Form 8-K

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 6, 2015
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) 722 Burleson Street Corpus Christi, Texas (Address of Principal Executive Offices)			74-2081929 (IRS Employer Identification No.) 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))

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On May 6, 2015, TOR Minerals International (the “Company”), announced its financial results for the first quarter ended March 31, 2015.

Highlights for the first quarter of 2015 as compared to the first quarter of 2014 include:

1Q15 revenue decreased 23% to $10.1 million
1Q15 net loss of ($190,000) versus 1Q14 net income of $707,000
1Q15 diluted loss per share of ($0.06) versus 1Q14 net income per share of $0.21

Revenue by Product Group (in 000's)		1Q15		1Q14	% Change
Specialty Aluminas	$	4,348	$	5,259	-17%
Barium Sulfate and Other Products		2,469		2,461	0%
TiO₂ Pigments		3,298		5,412	-39%
Total	$	10,115	$	13,132	-23%

Net sales decreased 23 percent during the first quarter of 2015, primarily related to a 39 percent decrease in sales of TiO2 pigments products and a 17 percent decrease in Specialty alumina sales. The decrease in TiO2 pigment products was related to a decrease in SR sales and weakness in the global TiO2 market. There were no sales of SR to third-party customers during the first quarter of 2015, as compared to third-party SR sales of $1.4 million during the first quarter of the prior year. The company has historically produced SR as a precursor feedstock to make its differentiated specialty TiO2 pigment products and only opportunistically sells SR products to third parties when market conditions are attractive. The decrease in specialty alumina sales, which includes ALUPREM®, HALTEX® and OPTILOAD®, was primarily due to a decrease in volume from a large U.S. customer and, to a lesser extent, from the negative effect on foreign currency translation. Barium sulfate and other product sales were relatively flat year over year, as increased volumes were offset by the effect of foreign currency translation on average selling prices.

During the first quarter of 2015, gross margin decreased to 8.8 percent of sales, versus 16.4 percent during the same period a year ago. More than half of the decrease in gross margin was related to the negative effect on foreign currency exchange rates. In addition, gross margin was negatively affected by low levels of plant utilization in the Netherlands and Malaysian plants, as well as the sell through of high-cost TiO2 inventory. Operating expenses decreased 4.5 percent to $1.1 million, primarily related to a reduction in staffing levels. The first quarter net loss was ($190,000), or ($0.06) per diluted share, as compared to a net income of $707,000, or $0.21, per share, during the same period a year ago.

Commenting on the quarter, Dr. Olaf Karasch, Chief Executive Officer, said, “First Quarter’s financial comparisons were affected by several factors that made ‘apples-to-apples’ comparisons difficult. Excluding these factors, our TiO2 business is stabilizing when compared to the preceding fourth quarter of 2014 and we expect unit volume growth in specialty alumina and barium sulfate products this year. Our profitability may continue to be clouded during the balance of the year as we work through high-cost TiO2 inventory, and difficult foreign exchange comparisons. However, our current business plan contemplates significant improvements in return on equity with faster inventory turns and refocusing our capital investments in areas that can contribute attractive returns. Case in point, during the first quarter we spent approximately $1 million as part of our project to double specialty alumina plant capacity to meet the anticipated increase in demand over the next 24 months.”

TOR Minerals will host a conference call at 4:00 p.m. Central Time on May 6, 2015, to further discuss first quarter results. The call will be simultaneously Webcast, and can be accessed via the News section on the Company's website, www.torminerals.com. Investors and interested parties may participate in the call by dialing 877-407-8033 and referring to conference ID # 13606246.

Headquartered in Corpus Christi, Texas, TOR Minerals International 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 slowdown 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 6, 2015 announcing the Company’s first quarter 2015 financial results

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, 2015	/s/ BARBARA RUSSELL
	Barbara Russell Chief Financial Officer

EXHIBIT INDEX

Exhibit No.

