-----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, KVeO/UYNs+WrDja/GSavia/Oc20fPaqvKlqdv7+YKRi6wtpA6grmjqf5LuHftttN E7lZNp0RX28drjqHAQn+6Q== 0000842295-05-000025.txt : 20050505 0000842295-05-000025.hdr.sgml : 20050505 20050505170311 ACCESSION NUMBER: 0000842295-05-000025 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20050504 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050505 DATE AS OF CHANGE: 20050505 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: 05804404 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 x05q1pr.htm PRESS RELEASE - FIRST QUARTER 2005 EARNINGS RELEASE TOR Minerals - Earnings Release for Q1 2005

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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):

May 4, 2005

TOR Minerals International, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware

(State or Other Jurisdiction of Incorporation)

0-17321

74-2081929

(Commission File Number)

(IRS Employer Identification No.)

 

 

722 Burleson Street
Corpus Christi, Texas


78402

(Address of Principal Executive Offices)

(Zip Code)

(361) 883-5591

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

___

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

___

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

___

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

___

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



ITEM 2.02             RESULTS OF OPERATIONS AND FINANCIAL CONDITION

The information in this Current Report and in the accompanying exhibit is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On May 4, 2005, TOR Minerals International, Inc. issued a press release announcing financial results for the quarter ended March 31, 2005.  A copy of this press release is attached hereto as Exhibit 99.1.

ITEM 9.01             FINANCIAL STATEMENTS AND EXHIBITS

(a)

Financial Statements of Businesses Acquired.
Not applicable.

(b)

Pro Forma Financial Information.
Not applicable.

(c)

Exhibits.
99.1  Press Release, dated May 4, 2005, announcing financial results
         for the quarter ended March 31, 2005.

 

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:  May  6, 2005

LAWRENCE W. HAAS

Lawrence W. Haas
Treasurer and CFO



EXHIBIT INDEX

Exhibit No.

Description 

99.1

Press Release, dated May 4, 2005, announcing financial results
for the quarter ended March 31, 2005



Exhibit 99.1

 

 

 

TOR MINERALS INTERNATIONAL REPORTS

FIRST QUARTER 2005 FINANCIAL RESULTS

Corpus Christi, Texas, May 4, 2005, - TOR Minerals International (NASDAQ: TORM) 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 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

(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 

(1)

7,947 

(2)

(1)  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.

(2)  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 


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