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TREDEGAR REPORTS FOURTH-QUARTER, YEAR-END RESULTS; ALSO PLANS TO DIVEST PLASTIC FILMS PLANT, OIL AND GAS PROPERTIES

 RICHMOND, Va., Jan. 17 /PRNewswire/ -- Tredegar Industries Inc. (NYSE: TG) reported today its results for the fourth quarter and 12 months of 1993. The company also announced its intent to divest a plastic films plant in Flemington, N.J., and its remaining oil and gas properties.
 Excluding nonrecurring items, fourth-quarter net income was $3,477,000 or 32 cents per share, down from $3,950,000 or 37 cents per share in 1992. On a similar basis, net income in 1993 was $10,340,000 or 95 cents per share, down from $15,814,000 or $1.46 per share in 1992.
 Fourth-quarter sales were $125,265,000, up from $116,912,000 in 1992. Total sales in 1993 were $482,639,000, up from $478,088,000 last year.
 John D. Gottwald, Tredegar's president and chief executive officer, said: "Tredegar's 1993 earnings were down due to lower profits in our plastics segment and higher expenses in new businesses and related research. However, profits in our plastics businesses began improving toward year-end, and results in our aluminum extrusions business continued to show strong increases over last year."
 Tredegar also announced today that it will divest its plastic films plant in Flemington, N.J., due to the company's decision to discontinue the production of general-purpose industrial films. The planned divestiture will affect approximately 50 employees at the plant. If an agreement to sell the facility cannot be reached by the end of the first quarter, the plant will be closed. In anticipation of the divestiture, Tredegar incurred an after-tax charge of $1.1 million or 10 cents per share against fourth-quarter earnings.
 The company also announced today that it is pursuing the sale of its remaining oil and gas properties, which are located in the Canadian provinces of British Columbia and Alberta. Tredegar sold the majority of its U.S. oil and gas properties in 1990. The company also is pursuing the sale of its Elk Horn Coal subsidiary. The sales and earnings figures reported today include results from these businesses. In 1993, Tredegar's energy operations had sales of $33,431,000 and operating profit of $11,037,000.
 In 1993, Tredegar incurred a net charge of 7 cents per share for nonrecurring items including fourth-quarter charges totaling 15 cents per share. In 1992, the company incurred a net charge of 5 cents per share for nonrecurring items, including a gain of 6 cents per share in the fourth quarter. All charges and gains are reported on an after-tax basis.
 Including the effects of nonrecurring items Tredegar's fourth-quarter net income was $1,821,000 or 17 cents per share, down from $4,630,000 or 43 cents per share in 1992. On a similar basis, net income in 1993 was $9,542,000 or 88 cents per share, down from $15,312,000 or $1.41 per share last year.
 Nonrecurring items in the fourth quarter of 1993 include the 10-cent charge related to the planned divestiture of the Flemington plant and a 5-cent charge related to work force reductions at Tredegar's corporate headquarters. In addition to fourth-quarter charges, 1993 earnings include a 5-cent charge caused by the federal tax increase, a 10-cent charge related to a loan prepayment, a gain of 13 cents on the sale of Emisphere (NASDAQ: EMIS) common stock, a 9-cent gain on the sale of oil and gas and a 1-cent gain related to the adoption of new accounting standards for postretirement health benefits and deferred income taxes. Results for 1992 include an 11-cent charge related to a goodwill write-off in Tredegar's molded plastics business and a 6-cent gain on the fourth-quarter sale of Emisphere common stock.
 -0- 1/17/94
 /CONTACT: Edward A. Cunningham, 804-330-1598, or Thomas E.B. Phillips 804-330-1043, both of Tredegar Industries/
 (TG EMIS)


CO: Tredegar Industries, Inc.; Emisphere ST: Virginia IN: CHM SU: ERN

DT-DC -- DC006 -- 1274 01/17/94 11:01 EST
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Date:Jan 17, 1994
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