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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

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FORM 10-Q

(Mark One)

|X|	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2004

OR

|_|	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________________ to _____________________

Commission file number 1-10258

Tredegar Corporation
(Exact Name of Registrant as Specified in Its Charter)

Virginia		54-1497771
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)
1100 Boulders Parkway Richmond, Virginia		23225
(Address of Principal Executive Offices)		(Zip Code)
Registrant’s Telephone Number, Including Area Code:  (804) 330-1000

          Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  |X|  No  |_|

          Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes   |X|  No  |_|

          The number of shares of Common Stock, no par value, outstanding as of July 23, 2004: 38,420,200.

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PART I - FINANCIAL INFORMATION

Item 1.  Financial Statements.

Tredegar Corporation
Consolidated Balance Sheets
(In Thousands)
(Unaudited)

					June 30, 2004			Dec. 31, 2003
Assets
Current assets:
	Cash and cash equivalents				$	19,168		$	19,943
	Accounts and notes receivable, net					112,800			84,110
	Income taxes recoverable					2,863			61,508
	Inventories					48,860			49,572
	Deferred income taxes					12,437			10,998
	Prepaid expenses and other					5,532			5,015
			Total current assets			201,660			231,146
Property, plant and equipment, at cost						594,439			580,087
Less accumulated depreciation						300,979			282,611
			Net property, plant and equipment			293,460			297,476
Other assets and deferred charges						81,447			83,855
Goodwill and other intangibles						139,837			140,548
			Total assets		$	716,404		$	753,025
Liabilities and Shareholders’ Equity
Current liabilities:
	Accounts payable				$	59,848		$	46,706
	Accrued expenses					46,124			42,456
	Current portion of long-term debt					11,250			8,750
		Total current liabilities				117,222			97,912
Long-term debt						77,530			130,879
Deferred income taxes						62,782			66,276
Other noncurrent liabilities						10,713			10,559
		Total liabilities				268,247			305,626
Commitments and contingencies (Notes 1 and 2)
Shareholders’ equity:
	Common stock, no par value					107,498			104,991
	Common stock held in trust for savings restoration plan					(1,212	)		(1,212	)
	Unearned compensation on restricted stock grants					(1,644	)		—
	Unrealized gain on available-for-sale securities					—			2,770
	Foreign currency translation adjustment					8,155			9,997
	Unrealized gain on derivative financial instruments					411			444
	Minimum pension liability					(880	)		(880	)
	Retained earnings					335,829			331,289
		Total shareholders’ equity				448,157			447,399
		Total liabilities and shareholders’ equity			$	716,404		$	753,025

See accompanying notes to financial statements.

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Tredegar Corporation
Consolidated Statements of Income
(In Thousands, except per share amounts)
(Unaudited)

							Three Months Ended June 30						Six Months Ended June 30
							2004			2003			2004			2003
Revenues:
				Sales			$	216,053		$	181,574		$	411,972		$	363,619
				Other income (expense), net				352			428			6,458			1,151
								216,405			182,002			418,430			364,770
Costs and expenses:
			Cost of goods sold					177,483			149,836			341,227			299,337
			Freight					5,468			4,532			10,295			8,720
			Selling, general and administrative					14,805			12,313			28,432			25,201
			Research and development					3,818			5,076			8,135			10,379
		Amortization of intangibles						67			67			134			134
		Interest expense						598			1,683			1,521			3,786
		Plant shutdowns, asset impairments and restructurings						6,004			5,882			16,787			5,967
		Unusual items						—			—			—			1,067
								208,243			179,389			406,531			354,591
Income before income taxes								8,162			2,613			11,899			10,179
Income taxes								2,983			932			4,291			3,639
Income from continuing operations								5,179			1,681			7,608			6,540
Discontinued operations:
		Loss from venture capital investment activities (including an after-tax loss on the sale of the venture capital investment portfolio of $49,216)						—			—			—			(49,516	)
		After-tax gain on the sale of intellectual property of Molecumetics						—			891			—			891
		Income (loss) from discontinued operations						—			891			—			(48,625	)
Net income (loss)							$	5,179		$	2,572		$	7,608		$	(42,085	)
Earnings (loss) per share:
		Basic:
					Continuing operations		$	.14		$	.04		$	.20		$	.17
					Discontinued operations			—			.02			—			(1.28	)
					Net income (loss)		$	.14		$	.06		$	.20		$	(1.11	)
	Diluted:
					Continuing operations		$	.14		$	.04		$	.20		$	.17
					Discontinued operations			—			.02			—			(1.26	)
					Net income (loss)		$	.14		$	.06		$	.20		$	(1.09	)
Shares used to compute earnings (loss) per share:
	Basic							38,235			38,047			38,232			38,113
	Diluted							38,427			38,418			38,431			38,498
Dividends per share							$	.04		$	.04		$	.08		$	.08

See accompanying notes to financial statements.

3

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Tredegar Corporation
Consolidated Statements of Cash Flows
(In Thousands)
(Unaudited)

				Six Months Ended June 30
				2004			2003
Cash flows from operating activities:
	Net income (loss)			$	7,608		$	(42,085	)
	Adjustments for noncash items:
		Depreciation			16,162			15,669
		Amortization of intangibles			134			134
		Deferred income taxes			(2,365	)		33,365
		Accrued pension income and postretirement benefits			(2,042	)		(2,204	)
		Loss on venture capital investments			—			70,256
		Gain on sale of corporate assets			(6,547	)		—
		Loss on asset impairments and divestitures			12,476			2,023