-----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, CoAYRuAKKUSidv2CZFx54IrFOB7USR9dubwy0FsB9gczcu4sJU+qB3oGtE17royO hUv5orOMAiHtaGhukRDKkA== 0000842295-09-000017.txt : 20090331 0000842295-09-000017.hdr.sgml : 20090331 20090331143642 ACCESSION NUMBER: 0000842295-09-000017 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090330 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090331 DATE AS OF CHANGE: 20090331 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: 09717961 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 x8k2008q4earnings.htm FORM 8-K, FOURTH QUARTER AND YEAR END 2008 EARNINGS RELEASE Form 8-K, Fourth Quarter and Year End 2008 Financial Results

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):

March 30, 2009

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
(Address of Principal Executive Offices)


78402
(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 high value, specialty mineral products, today announced its financial results for the fourth quarter and year ended December 31, 2008.  The Company reported a net loss available to common shareholders of $5,022,000, or ($0.64) per diluted share, for the year ended December 31, 2008 on net sales of $25,304,000 during 2008.  This compares with net income available to common shareholders of $11,000, or $0.00 per share, on net sales of $27,961,000 for the year ended December 31, 2007.

Net sales for the fourth quarter ended December 31, 2008, were $4,139,000 compared to $5,969,000 during the fourth quarter ended December 31, 2007.  The net loss available to common shareholders was $3,680,000, or ($0.47) per diluted share, for the fourth quarter of 2008 compared to a net loss of $230,000, or ($0.03) per diluted share, for the fourth quarter of 2007.

The consolidated financial statements to be included in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2008 (the "Form 10-K") have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, as to which uncertainty exists. As a result of this uncertainty, the Form 10-K will include an explanatory paragraph in the report of its independent registered public accounting firm that there is substantial doubt about the Company's ability to continue as a "going concern."  The Company's 2008 financial statements, including the financial statements in the Form 10-K and the financial results reported on this press release, do not include any adjustment that might result from the outcome of this uncertainty.

This uncertainty has resulted from the Company's failure to comply with certain financial covenants at December 31, 2008 contained in the Company's U.S. Credit Agreement with Bank of America, N.A. (the "Bank").  At March 30, 2009, the Company has approximately $2.45 million of borrowings under this Credit Agreement and its other credit arrangements with the Bank. The Company's revolving line of credit under the Credit Agreement comes due on April 1, 2009, and as disclosed in the Company's Current Report on Form 8-K filed on March 5, 2009, the Bank has informed the Company that the Credit Agreement will be terminated and the Bank will require repayment of all indebtedness.  The Company does not have the cash resources or access to alternative financing to repay the Bank.  While the Bank has notified the Company that it is considering the Company's request for an extension of the maturity date, no agreement has been reached with the Bank.  Discussions are ensuing and the Company is exploring other alternatives, but there is no assurance that the Company will successfully extend or refinance such indebtedness.

Dr. Olaf Karasch, CEO of TOR Minerals said, "Many negative factors including increased freight and energy costs during the beginning of the year and a sharp drop in 4Q sales resulted in TOR Minerals' first annual loss in seven years.  Nevertheless, we were able to make progress with several new product introductions and improved the efficiencies of our operations.  We expect these improvements to provide growth and profitability drivers when the economy emerges from bottom of the economic cycle."

 

"The conditions that led to weak sales levels in the fourth quarter have continued to negatively affect our revenue performance thus far in 2009.  In response to lower sales levels, we have implemented a 20% reduction in employee and management salaries and additional cost and operational efficiency measures.  Combined, these actions are expected to result in over $1 million in annual savings," continued Dr. Karasch.  "Although somewhat slower than we had anticipated, our new TIOPREM products continue to gain market acceptance.  Combined with some recent success we've had with other new products, we hope to offset the sales decreases in more mature product categories."

 

TOR Minerals will host a conference call at 4:00 p.m. Central Time on March 30, 2009 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 www.torminerals.com.  Interested parties may also access the conference call via telephone by dialing 877-407-8033.

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.

2

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-K:

Exhibit

Number     Description

99.1         Press Release, dated March 30, 2009, announcing the financial results for the quarter and year ended December 31, 2008.


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:  March 31, 2009

/s/ BARBARA RUSSELL

Barbara Russell
Acting CFO and Controller


EXHIBIT INDEX

Exhibit No.

Description

 

99.1

Press Release, dated March 30, 2009, announcing the financial results for the quarter and year ended December 31, 2008.

