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Tredegar Reports Second-Quarter Results

Tredegar Corporation (NYSE:TG) reported second-quarter net income from continuing operations of $9.6 million (29 cents per share) compared to $7.4 million (23 cents per share) in the second quarter of 2012. Results from continuing operations in the second quarter of 2013 included a net after-tax loss of $0.1 million (1 cent per share) for special items primarily related to an unrealized loss on our investment property in southwest Virginia and charges associated with the shutdown of our Kentland, Indiana aluminum extrusions manufacturing facility, partially offset by an unrealized gain on our investment in Intelliject, Inc. (“Intelliject”). Income from ongoing operations in the second quarter of 2013, which excludes special items, was $9.7 million (30 cents per share) versus $7.6 million (24 cents per share) in the second quarter of last year.

Net income from continuing operations for the first six months of 2013 was $19.1 million (59 cents per share) compared to $15.1 million (47 cents per share) for the first six months of 2012. Results from continuing operations in the first six months of 2013 include an after-tax gain of $0.4 million (2 cents per share) for special items primarily related to an unrealized gain on our investment in Intelliject, partially offset by an unrealized loss on our investment property in southwest Virginia and charges associated with the shutdown of our Kentland, Indiana aluminum extrusions manufacturing facility. Income from ongoing operations in the first six months of 2013 was $18.7 million (57 cents per share) versus $15.5 million (48 cents per share) in the first six months of last year.

Further details regarding the special items that reconcile income from ongoing operations to net income from continuing operations are provided in the financial tables to this press release.

A summary of results for ongoing operations for the three and six months ended June 30, 2013 and 2012 is shown below:
       
(In Millions, Except Per-Share Data) Three Months Ended Six Months Ended
  June 30   June 30
  2013       2012     2013       2012  
Sales $ 243.5 $ 215.9 $ 485.1 $ 432.5
 

Net income from continuing operations as reported under generally accepted accounting principles (GAAP)
$ 9.6 $ 7.4 $ 19.1 $ 15.1
After-tax effects of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
.2 1.1 .4 1.8
(Gains) losses from sale of assets and other   (.1 )     (.9 )   (.8 )     (1.4 )
Income from ongoing operations* $ 9.7     $ 7.6   $ 18.7     $ 15.5  
 

Diluted earnings per share from continuing operations as reported under GAAP
$ .29 $ .23 $ .59 $ .47
After-tax effects per diluted share of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
.01 .04 .01 .05
(Gains) losses from sale of assets and other   -       (.03 )   (.03 )     (.04 )
Diluted earnings per share from ongoing operations* $ .30     $ .24   $ .57     $ .48  
 
* Ongoing operations include operating profit (loss) of Film Products and Aluminum Extrusions 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 of income from ongoing operations and diluted earnings per share from ongoing operations, each being a non-GAAP financial measure, to net income and diluted earnings per share as reported under GAAP. In addition, Note (i) within the Notes to the Financial Tables provides the definition of income from ongoing operations and the reasons why the measure is presented.
 

Nancy M. Taylor, Tredegar’s president and chief executive officer, said: “Film Products had a solid performance in the second quarter, driven by strong demand for our surface protection films and volume improvements in personal care materials. We are encouraged by another quarter of year-over-year volume growth in these product categories, although we do see some risk of slowing demand for our personal care materials in the second half of the year. In flexible packaging films, Film Products experienced volume declines and pricing pressures versus last year due to challenging market conditions tied to the slow global economy, particularly in Brazil.”

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