-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, No5QBUxiXc5TDToU/mir3JFrAxHtbgk4zlSs+Rrjg00s7J44IyxUCJn/UgocYSvJ LeI/tWEZk5eWC3SLMI8EqQ== 0000916641-95-000217.txt : 19950726 0000916641-95-000217.hdr.sgml : 19950726 ACCESSION NUMBER: 0000916641-95-000217 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19950630 FILED AS OF DATE: 19950725 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: TREDEGAR INDUSTRIES INC CENTRAL INDEX KEY: 0000850429 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 541497771 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-10258 FILM NUMBER: 95555860 BUSINESS ADDRESS: STREET 1: 1100 BOULDERS PKWY CITY: RICHMOND STATE: VA ZIP: 23225 BUSINESS PHONE: 8043301075 10-Q 1 TREDEGAR INDUSTRIES, INC. 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________ FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) [X] OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1995 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) [ ] OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 1-10258 Tredegar Industries, Inc. (Exact name of registrant as specified in its charter) Virginia 54-1497771 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 1100 Boulders Parkway Richmond, Virginia 23225 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (804) 330-1000 Indicate by check whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No The number of shares of Common Stock, no par value, outstanding as of July 14, 1995: 8,429,725 PART I - FINANCIAL INFORMATION Item 1. Financial Statements. TREDEGAR INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (In Thousands) (Unaudited) June 30 Dec. 31 1995 1994 ASSETS Cash and cash equivalents $ 6,302 $ 9,036 Accounts and notes receivable 85,489 73,248 Inventories 32,984 35,369 Income taxes recoverable 2,851 2,534 Deferred income taxes 15,148 14,014 Prepaid expenses and other 2,208 696 Total current assets 144,982 134,897 Property, plant and equipment 319,462 318,124 Less accumulated depreciation and amortization 197,179 194,505 Net property, plant and equipment 122,283 123,619 Other assets and deferred charges 32,499 29,073 Goodwill and other intangibles 30,440 30,756 Total assets $330,204 $318,345 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable $ 36,774 $ 31,486 Accrued expenses 40,784 41,288 Total current liabilities 77,558 72,774 Long-term debt 47,000 38,000 Deferred income taxes 21,424 20,336 Other noncurrent liabilities 16,508 15,357 Total liabilities 162,490 146,467 Shareholders' equity: Common stock, no par value 122,279 136,150 Foreign currency translation adjustment 561 327 Retained earnings 44,874 35,401 Total shareholders' equity 167,714 171,878 Total liabilities and shareholders' equity $330,204 $318,345 See accompanying notes to financial statements. TREDEGAR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF INCOME (In Thousands, Except Per-Share Amounts) (Unaudited) Second Quarter Six Months Ended Ended June 30 Ended June 30 1995 1994 1995 1994 Net sales $149,682 $122,913 $300,765 $243,907 Other (expenses) income, net (248) 160 (349) (71) 149,434 123,073 300,416 243,836 Cost of goods sold 124,330 102,684 252,335 204,934 Selling, general and administrative expenses 12,837 12,259 25,258 23,554 Research & development expenses 1,797 1,927 3,767 3,766 Interest expense 854 1,166 1,577 2,343 Unusual items - - 650 9,521 139,818 118,036 283,587 244,118 Income (loss) from continuing operations before income taxes 9,616 5,037 16,829 ( 282) Income taxes 3,542 1,963 6,310 1,737 Income (loss) from continuing operations 6,074 3,074 10,519 (2,019) Income from discontinued operations - 1,772 - 10,465 Net income $ 6,074 $ 4,846 $ 10,519 $ 8,446 Earnings (loss) per common and dilutive common equivalent share: Continuing operations $ .68 $ .29 $ 1.16 $ (.19) Discontinued operations - .16 - .97 Net income $ .68 $ .45 $ 1.16 $ .78 Shares used to compute earnings (loss) per common and dilutive common equivalent share 8,963 10,722 9,069 10,808
