Tredegar Corporation
Contact:
Corporate Communications
Kevin A. O’Leary
1100 Boulders Parkway
Phone: 804/330-1102
Richmond, Virginia 23225
Fax: 804/330-1777
E-mail: invest@tredegar.com
E-mail: kaoleary@tredegar.com
Web Site: www.tredegar.com
 

FOR IMMEDIATE RELEASE
 
TREDEGAR REPORTS FOURTH-QUARTER RESULTS

RICHMOND, Va., February 12, 2010 – Tredegar Corporation (NYSE:TG) reported fourth-quarter net income from continuing operations of $10.0 million (29 cents per share) compared to $5.9 million (17 cents per share) in the fourth quarter of 2008.  Earnings from continuing manufacturing operations in the fourth quarter were $5.2 million (15 cents per share) versus $10.2 million (30 cents per share) last year.  Fourth-quarter sales from continuing operations decreased to $161.8 million from $192.7 million in 2008.
 
A summary of results for continuing operations for the three and twelve months ended December 31, 2009 and 2008 is shown below:

(In Millions, Except Per-Share Data)
 
Three Months Ended
   
Year Ended
 
   
December 31
   
December 31
 
   
2009
   
2008
   
2009
   
2008
 
Sales
  $ 161.8     $ 192.7     $ 648.6     $ 883.9  
                                 
Income (loss) from continuing operations as reported under generally accepted accounting principles (GAAP)
  $ 10.0     $ 5.9     $ (1.4 )   $ 29.6  
After-tax effects of:
                               
Goodwill impairment relating to aluminum extrusions business
    -       -       30.6       -  
Losses associated with plant shutdowns, asset impairments and restructurings
    1.5       5.1       2.4       8.9  
Net gains from sale of assets and other items
    (6.3 )     (.8 )     (2.7 )     (6.6 )
Income from continuing manufacturing operations*
  $ 5.2     $ 10.2     $ 28.9     $ 31.9  
                                 
Diluted earnings (loss) per share from continuing operations as reported under GAAP
  $ .29     $ .17     $ (.04 )   $ .87  
After-tax effects per diluted share of:
                               
Goodwill impairment relating to aluminum extrusions business
    -       -       .90       -  
Losses associated with plant shutdowns, asset impairments and restructurings
    .04       .15       .07       .26  
Net gains from sale of assets and other items
    (.18 )     (.02 )     (.08 )     (.20 )
Diluted earnings per share from continuing manufacturing operations*
  $ .15     $ .30     $ .85     $ .93  

* The after-tax effects of unusual items, goodwill impairments, losses associated with plant shutdowns, asset impairments and restructurings, and gains or losses from sale of assets and other items have been presented separately and removed from net income and earnings per share from continuing operations as reported under GAAP to determine Tredegar’s presentation of income and earnings per share from continuing manufacturing operations.  Income and earnings per share from continuing manufacturing operations are key financial and analytical measures used by management to gauge the operating performance of its continuing manufacturing businesses.  They are not intended to represent the stand-alone results for Tredegar’s continuing manufacturing businesses under GAAP and should not be considered as an alternative to net income or earnings per share as defined by GAAP.  They exclude items that we believe do not relate to Tredegar’s ongoing manufacturing operations.  Further detail regarding the items excluded from income from continuing manufacturing operations is provided in the notes to the financial tables included in this press release.
 
— more —

 
 

The following information was filed by Tredegar Corp (TG) on Friday, February 12, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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