Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Schedule Of Segment Reporting Information By Segment

The following table presents net sales and EBITDA from ongoing operations by segment for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
(In thousands)		2023		2022
Net Sales
Aluminum Extrusions		$	133,370	$	158,110
PE Films		20,182		31,131
Flexible Packaging Films		31,527		39,244
Total net sales		185,079		228,485
Add back freight		6,043		8,081
Sales as shown in the condensed consolidated statements of income (loss)		$	191,122	$	236,566
EBITDA from Ongoing Operations
Aluminum Extrusions:
Ongoing operations:
EBITDA		$	14,638	$	23,919
Depreciation & amortization		(4,411)		(4,261)
EBIT		10,227		19,658
Plant shutdowns, asset impairments, restructurings and other		(493)		(105)
PE Films:
Ongoing operations:
EBITDA		1,849		7,047
Depreciation & amortization		(1,643)		(1,595)
EBIT		206		5,452
Plant shutdowns, asset impairments, restructurings and other		2		(102)
Flexible Packaging Films:
Ongoing operations:
EBITDA		1,350		5,035
Depreciation & amortization		(700)		(550)
EBIT		650		4,485
Plant shutdowns, asset impairments, restructurings and other		(78)		(43)
Total		10,514		29,345
Interest income		44		29
Interest expense		2,311		786
Gain on investment in kaléo		262		—
Stock option-based compensation costs		231		631
Corporate expenses, net		8,956		10,757
Income (loss) before income taxes		(678)		17,200
Income tax expense (benefit)		331		778
Net income (loss)		$	(1,009)	$	16,422

Schedule Of Identifiable Assets By Segment

The following table presents identifiable assets by segment at March 31, 2023 and December 31, 2022:


(In thousands)	March 31, 2023		December 31, 2022
Aluminum Extrusions	$	296,861	$	293,308
PE Films	99,725		102,431
Flexible Packaging Films	93,467		103,448
Subtotal	490,053		499,187
General corporate	21,096		23,674
Cash and cash equivalents	15,025		19,232
Total	$	526,174	$	542,093

Disaggregation of Revenue [Table Text Block]

The following tables disaggregate the Company’s revenue by geographic area and product group for the three months ended March 31, 2023 and 2022:


Net Sales by Geographic Area (a)
	Three Months Ended March 31,
(In thousands)		2023		2022
United States		$	150,611	$	182,138
Exports from the United States to:
Asia		5,732		12,465
Latin America		1,859		1,441
Canada		4,284		4,193
Europe		860		1,363
Operations outside the United States:
Brazil		21,628		26,885
Asia		105		—
Total		$	185,079	$	228,485
(a) Export sales relate mostly to PE Films. Operations in Brazil relate 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 $3.4 million and $6.5 million in the first three months of 2023 and 2022, respectively.


Net Sales by Product Group
	Three Months Ended March 31,
(In thousands)		2023		2022
Aluminum Extrusions:
Nonresidential building & construction		$	78,629	$	80,921
Consumer durables		10,347		16,891
Automotive		12,122		13,841
Residential building & construction		11,603		16,465
Electrical		8,129		7,287
Machinery & equipment		10,724		12,945
Distribution		1,816		9,760
Subtotal		133,370		158,110
PE Films:
Surface protection films		12,855		22,148
Overwrap packaging		7,327		8,983
Subtotal		20,182		31,131
Flexible Packaging Films		31,527		39,244
Total		$	185,079	$	228,485