See accompanying notes to financial statements. TREDEGAR INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) (Unaudited) Six Months Ended June 30 1995 1994 Cash flows from operating activities: Continuing operations: Income (loss) from continuing operations $10,519 ($2,019) Adjustments for noncash items: Depreciation 11,755 11,789 Amortization of intangibles 290 1,010 Write-off of intangibles - 9,521 Deferred income taxes 707 (3,593) Accrued pension income and postretirement benefits, net (879) 177 Changes in assets and liabilities, net of effects from acquisitions: Accounts and notes receivable (8,904) (4,037) Inventories 4,174 2,903 Income taxes recoverable (317) - Prepaid expenses and other (1,512) (230) Accounts payable 2,706 5,702 Accrued expenses & income taxes payable (1,094) 3,625 Other, net (361) (883) Net cash provided by continuing operating activities 17,084 23,965 Net cash provided by discontinued operating activities - 11,621 Net cash provided by operating activities 17,084 35,586 Cash flows from investing activities: Continuing operations: Capital expenditures (10,434) (7,885) Acquisitions (net of $358 cash acquired) (3,637) - Investments (858) (1,200) Property disposals 559 2,569 Other, net 518 (128) Net cash used in investing activities of continuing operations (13,852) (6,644) Net cash provided by disposals of discontinued operations - 7,837 Net cash (used in) provided by investing activities (13,852) 1,193 Cash flows from financing activities: Dividends paid (1,046) (1,291) Net increase (decrease) in borrowings 9,000 (26,500) Repurchases of Tredegar common stock (14,974) (4,333) Other, net 1,054 (47) Net cash used in financing activities (5,966) (32,171) (Decrease) increase in cash and cash equivalents (2,734) 4,608 Cash and cash equivalents at beginning of period 9,036 - Cash and cash equivalents at end of period $ 6,302 $ 4,608 See accompanying notes to financial statements. TREDEGAR INDUSTRIES, INC. NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS (Unaudited) 1. In the opinion of management, the accompanying consolidated financial statements of Tredegar Industries, Inc. and Subsidiaries ("Tredegar") contain all adjustments necessary to present fairly, in all material respects, Tredegar's consolidated financial position as of June 30, 1995, and the consolidated results of their operations and their cash flows for the six months ended June 30, 1995 and 1994. All such adjustments are deemed to be of a normal recurring nature. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Tredegar's Annual Report on Form 10-K for the year ended December 31, 1994. The results of operations for the six months ended June 30, 1995 are not necessarily indicative of the results to be expected for the full year. 2. On April 11, 1995, Tredegar's Board of Directors authorized a "Dutch Auction" tender offer for up to one million shares of the company's common stock at a price range of $20 to $23 per share. The offer expired on May 15, 1995, and 642,797 shares were tendered and purchased by Tredegar for approximately $15 million or $23 per share. The purchase was funded by borrowings under one of Tredegar's revolving credit facilities. As of July 14, 1995, Tredegar had 8,429,725 shares of common stock outstanding. Under a standing authorization from its board of directors, Tredegar may purchase an additional 1.4 million shares in the open market or in privately negotiated transactions at prices management deems appropriate. In the first quarter of 1995, Tredegar granted stock options to purchase 146,000 shares of Tredegar common stock at prices not less than the fair market value on the date of grant ($17.375 to $18.75) and for a term not to exceed 10 years. Tredegar has historically excluded common stock equivalents (stock options) from its computation of earnings per common share due to their immaterial dilutive effect. Immaterial is defined in this context by Accounting Principles Board ("APB") Opinion No. 15 as dilution of less than 3%. As a result of the tender offer and the increase in Tredegar's stock price in the second quarter of 1995, stock options currently outstanding are dilutive in excess of the threshold set forth in APB Opinion No. 15. Accordingly, shares used to compute earnings (loss) per common and dilutive common equivalent share for the second quarter and six months ended June 30, 1995 include common stock equivalents of 246,000 and 207,000 shares, respectively. Fully diluted earnings (loss) per common share is not materially different from the earnings (loss) per common and dilutive common equivalent share presented in the consolidated statements of income. 