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Tredegar Reports Second-Quarter Results

Ms. Taylor continued, “Bonnell Aluminum’s operating profit was up slightly in the second quarter, despite mixed results. Increased operating profit from the addition of AACOA and cost savings associated with the shutdown of the Kentland facility in 2012 were largely offset by production inefficiencies and slightly lower volume in our traditional construction-related markets. Cash management continued to be a strength for Bonnell this quarter.”

OPERATIONS REVIEW

Film Products

A summary of second quarter and year-to-date operating results for Film Products is provided below:

                                       
          Favorable/         Favorable/
(In Thousands, Quarter Ended June 30 (Unfavorable) Six Months Ended June 30 (Unfavorable)
Except Percentages)     2013     2012   % Change       2013       2012   % Change  
   
Sales volume (pounds) 68,785 67,949 1.2 % 136,418 134,921 1.1 %
 
Net sales $ 158,266 $ 150,226 5.4 % $ 312,651 $ 303,925 2.9 %
 

Operating profit from ongoing operations

  $ 18,727   $ 13,441     39.3 %   $ 35,734     $ 28,907     23.6 %
 

Net sales (sales less freight) in the second quarter and first six months of 2013 increased in comparison to the same periods in the prior year, primarily due to higher volumes and improved product mix, partially offset by the negative impact of lower average selling prices. Higher sales volumes and improved product mix in Film Products had a favorable impact of approximately $9.4 million in the second quarter of 2013 and $12.6 million for the first six months of 2013 in comparison to the same periods in the prior year. Higher volumes in surface protection films and personal care materials were partially offset by lower volumes in flexible packaging and polyethylene overwrap films. The estimated change in average selling prices, net of cost pass-throughs, had an unfavorable impact on net sales of $2.3 million in the second quarter of 2013 and $3.6 million in the first six months of 2013 in comparison to the same periods in the prior year. Average selling prices decreased primarily due to competitive pressures, partially offset by the favorable impact of the contractual pass-through of certain costs such as higher average resin prices. The change in the U.S. dollar value of currencies for operations outside the U.S. had a favorable impact on net sales of approximately $0.5 million in the second quarter and $0.2 million in the first six months of 2013 compared to the prior year.

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