Boston, MA 06/11/2013 (wallstreetpr) – The share prices of AEP Industries (NASDAQ:AEPI) had declined by 20.10 percent to close at $65.85 per share for the end of last trading session on Monday. The shares of the company had been trading in the range of $65.44 to $78.13 per share during the day. The shares of AEP Industries (NASDAQ:AEPI) had recorded 52 week low price level of $34.65 per share and 52 week high price level of $85.80 per share.
AEP Industries (NASDAQ:AEPI) is primarily engaged in the manufacturing and sales of plastic packaging films with its operations based in North America. The diverse range of polyethylene and polyvinyl chloride packaging products manufactured by the company finds wider applications in industrial and agricultural uses.
Second Quarter Financial Performance
In the second quarter financial results of AEP Industries (NASDAQ:AEPI) for the quarter ended on April 30, 2013 the company had reported decline in net sales by 4 percent or $12.4 million to $284.3 million compared to the net sales of $296.7 million for the same quarter of previous year. The decrease in sales volume by 2 percent and 1 percent respectively for the first and second quarters combined with decrease in selling prices for the packaging products of AEP Industries (NASDAQ:AEPI) owing to lower resin costs had contributed to the poor financial performance of the company for the first six months of fiscal year, 2013.
The gross profit for the second quarter of fiscal year 2013 was reported to be $35.9 million, which was a decline of $7.2 million from the gross profit for the same quarter of previous year. Ultimately, AEP Industries (NASDAQ:AEPI) had reported a net income of $0.2 million which translates into $0.04 per basic and diluted share for the second quarter of 2013 compared to the net income of $4.8 million or $0.87 per basic and diluted share for the second quarter of 2012.
