TOR Minerals International Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Capital Spending Guidance for the Year 2017
April 26, 2017 at 04:16 pm EDT
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TOR Minerals International Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company's net sales were $10,696,000 against $9,572,000 a year ago. Operating loss was $109,000 against profit of $446,000 a year ago. Loss before income tax was $170,000 against profit of $319,000 a year ago. Net loss was $132,000 against profit of $244,000 a year ago. Basic and diluted loss per common share was $0.04 against earnings per share of $0.08 a year ago. Net cash provided by operating activities was $1,310,000 against $1,897,000 a year ago. Additions to property, plant and equipment was $895,000 against $228,000 a year ago. Total debt was $3.7 million and was down $363,000 from the end of last year.
The company expect capital spending during 2017 to be approximately $2.5 million to $3 million, which is slightly higher than its normal.
TOR Minerals International, Inc. is a manufacturer and seller of mineral products for use as pigments and extenders, primarily in the manufacture of paints, industrial coatings plastics, and solid surface applications. The Companyâs products and applications include alumina trihydrate, barium sulfate slurry, boehmite, colored titanium dioxide (TiO2) pigments and white TiO2 synergist. The Company's specialty mineral products, which include flame retardant and smoke suppressant fillers, engineered fillers, and titanium dioxide color hybrid pigments, are designed for use in plastics, coatings, paints and catalysts applications, as well as a range of other industrial applications. The Company and its subsidiaries operate in the business of pigment manufacturing and related products in three geographic segments, namely, United States, European and Asian. Its subsidiaries include TOR Minerals Malaysia, Sdn. Bhd. and TOR Processing and Trade, BV.
TOR Minerals International Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2017; Provides Capital Spending Guidance for the Year 2017