TOR Minerals International, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Capex Guidance for the Full Year of 2015
February 25, 2015 at 05:00 pm EST
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TOR Minerals International Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net sales of $9,889,000 compared to net sales of $12,992,000 for the same period a year ago. Operating loss was $2,227,000 compared to $2,603,000 last year. Loss before income tax was $2,184,000 compared to $2,695,000 last year. Net loss was $1,710,000 or $0.57 per basic and diluted share compared to $1,804,000 or $0.60 per basic and diluted share last year. Fourth quarter results reflect the continuing strength of specialty alumina products and the impact of the cost-cutting measures implemented in TiO2 business.
For the year, the company reported net sales of $46,730,000 compared to net sales of $46,021,000 for the same period a year ago. Operating loss was $529,000 compared to $1,929,000 last year. Loss before income tax was $741,000 compared to $2,440,000 last year. Net loss was $554,000 or $0.18 per basic and diluted share compared to $1,616,000 or $0.54 per basic and diluted share last year. Net cash provided by operating activities was $4,555,000 compared to $860,000 last year. Additions to property, plant and equipment was $2,064,000 compared to $4,230,000 last year. Revenue increased to 1.5%. The company spent approximately $2.1 million on capital expenditures during 2014.
For 2015, the company current capex plans call for a normal maintenance capex activity roughly in line with depreciation and amortization, which is approximately $3 million.
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. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Capex Guidance for the Full Year of 2015