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TOR MINERALS INTERNATIONAL, INC.
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD MAY 13, 2011
The annual meeting of stockholders of TOR Minerals International, Inc., a Delaware corporation, will be held at the Omni Corpus Christi Bayfront Hotel, (Aransas Room, Third Floor), 707 N. Shoreline, Corpus Christi, Texas, on Friday, May 13, 2011 , at 9:00 a.m. , local time, for the following purposes:
1. To elect eight (8) members to the Board of Directors.
2. To ratify the appointment by our Board of Directors of UHY LLP as our independent auditors for the fiscal year ending December 31, 2011.
3. To transact such other business as may properly come before the meeting.
Our Board of Directors has established the close of business on March 25, 2011 as the record date for determining stockholders entitled to notice of and to vote at the meeting.
nice 3k+ buy to 17.17, now back over 18 please
Test bid filled at 16.90 , lets see if low 16,s or a turn over 17
TORM trying to break the pennant formation today. If she closes above 12.19 im in.
Nice close! expecting pps increase before earnings release
Sykes commentary on TORM:
http://www.timothysykes.com/news/14900-10-strong-stock-picks-2-blatant-pumps-to-short-sell/
hoppin to what?
Hello little O/S!
TOR Minerals International, Inc. On Tuesday May 4, 2010, 4:00 pm EDT
CORPUS CHRISTI, Texas, May 4 /PRNewswire-FirstCall/ -- TOR Minerals International, Inc. (Nasdaq:TORM - News), producer of synthetic titanium dioxide and color pigments, specialty aluminas, and other high performance mineral fillers, today announced its financial results for the first quarter ended March 31, 2010. The Company reported net income available to common shareholders of $569,000, or $0.26 per diluted share, on net sales of $6,856,000. This compares with a net loss available to common shareholders of ($284,000), or ($0.15) per share, on net sales of $5,703,000 for the quarter ended March 31, 2009.
Net sales increased 20.2 percent during the first quarter of 2010 over the first quarter of 2009. During the first quarter of 2010, sales of HITOX® increased 49.4 percent to $2.9 million as end market demand in paint and plastic markets continued to improve. Sales of specialty alumina products decreased 5.2 percent during the first quarter of 2010 as increasing demand for new and existing specialty alumina products in North America and Europe was offset by a shift in the order pattern of a significant U.S. customer.
During the first quarter of 2010, operating profit increased to $744,000, or 10.8 percent of sales, compared to an operating loss of ($249,000) reported during the first quarter of 2009. First quarter 2010 operating profit also increased sequentially from the operating profit of $302,000, or 4.7 percent of sales, reported during the fourth quarter of 2009. Year-over-year and sequential improvements in profitability resulted from increased sales levels, increased plant utilization, and greater operational efficiencies.
Commenting on the results, Dr. Olaf Karasch, Chief Executive Officer said, "First quarter's operating margin was the highest in over six years. The noteworthy improvement in profitability is a result of the hard work we have done in the past two years to improve efficiencies and remove costs from our business. The improvement also reflects the powerful leverage in our business, as a large portion of each incremental sales dollar makes a significant contribution to our bottom line."
The Company said that during the past five months it has secured significant orders for specialty alumina products and expects to have growth in alumina sales beginning in the second quarter. Dr. Karasch said, "Growth in our specialty alumina business should further diversify the Company's customer and product concentration in this category." In addition, the Company said that its Ti02 pigment business is expected to benefit from a continuing recovery in the paint and plastics end markets, as well as what presently appears to be a favorable pricing environment.
TOR Minerals Announces Second Quarter 2008 Financial Results
Date : 08/07/2008 @ 4:05PM
Source : PR Newswire
Stock : Tor Minerals International (MM) (TORM)
Quote : 1.42 0.0 (0.00%) @ 11:40AM
TOR Minerals Announces Second Quarter 2008 Financial Results
CORPUS CHRISTI, Texas, Aug. 7 /PRNewswire-FirstCall/ -- TOR Minerals International (NASDAQ:TORM), producer of synthetic titanium dioxide, color pigments, specialty aluminas, and other high performance mineral fillers, today announced its financial results for the second quarter ended June 30, 2008. The company reported a net loss available to common shareholders of ($353,000), or ($0.04) per diluted share, on net sales of $6,916,000 for the quarter ended June 30, 2008. This compares with net income available to common shareholders of $67,000, or $0.01 per share, on net sales of $7,281,000 for the quarter ended June 30, 2007.
Net sales for the six months ended June 30, 2008, was $13,662,000 compared to $14,434,000 during the six-month period ended June 30, 2007. The net loss available to common shareholders was ($957,000), or ($0.12) per diluted share, for the six months ended June 30, 2008 compared to net income of $91,000, or $0.01 per share, for the same period a year ago.
Net sales decreased five percent during the second quarter due to decreases in both HITOX(R) and specialty alumina sales. Specialty alumina sales were 10.1 percent less than second quarter 2007, which reflected a change in the order pattern of a significant U.S. customer. Sales of specialty alumina products in Europe, which accounted for 82 percent of total alumina sales, increased 41 percent year over year in the second quarter of 2008 and kept pace with the growth experienced in the last several quarters. Second quarter 2008 sales of HITOX declined by 5 percent versus the same period a year ago, as weakness in the North American market was only partially offset by growth in Asia.