3. The components of inventories are as follows: (In Thousands) June 30 Dec. 31 1995 1994 Finished goods $ 5,018 $ 4,970 Work-in-process 3,393 5,243 Raw materials 16,799 18,004 Stores, supplies and other 7,774 7,152 Total $32,984 $35,369 4. Unusual items for the six months ended June 30, 1995 include a charge of $2.4 million ($1.6 million after income tax benefits or 17 cents per share) in the first quarter related to the restructuring of APPX Software ("APPX") and a recovery of $1.75 million ($1.1 million after income taxes or 12 cents per share) in the first quarter related to a final judgment in connection with a Film Products product liability lawsuit. Unusual items for the six months ended June 30, 1994 include the write-off of goodwill and other intangibles in APPX totaling $9.5 million ($7.6 million after income tax benefits or 71 cents per share) in the first quarter. Net income and earnings per share from continuing operations, adjusted for unusual items affecting the comparability of operating results, are presented below: (In Thousands Except Per-Share Amounts) Six Months Ended June 30 1995 1994 Net income (loss) from continuing operations $10,519 ($2,019) After-tax effects of unusual items: APPX restructuring charges 1,560 - Recovery in connection with a Film Products product liability lawsuit (1,068) - Write-off of APPX intangibles - 7,642 Income from continuing operations as adjusted for unusual items $11,011 $ 5,623 Earnings (loss) per common and dilutive common equivalent share from continuing operations: As reported $ 1.16 $ (.19) As adjusted for unusual items $ 1.21 $ .52 5. Interest payments (net of amount capitalized) for the six months ended June 30, 1995 and 1994 were $1.6 million and $2.6 million, respectively. Income tax payments (net) for the six months ended June 30, 1995 and 1994 were $7.5 million and $5.2 million, respectively. 6. Tredegar is reporting its former Energy segment, which was divested in 1994, as discontinued operations. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Second Quarter 1995 Compared with Second Quarter 1994 Net income from continuing operations for the second quarter of 1995 increased 98% to $6.1 million, or 68 cents per share, compared with $3.1 million, or 29 cents per share, in 1994. The improvement over last year's second quarter was due to continued profit growth in Aluminum Extrusions and improved results in Molded Products and APPX Software ("APPX"). In addition, earnings per share benefited from accretion due to stock repurchases. Second quarter net sales increased 22% in 1995 due primarily to higher selling prices reflecting higher raw material costs, partially offset by lower volumes in Aluminum Extrusions. The gross profit margin increased to 16.9% in 1995 from 16.5% in 1994 primarily due to improved product mix and costs in Aluminum Extrusions, higher volume in Molded Products and improvement in operating results at APPX, partially offset by lower margins in Film Products. APPX is benefiting from the restructuring begun in the first quarter of 1995. Selling, general and administrative expenses increased 5% over 1994 in support of higher levels of sales activity and international expansion in Film Products. In addition, recent increases in Tredegar's stock price necessitated an additional accrual of $500,000 for stock appreciation rights. As a percentage of sales, selling, general and administrative expenses declined to 8.6% in the second quarter of 1995 from 10% in 1994. Research and development expenses decreased 7% due to the curtailment of product development spending at APPX, partially offset by higher spending at Molecumetics and higher product development spending at Film Products. Interest expense for continuing operations for the second quarter of 1995 decreased 27% due to significantly lower debt levels. The average interest rate on debt outstanding during the second quarter of 1995 was 7% (primarily fixed-rate debt) compared with 6% in 1994 (a mix of fixed- and floating-rate debt). Interest expense of $133,000 was allocated to discontinued operations in the second quarter of 1994, based on relative capital employed. The effective tax rate decreased to 36.8% in 1995 from 39% in 1994 due primarily to a lower effective state income tax rate driven by proportionally higher foreign income, the reduction of certain losses not deductible for state income tax purposes and proportionally higher income in states with lower income tax rates. Six Months 1995 Compared with Six Months 1994 Net income from continuing operations for the first six months of 1995 was $10.5 million, or $1.16 per share, compared with a loss of $2 million or 19 cents per share, in 1994. Unusual items recognized in the first quarter of 1995 affecting the comparability of operating results include a charge of $2.4 million ($1.6 million after income tax benefits or 17 cents per share) for the restructuring of APPX and a recovery of $1.8 million ($1.1 million after income