Newspaper article The Record (Bergen County, NJ)

Montvale Firm Sees Earnings Increase

Newspaper article The Record (Bergen County, NJ)

Montvale Firm Sees Earnings Increase

Article excerpt

MONTVALE - Plastic packing product maker AEP Industries Inc. on Thursday reported fiscal second-quarter net income rose 24.3 percent to $13.8 million, or $2.68 a share, from $11.1 million, or $2.18, from the same period a year ago. The company posted a revenue decrease of 4 percent to $273.2 million in the period ended April 30, primarily because of a pass-through of lower resin costs and negative impact of foreign exchange relating to its Canadian operations, the company said in a statement.

Shares of AEP climbed $4.68, or 7.4 percent, to $67.90 Thursday in Nasdaq Stock Market trading.

More than 153,000 shares traded hands Thursday, a more-than sixfold increase from the three-month daily average.

"We are very pleased to report that our Adjusted EBITDA during the second fiscal quarter was higher than any fiscal quarter in the company's history,'' said Brendan Barba, chairman and chief executive officer of the company, in a statement. …

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