As previously announced, the company instituted several production and logistics changes, including the completion of its newest powder treatment center in Malaysia. "By upgrading the production technologies at our Malaysian plant and making production and logistics changes, we have been able to offset about half of the significant cost increases we've experienced during the first six months of 2008," said Dr. Olaf Karasch, CEO of TOR Minerals. "We expect the benefits of these changes to be fully realized during the remainder of the year. Combined with the price increases we've recently implemented, we expect to offset most of the increase in costs."
The company announced that it has received its first full production order for its new TIOPREM(R) colored pigment products. A full production order is a substantive order received from a customer after a limited trial production period. "There are now close to 100 customers testing TIOPREM, several of which have made successful trial production runs. As more customers complete their testing, we expect TIOPREM to become a major contributor to revenue growth," commented Dr. Karasch.
The company said that as of June 30, 2008, it is in technical violation of certain coverage ratios in its long-term credit facility. The company is currently negotiating with the lending bank to resolve this issue. As a result, the company's long-term debt has been reclassified to short-term debt. The company is diligently working to bring its ratios back into compliance.
TOR Minerals will host a conference call at 4:00 p.m. Central Time on August 7, 2008 to discuss second quarter results. The call will be simultaneously webcast, and can be accessed via the News section on the company's website at http://www.torminerals.com/. Interested parties may also access the conference call via telephone by dialing 877-407-9210.
"Bubbles are Good For You !"
TOR Minerals Receives NASDAQ Letter Regarding Compliance With Marketplace Rule 4350
CORPUS CHRISTI, Texas, May 23 /PRNewswire-FirstCall/ -- TOR Minerals International (NASDAQ:TORM), producer of synthetic titanium dioxide pigments, specialty alumina, and other high performance mineral fillers, announced that on May 19, 2008, NASDAQ Staff notified the Company that it had until October 6, 2008 with which to comply with the audit committee requirements for continued listing on The NASDAQ Capital Market set forth in Marketplace Rule 4350. As a result of the untimely death of Audit Committee Chairman and Board member, John Buckley, 53, on April 8, 2008, the Audit Committee only had two members, and therefore did not comply with Rule 4350.
On May 22, 2008 the NASDAQ Staff notified the Company that the appointment of Steve Paulson on May 22, 2008 to the Audit Committee brings the Company into compliance with the Marketplace Rule 4350 as the Company's Audit Committee now consists of three members and the matter is now closed.
Contact: Dave Mossberg (817) 310-0051
DATASOURCE: TOR Minerals International
CONTACT: Dave Mossberg, +1-817-310-0051, for TOR Minerals International
Web site: http://www.torminerals.com/
Working at getting the quote chart corrected.
Form 8-K for TOR MINERALS INTERNATIONAL INC
--------------------------------------------------------------------------------
2-May-2008
Results of Operations and Financial Condition, Financial Statement
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
TOR Minerals International (Nasdaq: TORM), producer of synthetic titanium dioxide and color pigments, specialty aluminas, and other high performance mineral fillers today announced its financial results for the first quarter ended March 31, 2008. The company reported a net loss available to common shareholders of ($604,000), or ($0.08) per diluted share, on net sales of $6,746,000 for the quarter ended March 31, 2008. This compares with net income available to common shareholders of $24,000, or $0.00 per share, on net sales of $7,153,000 for the quarter ended March 31, 2007.
Net sales decreased 5.7 percent during the quarter due to decreases in both HITOX® and specialty alumina sales. Specialty alumina sales were 17.5 percent less than first quarter 2007, which reflected a change in the order pattern of a significant U.S. customer and difficult comparisons with the prior year. Sales of specialty alumina products in Europe, which accounted for 98 percent of the sales in this category, increased 56 percent in the first quarter of 2008 and kept pace with the growth experienced in the last several quarters of 2007. First quarter 2008 sales of HITOX declined by 3.7 percent versus the same period a year ago, as weakness in the North American market was only partially offset by increased sales in Asia and Central and South America.
As previously announced, the company made operational changes during the first quarter designed to reduce the stocking requirements of synthetic rutile by approximately 50% and improve inventory turns and cash flows. As previously indicated, the near-term impact of these changes was lower fixed cost absorption, which increased cost of sales by 8.6 percent, resulting in a loss during the first quarter. "While idling synthetic rutile production temporarily sacrificed profitability in the first quarter, we were able to decrease our inventory levels by $1.6 million and generate operating cash flow of approximately $450,000." said Steve Parker, Chief Financial Officer of TOR Minerals.
The company announced receipt of the first trial production orders for its newly introduced TIOPREM colored pigment products in the quarter. "We are optimistic these orders confirm the value proposition of our new premium products," said Dr. Olaf Karasch, Chief Executive Officer of TOR Minerals. "We believe the market for TIOPREM is larger than our traditional pigment product markets and the revenue contribution from TIOPREM has the potential to accelerate sales growth in the last half of the year."
Dr. Karasch continued, "Our near term profitability has been impacted by actions that will have a long-term benefit for the company. During the first quarter, these actions improved our cash flow and are expected to drive improved efficiencies going forward. In addition, we expect results to improve based on the continued strong performance of specialty alumina sales in Europe and the positive customer response and initial orders for our new colored pigment products."
