Company Quick10K Filing
Tredegar
Price19.40 EPS2
Shares33 P/E8
MCap647 P/FCF7
Net Debt23 EBIT86
TEV670 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-06
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-16
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-09
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-01
10-K 2017-12-31 Filed 2018-02-22
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-02
10-Q 2017-03-31 Filed 2017-05-02
10-K 2016-12-31 Filed 2017-02-22
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-02
10-Q 2016-03-31 Filed 2016-05-03
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-07-30
10-Q 2015-03-31 Filed 2015-05-05
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-01
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-02
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-02
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-03-02
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-K 2010-12-31 Filed 2011-03-04
10-Q 2010-09-30 Filed 2010-11-03
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-03-04
8-K 2020-08-24 Enter Agreement, Regulation FD, Exhibits
8-K 2020-08-05 Earnings, Exhibits
8-K 2020-05-21
8-K 2020-05-11
8-K 2020-03-26
8-K 2020-03-16
8-K 2020-01-28
8-K 2019-11-06
8-K 2019-10-08
8-K 2019-08-08
8-K 2019-06-28
8-K 2019-05-10
8-K 2019-05-02
8-K 2019-03-19
8-K 2019-02-22
8-K 2018-11-09
8-K 2018-11-01
8-K 2018-08-16
8-K 2018-08-02
8-K 2018-06-04
8-K 2018-05-10
8-K 2018-05-02
8-K 2018-05-01
8-K 2018-02-22
8-K 2018-02-19

TG 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1A. Risk Factors.
Item 6. Exhibits.
EX-31.1 tg-ex31120200630x10q.htm
EX-31.2 tg-ex31220200630x10q.htm
EX-32.1 tg-ex32120200630x10q.htm
EX-32.2 tg-ex32220200630x10q.htm

Tredegar Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
0.90.70.50.40.20.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12013201520172019
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

tg-20200630
TREDEGAR 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
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 Corporation
(Exact Name of Registrant as Specified in Its Charter)
 
Virginia 54-1497771
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
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
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, no par valueTGNew York Stock Exchange
 
Indicate by check mark 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  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer¨Accelerated filerxSmaller reporting company¨
Non-accelerated filer
¨ 
Emerging growth company¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
The number of shares of Common Stock, no par value, outstanding as of July 31, 2020: 33,516,949



PART I - FINANCIAL INFORMATION
 
Item 1. Financial Statements.

Tredegar Corporation
Consolidated Balance Sheets
(In Thousands, Except Share Data)
(Unaudited)
June 30,December 31,
20202019
Assets
Current assets:
Cash and cash equivalents$39,930  $31,422  
Accounts and other receivables, net of allowance for doubtful accounts and sales returns of $3,383 in 2020 and $3,036 in 2019
100,460  107,558  
Income taxes recoverable852  4,100  
Inventories85,218  81,380  
Prepaid expenses and other10,383  8,696  
Total current assets236,843  233,156  
Property, plant and equipment, at cost806,476  810,801  
Less accumulated depreciation(576,556) (567,911) 
Net property, plant and equipment229,920  242,890  
Right-of-use leased assets17,879  19,220  
Investment in kaléo (cost basis of $7,500)
70,700  95,500  
Identifiable intangible assets, net20,766  22,636  
Goodwill67,708  81,404  
Deferred income taxes10,826  13,129  
Other assets4,165  4,733  
Total assets$658,807  $712,668  
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable$92,882  $103,657  
Accrued expenses47,054  45,809  
Lease liability, short-term2,949  3,002  
Income taxes payable5,613    
Total current liabilities148,498  152,468  
Lease liability, long-term16,305  17,689  
Long-term debt34,000  42,000  
Pension and other postretirement benefit obligations, net104,903  107,446  
Deferred income taxes  11,019  
Other noncurrent liabilities4,227  5,297  
Total liabilities307,933  335,919  
Shareholders’ equity:
Common stock, no par value (issued and outstanding - 33,518,577 shares at June 30, 2020 and 33,365,039 shares at December 31, 2019)
47,448  45,514  
Common stock held in trust for savings restoration plan (75,792 shares at June 30, 2020 and 74,798 shares at December 31, 2019)
(1,610) (1,592) 
Accumulated other comprehensive income (loss):
Foreign currency translation adjustment(112,666) (100,663) 
Gain (loss) on derivative financial instruments(3,824) (1,307) 
Pension and other post-retirement benefit adjustments(89,819) (95,681) 
Retained earnings511,345  530,478  
Total shareholders’ equity350,874  376,749  
Total liabilities and shareholders’ equity$658,807  $712,668  
See accompanying notes to financial statements.
2


