TOR Minerals International, Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2017; Provides Capital Spending Guidance for the Full Year 2017
August 03, 2017 at 09:06 pm
Share
TOR Minerals International, Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2017. For the quarter, the company reported net income of $352,000 or $0.10 per diluted share on net sales of $10,731,000 compared to $87,000 or $0.03 per diluted share on net sales of $9,850,000 reported in the same period last year. Operating income was $419,000 against $56,000 reported last year. Income before income tax was $414000 against $35,000 reported last year. Capital expenditures during the second quarter were $812,000 compared to $562,000 last year. The increase in capital spending was primary related to an increase in production equipment related to the production of its specialty aluminas. Cash flow from operations were slightly positive during the second quarter at $63,000.
For the six months, the company reported net income of $220,000 or $0.06 per diluted share on net sales of $21,427,000 compared to $331,000 or $0.10 per diluted share on net sales of $19,422,000 reported in the same period last year. Operating income was $310000 against $502,000 reported last year. Income before income tax was $244000 against $354,000 reported last year. Met cash provided by operating activities was $1,373000 against $3,261,000 reported last year. Additions to property, plant and equipment was $1,707000 against $790,000 reported last year.
The company provided capital spending guidance for the full year 2017. The company expects its capital spending during 2017 to be approximately $2.5 million to $3 million, which is slightly higher than its normal spending levels.
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 Second Quarter and Six Months Ended June 30, 2017; Provides Capital Spending Guidance for the Full Year 2017