TOR Minerals will host a conference call at 4:00 p.m. Central Time on May 1, 2008 to discuss first quarter results. The call will be simultaneously webcast, and can be accessed via the News section on the company's website at www.torminerals.com. Interested parties may also access the conference call via telephone by dialing 877-407-9210.
Headquartered in Corpus Christi, Texas, TOR Minerals 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 slow down 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.
A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
--------------------------------------------------------------------------------
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(a) Financial Statements of Businesses Acquired. Not applicable.
(b) Pro Forma Financial Information. Not applicable.
(c) Shell company transaction Not applicable
(d) Exhibits.
The following exhibit is furnished in accordance with the provisions of Item 601 of Regulation S-B:
Exhibit
Number Description
99.1 Press Release, dated May 1, 2008, announcing the financial results
for the quarter ended March 31, 2008.
TOR Minerals Announces First Quarter Financial Results
Thursday May 1, 4:00 pm ET
CORPUS CHRISTI, Texas, May 1 /PRNewswire-FirstCall/ -- TOR Minerals International (Nasdaq: TORM - News), producer of synthetic titanium dioxide and color pigments, specialty aluminas, and other high performance mineral fillers today announced its financial results for the first quarter ended March 31, 2008. The company reported a net loss available to common shareholders of ($604,000), or ($0.08) per diluted share, on net sales of $6,746,000 for the quarter ended March 31, 2008. This compares with net income available to common shareholders of $24,000, or $0.00 per share, on net sales of $7,153,000 for the quarter ended March 31, 2007.
ADVERTISEMENT
Net sales decreased 5.7 percent during the quarter due to decreases in both HITOX® and specialty alumina sales. Specialty alumina sales were 17.5 percent less than first quarter 2007, which reflected a change in the order pattern of a significant U.S. customer and difficult comparisons with the prior year. Sales of specialty alumina products in Europe, which accounted for 98 percent of the sales in this category, increased 56 percent in the first quarter of 2008 and kept pace with the growth experienced in the last several quarters of 2007. First quarter 2008 sales of HITOX declined by 3.7 percent versus the same period a year ago, as weakness in the North American market was only partially offset by increased sales in Asia and Central and South America.
As previously announced, the company made operational changes during the first quarter designed to reduce the stocking requirements of synthetic rutile by approximately 50% and improve inventory turns and cash flows. As previously indicated, the near-term impact of these changes was lower fixed cost absorption, which increased cost of sales by 8.6 percent, resulting in a loss during the first quarter. "While idling synthetic rutile production temporarily sacrificed profitability in the first quarter, we were able to decrease our inventory levels by $1.6 million and generate operating cash flow of approximately $450,000," said Steve Parker, Chief Financial Officer of TOR Minerals.
The company announced receipt of the first trial production orders for its newly introduced TIOPREM colored pigment products in the quarter. "We are optimistic these orders confirm the value proposition of our new premium products," said Dr. Olaf Karasch, Chief Executive Officer of TOR Minerals. "We believe the market for TIOPREM is larger than our traditional pigment product markets and the revenue contribution from TIOPREM has the potential to accelerate sales growth in the last half of the year."
Dr. Karasch continued, "Our near term profitability has been impacted by actions that will have a long-term benefit for the company. During the first quarter, these actions improved our cash flow and are expected to drive improved efficiencies going forward. In addition, we expect results to improve based on the continued strong performance of specialty alumina sales in Europe and the positive customer response and initial orders for our new colored pigment products."
TOR Minerals will host a conference call at 4:00 p.m. Central Time on May 1, 2008 to discuss first quarter results. The call will be simultaneously webcast, and can be accessed via the News section on the company's website at http://www.torminerals.com. Interested parties may also access the conference call via telephone by dialing 877-407-9210.
Headquartered in Corpus Christi, Texas, TOR Minerals 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 slow down 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.
