-----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, T0f1RZulDShhLGD410pQFPadGzSjqqoKhvcIl5ZJOJ/Hst1N1OU98e7Y/VGJi14m Qdepi57bRCkO68IMZtVIkw== 0000842295-07-000040.txt : 20070425 0000842295-07-000040.hdr.sgml : 20070425 20070425103017 ACCESSION NUMBER: 0000842295-07-000040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20070424 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20070425 DATE AS OF CHANGE: 20070425 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: 07786374 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 x8k2007q1.htm 8-K, FIRST QUARTER 2007 EARNINGS RELEASE 8-K, First Quarter Earnings

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):

April 24, 2007

TOR Minerals International, Inc.
(Exact Name of Registrant as Specified in Its Charter)

Delaware
(State or Other Jurisdiction of Incorporation)

0-17321
(Commission File Number)

74-2081929
(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))

1



ITEM 2.02             RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

TOR Minerals International (Nasdaq:TORM), producer of synthetic titanium dioxide pigments, specialty aluminas, and other high performance mineral fillers today announced its financial results for the first quarter 2007.  The company reported net income available to shareholders of $24,000, or $0.00 per fully diluted share, on net sales of $7,153,000.  This compares with net income available to shareholders of $185,000, or $0.02 per share, on net sales of $7,185,000 for the quarter ended March 31, 2006.

First quarter 2007 revenue comparisons were relatively flat with 2006 results, as HITOX® sales increased 9% and specialty alumina sales decreased 13%. Profitability declined as improved operating efficiencies and increased fixed cost absorption at the United States and Netherlands production facilities were offset by increased raw material costs and under-absorption of costs at the synthetic rutile plant in Malaysia. 

Highlights for the quarter include a 37% increase in HITOX sales outside of the United States to $1,211,000; a 26% increase of specialty alumina sales in Europe to $1,064,000; and a significant specialty alumina purchase order, which began shipping during the first quarter of 2007.

The company issued financial guidance for the year ending December 31, 2007, of net sales of $29 million to $30 million, and earnings per share of $0.04 to $0.05.  For the prior year ended December 31, 2006, the company reported net sales of $26 million and earnings per share of $0.00.

TOR Minerals will host a conference call at 4:00 p.m. Central Time on April 24, 2007 to further discuss first quarter results. The call will be simultaneously web-cast, and can be accessed via the News section on the company's website at www.torminerals.com.  

A copy of the press release relating to this Item 2.02 is furnished as Exhibit 99.1 to this Current Report on Form 8-K.  A copy of the press release is also available on its website at www.torminerals.com, under the News tab.

The information in this Current Report on Form 8-K, including the exhibit, is provided under Item 2.02 of Form 8-K and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section. Furthermore, the information in this Current Report on Form 8-K, including the exhibit, shall not be deemed to be incorporated by reference into the filings of the registrant under the Securities Act of 1933 regardless of any general incorporation language in such filings.

2



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 April 24, 2007, announcing the financial results for the quarter ended March 31, 2007.

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:  April 25, 2007

/s/ STEVEN PARKER

Steven Parker
Treasurer and CFO

EXHIBIT INDEX

Exhibit No.

Description

 

99.1

Press Release, dated April 24, 2007, announcing the financial results for the quarter ended March 31, 2007.

3


EX-99 2 exhibit99.htm EXHIBIT 99, PRESS RELEASE Exhibit 99, Press Release

EXHIBIT 99.1

 

 TOR Minerals Announces First Quarter 2007 Financial Results

CORPUS CHRISTI, Texas, April 24, 2007-- TOR Minerals International (Nasdaq:TORM), producer of synthetic titanium dioxide pigments, specialty aluminas, and other high performance mineral fillers today announced its financial results for the first quarter 2007.  The company reported net income available to shareholders of $24,000, or $0.00 per fully diluted share, on net sales of $7,153,000.  This compares with net income available to shareholders of $185,000, or $0.02 per share, on net sales of $7,185,000 for the quarter ended March 31, 2006.

First quarter 2007 revenue comparisons were relatively flat with 2006 results, as HITOX® sales increased 9% and specialty alumina sales decreased 13%. Profitability declined as improved operating efficiencies and increased fixed cost absorption at the United States and Netherlands production facilities were offset by increased raw material costs and under-absorption of costs at the synthetic rutile plant in Malaysia.

