TOR Minerals International Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Capital Expenditure Guidance for the Year 2016
November 03, 2016 at 04:06 pm EDT
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TOR Minerals International reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported net sales of $10,036,000, operating income of $456,000, income before income tax of $433,000, net income of $291,000 or $0.28 per diluted share against net sales of $8,988,000, operating income of $86,000, loss before income tax of $99,000, net loss of $121,000 or $0.04 per diluted share a year ago. Net sales increased 12% as a 35% increase in specialty alumina sales was partially offset by a 19% decrease in TiO2 pigment sales and a 1% increase in barium sulfate and other product sales.
For the nine months, the company reported net sales of $29,458,000, operating income of $958,000, income before income tax of $787,000, net income of $622,000 or $0.18 per diluted share against net sales of $29,066,000, operating loss of $257,000, loss before income tax of $550,000, net loss of $418,000 or $0.14 per diluted share a year ago. Net cash provided by operating activities of $3,063,000 compared to $3,717,000 a year ago. Additions to property, plant and equipment of $894,000 compared to $5,735,000 a year ago. The bulk of the increase in cash flows was related to improvement in profitability and the continued reduction in the company inventory levels, which were at $13.2 million at the end of the quarter, versus $14 million at the end of 2015. Capital expenditures were $894,000, which is down from $4.2 million spent during the same period of 2015.
For the year 2016, the company expects only normal CapEx budget expenditures of approximately $1.5 million, which is mostly related to maintenance spending.
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 Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Capital Expenditure Guidance for the Year 2016