Contact for Further Information:
David Mossberg
Beacon Street Group, LLC
(817) 310-0051
TOR Minerals International, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts)
March 31, December 31,
2008 2007
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $354 $376
Trade accounts receivable, net 4,581 3,791
Inventories, net 9,782 11,392
Other current assets 845 578
TOTAL CURRENT ASSETS 15,562 16,137
PROPERTY, PLANT AND EQUIPMENT, net 21,824 20,421
GOODWILL 2,303 2,131
OTHER ASSETS 46 47
TOTAL ASSETS $39,735 $38,736
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $1,683 $1,992
Accrued expenses 1,228 1,266
Notes payable under lines of credit 1,485 1,276
Export credit refinancing facility 447 -
Current deferred tax liability 16 16
Current maturities - Capital leases 93 80
Current maturities of long-term debt
- Financial Institutions 3,804 4,207
TOTAL CURRENT LIABILITIES 8,756 8,837
LONG-TERM DEBT, EXCLUDING CURRENT
MATURITIES
Capital leases 229 213
Long-term debt - Financial Institutions 3,200 2,678
Deferred Tax Liability 597 603
TOTAL LIABILITIES 12,782 12,331
COMMITMENTS AND CONTINGENCIES - -
SHAREHOLDERS' EQUITY:
Series A 6% convertible preferred stock
$.01 par value: authorized, 5,000 shares;
200 shares issued and outstanding at
3/31/08 and 12/31/07 2 2
Common stock $.25 par value:
authorized, 10,000 shares; 7,878 and
7,869 shares issued and outstanding
at 3/31/08 and at 12/31/07, respectively 1,969 1,967
Additional paid-in capital 22,917 22,874
Accumulated deficit (3,193) (2,589)
Accumulated other comprehensive
income:
Unrealized gain on derivatives - (1)
Cumulative translation adjustment 5,258 4,152
TOTAL SHAREHOLDERS' EQUITY 26,953 26,405
$39,735 $38,736
TOR Minerals International, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three Months
Ended March 31,
2008 2007
NET SALES $6,746 $7,153
Cost of sales 6,086 5,751
GROSS MARGIN 660 1,402
Technical services and research and
development 66 62
General, administrative and selling
expenses 1,075 1,143
Gain on disposal of assets (2) -
OPERATING INCOME (LOSS) (479) 197
OTHER INCOME (EXPENSE):
Interest income 1 1
Interest expense (144) (159)
Gain on foreign currency exchange rate 1 5
Other, net 1 -
INCOME (LOSS) BEFORE INCOME TAX (620) 44
Income tax expense (benefit) (31) 5
NET INCOME (LOSS) $(589) $39
Less: Preferred Stock Dividends 15 15
Income (Loss) Available to Common
Shareholders $(604) $24
Income (loss) per common share:
Basic $(0.08) $0.00
Diluted $(0.08) $0.00
Weighted average common shares outstanding:
Basic 7,871 7,839
Diluted 7,871 7,915
TOR Minerals International, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Three Months Ended March 31,
2008 2007
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss) $(589) $39
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 481 385
Non-cash compensation - Stock Options 34 30
Gain on sale/disposal of property,
plant and equipment (2) -
Deferred income taxes (6) 8
Provision for bad debt 1 -
Changes in working capital:
Receivables (655) (719)
Inventories 1,901 (96)
Other current assets (247) (458)
Accounts payable and accrued expenses (469) (107)
Net cash used in operating activities 449 (918)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment (978) (68)
Proceeds from sales of property,
plant and equipment 3 -
Net cash used in investing activities (975) (68)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds / (payments) from lines of credit (345) 1,033
Net proceeds from export credit
refinancing facility 447 -
Net proceeds / (payments) on capital lease 5 (16)
Proceeds from long-term bank debt 1,973 74
Payments on long-term bank debt (1,582) (168)
Payments on related party long-term debt - (400)
Proceeds from the issuance of common stock
through exercise of common stock options 12 -
Preferred stock dividends paid (15) (15)
Net cash provided by financing activities 495 508
Effect of exchange rate fluctuations
on cash and cash equivalents 9 (81)
Net decrease in cash and cash equivalents (22) (559)
Cash and cash equivalents at
beginning of period 376 896
Cash and cash equivalents at end of period $354 $337
Supplemental cash flow disclosures:
Interest paid $144 $159
Taxes paid $- $9
--------------------------------------------------------------------------------
Source: TOR Minerals International, Inc.
TOR Minerals Announces Fourth Quarter and Full Year 2007 Financial Results
CORPUS CHRISTI, Texas, Feb. 20 /PRNewswire-FirstCall/ -- TOR Minerals International (Nasdaq: TORM), producer of synthetic TiO2 color pigments, specialty aluminas, and other high performance mineral fillers today announced its financial results for the fourth quarter and year ended December 31, 2007. The company reported net income available to common shareholders of $11,000, or $0.00 per diluted share, on net sales of $27,961,000 for the year ended December 31, 2007. This compares with net income available to common shareholders of $33,000, or $0.00 per share, on net sales of $26,079,000 for the year ended December 31, 2006.
Sales of specialty alumina products increased by 35 percent in 2007, reflecting the successful introduction of new, high value-added alumina products and gaining several new customers. Hitox sales declined 2 percent and other revenue was flat year-over-year, resulting in a 7 percent increase in net sales for 2007.
Net sales for the fourth quarter ended December 31, 2007, was $5,969,000 compared to $5,355,000 for the fourth quarter ended December 31, 2006. The net loss available to common shareholders was $230,000, or ($0.03) per diluted share, for the fourth quarter of 2007 compared to a net loss of $275,000, or ($0.04) per share, for the fourth quarter of 2006.
The 11 percent increase in fourth quarter net sales was primarily due to a 27 percent growth in specialty alumina sales. At 6 percent growth, Hitox sales returned to positive growth for the quarter. All other product sales grew 7 percent.
The company said that it experienced significant raw material, energy and freight cost pressure during 2007, but was able to offset these costs by making improvements to revenue mix, processing technologies and tightly controlling operating expenses.
'2007 was a year of significant innovation in product development. With the successful introduction of new high value-added specialty alumina products, we restored growth and profitability to that business. Our newly developed colored pigments are currently in testing with two dozen customers, and are expected to lay the foundation for resumed growth and profitability for our TiO2 pigment business in 2008,' said Dr. Olaf Karasch, Chief Executive Officer of TOR Minerals. 'Looking forward, we plan to continue to introduce innovative high value-added products and look for ways to further leverage marketing and manufacturing opportunities in our global operations.'