Description

99.1

Press Release, dated May 6, 2015 announcing the Company’s first quarter 2015 financial results

EXHIBIT 99.1

TOR Minerals International Reports First Quarter Financial Results

CORPUS CHRISTI, Texas, May 6, 2015 – TOR Minerals International (Nasdaq: TORM), producer of high performance specialty minerals, today announced its financial results for the first quarter ended March 31, 2015. Highlights for the first quarter of 2015 as compared to the first quarter of 2014 include:

1Q15 revenue decreased 23% to $10.1 million
1Q15 net loss of ($190,000) versus 1Q14 net income of $707,000
1Q15 diluted loss per share of ($0.06) versus 1Q14 net income per share of $0.21

Revenue by Product Group (in 000's)		1Q15		1Q14	% Change
Specialty Aluminas	$	4,348	$	5,259	-17%
Barium Sulfate and Other Products		2,469		2,461	0%
TiO₂ Pigments		3,298		5,412	-39%
Total	$	10,115	$	13,132	-23%

Investor Relations Contact

Dave Mossberg
Three Part Advisors, LLC
817 310-0051

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


		Three Months Ended March 31,
		2015		2014
NET SALES	$	10,115	$	13,132
Cost of sales		9,221		10,980
GROSS MARGIN		894		2,152
Technical services, research and development		55		46
Selling, general and administrative expenses		1,052		1,113
OPERATING INCOME (LOSS)		(213)		993
OTHER EXPENSE:
Interest expense, net		(80)		(95)
Gain (Loss) on foreign currency exchange rate		22		(4)
Other, net		-		5
Total Other Expense		(58)		(94)
INCOME (LOSS) BEFORE INCOME TAX		(271)		899
Income tax (benefit) expense		(81)		192
NET INCOME (LOSS)	$	(190)	$	707

Earnings (loss) per common share:
Basic	$	(0.06)	$	0.23
Diluted	$	(0.06)	$	0.21
Weighted average common shares outstanding:
Basic		3,014		3,014
Diluted		3,014		3,413

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


		March 31, 2015		December 31, 2014
		(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	2,679	$	2,657
Trade accounts receivable, net		4,533		4,915
Inventories, net		16,485		20,175
Other current assets		1,070		752
Current deferred tax asset, domestic		37		37
Current deferred tax asset, foreign		54		54
Total current assets		24,858		28,590
PROPERTY, PLANT AND EQUIPMENT, net		18,612		18,889
DEFERRED TAX ASSET, foreign		623		662
OTHER ASSETS		20		22
Total Assets	$	44,113	$	48,163

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	2,422	$	3,318
Accrued expenses		1,271		1,832
Notes payable under lines of credit		1,289		886
Export credit refinancing facility		2,018		2,777
Current maturities of long-term debt – financial institutions		1,002		1,113
Total current liabilities		8,002		9,926
LONG-TERM DEBT - FINANCIAL INSTITUTIONS		1,316		1,607
DEFERRED TAX LIABILITY, domestic		568		618
Total liabilities		9,886		12,151
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock $1.25 par value: authorized, 6,000 shares; 3,014 shares issued and outstanding at March 31, 2015 and December 31, 2014		3,767		3,767
Additional paid-in capital		29,532		29,503
Retained earnings		909		1,099
Accumulated other comprehensive income:
Cumulative translation adjustment		19		1,643
Total shareholders' equity		34,227		36,012
Total Liabilities and Shareholders' Equity	$	44,113	$	48,163

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

		Three Months Ended March 31,
		2015		2014
*CASH FLOWS FROM OPERATING ACTIVITIES:*
Net Income (Loss)	$	(190)	$	707
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		701		847
Stock-based compensation		29		23
Deferred income tax (benefit) expense		(49)		483
Provision for bad debts		-		(7)
Changes in working capital:
Trade accounts receivables		248		(1,346)
Inventories		2,924		403
Other current assets		(360)		(509)
Accounts payable and accrued expenses		(1,130)		1,373
Net cash provided by operating activities		2,173		1,974

*CASH FLOWS FROM INVESTING ACTIVITIES:*
Additions to property, plant and equipment		(1,593)		(449)
Net cash used in investing activities		(1,593)		(449)

*CASH FLOWS FROM FINANCING ACTIVITIES:*
Proceeds from lines of credit		1,141		1,630
Payments on lines of credit		(655)		(1,682)
Proceeds from export credit refinancing facility		2,370		1,287
Payments on export credit refinancing facility		(2,973)		(3,058)
Payments on capital leases		-		(5)
Proceeds from long-term bank debt		-		236
Payments on long-term bank debt		(244)		(304)
Proceeds from the issuance of common stock and exercise of common stock options		-		11
Net cash used in financing activities		(361)		(1,885)
Effect of foreign currency exchange rate fluctuations on cash and cash equivalents		(197)		21
Net increase (decrease) in cash and cash equivalents		22		(339)
Cash and cash equivalents at beginning of period		2,657		2,920
Cash and cash equivalents at end of period	$	2,679	$	2,581

Supplemental cash flow disclosures:
Interest paid	$	80	$	95
Income taxes paid	$	15	$	37