3
EX-99 2 exhibit99.htm EXHIBIT 99, PRESS RELEASE Exhibit 99 - Press Release

EXHIBIT 99.1

 

TOR Minerals Announces Fourth Quarter and Year End 2008 Financial Results

CORPUS CHRISTI, Texas, March 30, 2009 - TOR Minerals International (Nasdaq: TORM), producer of high value, specialty mineral products, today announced its financial results for the fourth quarter and year ended December 31, 2008.  The Company reported a net loss available to common shareholders of $5,022,000, or ($0.64) per diluted share, for the year ended December 31, 2008 on net sales of $25,304,000 during 2008.  This compares with net income available to common shareholders of $11,000, or $0.00 per share, on net sales of $27,961,000 for the year ended December 31, 2007.

 

Net sales for the fourth quarter ended December 31, 2008, were $4,139,000 compared to $5,969,000 during the fourth quarter ended December 31, 2007.  The net loss available to common shareholders was $3,680,000, or ($0.47) per diluted share, for the fourth quarter of 2008 compared to a net loss of $230,000, or ($0.03) per diluted share, for the fourth quarter of 2007.

 

During the fourth quarter, the Company estimated and recorded goodwill impairment and other non-cash charges totaling $3,269,000 (net of tax).  Excluding these charges, the net loss was $411,000, or ($0.05) per diluted share (net of tax), for the fourth quarter of 2008.  For the year ended December 31, 2008, the Company estimated and recorded goodwill and other non-cash charges totaling $3,909,000 (net of tax).  Excluding these charges, the net loss was $1,113,000, or ($0.14) per diluted share (net of tax).

The consolidated financial statements to be included in the Company's annual report on Form 10-K for the fiscal year ended December 31, 2008 (the "Form 10-K") have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, as to which uncertainty exists. As a result of this uncertainty, the Form 10-K will include an explanatory paragraph in the report of its independent registered public accounting firm that there is substantial doubt about the Company's ability to continue as a "going concern."  The Company's 2008 financial statements, including the financial statements in the Form 10-K and the financial results reported on this press release, do not include any adjustment that might result from the outcome of this uncertainty.

This uncertainty has resulted from the Company's failure to comply with certain financial covenants at December 31, 2008 contained in the Company's U.S. Credit Agreement with Bank of America, N.A. (the "Bank").  At March 30, 2009, the Company has approximately $2.45 million of borrowings under this Credit Agreement and its other credit arrangements with the Bank. The Company's revolving line of credit under the Credit Agreement comes due on April 1, 2009, and as disclosed in the Company's Current Report on Form 8-K filed on March 5, 2009, the Bank has informed the Company that the Credit Agreement will be terminated and the Bank will require repayment of all indebtedness.  The Company does not have the cash resources or access to alternative financing to repay the Bank.  While the Bank has notified the Company that it is considering the Company's request for an extension of the maturity date, no agreement has been reached with the Bank.  Discussions are ensuing and the Company is exploring other alternatives, but there is no assurance that the Company will successfully extend or refinance such indebtedness.

1

Dr. Olaf Karasch, CEO of TOR Minerals said, "Many negative factors including increased freight and energy costs during the beginning of the year and a sharp drop in 4Q sales resulted in TOR Minerals' first annual loss in seven years.  Nevertheless, we were able to make progress with several new product introductions and improved the efficiencies of our operations.  We expect these improvements to provide growth and profitability drivers when the economy emerges from bottom of the economic cycle." 

 

"The conditions that led to weak sales levels in the fourth quarter have continued to negatively affect our revenue performance thus far in 2009.  In response to lower sales levels, we have implemented a 20% reduction in employee and management salaries and additional cost and operational efficiency measures.  Combined, these actions are expected to result in over $1 million in annual savings," continued Dr. Karasch.  "Although somewhat slower than we had anticipated, our new TIOPREM products continue to gain market acceptance.  Combined with some recent success we've had with other new products, we hope to offset the sales decreases in more mature product categories."

 

TOR Minerals will host a conference call at 4:00 p.m. Central Time on March 30, 2009 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 www.torminerals.com.  Interested parties may also access the conference call via telephone by dialing 877-407-8033.

 

The following table reconciles reported GAAP net income/(loss) per the statement of operations to non-GAAP net income/(loss):

 

Three Months
Ended December 31,

 

Twelve Months
Ended December 31,

(Unaudited)

 

(Unaudited)

 

2008

 

2007

 

2008

 

2007

Net income (loss) available to
common shareholders - As Reported

 $

(3,680)

 $

(230)

 $

(5,022)

 $

11 

Goodwill impairment (net of tax)

1,901 

-- 

1,901 

-- 

Other non-cash charges (net of tax)

1,368 

389 

2,008 

1,555 

Non-GAAP net income (loss)

 $

(411)

 $

159 

 $

(1,113)

 $

1,566 

2

The following table reconciles reported GAAP diluted earnings (loss) per share ("EPS") to non-GAAP diluted EPS:

 

Three Months
Ended December 31,

 

Twelve Months
Ended December 31,

(Unaudited)

 

(Unaudited)

 

2008

 

