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Tredegar Reports Fourth-Quarter Results

Capital expenditures in Film Products were $30.5 million in 2012 compared to $12.9 million in 2011, which included approximately $19.6 million in capital expenditures for a project that will expand our capacity at the manufacturing facility in Cabo de Santo Agostinho, Brazil. Film Products currently estimates that capital expenditures will be approximately $80 million in 2013, which includes approximately $49 million for the capacity expansion project in Brazil. This multi-year project will significantly increase capacity in Brazil and primarily serve flexible packaging films customers in Latin America. Depreciation expense was $33.9 million in 2012 and $34.6 million in 2011, and is projected to be approximately $32 million in 2013.

Aluminum Extrusions

A summary of fourth quarter and full year operating results for Aluminum Extrusions, which is also referred to as Bonnell Aluminum, 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) 33,701 25,318 33.1 % 114,845 107,997 6.3 %
Net sales $ 72,940 $ 53,680 35.9 % $ 245,465


2.1 %

Operating profit from ongoing operations
  $ 1,688   $ 918   83.9 %     $ 9,037   $ 3,457   161.4 %

Net sales in the fourth quarter of 2012 increased in comparison to the same period of the prior year primarily due to the addition of AACOA, partially offset by a decrease in average selling prices driven by lower aluminum prices. AACOA, which was acquired on October 1, 2012, had net sales of $19.5 million in the fourth quarter of 2012. Excluding the addition of AACOA, sales volumes in the fourth quarter of 2012 compared to the fourth quarter of 2011 were relatively flat despite the closing of the Kentland, Indiana manufacturing facility in the third quarter of 2012. As previously reported, approximately half of the Kentland volume was transferred to our other facilities. Net sales in 2012 increased versus 2011 primarily due to the addition of AACOA, partially offset by a decrease in average selling prices driven by lower aluminum prices and lower volumes resulting from the shutdown of the Kentland facility. Excluding the addition of AACOA and the impact of the Kentland plant shutdown, sales volume in 2012 increased 0.6% in comparison to 2011.

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