Tredegar Corporation
Consolidated Statements of Income
(In Thousands, Except Per Share Data)
(Unaudited)
 
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenues and other items:
Sales$218,638  $248,248  $446,940  $496,714  
Other income (expense), net(13) 7,096  (26,225) 24,206  
218,625  255,344  420,715  520,920  
Costs and expenses:
Cost of goods sold161,820  192,581  337,131  393,235  
Freight7,464  8,887  16,044  17,907  
Selling, general and administrative25,212  23,864  48,381  45,875  
Research and development4,865  5,451  9,720  9,936  
Amortization of identifiable intangibles753  890  1,511  1,782  
Pension and postretirement benefits3,567  2,416  7,134  4,831  
Interest expense548  1,263  1,104  2,495  
Asset impairments and costs associated with exit and disposal activities, net of adjustments
136  1,075  597  2,131  
Goodwill impairment
    13,696    
Total204,365  236,427  435,318  478,192  
Income (loss) before income taxes
14,260  18,917  (14,603) 42,728  
Income tax expense (benefit)3,064  4,440  (3,477) 8,467  
Net income (loss)$11,196  $14,477  $(11,126) $34,261  
Earnings (loss) per share:
Basic$0.33  $0.44  $(0.33) $1.03  
Diluted$0.33  $0.44  $(0.33) $1.03  
Shares used to compute earnings (loss) per share:
Basic33,435  33,270  33,374  33,197  
Diluted33,436  33,278  33,374  33,203  
Dividends per share$0.12  $0.11  $0.24  $0.22  
See accompanying notes to financial statements.

3


Tredegar Corporation
Consolidated Statements of Comprehensive Income (Loss)
(In Thousands)
(Unaudited)

Three Months Ended June 30,
 20202019
Net income (loss)$11,196  $14,477  
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax of $177 in 2020 and tax of $0 in 2019)
(474) 507  
Derivative financial instruments adjustment (net of tax of $339 in 2020 and tax benefit of $134 in 2019)
1,258  621  
Amortization of prior service costs and net gains or losses (net of tax of $835 in 2020 and tax of $593 in 2019)
2,931  2,079  
Other comprehensive income (loss)3,715  3,207  
Comprehensive income (loss)$14,911  $17,684  


Six Months Ended June 30,
20202019
Net income (loss)$(11,126) $34,261  
Other comprehensive income (loss):
Unrealized foreign currency translation adjustment (net of tax benefit of $1,106 in 2020 and tax benefit of $0 in 2019)
(12,003) (283) 
Derivative financial instruments adjustment (net of tax benefit of $887 in 2020 and tax benefit of $51 in 2019)
(2,517) 268  
Amortization of prior service costs and net gains or losses (net of tax of $1,671 in 2020 and tax of $1,185 in 2019)
5,862  4,158  
Other comprehensive income (loss)(8,658) 4,143  
Comprehensive income (loss)$(19,784) $38,404  
See accompanying notes to financial statements.

4


Tredegar Corporation
Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)
Six Months Ended June 30,
20202019
Cash flows from operating activities:
Net income (loss)$(11,126) $34,261  
Adjustments for noncash items:
Depreciation15,357  14,465  
Amortization of identifiable intangibles1,511  1,782  
Reduction of right-of-use lease asset1,402  1,270  
Goodwill impairment13,696    
Deferred income taxes(8,461) 5,339  
Accrued pension and post-retirement benefits7,134  4,831  
(Gain) loss on investment in kaléo accounted for under the fair value method24,800  (6,600) 
Loss on asset impairments and divestitures  522  
Net gain on disposal of assets  (11) 
Changes in assets and liabilities:
Accounts and other receivables2,303  8,471  
Inventories(8,515) 702  
Income taxes recoverable/payable8,799  3,860  
Prepaid expenses and other(1,912) 1,081  
Accounts payable and accrued expenses(6,936) (566) 
Lease liability(1,496) (1,306) 
Pension and postretirement benefit plan contributions(2,130) (3,648) 
Other, net1,636  4,043  
Net cash provided by operating activities36,062  68,496  
Cash flows from investing activities:
Capital expenditures(8,806) (24,251) 
Proceeds from the sale of assets and other  22  
Net cash used in investing activities(8,806) (24,229) 
Cash flows from financing activities:
Borrowings25,000  30,000  
Debt principal payments(33,000) (58,500) 
Dividends paid(8,025) (7,320) 
Debt financing costs  (1,757) 
Repurchase of employee common stock for tax withholdings(586) (854) 
Net cash used in financing activities(16,611) (38,431) 
Effect of exchange rate changes on cash(2,137) (464) 
Increase in cash & cash equivalents8,508  5,372  
Cash and cash equivalents at beginning of period31,422  34,397  
Cash and cash equivalents at end of period$39,930  $39,769  
See accompanying notes to financial statements.