taxes or 12 cents per share) related to a final judgment in connection with a Film Products product liability lawsuit. Unusual items in the first quarter of 1994 affecting the comparability of operating results include a charge of $9.5 million ($7.6 million after income tax benefits or 71 cents per share) for the write-off of goodwill and other intangibles in APPX. For the first six months of 1995, net income from continuing operations excluding unusual items was $11 million, or $1.21 per share, compared with $5.6 million, or 52 cents per share, for the same period in 1994. The increase was due to improved results in Aluminum Extrusions, Molded Products and APPX. In addition, earnings per share benefited from accretion due to stock repurchases. Six months net sales increased 23% in 1995 due primarily to higher selling prices reflecting higher raw material costs. The gross profit margin increased to 16.1% in 1995 from 16% in 1994 due to improved product mix and costs in Aluminum Extrusions, higher volume in Molded Products and an improvement in operating results at APPX. Selling, general and administrative expenses increased 7% in 1995 primarily in support of higher levels of sales activity, international expansion in Film Products and a $500,000 charge associated with stock appreciation rights. As a percentage of sales, selling general and administrative expenses declined to 8.4% in 1995 from 9.7% in 1994. Research and development expenses were flat compared with 1994 as higher spending at Molecumetics and higher product development spending at Film Products were offset by curtailment of product development spending at APPX. Interest expense for continuing operations for the first six months of 1995 decreased 33% due to significantly lower debt levels. The average interest rate on debt outstanding during the first six months was 7.1% (primarily fixed-rate debt) in 1995 and 5.8% (a mix of fixed- and floating-rate debt) in 1994. Interest expense of $269,000 was allocated to discontinued operations in 1994 for the six months period, based on relative capital employed. The effective tax rate for continuing operations, excluding unusual items, decreased to 37% in 1995 from 39.1% in 1994 due primarily to a lower effective state income tax rate driven by proportionally higher foreign income, the reduction of certain losses not deductible for state income tax purposes and proportionally higher income in states with lower income tax rates. Segment Results The following tables present Tredegar's net sales and operating profit by segment for the second quarter and six months ended June 30, 1995 and 1994. Net Sales by Segment (In Thousands) (Unaudited) Second Quarter Six Months Ended June 30 Ended June 30 1995 1994 1995 1994 Plastics $ 84,900 $ 67,263 $167,534 $136,101 Metal Products 64,289 55,111 132,360 106,888 Technology 493 539 871 918 Total sales $149,682 $122,913 $300,765 $243,907 Operating Profit by Segment (In Thousands) (Unaudited) Second Quarter Six Months Ended June 30 Ended June 30 1995 1994 1995 1994 Plastics: Ongoing operations $ 9,388 $ 7,771 $18,683 $16,766 Unusual items (a) - - 1,750 - 9,388 7,771 20,433 16,766 Metal Products 5,501 3,143 8,826 4,807 Technology: Ongoing operations (1,383) (2,448) (3,038) (4,825) Unusual items (b) - - (2,400) (9,521) (1,383) (2,448) (5,438) (14,346) Total operating profit 13,506 8,466 23,821 7,227 Interest expense 854 1,166 1,577 2,343 Corporate expenses, net 3,036 2,263 5,415 5,166 Income (loss) before income taxes 9,616 5,037 16,829 (282) Income taxes 3,542 1,963 6,310 1,737 Income (loss) from continuing operations (c) 6,074 3,074 10,519 (2,019) Income from discontinued operations (d) - 1,772 - 10,465 Net income $ 6,074 $ 4,846 $10,519 $ 8,446
Notes to Segment Tables: (a) Plastics segment unusual items consist of a recovery related to a final judgment in connection with a product liability lawsuit. (b) Technology segment unusual items consist of a charge for the restructuring of APPX in 1995 and a write-off of goodwill and intangibles in APPX in 1994. (c) Income from continuing operations, excluding the net effects of unusual items, was $11 million and $5.6 million for the six months ended June 30, 1995 and 1994, respectively. (d) In August 1994, Tredegar divested its Elk Horn Coal subsidiary and recognized an after-tax gain of $25.7 million. In the first quarter of 1994, Tredegar recognized certain tax benefits associated with the Elk Horn divestiture of $3.3 million. In February 1994, Tredegar sold its remaining oil and gas properties