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TREDEGAR REPORTS FIRST QUARTER RESULTS

 RICHMOND, Va., April 15 /PRNewswire/ -- Tredegar Industries Inc. (NYSE: TG) reported its sales, net income and earnings per share for the first quarter ending March 31, 1993.
 Net sales were $119,419,000, compared with $118,312,000 in 1992. Net income was $3,701,000, or 34 cents per share, compared with $2,769,000, or 25 cents per share, a year earlier.
 First quarter 1993 earnings include an after-tax gain of $950,000, or nine cents per share, related to the sale of 300,000 shares of Emisphere (NASDAQ: EMIS) common stock. Last year's first quarter results include an after-tax charge of $1,182,000, or 11 cents per share, related to the accelerated write-off of certain goodwill associated with the company's restructured molded plastic business.
 On Jan. 1, 1993, Tredegar adopted two new accounting standards related to postretirement health benefits and deferred income taxes. The adoption of both standards resulted in a net after-tax gain of $150,000, or one cent per share, in the first quarter.
 Excluding the effects of the Emisphere sale, changes in accounting standards and last year's goodwill write-off, net income would have been $2,601,000, or 24 cents per share, compared with $3,951,000, or 36 cents per share, in 1992.
 John D. Gottwald, Tredegar's president and chief executive officer, said: "Higher expenses related to a variety of new business development activities had a major impact on first quarter earnings. These activities include investments in our recently acquired software business as well as research efforts in bioresins and rational drug design. In addition, our plastic films business incurred substantial expenses related to a new product introduction and the start-up of a new plant that is dedicated to serving Far East markets. Lower volume in our molded products business also contributed to a relatively slow start in our plastics segment. Results in our metal products and energy businesses were up slightly."
 Tredegar Industries is a diversified manufacturer of plastics and metal products and has interests in energy and computer software.
 -0- 4/15/93
 /CONTACT: Edward A. Cunningham, 804-330-1598, or Thomas E.B. Phillips, 804-330-1043, of Tredegar Industries/
 (TG EMIS)


CO: Tredegar Industries, Emisphere ST: Virginia IN: SU: ERN

TW -- DC011 -- 6117 04/15/93 10:22 EDT
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Date:Apr 15, 1993
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