The company announced operational changes that will reduce synthetic rutile stocking levels by 50 percent while continuing to support future growth and customer service levels. As a result of these changes, the company will temporarily idle synthetic rutile production, which is expected to have a negative effect on fixed cost absorption and result in a loss in the first quarter of 2008. 'While idling synthetic rutile production will temporarily sacrifice profitability in the first quarter, the operational changes lower inventory stocking requirements, improve cash flow, and improve returns going forward,' said Steve Parker, Chief Financial Officer of TOR Minerals.
During 2008, the company expects specialty alumina sales to continue to post double digit sales increases and the new TiO2 colored pigment products to contribute significantly to growth in the second half of 2008. During 2008, the company expects profitability to ramp in each quarter of the year as new products are introduced and processes are improved.
TOR Minerals will host a conference call at 4:00 p.m. Central Time on February 20, 2008 to further discuss fourth quarter results. The call will be simultaneously webcast, and can be accessed via the News section on the company's website at http://www.torminerals.com. Interested parties may also access the conference call via telephone by dialing 877-407-9210.
Headquartered in Corpus Christi, Texas, TOR Minerals 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 slow down 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.
Contact for Further Information:
David Mossberg
Beacon Street Group, LLC
(817) 310-0051
TOR Minerals International, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months Twelve Months
Ended December 31, Ended December 31,
2007 2006 2007 2006
(Unaudited) (Unaudited)(Unaudited)
NET SALES $5,969 $5,355 $27,961 $26,079
Cost of sales 5,029 4,547 22,768 20,939
GROSS MARGIN 940 808 5,193 5,140
Technical services and
research and development 62 54 245 239
General, administrative
and selling expenses 1,014 928 4,290 4,160
(Gain) loss on disposal of
assets (12) 1 (12) 1
OPERATING INCOME (LOSS) (124) (175) 670 740
OTHER INCOME (EXPENSE):
Interest income 7 2 18 17
Interest expense (166) (148) (684) (547)
Loss on foreign currency
exchange rate 9 (81) 25 (135)
Other, net - 20 - 20
INCOME (LOSS) BEFORE INCOME TAX (274) (382) 29 95
Income tax expense
(benefit) (59) (122) (42) 2
NET INCOME (LOSS) $(215) $(260) $71 $93
Less: Preferred Stock
Dividends 15 15 60 60
Income (Loss) Available to
Common Shareholders $(230) $(275) $11 $33
Income (loss) per common
share:
Basic $(0.03) $(0.04) $0.00 $0.00
Diluted $(0.03) $(0.04) $0.00 $0.00
Weighted average common
shares outstanding:
Basic 7,849 7,839 7,849 7,836
Diluted 7,849 7,839 7,885 7,873
TOR Minerals International, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
December 31,
2007 2006
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $376 $896
Trade accounts receivable, net 3,791 3,593
Inventories 11,392 10,949
Other current assets 578 555
Total current assets 16,137 15,993
PROPERTY, PLANT AND EQUIPMENT, net 20,421 20,034
GOODWILL 2,131 1,927
OTHER ASSETS 47 57
$38,736 $38,011
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $1,992 $2,036
Accrued expenses 1,266 2,062
Notes payable under lines of credit 4,576 811
Current deferred tax liability 16 401
Current maturities - Capital Leases 80 65
Current maturities of long-term debt
- Financial Institutions 907 580
Current maturities of long-term debt
- Related Parties - 400
Total current liabilities 8,837 6,355
LONG-TERM DEBT, EXCLUDING CURRENT
MATURITIES
Capital Leases 213 254
Long-term debt - Financial
Institutions 2,678 2,835
Notes payable under lines of credit - 3,525
DEFERRED TAX LIABILITY 603 213
Total liabilities 12,331 13,182
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Series A 6% convertible preferred stock
$.01 par value: authorized, 5,000
shares; 200 shares issued and
outstanding at 12/31/07 and 12/31/06 2 2
Common stock $.25 par value: authorized,
10,000 shares; 7,869 and 7,839 shares
issued and outstanding at 12/31/07 and
at 12/31/06, respectively 1,967 1,960
Additional paid-in capital 22,874 22,652
Accumulated deficit (2,589) (2,600)
Accumulated other comprehensive
(loss) income:
Unrealized gain (loss) on derivatives (1) 81
Cumulative translation adjustment 4,152 2,734
Total shareholders' equity 26,405 24,829
$38,736 $38,011
TOR Minerals International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
2007 2006
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $71 $93
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 1,785 1,496
Share-based compensation 172 163
Gain on disposal of assets (12) -
Deferred income taxes 6 77
Provision for bad debts - 11
Changes in working capital:
Trade accounts receivables (49) 441
Inventories 61 (3,396)
Other current assets (79) (163)
Accounts payable and accrued expenses (1,056) 382
Net cash provided by (used in)
operating activities 899 (896)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and
equipment (1,037) (759)
Proceeds from sales of property, plant
and equipment 16 3
Net cash used in investing activities (1,021) (756)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from lines of credit 154 1,819
Proceeds from capital lease 12 -
Payments on capital lease (72) (61)
Proceeds from long-term bank debt 1,057 241
Payments on long-term bank debt (1,134) (683)
Payments on related party long-term debt (400) (100)
Loan origination costs 11 (10)
Proceeds from the issuance of preferred
stock, common stock and exercise of
common stock options 57 25
Preferred stock dividends paid (60) (60)
Net cash provided by (used in)
financing activities (375) 1,171
Effect of exchange rate fluctuations on
cash and cash equivalents (23) 97
Net decrease in cash and cash
equivalents (520) (384)
Cash and cash equivalents at beginning of
year 896 1,280
Cash and cash equivalents at end of year $376 $896
Supplemental cash flow disclosures:
Interest paid $684 $543
Income taxes paid $10 $15
SOURCE TOR Minerals International
market maker playing drops and pops today with TORM
too funny
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD MAY 23, 2008
http://pinksheets.com/edgar/GetFilingHtml?FilingID=5846628
TORM under accumulation, support at $1.95, headed on up
TORM could see a 50/200 crossover short term
Man this stock is just begging for a gap up soon.
