TOR Minerals International Inc. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for 2016
August 05, 2016 at 01:33 am IST
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TOR Minerals International Inc. announced unaudited earnings results for the second quarter and six months ended June 30, 2016. For the quarter, the company's net sales were $9,850,000 against $9,963,000 a year ago. Operating income was $56,000 against operating loss of $130,000 a year ago. Income before income tax was $35,000 against loss before income tax of $180,000 a year ago. Net income was $87,000 against net loss of $107,000 a year ago. Basic and diluted earnings per common share were $0.03 against basic and diluted loss per common share of $0.04 a year ago. Cash flows from operations were $1.4 million during the second quarter. CapEx during the quarter was $562,000. CapEx spending is significantly lower than it was last year. This is because the company invested in a significant plant expansion at ALUPREM plant in the Netherlands as well as a project to expand and improve efficiencies of barium sulfate production at U.S. plant.
For the six months, the company's net sales were $19,422,000 against $20,078,000 a year ago. Operating income was $502,000 against operating loss of $343,000 a year ago. Income before income tax was $354,000 against loss before income tax of $451,000 a year ago. Net income was $331,000 against net loss of $297,000 a year ago. Basic and diluted earnings per common share were $0.10 against basic and diluted loss per common share of $0.10 a year ago. Net cash provided by operating activities was $3,261,000 against $2,255,000 a year ago. Additions to property, plant and equipment was $790,000 against $3,104,000 a year ago. Total debt was $5.2 million, down approximately $1.3 million from the beginning of the year.
Due to the changes that company have made at SR plant in Malaysia, the company expects to continue to reduce inventory levels, which will be a positive cash flow source for the company in 2016. This year, the company expects normal CapEx budget to be approximately $2 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 Inc. Announces Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Earnings Guidance for 2016