Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2021

Schedule Of Segment Reporting Information By Segment

The following table presents net sales and EBITDA from ongoing operations by segment for the three and nine months ended September 30, 2021 and 2020:


	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2021		2020		2021		2020
Net Sales
Aluminum Extrusions	$	137,086	$	115,621	$	394,492	$	339,566
PE Films	28,501		26,440		87,885		103,444
Flexible Packaging Films	36,666		35,856		102,560		100,534
Total net sales	202,253		177,917		584,937		543,544
Add back freight	7,264		6,453		20,531		19,222
Sales as shown in the consolidated statements of income	$	209,517	$	184,370	$	605,468	$	562,766
EBITDA from Ongoing Operations
Aluminum Extrusions:
Ongoing operations:
EBITDA	$	12,038	$	16,540	$	45,062	$	41,496
Depreciation & amortization	(3,900)		(4,251)		(12,062)		(12,632)
EBIT	8,138		12,289		33,000		28,864
Plant shutdowns, asset impairments, restructurings and other	(160)		(720)		(223)		(2,637)
Goodwill impairment	—		—		—		(13,696)
PE Films:
Ongoing operations:
EBITDA	4,821		6,041		21,035		33,928
Depreciation & amortization	(1,591)		(1,785)		(4,681)		(4,868)
EBIT	3,230		4,256		16,354		29,060
Plant shutdowns, asset impairments, restructurings and other	(182)		(56)		(457)		(225)
Flexible Packaging Films:
Ongoing operations:
EBITDA	7,396		9,546		25,296		22,594
Depreciation & amortization	(493)		(443)		(1,466)		(1,306)
EBIT	6,903		9,103		23,830		21,288
Plant shutdowns, asset impairments, restructurings and other	(7)		(3)		8,407		(14)
Total	17,922		24,869		80,911		62,640
Interest income	8		11		40		43
Interest expense	842		494		2,555		1,598
Gain (loss) on investment in kaléo accounted for under fair value method	279		(36,200)		1,197		(61,000)
Stock option-based compensation costs	675		518		1,819		1,786
Corporate expenses, net	8,555		10,586		30,470		29,915
Income (loss) from continuing operations before income taxes	8,137		(22,918)		47,304		(31,616)
Income tax expense (benefit)	1,908		(5,942)		10,728		(8,308)
Income (loss) from continuing operations	6,229		(16,976)		36,576		(23,308)
Income (loss) from discontinued operations, net of tax	(26)		(48,237)		(104)		(53,031)
Net income (loss)	$	6,203	$	(65,213)	$	36,472	$	(76,339)

Schedule Of Identifiable Assets By Segment

The following table presents identifiable assets by segment at September 30, 2021 and December 31, 2020:


(In thousands)	September 30, 2021		December 31, 2020
Aluminum Extrusions	$	274,183	$	244,560
PE Films	111,690		119,013
Flexible Packaging Films	72,626		66,453
Subtotal	458,499		430,026
General corporate	56,780		71,508
Cash and cash equivalents	30,253		11,846
Discontinued operations	302		1,490
Total	$	545,834	$	514,870

Disaggregation of Revenue [Table Text Block]

The following tables disaggregate the Company’s revenue by geographic area and product group for the three and nine months ended September 30, 2021 and 2020:


Net Sales by Geographic Area (a)
	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2021		2020		2021		2020
United States	$	157,969	$	129,654	$	447,585	$	395,207
Exports from the United States to:
Asia	12,609		14,255		43,129		59,816
Latin America	1,170		465		3,630		1,953
Canada	4,107		7,200		14,145		13,359
Europe	1,343		1,468		3,323		4,272
Operations outside the United States:
Brazil	25,055		24,875		73,125		68,937
Total	$	202,253	$	177,917	$	584,937	$	543,544
(a) Export sales relate entirely to PE Films. Operations in Brazil are related to Flexible Packaging Films.

The Company’s facilities in Pottsville, PA (“PV”) and Guangzhou, China (“GZ”) have a tolling arrangement whereby certain surface protection films are manufactured in GZ for a fee with raw materials supplied from PV that are then shipped by GZ directly to customers principally in the Asian market, but paid by customers directly to PV. Amounts associated with this intercompany tolling arrangement are reported in the table above as export sales from the U.S. to Asia, and include net sales of $7.4 million and $5.9 million in the third quarters of 2021 and 2020, respectively, and $25.0 million and $25.1 million in the first nine months of 2021 and 2020, respectively.


Net Sales by Product Group
	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2021		2020		2021		2020
Aluminum Extrusions:
Nonresidential building & construction	$	68,590	$	62,611	$	195,941	$	190,476
Consumer durables	12,873		11,160		39,611		31,491
Automotive	10,150		10,332		32,750		25,375
Residential building & construction	13,154		10,149		39,755		29,016
Electrical	8,015		5,992		24,767		18,006
Machinery & equipment	11,611		7,581		31,190		23,147
Distribution	12,693		7,796		30,478		22,055
Subtotal	137,086		115,621		394,492		339,566
PE Films:
Surface protection films	20,905		19,868		65,997		79,919
Packaging	7,596		5,042		21,888		17,262
LED lighting products	—		1,530		—		6,263
Subtotal	28,501		26,440		87,885		103,444
Flexible Packaging Films	36,666		35,856		102,560		100,534
Total	$	202,253	$	177,917	$	584,937	$	543,544