CORPUS CHRISTI, Texas -- TOR Minerals
International (Nasdaq: TORM - News) today announced its
financial results for the quarter ended March 31, 2005. The
Company reported net income of $455,000, or $0.05 per fully
diluted share, on net sales of $7,139,000. This compares with
net income of $241,000, or $0.03 per fully diluted share, on
net sales of $6,004,000 for the quarter ended March 31, 2004.
"First quarter results were in line with our internal
expectations," said Richard Bowers, president and Chief
Executive Officer of TOR Minerals. "Demand for both our HITOX
® and ALUPREUM ® product lines is strong, as customers
continue to realize the performance and value our products
bring to the marketplace."
The Company said that the new HITOX production system in
Corpus Christi was brought online during the quarter and is
now fully functional. "We are now experiencing the product
improvements and cost savings that we anticipated when we
installed the new process, and we expect the second quarter
financial results will reflect the cost savings of the new
process," said Mr. Bowers.
TOR Minerals will host a conference call at 4 p.m. Central
Time on May 4 to further discuss first quarter results. The
call will be simultaneously webcast, and can be accessed on
the company's homepage at http://www.torminerals.com/
.
Based in Corpus Christi, Texas, TOR Minerals is an
international manufacturer of specialty mineral products for
high performance applications with plants 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 risks
of a general business slow down or recession, the increasing
cost of energy, raw materials and labor, competition, advances
in technology, changes in foreign currency rates, freight
price increases, commodity price increases, delays in delivery
of requirement equipment and other factors.
Contact for Further Information:
David Mossberg
Beacon Street Group Investor Relations
(817) 459-2346
Tables Follow
TOR MINERALS INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except per share amounts)
Three Months Ended
March 31,
2005 2004
NET SALES $ 7,139 $ 6,004
Cost of products sold 5,364 4,485
GROSS MARGIN 1,775 1,519
GROSS MARGIN % 25% 25%
Selling, administrative and general 1,128 1,203
OPERATING INCOME 647 316
OTHER INCOME (EXPENSE):
Interest expense, net (88) (17)
Other, net 3 (4)
INCOME BEFORE INCOME TAX 562 295
Taxes 107 54
NET INCOME $ 455 $ 241
Preferred stock dividends 15 11
Income available to Common Shareholders $ 440 $ 230
Earnings per common share:
Basic $ 0.06 $ 0.03
Diluted $ 0.05 $ 0.03
Weighted average common shares
and equivalents outstanding:
Basic 7,795 7,600
Diluted 8,119 (A) 7,947 (B)
(A) 168,000 common shares related to the 200,000 convertible preferred
shares outstanding were excluded in the computation of diluted
earnings per share as the effect would be antidilutive.
(B) 122,000 common shares related to the 200,000 convertible preferred
shares outstanding were excluded in the computation of diluted
earnings per share as the effect would be antidilutive.
TOR MINERALS INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
March 31, 2005 and December 31, 2004
(in thousands)
March 31, December 31,
2005 2004
(Un-Audited)
ASSETS
Current assets $ 11,740 $ 12,446
Property, plant and equipment, net 20,311 18,988
Goodwill, net 1,892 1,981
Other assets 19 219
Total Assets $ 33,962 $ 33,634
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities $ 6,816 $ 6,911
Long-term debt, excluding current maturities 4,047 3,731
Deferred tax liability 372 279
Total Liabilities 11,235 10,921
Shareholders' equity 22,727 22,713
Total Liabilities &
Shareholders' Equity $ 33,962 $ 33,634