dont miss the boat.......
bidders lining up.......
good sign, news a coming????????
bought more friday, averaging in for the big move someday
hopefully
any influx in buying of TORM gonna spiral this forward...
jmho
went on the bid at $2.08 see what happens
Alex
Isn't that the truth.......these MM's can do this all day and what their good at is stacking the deck, sell high in the morning and sell low in the afternoon.....especially at close.
boy they just love to manipulate this little stock.....
the time is coming though then KABOOM!!!!!!!
yepper
bought some TRX this morning, chart looks great for a move.
I might try for more later in another account/
Im sitting on 2.04 for TORM but no takers, Ill wait
till end of day to move it up if I have to
thanks
Alex
Ya found that did ya?:))
WOO wee, nobody wanted to sell today,,,,,,,
I also like that TR#
looks good, maybe TORM be that soon
good luck
Alex
,,,,,$$$$$
TORM gonna be in the $2.50 and higher shortly.
I just transfered moo money to buy sum more.
I smell a merger or something,
but, I could be wrong/
thanks for those others I gottem marked
Alex
I like it to, and chemicals always do well, and most companies today are falling prey to the overall market conditions, lot of hedgies short selling, and the volatilty is crazy. But for us this are terrific buying opportunities. The time to love them is now, not when the begin their runs, and so many of these stocks I never thought I would see this cheap again..........what I need is a financier! :))
another thing, Thomas Pauken, insider been really loading up here.
http://pinksheets.com/edgar/GetFilingPdf?FilingID=5831187
http://pinksheets.com/edgar/GetFilingPdf?FilingID=5826705
http://pinksheets.com/edgar/GetFilingPdf?FilingID=5823395
http://pinksheets.com/edgar/GetFilingPdf?FilingID=5820148
Ive been buying for the last 2 weeks TORM, I like what Im seeing,
I think this gonna rocket right on up.
shares are hard to get and somebody is
always on top of the bids.....
going for more tomorrow if possible.
The company had a good year over year results, considering the market conditions.
February 20, 2008 - 4:00 PM EST
TOR Minerals Announces Fourth Quarter and Full Year 2007 Financial Results
CORPUS CHRISTI, Texas, Feb. 20 /PRNewswire-FirstCall/ -- TOR Minerals International (Nasdaq: TORM), producer of synthetic TiO2 color pigments, specialty aluminas, and other high performance mineral fillers today announced its financial results for the fourth quarter and year ended December 31, 2007. The company reported net income available to common shareholders of $11,000, or $0.00 per diluted share, on net sales of $27,961,000 for the year ended December 31, 2007. This compares with net income available to common shareholders of $33,000, or $0.00 per share, on net sales of $26,079,000 for the year ended December 31, 2006.
Sales of specialty alumina products increased by 35 percent in 2007, reflecting the successful introduction of new, high value-added alumina products and gaining several new customers. Hitox sales declined 2 percent and other revenue was flat year-over-year, resulting in a 7 percent increase in net sales for 2007.
Net sales for the fourth quarter ended December 31, 2007, was $5,969,000 compared to $5,355,000 for the fourth quarter ended December 31, 2006. The net loss available to common shareholders was $230,000, or ($0.03) per diluted share, for the fourth quarter of 2007 compared to a net loss of $275,000, or ($0.04) per share, for the fourth quarter of 2006.
The 11 percent increase in fourth quarter net sales was primarily due to a 27 percent growth in specialty alumina sales. At 6 percent growth, Hitox sales returned to positive growth for the quarter. All other product sales grew 7 percent.
The company said that it experienced significant raw material, energy and freight cost pressure during 2007, but was able to offset these costs by making improvements to revenue mix, processing technologies and tightly controlling operating expenses.
'2007 was a year of significant innovation in product development. With the successful introduction of new high value-added specialty alumina products, we restored growth and profitability to that business. Our newly developed colored pigments are currently in testing with two dozen customers, and are expected to lay the foundation for resumed growth and profitability for our TiO2 pigment business in 2008,' said Dr. Olaf Karasch, Chief Executive Officer of TOR Minerals. 'Looking forward, we plan to continue to introduce innovative high value-added products and look for ways to further leverage marketing and manufacturing opportunities in our global operations.'
The company announced operational changes that will reduce synthetic rutile stocking levels by 50 percent while continuing to support future growth and customer service levels. As a result of these changes, the company will temporarily idle synthetic rutile production, which is expected to have a negative effect on fixed cost absorption and result in a loss in the first quarter of 2008. 'While idling synthetic rutile production will temporarily sacrifice profitability in the first quarter, the operational changes lower inventory stocking requirements, improve cash flow, and improve returns going forward,' said Steve Parker, Chief Financial Officer of TOR Minerals.