and recognized an after-tax gain of $3.9 million. Tredegar Film Products sales increased for the second quarter and the six months due primarily to higher average selling prices resulting from higher raw material costs. Higher volume from foreign operations contributed to the improvement in net sales for the quarter and six months. Domestic sales volume declined in backsheet and specialty films while domestic permeable film volume declined for the quarter, but increased slightly for the six-month period. Ongoing operating profit for the second quarter and six months declined on lower margins in domestic backsheet film, domestic permeable film and specialty film, partially offset by higher profits at foreign operations. Tredegar Molded Products sales and operating profits increased in the second quarter and first six months of 1995 due primarily to higher volume. Operating profit margins increased from relatively flat conversion costs on higher volume. Second quarter sales at Fiberlux were flat compared with 1994. Sales for the first six months increased over last year. Operating profit declined for both the quarter and the year to date. Metal Products sales increased 17% for the quarter and 24% for the six months due primarily to higher prices in Aluminum Extrusions reflecting higher aluminum costs. Volume in Aluminum Extrusions declined for the second quarter and was relatively flat for the six-month period. Operating profit improved for the quarter and six months in Aluminum Extrusions due to improved product mix and ongoing cost and quality improvements. Sales and operating profit improved at Brudi for the quarter. Sales at Brudi for the six months improved but operating profit declined due primarily to higher bad debt expenses. Technology segment results for the second quarter of 1995 showed improvement over last year as restructuring efforts begun in the first quarter permitted APPX to break-even versus an operating loss of almost $1 million in the second quarter of 1994. Product development efforts have been curtailed while APPX continues to support existing products. The improvement in APPX was partially offset by higher research and development expenses at Molecumetics and a $329,000 writedown of a medical technology investment. For the six months ended June 30, 1995, Technology segment ongoing operating losses declined compared with last year due to the improvement at APPX, partially offset by higher research and development expenses at Molecumetics and the $329,000 medical technology investment writedown. Liquidity and Capital Resources Tredegar's total assets at June 30, 1995 were $330.2 million, an increase of $11.9 million over December 31, 1994. The increase is due primarily to higher accounts receivable resulting from higher sales in Film Products, Molded Products and Aluminum Extrusions and the acquisition of a films business in Argentina. Other assets also increased primarily from the deferral of costs for razing the films plant in Fremont, California in anticipation of the sale of the land. Inventories declined primarily due to the completion and shipment of several large tooling jobs in Molded Products. Depreciation exceeded capital expenditures by $1.3 million for the six months ended June 30, 1995. Total liabilities increased $16 million due to higher accounts payable and higher debt. Accounts payable increased due to higher raw material costs and the acquisition in Argentina. Debt increased primarily as a result of the repurchase of Tredegar common stock. The ratio of current assets to current liabilities was unchanged at 1.9 to 1 at June 30, 1995, compared with December 31, 1994. Debt was $47 million at June 30, 1995, an increase of $9 million (borrowed under revolving credit facilities) over December 31, 1994. The increase resulted primarily from the repurchase of Tredegar common stock. Net debt (debt less cash and cash equivalents) as a percentage of net capitalization was 19.5% at June 30, 1995, compared with 14.4% at December 31, 1994. On May 15, 1995 Tredegar completed a "Dutch Auction" tender offer, repurchasing 642,797 shares of its common stock for approximately $15 million or $23 per share. As of July 14, 1995, Tredegar had 8,429,725 shares of common stock outstanding. Under a standing authorization from its board of directors, Tredegar may purchase an additional 1.4 million shares in the open market or in privately negotiated transactions at prices management deems appropriate. Net cash provided by continuing operating activities declined to $17.1 