2007

 

2008

 

2007

EPS, Diluted - As Reported

 $

(0.47)

 $

(0.03)

 $

(0.64)

 $

0.00 

EPS Impact of Goodwill
impairment (net of tax)

0.24 

-- 

0.24 

-- 

EPS Impact of Other
non-cash charges (net of tax)

0.17 

0.05 

0.25 

0.20 

EPS, Diluted - Non-GAAP

 $

(0.05)

 $

0.02 

 $

(0.14)

 $

0.20 

 

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 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

3

TOR Minerals International, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share amounts)

 

Three Months
Ended December 31,

 

Twelve Months
Ended December 31,

 

(Unaudited)

 

(Unaudited)

 

 

2008

 

2007

 

2008

 

2007

NET SALES

 $

4,139 

 $

5,969 

 $

25,304 

 $

27,961 

Cost of sales

3,507 

5,029 

22,032 

22,768 

GROSS MARGIN

 

632 

 

940 

 

3,272 

 

5,193 

Technical services and research and development

55 

62 

244 

245 

General, administrative and selling expenses

1,386 

1,014 

4,673 

4,290 

Goodwill impairment

1,976 

- 

1,976 

- 

Loss on assets held for sale

679 

- 

679 

- 

(Gain) loss on disposal of assets

100 

(12)

98 

(12)

OPERATING INCOME (LOSS)

 

(3,564)

 

(124)

 

(4,398)

 

670 

OTHER INCOME (EXPENSE):

Interest income

1 

7 

2 

18 

Interest expense

(115)

(166)

(524)

(684)

Gain (loss) on foreign currency exchange rate

(33)

9 

(38)

25 

Other, net

4 

- 

15 

- 

INCOME (LOSS) BEFORE INCOME TAX

 

(3,707)

 

(274)

 

(4,943)

 

29 

Income tax expense (benefit)

(42)

(59)

19 

(42)

NET INCOME (LOSS)

 $

(3,665)

 $

(215)

 $

(4,962)

 $

71 

Less:  Preferred Stock Dividends

15 

15 

60 

60 

Income (Loss) Available to Common Shareholders

 $

(3,680)

 $

(230)

 $

(5,022)

 $

11 

 

 

 

 

 

 

 

 

 

Income (loss) per common share:

Basic

 $

(0.47)

 $

(0.03)

 $

(0.64)

 $

0.00 

Diluted

 $

(0.47)

 $

(0.03)

 $

(0.64)

 $

0.00 

Weighted average common shares outstanding:

Basic

7,896 

7,849 

7,881 

7,849 

Diluted

7,896 

7,849 

7,881 

7,885 

4

TOR Minerals International, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except share and per share amounts)

 

December 31,

 

(Unaudited)

 

 

2008

 

2007

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

 $

191 

 $

376 

Trade accounts receivable, net

2,310 

3,791 

Inventories

11,839 

11,392 

Other current assets

444 

578 

Total current assets

14,784 

16,137 

PROPERTY, PLANT AND EQUIPMENT, net

19,515 

20,421 

GOODWILL

- 

2,131 

OTHER ASSETS

38 

47 

Total Assets

 $

34,337 

 $

38,736 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Accounts payable

 $

2,268 

 $

1,992 

Accrued expenses

1,611 

1,266 

Notes payable under lines of credit

2,156 

1,276 

Export credit refinancing facility

1,458 

- 

Current deferred tax liability

56 

16 

Current maturities - capital leases

86 

80 

Current maturities of long-term debt - financial institutions

1,590 

4,207 

Total current liabilities

9,225 

8,837 

LONG-TERM DEBT, EXCLUDING CURRENT MATURITIES

Capital leases

141 

213 

Long-term debt - financial institutions

1,876 

2,678 

DEFERRED TAX LIABILITY

580 

603 

Total liabilities

11,822 

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 12/31/08 and 12/31/07

2 

2 

Common stock $.25 par value:  authorized, 20,000 shares;
9,453 and 7,869 shares issued and outstanding at 12/31/08
and at 12/31/07, respectively

2,363 

1,967 

Additional paid-in capital

24,525 

22,874 

Accumulated deficit

(7,611)

(2,589)

Accumulated other comprehensive loss:

Unrealized loss on derivatives

- 

(1)

Cumulative translation adjustment

3,236 

4,152 

Total shareholders' equity

22,515 

26,405 

Total Liabilities and Shareholders' Equity

 $

34,337 

 $

38,736 

5

TOR Minerals International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands)

Year Ended December 31,

(Unaudited)

 

2008

 

2007

 

2006

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net Income (Loss)

$

(4,962)

$

71 

$

93 

Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:

Depreciation

1,954 

1,785 

1,496 

Goodwill Impairment

1,976 

- 

- 

Loss on assets held for sale

679 

- 

- 

(Gain) loss on disposal of assets

98 

(12)

