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Tredegar Reports Fourth-Quarter Results
- Film Products’ operating profit of $20.0 million increased $4.3 million from the fourth quarter of 2011 largely driven by additional profits from the fourth quarter 2011 acquisition of Terphane Holdings LLC (“Terphane”) and higher volume in surface protection films.
- Bonnell Aluminum’s operating profit of $1.7 million increased $0.8 million from the fourth quarter of 2011 due to the fourth quarter 2012 acquisition of AACOA, Inc. (“AACOA”).
- Tredegar sold its mitigation banking business, Falling Springs, LLC (“Falling Springs”), on November 20, 2012.
RICHMOND, Va.--(BUSINESS WIRE)--February 14, 2013--Tredegar Corporation (NYSE:TG) reported fourth-quarter net income from continuing operations of $13.9 million (43 cents per share) compared to $3.5 million (11 cents per share) in the fourth quarter of 2011. Results from continuing operations in the fourth quarter of 2012 include a net after-tax gain of $4.2 million (13 cents per share) for special items primarily related to an unrealized gain for an investment accounted for under the fair value method. Income from ongoing operations in the fourth quarter, which excludes special items, was $9.7 million (30 cents per share) versus $6.5 million (20 cents per share) in the fourth quarter of last year.
Net income from continuing operations for 2012 was $43.2 million ($1.34 per share) compared to $28.5 million (89 cents per share) in 2011. Results from continuing operations in 2012 include a net after-tax gain of $4.7 million (14 cents per share) for special items primarily related to an unrealized gain for an investment accounted for under the fair value method, partially offset by charges associated with the shutdown of our Kentland, Indiana aluminum extrusions manufacturing facility. Income from ongoing operations in 2012 was $38.5 million ($1.20 per share) versus $27.9 million (87 cents per share) in 2011. 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.
The following information was filed by Tredegar Corp (TG) on Friday, February 15, 2013 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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