TOR Minerals International Reports Second Quarter Financial Results

CORPUS CHRISTI, Texas, July 30, 2015

• 2Q15 revenue decreased 20 percent to $10.0 million
• 2Q15 net loss of ($107,000) versus 2Q14 net income of $153,000
• 2Q15 diluted loss per share of ($0.04) versus 2Q14 earnings per share of $0.04
• Book value was $11.38 per share at 6/30/15

Revenue by Product Group (in 000's)		2Q15			2Q14			% Change
Specialty Aluminas		$ ARIVA.DE Börsen-Geflüster Kurse TOR Minerals International Inc 2,00 $ +14,3%	4,298		$     6,227			-31%
Barium Sulfate and Other Products		2,394			2,567			-7%
TiO2 Pigments		3,271			3,598			-9%
Total		$	9,963		$	12,392		-20%

During the second quarter ended June 30 2015, net sales were $10.0 million, a 20 percent decrease compared to the same period a year ago and two percent decrease sequentially from the first quarter of 2015.  The negative effect of foreign currency translation and changes in the order patterns of a large customer made for difficult year-over-year comparisons in the Specialty Aluminas product group.  Negative comparisons in foreign currency were also responsible for approximately two-thirds of the decrease in Barium Sulfate and Other Product sales, and approximately one-third of the decrease in TiO2 Pigment sales.  To a lesser extent, year-over-year revenue comparisons were also negatively affected by lower unit volumes across all product categories.

During the second quarter of 2015, gross margin was 9.6 percent of sales, versus 12.2 percent during the same period last year, and 8.8 percent during the first quarter of 2015.  The year-over-year decrease in gross margin was primarily related to lower levels of plant utilization, lower average selling prices and lower unit volumes. The sequential improvement in gross margin from the first quarter of 2015 was primarily related to a lower average unit production costs.  Operating expenses decreased 7 percent to $1.1 million, primarily related to a decrease in staffing levels and selling expenses.  Second quarter net loss was ($107,000), or ($0.04) per diluted share, as compared to a net income of $153,000, or $0.04 per share, during the same period a year ago.

"Despite the difficult revenue and income/loss comparisons and challenging market environment for our TiO2 business, we are maintaining and adding new customers and new applications for our high-performance specialty alumina and barium sulfate products, which gives us confidence that the long-term health of our business and opportunities for growth remain strong," commented Dr. Olaf Karasch, Chief Executive Officer. "We expect our specialty alumina and barium sulfate business to resume volume growth from current levels and we remain optimistic about the outlook for these categories for the next several years.  To meet anticipated demand for existing and new specialty alumina applications, we are currently in the process of expanding our production capacity.  Our TiO2 revenue is likely to continue to be negatively affected by softer demand trends and pricing pressure across the industry.  We are selling through TiO2 inventories that were produced last year which have a higher cost basis and expect margins in this business to improve in the coming quarters to reflect a reduction in raw material costs and the significant steps we have taken to reduce production costs.  Overall, we intend to drive improvement in returns with faster inventory turnover and lower production costs, while refocusing investment in areas that can provide opportunities for significant growth and contribute attractive returns."

TOR Minerals will host a conference call at 4:00 p.m. Central Time on July 30, 2015, to further discuss second quarter results. The call will be simultaneously webcast, and can be accessed via the Investor section on the Company's website, www.torminerals.com.  Investors and interested parties may participate in the call by dialing 877-407-8033 and referring to conference ID # 13613905.

Headquartered in Corpus Christi, Texas, TOR Minerals International is a global manufacturer and marketer of specialty mineral and pigment products for high performance applications with manufacturing and regional offices located in the United States, Netherlands and Malaysia.

This statement provides forward-looking information as that term is defined in the Private Securities Litigation Reform Act of 1995, and, therefore, is subject to certain risks and uncertainties. There can be no assurance that the actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the forward-looking statements as a result of various factors, including market conditions, general economic conditions, including the present slowdown in U.S. construction and the risks of a general business slow down or recession, the increasing cost of energy, raw materials and labor, competition, the receptivity of the markets for our anticipated new products, advances in technology, changes in foreign currency rates, freight price increase, commodity price increases, delays in delivery of required equipment and other factors.

Investor Relations Contact

Dave Mossberg
Three Part Advisors, LLC
817 310-0051

TOR Minerals International, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
		Three Months Ended June 30,				Six Months Ended June 30,
		2015		2014		2015		2014
NET SALES	$	9,963	$	12,392	$	20,078	$	25,524
Cost of sales		9,010		10,885		18,231		21,865
GROSS MARGIN		953		1,507		1,847		3,659
Technical services, research and development		44		54		99		100
Selling, general and administrative expenses		1,039		1,114		2,091		2,227
OPERATING INCOME (LOSS)		(130)		339		(343)		1,332
OTHER EXPENSE:
Interest expense, net		(60)		(95)		(140)		(190)
Gain (Loss) on foreign currency exchange rate		1		(57)		23		(61)
Other, net		9		-		9		5
Total Other Expense		(50)		(152)		(108)		(246) Werbung Mehr Nachrichten zur TOR Minerals International Inc Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 31.05.24 - ARIVA.DE Redaktion Aktienmarkt: Euro Stoxx 50 tritt auf der Stelle (4.993 Pkt.) 31.05.24 - ARIVA.DE Redaktion Aktie der UnitedHealth Group heute am Aktienmarkt gefragt (459,2319 €) 31.05.24 - ARIVA.DE Redaktion Verhaltene Kauflaune bei Intel-Aktie (27,8503 €) JETZT investieren!?    East Africa Metals: Widerstand gebrochen und neues Jahreshoch! weiterlesen» Anzeige wo-site-teaser-box-17129_site-teaser-box_2024-06-01_09%253A00%253A00_2024-06-02_09%253A00%253A59