million in 1995 from $24 million in 1994 due to additional working capital needed to support a higher level of sales activity. Despite this working capital funding, cash from continuing operating activities exceeded capital expenditures and dividends by $5.6 million. This excess cash combined with the $9 million cash and cash equivalents balance at December 31, 1994, additional borrowings ($9 million) and other sources of cash ($1.3 million) was used for the Dutch Auction tender offer ($15 million) and the films acquisition in Argentina ($3.6 million), leaving $6.3 million of cash and cash equivalents at June 30, 1995. PART II - OTHER INFORMATION Item 4. Submission of Matters to a Vote of Security Holders. Tredegar's Annual Meeting of Shareholders was held on May 24, 1995. The following sets forth the vote results with respect to each of the matters voted upon at the meeting: (a) Election of Directors No. of No. of Votes Nominee Votes "For" "Withheld" John D. Gottwald 8,684,445 20,945 Andre B. Lacy 8,685,822 19,569 Emmett J. Rice 8,670,579 34,810 There were no broker non-votes with respect to the election of directors. (b) Approval of Auditors Approval of the designation of Coopers & Lybrand L.L.P. as the auditors for Tredegar for 1995: No. of Votes No. of Votes No. of "For" "Against" Abstentions 8,663,061 30,720 8,608 There were no broker non-votes with respect to the approval of auditors. Item 6. Exhibits and Reports on Form 8-K. (a) Exhibit No. 11 Statement re computation of earnings per share 27 Financial Data Schedule (b) Reports on Form 8-K. No reports on Form 8-K have been filed for the quarter ended June 30, 1995. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Tredegar Industries, Inc. (Registrant) Date: July 25, 1995 /s/ N. A. Scher Norman A. Scher Executive Vice President, Treasurer and Chief Financial Officer (Principal Financial Officer) Date: July 25, 1995 /s/ D. Andrew Edwards D. Andrew Edwards Corporate Controller (Principal Accounting Officer) EX-11 2 EXHIBIT 11 Exhibit 11 - Computations of Earnings Per Share Tredegar Industries, Inc. and Subsidiaries (In Thousands, Except Per-Share Amounts) (Unaudited) Second Quarter Six Months Ended June 30 Ended June 30 1995 1994 1995 1994 Income (loss) from continuing operations $ 6,074 $ 3,074 $10,519 $(2,019) Income from discontinued operations - 1,772 - 10,465 Net income $ 6,074 $ 4,846 $10,519 $ 8,446 Earnings (loss) per common and dilutive common equivalent share as reported (2): Continuing operations $ .68 $ .29 $ 1.16 $ (.19) Discontinued operations - .16 - .97 Net income $ .68 $ .45 $ 1.16 $ .78 PRIMARY EARNINGS PER SHARE: Shares issuable upon the assumed exercise of outstanding stock options (1) 246 32 207 33 Weighted average common shares outstanding during period 8,717 10,722 8,862 10,808 Weighted average common and dilutive common equivalent shares 8,963 10,754 9,069 10,841 Primary earnings per share (2) $ .68 $ .45 $ 1.16 $ .78 FULLY DILUTED EARNINGS PER SHARE: Shares issuable upon the assumed exercise of outstanding stock options (3) 298 32 299 33 Weighted average common shares outstanding during period 8,717 10,722 8,862 10,808 Weighted average common and dilutive common equivalent shares 9,015 10,754 9,161 10,841 Fully diluted earnings per share (3) $ .67 $ .44 $ 1.15 $ .77 Notes to Exhibit 11: (1) Computed using the average market price during the related period. (2) Shares used to compute earnings (loss) per common and dilutive common equivalent share include common stock equivalents for the second quarter and six months ended June 30, 1995. (3) Computed using the higher of the average market price during the related period and the market price at the end of the related period. Fully diluted earnings (loss) per common and dilutive common equivalent share is not materially different (dilutive by 3% or more) from earnings (loss) per common and dilutive common equivalent share reported in the consolidated statements of income. EX-27 3 EXHIBIT 27
5 THE SCHEDULE CONTAINS UNAUDITED SUMMARY FINANCIAL INFORMATION FOR TREDEGAR INDUSTRIES, INC. AND SUBSIDIARIES EXTRACTED FROM THE BALANCE SHEET FOR THE PERIOD ENDED JUNE 30, 1995 AND THE STATEMENT OF INCOME FOR THE SIX MONTHS ENDED JUNE 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 6-MOS DEC-31-1995 JUN-30-1995 6,302 0 90,637 5,148 32,984 144,982 319,462 197,179 330,204 77,558 47,000 0 0 122,279 45,435 330,204 300,765 300,416 252,335 252,335 28,794 881 1,577 16,829 6,310 10,519 0 0 0 10,519 1.16 0.00
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