- 

Share-based compensation

145 

172 

163 

Deferred income taxes

40 

6 

77 

Provision for bad debts

381 

- 

11 

Changes in working capital:

Trade accounts receivables

1,049 

(49)

441 

Inventories

(685)

61 

(3,396)

Other current assets

134 

(79)

(163)

Accounts payable and accrued expenses

709 

(1,056)

382 

Net cash provided by (used in) operating activities

1,518 

899 

(896)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Additions to property, plant and equipment

(2,396)

(1,037)

(759)

Proceeds from sales of property, plant and equipment

4 

16 

3 

Net cash used in investing activities

(2,392)

(1,021)

(756)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Net proceeds from (payments on) lines of credit

(2,365)

154 

1,819 

Net proceeds from export credit refinancing facility

1,458 

- 

- 

Proceeds from capital lease

26 

12 

- 

Payments on capital lease

(80)

(72)

(61)

Proceeds from long-term bank debt

914 

1,057 

241 

Payments on long-term bank debt

(931)

(1,134)

(683)

Payments on related party long-term debt

- 

(400)

(100)

Loan origination costs

9 

11 

(10)

Proceeds from the issuance of common stock,
     and exercise of common stock options

1,902 

57 

25 

Preferred stock dividends paid

(60)

(60)

(60)

Net cash provided by (used in) financing activities

873 

(375)

1,171 

Effect of exchange rate fluctuations on cash and cash equivalents

(184)

(23)

97 

Net decrease in cash and cash equivalents

(185)

(520)

(384)

Cash and cash equivalents at beginning of year

376 

896 

1,280 

Cash and cash equivalents at end of year

$

191 

$

376 

$

896 

Supplemental cash flow disclosures:

 

 

 

Interest paid

$

524 

$

684 

$

543 

Income taxes paid

$

10 

$

10 

$

15 

6

TOR Minerals International Inc.
Selected Financial Data by Operating Segment



(In thousands)

 

United States
(Corpus Christi)

 

Netherlands
(TP&T)

 

Malaysia
(TMM)

 

Inter-Company
Eliminations

 

Consolidated

As of and for the years ended:

December 31, 2008

Net Sales:

Customer sales

$

15,332 

$

6,879 

$

3,093 

$

- 

$

25,304 

Intercompany sales

69 

1,106 

5,947 

(7,122)

- 

Total Net Sales

$

15,401 

$

7,985 

$

9,040 

$

(7,122)

$

25,304 

Share based compensation expense

$

145 

$

- 

$

- 

$

- 

$

145 

Depreciation

$

665 

$

558 

$

731 

$

- 

$

1,954 

Goodwill impairment

$

- 

$

1,976 

$

- 

$

- 

$

1,976 

Loss on assets held for sale

$

679 

$

- 

$

- 

$

- 

$

679 

Interest income

$

- 

$

- 

$

2 

$

- 

$

2 

Interest expense

$

212 

$

256 

$

56 

$

- 

$

524 

Income tax expense (benefit)

$

199 

$

(89)

$

(91)

$

- 

$

19 

Location profit (loss)

$

(2,681)

$

(2,150)

$

12 

$

(143)

$

(4,962)

Capital expenditures

$

1,116 

$

60 

$

1,220 

$

- 

$

2,396 

Location long-lived assets

$

4,698 

$

6,534 

$

8,283 

$

- 

$

19,515 

Location assets

$

12,156 

$

8,238 

$

13,943 

$

- 

$

34,337 

December 31, 2007

Net Sales:

Customer sales

$

18,290 

$

6,274 

$

3,397 

$

- 

$

27,961 

Intercompany sales

53 

2,037 

4,594 

(6,684)

- 

Total Net Sales

$

18,343 

$

8,311 

$

7,991 

$

(6,684)

$

27,961 

Share based compensation expense

$

172 

$

- 

$

- 

$

- 

$

172 

Depreciation

$

641 

$

513 

$

631 

$

- 

$

1,785 

Interest income

$

- 

$

- 

$

18 

$

- 

$

18 

Interest expense

$

441 

$

239 

$

4 

$

- 

$

684 

Income tax expense (benefit)

$

10 

$

105 

$

(157)

$

- 

$

(42)

Location profit (loss)

$

111 

$

285 

$

(374)

$

49 

$

71 

Goodwill

$

- 

$

2,131 

$

- 

$

- 

$

2,131 

Capital expenditures

$

442 

$

354 

$

241 

$

- 

$

1,037 

Location long-lived assets

$

5,045 

$

7,320 

$

8,056 

$

- 

$

20,421 

Location assets

$

12,158 

$

11,718 

$

14,860 

$

- 

$

38,736 

7
-----END PRIVACY-ENHANCED MESSAGE-----