TOR Minerals International Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Capital Expenditure Guidance for the Full Year 2015
October 29, 2015 at 08:15 am EDT
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TOR Minerals International Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net sales were $8,988,000 against $11,317,000 a year ago. Operating income was $86,000 against $366,000 a year ago. Loss before income taxes was $99,000 against income before income taxes of $357,000 a year ago. Net loss was $212,000 against net profit of $296,000 a year ago. Diluted loss per share was $0.04 against profit of $0.09 a year ago. Cash flows from operation was $1.5 million. During the quarter, the company has invested $1.1 million in capital expenditures.
For the nine months, the company reported net sales of $29,066,000 against $36,841,000 a year ago. Operating loss was $257,000 against income of $1,698,000 a year ago. Loss before income taxes was $550,000 against income before income taxes of $1,443,000 a year ago. Net loss was $418,000 against net profit of $1,156,000 a year ago. Diluted loss per share was $0.14 against profit of $0.34 a year ago. Net cash provided by operating activities was $3,717,000 against $4,608,000 a year ago. Additions to property, plant and equipment was $4,174,000 against $1,386,000 a year ago.
The company expects to spend $6.5 million in capital expenditures for the year 2015 and are funding the expenditures from a combination of internal cash flows as well as long-term bank financing.
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 Third Quarter and Nine Months Ended September 30, 2015; Provides Capital Expenditure Guidance for the Full Year 2015