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Selected Quarterly Financial Data
 12 Months Ended
Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]  
Selected Quarterly Financial Data
SELECTED QUARTERLY FINANCIAL DATA

Tredegar Corporation and Subsidiaries
(In Thousands, Except Per-Share Amounts)
(Unaudited)
 
First
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth
Quarter
For the year ended December 31, 2014
 
 
 
 
 
 
 
Sales
$
235,213

 
$
236,965

 
$
240,429

 
$
239,219

Gross profit
37,749

 
38,480

 
34,582

 
34,109

Income from continuing operations
8,479

 
3,752

 
10,745

 
13,054

Income (loss) from discontinued operations
—

 
—

 
850

 
—

Net income
$
8,479

 
$
3,752

 
$
11,595

 
$
13,054

Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Continuing operations
$
0.26

 
$
0.12

 
$
0.33

 
$
0.40

Discontinued operations
—

 
—

 
0.03

 
—

Net income
$
0.26

 
$
0.12

 
$
0.36

 
$
0.40

Diluted
 
 
 
 
 
 
 
Continuing operations
$
0.26

 
$
0.11

 
$
0.33

 
$
0.40

Discontinued operations
—

 
—

 
0.03

 
—

Net income
$
0.26

 
$
0.11

 
$
0.36

 
$
0.40

Shares used to compute earnings (loss) per share:
 
 
 
 
 
 
 
Basic
32,242

 
32,312

 
32,319

 
32,335

Diluted
32,621

 
32,641

 
32,507

 
32,449

For the year ended December 31, 2013
 
 
 
 
 
 
 
Sales
$
241,526

 
$
243,530

 
$
243,194

 
$
231,096

Gross profit
36,836

 
37,540

 
37,253

 
34,417

Income from continuing operations
9,517

 
9,590

 
7,428

 
9,402

Income (loss) from discontinued operations
(5,240
)
 
(8,300
)
 
(450
)
 
—

Net income (loss)
$
4,277

 
$
1,290

 
$
6,978

 
$
9,402

Earnings (loss) per share:
 
 
 
 
 
 
 
Basic
 
 
 
 
 
 
 
Continuing operations
$
0.30

 
$
0.30

 
$
0.23

 
$
0.29

Discontinued operations
(0.16
)
 
(0.26
)
 
(0.01
)
 
—

Net income (loss)
$
0.14

 
$
0.04

 
$
0.22

 
$
0.29

Diluted
 
 
 
 
 
 
 
Continuing operations
$
0.29

 
$
0.29

 
$
0.23

 
$
0.29

Discontinued operations
(0.16
)
 
(0.25
)
 
(0.02
)
 
—

Net income (loss)
$
0.13

 
$
0.04

 
$
0.21

 
$
0.29

Shares used to compute earnings (loss) per share:
 
 
 
 
 
 
 
Basic
32,076

 
32,187

 
32,201

 
32,222

Diluted
32,480

 
32,635

 
32,658

 
32,622



Net income (loss) from continuing operations in the fourth quarter of 2014 includes the reduction in income taxes from continuing operations in 2014 in comparison to the prior year as a result of a pair of distinct tax adjustments. Income taxes in the fourth quarter of 2014 included the recognition of a tax benefit for a portion of the Company’s capital loss carryforwards of $4.8 million. These capital loss carryforwards were previously offset by a valuation allowance associated with expected limitations on the utilization of these assumed capital losses. In addition, as previously discussed in Note 1, with the exception of Terphane Ltda., the Company accrues U.S. federal income taxes to the extent required under U.S. GAAP on unremitted earnings from foreign operations. As a result of changes in the underlying basis of certain foreign subsidiaries, income taxes from continuing operations in 2014 included an adjustment of $2.2 million in the fourth quarter, $1.7 million of which is a correction to prior years, to reverse previously accrued deferred tax liabilities accumulated over several years arising from changes in tax basis due to foreign currency translation adjustments and unremitted earnings. The corresponding prior period changes in the underlying basis of certain foreign subsidiaries primarily occurred before 2010, and the prior period components are not considered material to any period presented.