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.