7||%||$||69,950||$||59,493||17.6||%|
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