During 2008, the company expects specialty alumina sales to continue to post double digit sales increases and the new TiO2 colored pigment products to contribute significantly to growth in the second half of 2008. During 2008, the company expects profitability to ramp in each quarter of the year as new products are introduced and processes are improved.
TOR Minerals will host a conference call at 4:00 p.m. Central Time on February 20, 2008 to further discuss fourth quarter results. The call will be simultaneously webcast, and can be accessed via the News section on the company's website at http://www.torminerals.com. Interested parties may also access the conference call via telephone by dialing 877-407-9210.
Headquartered in Corpus Christi, Texas, TOR Minerals 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 slow down 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.
Contact for Further Information:
David Mossberg
Beacon Street Group, LLC
(817) 310-0051
TOR Minerals International, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months Twelve Months
Ended December 31, Ended December 31,
2007 2006 2007 2006
(Unaudited) (Unaudited)(Unaudited)
NET SALES $5,969 $5,355 $27,961 $26,079
Cost of sales 5,029 4,547 22,768 20,939
GROSS MARGIN 940 808 5,193 5,140
Technical services and
research and development 62 54 245 239
General, administrative
and selling expenses 1,014 928 4,290 4,160
(Gain) loss on disposal of
assets (12) 1 (12) 1
OPERATING INCOME (LOSS) (124) (175) 670 740
OTHER INCOME (EXPENSE):
Interest income 7 2 18 17
Interest expense (166) (148) (684) (547)
Loss on foreign currency
exchange rate 9 (81) 25 (135)
Other, net - 20 - 20
INCOME (LOSS) BEFORE INCOME TAX (274) (382) 29 95
Income tax expense
(benefit) (59) (122) (42) 2
NET INCOME (LOSS) $(215) $(260) $71 $93
Less: Preferred Stock
Dividends 15 15 60 60
Income (Loss) Available to
Common Shareholders $(230) $(275) $11 $33
Income (loss) per common
share:
Basic $(0.03) $(0.04) $0.00 $0.00
Diluted $(0.03) $(0.04) $0.00 $0.00
Weighted average common
shares outstanding:
Basic 7,849 7,839 7,849 7,836
Diluted 7,849 7,839 7,885 7,873
TOR Minerals International, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
December 31,
2007 2006
(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $376 $896
Trade accounts receivable, net 3,791 3,593
Inventories 11,392 10,949
Other current assets 578 555
Total current assets 16,137 15,993
PROPERTY, PLANT AND EQUIPMENT, net 20,421 20,034
GOODWILL 2,131 1,927
OTHER ASSETS 47 57
$38,736 $38,011
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $1,992 $2,036
Accrued expenses 1,266 2,062
Notes payable under lines of credit 4,576 811
Current deferred tax liability 16 401
Current maturities - Capital Leases 80 65
Current maturities of long-term debt
- Financial Institutions 907 580
Current maturities of long-term debt
- Related Parties - 400
Total current liabilities 8,837 6,355
LONG-TERM DEBT, EXCLUDING CURRENT
MATURITIES
Capital Leases 213 254
Long-term debt - Financial
Institutions 2,678 2,835
Notes payable under lines of credit - 3,525
DEFERRED TAX LIABILITY 603 213
Total liabilities 12,331 13,182
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Series A 6% convertible preferred stock
$.01 par value: authorized, 5,000
shares; 200 shares issued and
outstanding at 12/31/07 and 12/31/06 2 2
Common stock $.25 par value: authorized,
10,000 shares; 7,869 and 7,839 shares
issued and outstanding at 12/31/07 and
at 12/31/06, respectively 1,967 1,960
Additional paid-in capital 22,874 22,652
Accumulated deficit (2,589) (2,600)
Accumulated other comprehensive
(loss) income:
Unrealized gain (loss) on derivatives (1) 81
Cumulative translation adjustment 4,152 2,734
Total shareholders' equity 26,405 24,829
$38,736 $38,011
TOR Minerals International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)
Year Ended December 31,
2007 2006
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $71 $93
Adjustments to reconcile net income
to net cash provided by (used in)
operating activities:
Depreciation 1,785 1,496
Share-based compensation 172 163
Gain on disposal of assets (12) -
Deferred income taxes 6 77
Provision for bad debts - 11
Changes in working capital:
Trade accounts receivables (49) 441
Inventories 61 (3,396)
Other current assets (79) (163)
Accounts payable and accrued expenses (1,056) 382
Net cash provided by (used in)
operating activities 899 (896)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and
equipment (1,037) (759)
Proceeds from sales of property, plant
and equipment 16 3
Net cash used in investing activities (1,021) (756)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net proceeds from lines of credit 154 1,819
Proceeds from capital lease 12 -
Payments on capital lease (72) (61)
Proceeds from long-term bank debt 1,057 241
Payments on long-term bank debt (1,134) (683)
Payments on related party long-term debt (400) (100)
Loan origination costs 11 (10)
Proceeds from the issuance of preferred
stock, common stock and exercise of
common stock options 57 25
Preferred stock dividends paid (60) (60)
Net cash provided by (used in)
financing activities (375) 1,171
Effect of exchange rate fluctuations on
cash and cash equivalents (23) 97
Net decrease in cash and cash
equivalents (520) (384)
Cash and cash equivalents at beginning of
year 896 1,280
Cash and cash equivalents at end of year $376 $896
Supplemental cash flow disclosures:
Interest paid $684 $543
Income taxes paid $10 $15
SOURCE TOR Minerals International
Conference call scheduled this week 2/20:
February 4, 2008 - 1:37 PM EST
TOR Minerals International to Report Fourth Quarter and Year End 2007 Financial Results
CORPUS CHRISTI, Texas, Feb. 4 /PRNewswire-FirstCall/ -- TOR Minerals International (Nasdaq: TORM) announced today that it will conduct its fourth quarter and year end 2007 earnings conference call on Wednesday, February 20, 2008, at 5:00 p.m. EST, 4:00 p.m. CST. The call will be led by Dr. Olaf Karasch, President and CEO, of TOR Minerals. Joining Dr. Karasch on the call will be Steve Parker, CFO, of TOR Minerals.