Highlights for the quarter include a 37% increase in HITOX sales outside of the United States to $1,211,000; a 26% increase of specialty alumina sales in Europe to $1,064,000; and a significant specialty alumina purchase order, which began shipping during the first quarter of 2007.

 "In a year's time we have improved the profitability of our Netherlands operation, which was our largest contributor to profitability in the first quarter of 2007.   In addition to continued improvement in our Netherlands operation, we've made progress with our product development efforts during the first quarter and plan to announce several new high value-added products during 2007.  These products will be introduced to address new opportunities within our traditional end markets of plastics, paints and coatings, and solid surface and, we believe they can provide revenue growth opportunities for us in the future," said Dr. Olaf Karasch, CEO of TOR Minerals.

Dr. Karasch continued, "2007 is a building year for TOR Minerals. We expect sales comparisons to improve as we recognize increased revenue from the significant alumina purchase order and we target efforts for continued growth of alumina sales in Europe and HITOX sales outside the United States. We also are targeting a modest gain in profitability due to last year's efforts to improve operational efficiency and fixed cost leverage."  

The company issued financial guidance for the year ending December 31, 2007, of net sales of $29 million to $30 million, and earnings per share of $0.04 to $0.05.  For the prior year ended December 31, 2006, the company reported net sales of $26 million and earnings per share of $0.00.

TOR Minerals will host a conference call at 4:00 p.m. Central Time on April 24, 2007 to further discuss first quarter results. The call will be simultaneously web-cast, and can be accessed via the News section on the company's website 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, The 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 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

Tables Follow



TOR Minerals International, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended March 31,

 

 

2007

 

2006

NET SALES

 $

7,153 

 $

7,185 

Cost of sales

5,751 

5,630 

GROSS MARGIN

 

1,402 

 

1,555 

Technical services and research and development

62 

85 

General, administrative and selling expenses

1,143 

1,091 

OPERATING INCOME (LOSS)

 

197 

 

379 

OTHER INCOME (EXPENSE):

Interest income

Interest expense

(159)

(122)

Loss on foreign currency exchange rate

(11)

INCOME (LOSS) BEFORE INCOME TAX

 

44 

 

250 

Income tax expense (benefit)

50 

NET INCOME (LOSS)

 $

39 

 $

200 

Less:  Preferred Stock Dividends

15 

15 

Income (Loss) Available to Common Shareholders

 $

24 

 $

185 

 

 

 

 

 

Income (loss) per common share:

Basic

 $

0.00 

 $

0.02 

Diluted

 $

0.00 

 $

0.02 

Weighted average common shares outstanding:

Basic

7,839 

7,829 

Diluted

7,915 

7,920 



TOR Minerals International, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In thousands, except per share amounts)

 

March 31,

 

December 31,

 

2007

 

2006

 

 

(Unaudited)

 

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

337 

$

896 

Trade accounts receivable, net

4,337 

3,593 

Inventories

11,267 

10,949 

Other current assets

1,020 

555 

Total current assets

16,961 

15,993 

PROPERTY, PLANT AND EQUIPMENT, net

19,950 

20,034 

GOODWILL

1,950 

1,927 

OTHER ASSETS

55 

57 

 

$

38,916 

$

38,011 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

$

1,694 

$

2,036 

Accrued expenses

2,351 

2,062 

Notes payable under lines of credit

1,054 

811 

Current deferred tax liability

401 

401 

Current maturities - Capital Leases

67 

65 

Current maturities of long-term debt - Financial Institutions

524 

580 

Current maturities of long-term debt - Related Parties

400 

Total current liabilities

6,091 

6,355 

LONG-TERM DEBT, EXCLUDING CURRENT MATURITIES

Capital Leases

240 

254 

Long-term debt - Financial Institutions

2,825 

2,835 

Notes payable under lines of credit

4,325 

3,525 

DEFERRED TAX LIABILITY

221 

213 

Total liabilities

13,702 

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 3/31/07 and 12/31/06

Common stock $.25 par value:  authorized, 10,000 shares;
7,839 and 7,839 shares issued and outstanding at 3/31/07
and at 12/31/06, respectively

1,960 

1,960 

Additional paid-in capital

22,682 

22,652 

Accumulated deficit

(2,576)

(2,600)

Accumulated other comprehensive (loss) income:

Unrealized gain (loss) on derivatives

81 

81 

Cumulative translation adjustment

3,065 

2,734 

Total shareholders' equity

25,214 

24,829 

 

$

38,916 

$

38,011 


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