TOR Minerals International, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016
February 23, 2017 at 09:05 pm
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TOR Minerals International Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company has posted net sales of $8,998,000 against $7,993,000 a year ago. Operating loss was $218,000 against $5,476,000 a year ago. Loss before income tax was $236,000 against $5,504,000 a year ago. Net loss was $178,000 or $0.05 basic and diluted per share against $5,946,000 or $1.97 basic and diluted per share a year ago.
For the year, the company has posted net sales of $38,456,000 against $37,059,000 a year ago. Operating income was $40,000 against operating loss of $5,733,000 a year ago. Income before income tax was $551,000 against loss before income tax of $6,054,000 a year ago. Net income was $444,000 or $0.13 basic and diluted per share against net loss of $6,364,000 or $2.11 basic and diluted per share a year ago. Net cash provided by operating activities was $4,832,000 against $3,499,000 a year ago. The bulk of the increase in cash flows was related to improved profitability and the continued reduction of inventory levels, which were at $11.8 million at the end of 2016 versus inventory of $14 million at the end of 2015. Additions to property, plant and equipment was $1,203,000 against $5,662,000 a year ago. Capital expenditures during 2016 was $1.2 million, which is down from the $5.7 million spent during 2015. Capital expenditures spending during 2016 reflects normal maintenance 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.