Tredegar Reports Fourth-Quarter Results

Tredegar Corporation (NYSE:TG) reported fourth-quarter net income from continuing operations of $3.8 million (12 cents per share) compared to $7.3 million (23 cents per share) in the fourth quarter of 2010. Results from continuing operations in the fourth quarter of 2011 include a net after-tax loss of $3.0 million (9 cents per share) for special items primarily related to expenses incurred in relation to the acquisition of Terphane Holdings LLC (“Terphane”). Income from ongoing operations in the fourth quarter was $6.8 million (21 cents per share) versus $8.9 million (28 cents per share) in the fourth quarter last year.

Net income from continuing operations for 2011 was $29.2 million (91 cents per share) compared to $27.0 million (83 cents per share) in 2010. Results from continuing operations in 2011 include a net after-tax gain of $0.6 million (2 cents per share) for special items primarily related to the divestiture of our film products business in Italy and expenses incurred in relation to the acquisition of Terphane. Income from ongoing operations in 2011 was $28.6 million (89 cents per share) versus $28.9 million (89 cents per share) in the fourth quarter last year. Further details regarding these special items are provided in the financial tables included with this press release.

A summary of results for ongoing operations for the three and twelve months ended December 31, 2011 and 2010 is shown below:
         
(In Millions, Except Per-Share Data) Three Months Ended Year Ended
December 31 December 31
2011   2010 2011   2010
Sales $ 202.5 $ 182.9 $ 797.6 $ 740.5
 

Net income from continuing operations as reported under generally accepted accounting principles (GAAP)
$ 3.8 $ 7.3 $ 29.2 $ 27.0
After-tax effects of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
.9 .4 1.6 .8
(Gains) losses from sale of assets and other   2.1     1.2   (2.2 )     1.1
Income from ongoing operations* $ 6.8   $ 8.9 $ 28.6     $ 28.9
 

Diluted earnings (loss) per share from continuing operations as reported under GAAP
$ .12 $ .23 $ .91 $ .83
After-tax effects per diluted share of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
.03 .01 .05 .03
(Gains) losses from sale of assets and other   .06     .04   (.07 )     .03
Diluted earnings per share from ongoing operations* $ .21   $ .28 $ .89     $ .89
 

* Ongoing operations include operating profit (loss) of Film Products, Aluminum Extrusions and the Other segment 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 between net income (loss) and diluted earnings per share, in each case, as reported under GAAP (defined above) and income from ongoing operations and diluted earnings per share from ongoing operations, each being a non-GAAP financial measure. In addition, Note (h) within the Notes to the Financial Tables provides the definition of income from ongoing operations and the reasons why the measure is presented.

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