-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Ch9i4kdZnib2TqB/nLNlfTBTD8Rp3ZZuy7E70kwhuTxi09+r+dbTxPombbRO7yyJ Su/X0s5fWsL142ArtpOwjQ== 0000842295-04-000063.txt : 20040805 0000842295-04-000063.hdr.sgml : 20040805 20040805101435 ACCESSION NUMBER: 0000842295-04-000063 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20040804 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOR MINERALS INTERNATIONAL INC CENTRAL INDEX KEY: 0000842295 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INORGANIC CHEMICALS [2810] IRS NUMBER: 742081929 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17321 FILM NUMBER: 04953485 BUSINESS ADDRESS: STREET 1: 722 BURLESON CITY: CORPUS CHRISTI STATE: TX ZIP: 78402 BUSINESS PHONE: 3618825175 MAIL ADDRESS: STREET 1: 722 BURLESON CITY: CORPUS CHRISTI STATE: TX ZIP: 78402 FORMER COMPANY: FORMER CONFORMED NAME: HITOX CORPORATION OF AMERICA DATE OF NAME CHANGE: 19920703 8-K 1 x8kaug4.htm PRESS RELEASE - SECOND QUARTER FINANCIALS UNITED STATES

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

___________

FORM 8-K
___________

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2004
Commission file Number: 0-17321

___________

TOR MINERALS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)

___________

 

Delaware

74-2081929

(State or other jurisdiction of corporation)

(I.R.S. Employer Identification No.)

722 Burleson
Corpus Christi, Texas 78402
(Address of principal executive offices and zip code)

(361) 883-5591
(Registrant's telephone number, including area code)

___________

ITEM 5. OTHER EVENTS

The Registrant files herewith the Exhibit listed in Item 7 below.

ITEM 7. EXHIBITS

The following exhibit is furnished in accordance with 601 of Regulation S-K: 99.1 Press release.

 

Exhibit 99

 

TOR MINERALS INTERNATIONAL ANNOUNCES

SECOND QUARTER FINANCIALS

Corpus Christi, Texas August 4, 2004 -- TOR Minerals International (NASDAQ: TORM) producer of natural titanium dioxide pigments and specialty aluminas today announced that for the second quarter ended June 30, 2004 it earned $ 190,000 as compared with a profit of $329,000 in the second quarter of 2003. Results for the six months ended June 30, 2004 were a profit of $431,000 against a profit of $435,000 for the first half of 2003. Sales for the six month period were $12,390,000 as against $9,902,000 a year earlier, an increase of 25% and sales for the quarter were $6,386,000 compared to $5,506,000 for the second quarter of 2003.

Richard Bowers, President and C.E.O said that the Company experienced unusual difficulty supplying pigment feedstock to its Corpus Christi facility due to a scarcity of space in the dry bulk, ocean vessel, charter market. As a consequence TOR was forced to ship containers of feedstock to Corpus Christi at a very high cost for two months of the quarter. TOR also supplied some North American customers by shipping finished pigment from its Malaysian plant, again at a higher cost than normal. Additionally, the Company did not make anticipated shipments of synthetic rutile to third party customers during the quarter for the same reason -- lack of bulk cargo space. Mr. Bowers said that the delayed synthetic rutile shipments would take place in the last half of the year and that bulk delivery of pigment feedstock, sufficient for eight months production, was received at Corpus Christi July 4th. He said that he believed the shipping problem would not be repeated. He further stated that s ales continued to grow significantly and that he anticipated gross revenues for the third quarter of 2004 to exceed $9,000,000.

Based in Corpus Christi, Texas, TOR Minerals manufactures pigments in Texas, Malaysia, and the Netherlands which are marketed worldwide

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
(Unaudited)
(in thousands, except per share amounts)

Three Months Ended
June 30,

Six Months Ended
June 30,

2004

2003

2004

2003

NET SALES

$ 6,386

$ 5,506

$ 12,390

$ 9,902

Cost of products sold

4,748

4,003

9,233

7,289

GROSS MARGIN

1,638

1,503

3,157

2,613

GROSS MARGIN %

25.6%

27.3%

25.5%

26.4%

Selling, administrative and general

1,327

1,091

2,530

2,021

OPERATING INCOME

311

412

627

592

OTHER INCOME (EXPENSE):

Interest income

1

-

2

-

Interest expense

(61)

(65)

(79)

(122)

Other, net

(29)

(1)

(33)

(2)

INCOME BEFORE INCOME TAX

222

346

517

468

Taxes

32

17

86

33

NET INCOME

$ 190
====

$ 329
====

$ 431
====

$ 435
====

Earnings per common share:

Basic

$ 0.02

$ 0.05

$ 0.05

$ 0.06

Diluted

$ 0.02

$ 0.05

$ 0.05

$ 0.06

Weighted average common shares and equivalents outstanding:

Basic

7,777

7,086

7,688

6,986

Diluted

8,039

(1)

7,181

7,993

(2)

7,158

(1) 170,000 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.

(2) 146,000 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
June 30, 2004 and December 31, 2003
(in thousands)

 

June 30, 2004
(Unaudited)
________

December 31,
2003
________

ASSETS

Current assets

$ 13,164

$ 10,747

Property, plant and equipment, net

14,885

13,470

Goodwill, net

1,781

1,283

Other assets

-

42


Total Assets

________
$ 29,830
=======

________
$ 25,542
=======

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

$ 7,140

$ 7,978

Long-term debt, excluding current maturities

1,121

1,642

Deferred tax liability

61

-

Total Liabilities

________
8,322

________
9,620

Shareholders' equity

21,508

15,922


Total Liabilities & Shareholders' Equity

________
$ 29,830
=======

________
$ 25,542
=======

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

TOR MINERALS INTERNATIONAL, INC.
_____________________
(Registrant)

 

 

 

 

Date: August 5, 2004

RICHARD BOWERS
Richard Bowers
President and CEO

 

 

Date: August 5, 2004

LAWRENCE W. HAAS
Lawrence W. Haas
Treasurer and CFO

 

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