5


Tredegar Corporation
Consolidated Statement of Shareholders’ Equity
(In Thousands, Except Share and Per Share Data)
(Unaudited)

The following summarizes the changes in shareholders’ equity for the three month period ended June 30, 2020:
Accumulated Other Comprehensive Income (Loss)
Common StockRetained EarningsTrust for Savings Restoration PlanForeign Currency TranslationGain (Loss) on Derivative Financial InstrumentsPension & Other Post-retirement Benefit AdjustmentTotal Shareholders’ Equity
Balance April 1, 2020$46,054  $504,161  $(1,601) $(112,192) $(5,082) $(92,750) $338,590  
Net income—  11,196  —  —  —  —  11,196  
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax benefit of $177)
—  —  —  (474) —  —  (474) 
Derivative financial instruments adjustment (net of tax of $339)
—  —  —  —  1,258  —  1,258  
Amortization of prior service costs and net gains or losses (net of tax of $835)
—  —  —  —  —  2,931  2,931  
Cash dividends declared ($0.12 per share)
—  (4,021) —  —  —  —  (4,021) 
Stock-based compensation expense
1,394  —  —  —  —  —  1,394  
Tredegar common stock purchased by trust for savings restoration plan
—  9  (9) —  —  —  —  
Balance at June 30, 2020$47,448  $511,345  $(1,610) $(112,666) $(3,824) $(89,819) $350,874  


6


The following summarizes the changes in shareholders’ equity for the six month period ended June 30, 2020:
  Accumulated Other
Comprehensive Income (Loss)
 
 Common
Stock
Retained
Earnings
Trust for
Savings
Restoration
Plan
Foreign
Currency
Translation
Gain
(Loss) on
Derivative
Financial
Instruments
Pension & Other Post-retirement Benefit AdjustmentTotal
Shareholders’
Equity
Balance at January 1, 2020$45,514  $530,478  $(1,592) $(100,663) $(1,307) $(95,681) $376,749  
Net income (loss)—  (11,126) —  —  —  —  (11,126) 
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax benefit of $1,106)
—  —  —  (12,003) —  —  (12,003) 
Derivative financial instruments adjustment (net of tax benefit of $887)
—  —  —  —  (2,517) —  (2,517) 
Amortization of prior service costs and net gains or losses (net of tax of $1,671)
—  —  —  —  —  5,862  5,862  
Cash dividends declared ($0.24 per share)
—  (8,025) —  —  —  —  (8,025) 
Stock-based compensation expense
2,520  —  —  —  —  —  2,520  
Repurchase of employee common stock for tax withholdings
(586) —  —  —  —  —  (586) 
Tredegar common stock purchased by trust for savings restoration plan
—  18  (18) —  —  —  —  
Balance at June 30, 2020$47,448  $511,345  $(1,610) $(112,666) $(3,824) $(89,819) $350,874  
7



The following summarizes the changes in shareholders’ equity for the three month period ended June 30, 2019:
  Accumulated Other
Comprehensive Income (Loss)
 
 Common
Stock
Retained
Earnings
Trust for
Savings
Restoration
Plan
Foreign
Currency
Translation
Gain
(Loss) on
Derivative
Financial
Instruments
Pension & Other Post-retirement Benefit AdjustmentTotal
Shareholders’
Equity
Balance at April 1, 2019
$39,587  $513,653  $(1,568) $(97,730) $(1,954) $(79,367) $372,621  
Net income (loss)—  14,477  —  —  —  —  14,477  
Other comprehensive income (loss):
Foreign currency translation adjustment (net of tax of $0)
—  —  —  507  —  —  507  
Derivative financial instruments adjustment (net of tax benefit of $134)
—  —  —  —  621  —  621  
Amortization of prior service costs and net gains or losses (net of tax of $593)
—  —  —  —  —  2,079  2,079  
Cash dividends declared ($0.11 per share)
—  (3,669) —  —  —  —  (