The call will be available via webcast under the News section of the company's website, http://www.torminerals.com. Interested parties may also access the conference call via telephone by dialing 877-407-9210. Fourth quarter and year end 2007 results will be released after the markets close on February 20, 2008.
Headquartered in Corpus Christi, Texas, TOR Minerals 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.
Contact:
Dave Mossberg,
Beacon Street Group, LLC
817-310-0051
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First Quarter Results ~ CORPUS CHRISTI, Texas, May 1 /PRNewswire-FirstCall/ -- TOR Minerals International (Nasdaq: TORM - News), producer of synthetic titanium dioxide and color pigments, specialty aluminas, and other high performance mineral fillers today announced its financial results for the first quarter ended March 31, 2008. The company reported a net loss available to common shareholders of ($604,000), or ($0.08) per diluted share, on net sales of $6,746,000 for the quarter ended March 31, 2008. This compares with net income available to common shareholders of $24,000, or $0.00 per share, on net sales of $7,153,000 for the quarter ended March 31, 2007. http://biz.yahoo.com/prnews/080501/lath089.html?.v=101
TOR Minerals International Inc.
722 Burleson Street
Corpus Christi, TX 78402
United States - Map
Phone: 361-883-5591
Fax: 361-882-6948
Web Site:http://www.torminerals.com
Europe:
TP&T B.V.
Div. of TOR Minerals International, Inc.
Burgemeester Moslaan 13
8051 CP Hattem
The Netherlands
Tel: +31 3833 88657
Fax: +31 3844 46207
Asia:
TOR Minerals Malaysia Sdn. Bhd.
4 ½ Miles, Lahat Road,
30200 Ipoh, Perak, Malaysia.
Tel: +605 322 3536
Fax: +605 322 2535
DETAILS
Index Membership: N/A
Sector: Basic Materials
Industry: Synthetics
Full Time Employees: 180
BUSINESS SUMMARY
TOR Minerals International, Inc. operates as a specialty chemical company in the United States. It manufactures and markets mineral products for use as pigments, pigment extenders, and flame retardants used in the manufacture of paints, industrial coatings, plastics, catalysts, and solid surface applications. The company's products comprise HITOX, a light buff-colored titanium dioxide pigment, used primarily in paints, coatings, plastics, papers, and other products; ALUPREM products, which are used for color critical applications as fillers and flame retardants; SYNTHETIC RUTILE, used as a feed stock for white TiO2 and as a component in welding rod flux; BARTEX, an inert extender pigment, used in coatings; and HALTEX, which is used in technical applications, including electrical wire and cable insulation, thermoset SMC/BMC molding compounds, thermoplastic profiles, PVC and rubber products, and specialty coatings, as well as adhesives and sealants. TOR Minerals International sells its products through direct sales representatives, and independent distributors and agents internationally. The company was founded in 1973 and is headquartered in Corpus Christi, Texas.
KEY EXECUTIVES
Dr. Olaf Karasch , 51
Chief Exec. Officer, Pres, Director and Member of Exec. Committee
Mr. Mark J. Schomp , 48
Exec. VP
Ms. Barbara Russell , 55
Controller
Mr. Hee Chew Lee , 52
VP of Asian Operations
Mr. Steven H. Parker , 57
Chief Financial Officer, Principal Accounting Officer and Treasurer
Primary SIC — Industry Classification
2810 - Industrial Inorganic Chemicals
State Of Incorporation
DE
Jurisdiction Of Incorporation
USA
Company Officers
Steven H. Parker, CFO
Richard L. Bowers, President, CEO
Elizabeth K. Morgan, Secretary
SEC Reporting Status
SEC Reporting Company
CIK
0000842295
Fiscal Year End
12/31
Estimated Market Cap
17,369,035 as of Feb 12, 2008
Outstanding Shares
7,859,292 as of Oct 31, 2007
Float
6.3 mil
Number of Share Holders of Record
100 as of Mar 29, 2007
Transfer Agent
Registrar and Transfer Co.,
10 Commerce Dr.
P.O. Box 1010
Cranford, NJ 07016-1010
American Bulls: http://www.americanbulls.com/StockPage.asp?CompanyTicker=TORM&MarketTicker=NASD&TYP=S
http://www.candlesticker.com/Cs05.asp
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