TOR Minerals International Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Capital Expenditure Guidance for 2015
July 30, 2015 at 04:01 pm EDT
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TOR Minerals International Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net sales were $9.97 million against $12.39 million a year ago. Operating loss was $0.130 million against income of $0.339 million a year ago. Loss before income taxes was $0.180 million against profit of $0.187 million a year ago. Net loss was $0.107 million against profit of $0.153 million a year ago. Diluted loss per share was $0.04 against profit of $0.04 a year ago. Capital expenditure was $1.5 million was primarily for equipment designed to increase the production capacity at European ALUPREM facility and the project to expand capacity and improve efficiencies of barium sulfate production in U.S. plant.
For the six months, the company reported net sales were $20.08 million against $25.52 million a year ago. Operating loss was $0.343 million against income of $1.33 million a year ago. Loss before income taxes was $0.451 million against profit of $1.09 million a year ago. Net loss was $0.297 million against profit of $0.860 million a year ago. Diluted loss per share was $0.10 against profit of $0.25 a year ago. Net cash provided by operating activities was $2.255 million against $3.435 million a year ago. Additions to property, plant and equipment was $3.104 million against $0.901 million a year ago.
The company's current capital expenditure plans for 2015 call for approximately $6 million in spending, the bulk of which will be used to expand capacity at European ALUPREM production and for normal maintenance capital expenditure.
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 Second Quarter and Six Months Ended June 30, 2015; Provides Capital Expenditure Guidance for 2015