aep industries inc (AEPI) Snapshot

AEP Industries Inc. announced unaudited consolidated earnings results of the second quarter and six months ended April 30, 2013. For the quarter, the company reported net sales decreased $12.4 million, or 4%, to $284.3 million from $296.7 million for the second quarter of fiscal 2012. The decrease was the result of a 2% decrease in average selling prices, combined with a 2% decrease in sales volume, resulting from the company’s efforts to price manages certain product lines. Net income was $0.2 million, or $0.04 per diluted share, as compared to net income of $4.8 million, or $0.87 per diluted share, for the three months ended April 30, 2012. Adjusted EBITDA was $24.4 million in the current quarter as compared to $24.8 million for the three months ended April 30, 2012. Loss before benefit provision for income taxes was $239,000 against income benefit provision for income taxes of $4,837,000 a year ago. For the six months, the company reported net sales for the decreased $12.9 million, or 2%, to $551.4 million from $564.3 million in the same period of the prior fiscal year. The decreases were the result of a decrease in sales volume of 2% and 1% for the three and six months ended April 30, 2013, respectively, combined with a decrease in average selling prices primarily attributable to lower resin costs during the comparable periods. Net income for the six months ended April 30, 2013 was $7.1 million, or $1.28 per diluted share, as compared to net income of $5.2 million, or $0.94 per diluted share, for the six months ended April 30, 2012. The six months ended April 30, 2013 included a gain on bargain purchase of the Transco business of $1.0 million. Adjusted EBITDA for the six months ended April 30, 2013 was $42.3 million, as compared to $40.1 million for the six months ended April 30, 2012. Income before benefit provision for income taxes was $9,946,000 against $8,476,000 a year ago. CapEx was around $11.6 million and is $26 million year-to-date. The company provides sales guidance for the fiscal year 2013. For the year, the company expects sales volume in fiscal 2013 would exceed 1 billion pounds, an increase of 3% or 30 million pounds from fiscal 2012. CapEx is expected to be in the area of $36 million for this year.

AEP Industries Inc., Q2 2013 Earnings Call, Jun 11, 2013

AEP Industries Inc. announced that at the annual meeting of stockholders on April 9, 2013, the stockholders elected J. Brendan Barba to the Board to serve three-year terms.