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Tredegar Reports Second-Quarter Results

Capital expenditures in Film Products were $30.0 million in the first six months of 2013 compared to $7.3 million in 2012. Current year capital expenditures include approximately $19.0 million in capital expenditures for a previously announced 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 $70 million in 2013, including approximately $44 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 $15.9 million in the first six months of 2013 and $18.8 million in the first six months of 2012, and is projected to be approximately $31 million in 2013.

Aluminum Extrusions

A summary of second quarter and year-to-date results for Aluminum Extrusions, which is also referred to as Bonnell Aluminum, 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) 36,101 27,776 30.0 % 71,834 54,686 31.4 %
 
Net sales $ 77,855 $ 59,695 30.4 % $ 157,794 $ 117,303 34.5 %
 

Operating profit from ongoing operations

  $ 4,311   $ 3,800     13.4 %   $ 8,925   $ 5,503     62.2 %
 

Net sales in the second quarter and first six months of 2013 increased in comparison to the same periods of the prior year, primarily due to the addition of AACOA, Inc. (“AACOA”). AACOA, which was acquired on October 1, 2012, had net sales of $22.1 million in the second quarter and $43.9 million in the first six months of 2013. Excluding the impact of our acquisition of AACOA and the Kentland shutdown, volume decreased by 5% in the second quarter of 2013 and 1% in the first six months of 2013 in comparison to the same periods in the prior year. Approximately half of the volume that was produced at Kentland has been transferred to our other facilities.

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