Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information Disclosure [Abstract]

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, 2015
Sales	$	234,171	$	221,245	$	223,772		$	216,989
Gross profit	37,415		29,748		33,468			40,249
Income from continuing operations	9,870		594		(36,723		)	(5,876		)
Income (loss) from discontinued operations	—		—		—			—
Net income	$	9,870	$	594	$	(36,723	)	$	(5,876	)
Earnings (loss) per share:
Basic
Continuing operations	$	0.30	$	0.02	$	(1.13	)	$	(0.18	)
Discontinued operations	—		—		—			—
Net income	$	0.30	$	0.02	$	(1.13	)	$	(0.18	)
Diluted
Continuing operations	$	0.30	$	0.02	$	(1.13	)	$	(0.18	)
Discontinued operations	—		—		—			—
Net income	$	0.30	$	0.02	$	(1.13	)	$	(0.18	)
Shares used to compute earnings (loss) per share:
Basic	32,482		32,609		32,605			32,614
Diluted	32,628		32,746		32,605			32,614
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 (loss)	$	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 (loss)	$	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 (loss)	$	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

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, 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.