Tredegar Reports Third-Quarter Results

Tredegar Corporation (NYSE:TG) reported third-quarter net income from continuing operations of $7.4 million (23 cents per share) compared to $14.2 million (44 cents per share) in the third quarter of 2012. Results from continuing operations in the third quarter of 2013 included a net after-tax loss of $2.4 million (7 cents per share) for special items primarily related to an unrealized loss on our investment in Intelliject, Inc. (“Intelliject”). Income from ongoing operations in the third quarter of 2013, which excludes special items, was $9.8 million (30 cents per share) versus $13.2 million (41 cents per share) in the third quarter of last year.

Net income from continuing operations for the first nine months of 2013 was $26.5 million (81 cents per share) compared to $29.3 million (91 cents per share) for the first nine months of 2012. Results from continuing operations in the first nine months of 2013 included a net after-tax loss of $2.0 million (7 cents 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. Income from ongoing operations in the first nine months of 2013 was $28.5 million (88 cents per share) versus $28.8 million (90 cents per share) in the first nine 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 nine months ended September 30, 2013 and 2012 is shown below:
   
(In Millions, Except Per-Share Data) Three Months Ended Nine Months Ended
  September 30   September 30
  2013     2012     2013     2012  
Sales $ 243.2   $ 216.6 $ 728.3   $ 649.2
 

Net income from continuing operations as reported under generally accepted accounting principles (GAAP)
$ 7.4 $ 14.2 $ 26.5 $ 29.3
After-tax effects of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
.1 .5 .5 2.3
(Gains) losses from sale of assets and other   2.3     (1.5 )   1.5     (2.8 )
Income from ongoing operations* $ 9.8   $ 13.2   $ 28.5   $ 28.8  
 

Diluted earnings per share from continuing operations as reported under GAAP
$ .23 $ .44 $ .81 $ .91
After-tax effects per diluted share of:

(Gains) losses associated with plant shutdowns, asset impairments and restructurings
- .01 .02 .07
(Gains) losses from sale of assets and other   .07     (.04 )   .05     (.08 )
Diluted earnings per share from ongoing operations* $ .30   $ .41   $ .88   $ .90  
 

* Ongoing operations include operating profit (loss) of Film Products and Aluminum Extrusions and 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 we present this measure.

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