q3edgar.htm - Prepared by EDGARX.com

0001003297-16-000880.txt : 20161103 0001003297-16-000880.hdr.sgml : 20161103 20161103161548 ACCESSION NUMBER: 0001003297-16-000880 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 49 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20161103 DATE AS OF CHANGE: 20161103 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: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17321 FILM NUMBER: 161971783 BUSINESS ADDRESS: STREET 1: 722 BURLESON CITY: CORPUS CHRISTI STATE: TX ZIP: 78402 BUSINESS PHONE: 361-883-5591 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 10-Q 1 q3edgar.htm q3edgar.htm - Prepared by EDGARX.com

United States Securities and Exchange Commission Washington, D. C. 20549 ____________________________ FORM 10-Q ____________________________
(Mark One)
☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2016 OR
☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________ Commission file number 0-17321 TOR MINERALS INTERNATIONAL, INC. (Exact name of registrant as specified in its charter)
Delaware (State or other jurisdiction of incorporation or organization)					74-2081929 (I.R.S. Employer Identification No.)
722 Burleson Street, Corpus Christi, Texas 78402 (Address of principal executive offices)
(361) 883-5591 (Registrant’s telephone number, including area code) ____________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒				No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ☒				No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐		Accelerated filer ☐	Non-accelerated filer ☐			Smaller reporting company ☒
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐				No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Class Common Stock, $1.25 par value				Shares Outstanding as of October 26, 2016 3,541,703

Table of Contents

Part I - Financial Information
			Page No.
Item 1.	Condensed Consolidated Financial Statements
		Consolidated Statements of Operations -- Three and nine months ended September 30, 2016 and 2015	3
		Consolidated Statements of Comprehensive Income (Loss) -- Three and nine months ended September 30, 2016 and 2015	4
		Consolidated Balance Sheets -- September 30, 2016 and December 31, 2015	5
		Consolidated Statements of Cash Flows -- Nine months ended September 30, 2016 and 2015	6

	Notes to the Condensed Consolidated Financial Statements		7

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		15

Item 4.	Controls and Procedures		27

Part II - Other Information

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		28

Item 6.	Exhibits		28

Signatures			28

Forward Looking Information

This Quarterly Report on Form 10-Q (the “Report”), including “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 2, contains forward-looking statements about the business, financial condition and prospects of TOR Minerals International, Inc. (the “Company”). The actual results of the Company could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including, without limitation, changes in demand for the Company’s products, changes in competition, economic conditions, fluctuations in exchange rates, changes in the cost of energy, fluctuations in market price for titanium dioxide (“TiO₂”) pigments, interest rate fluctuations, changes in the capital markets, changes in tax and other laws and governmental rules and regulations applicable to the Company’s business, and other risks indicated in the Company’s filings with the Securities and Exchange Commission, including those set forth in the Company’s Annual Report on Form 10-K under Item 1A. Risk Factors. These risks and uncertainties are beyond the ability of the Company to control, and, in many cases, the Company cannot predict all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this report, the words “believes,” “estimates,” “plans,” “expects,” “anticipates,” “foresees,” “intends,” “may,” “likely,” “should” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements.

Item 1.

Financial Statements and Supplementary Data

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


		Three Months Ended September 30,				Nine Months Ended September 30,
		2016		2015		2016		2015
NET SALES	$	10,036	$	8,988	$	29,458	$	29,066
Cost of sales		8,452		7,877		25,379		26,108
GROSS MARGIN		1,584		1,111		4,079		2,958
Technical services, research and development		56		44		146		143
Selling, general and administrative expenses		1,068		943		2,972		3,034
Loss on disposal of assets		4		38		3		38
OPERATING INCOME (LOSS)		456		86		958		(257)
OTHER INCOME (EXPENSE):
Interest expense, net		(43)		(37)		(140)		(177)
Gain (loss) on foreign currency exchange rate		20		(157)		(59)		(134)
Other, net		-		9		28		18
Total Other Expense		(23)		(185)		(171)		(293)
INCOME (LOSS) BEFORE INCOME TAX		433		(99)		787		(550)
Income tax expense (benefit)		142		22		165		(132)
NET INCOME (LOSS)	$	291	$	(121)	$	622	$	(418)

Earnings (loss) per common share:
Basic	$	0.08	$	(0.04)	$	0.19	$	(0.14)
Diluted	$	0.08	$	(0.04)	$	0.18	$	(0.14)
Weighted average common shares outstanding:
Basic		3,542		3,014		3,319		3,014
Diluted		3,550		3,014		3,398		3,014

See accompanying notes to the condensed consolidated financial statements.

TOR Minerals International, Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss)
(Unaudited)
(In thousands)


		Three Months Ended September 30,				Nine Months Ended September 30,
		2016		2015		2016		2015
NET INCOME (LOSS)	$	291	$	(121)	$	622	$	(418)
OTHER COMPREHENSIVE INCOME (LOSS), net of tax
Currency translation adjustment, net of tax:
Net foreign currency translation adjustment (loss) gain		(110)		(1,662)		456		(3,161)
Other comprehensive (loss) income, net of tax		(110)		(1,662)		456		(3,161)
COMPREHENSIVE INCOME (LOSS)	$	181	$	(1,783)	$	1,078	$	(3,579)

See accompanying notes to the condensed consolidated financial statements.

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

		September 30, 2016		December 31, 2015
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	3,082	$	813
Trade accounts receivable, net		4,606		3,534
Inventories, net		13,153		13,988
Other current assets		906		878
Total current assets		21,747		19,213
PROPERTY, PLANT AND EQUIPMENT, net		16,837		17,472
DEFERRED TAX ASSET, foreign		8		19
OTHER ASSETS		4		4
Total Assets	$	38,596	$	36,708

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	2,404	$	2,432
Accrued expenses		1,461		1,007
Notes payable under lines of credit		80		179
Export credit refinancing facility		726		1,108
Current maturities of long-term debt – financial institutions		1,288		1,485
Total current liabilities		5,959		6,211
LONG-TERM DEBT - FINANCIAL INSTITUTIONS		3,084		3,479
DEFERRED TAX LIABILITY, domestic		192		262
Total liabilities		9,235		9,952
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock $1.25 par value: authorized, 6,000 shares; 3,542 shares issued and outstanding at September 30, 2016 and 3,014 at December 31, 2015		4,428		3,767
Additional paid-in capital		30,502		29,636
Accumulated deficit		(4,643)		(5,265)
Accumulated other comprehensive loss		(926)		(1,382)
Total shareholders' equity		29,361		26,756
Total Liabilities and Shareholders' Equity	$	38,596	$	36,708

See accompanying notes to the condensed consolidated financial statements.

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

		Nine Months Ended September 30,
		2016		2015
*CASH FLOWS FROM OPERATING ACTIVITIES:*
Net Income (Loss)	$	622	$	(418)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation		1,916		2,123
Loss on disposal of assets		3		38
Stock-based compensation		130		104
Deferred income tax benefit		(61)		(178)
Provision for (Recovery of) bad debts		(237)		23
Changes in working capital:
Trade accounts receivables		(751)		302
Inventories		1,105		3,568
Other current assets		(5)		(414)
Accounts payable and accrued expenses		341		(1,431)
Net cash provided by operating activities		3,063		3,717

*CASH FLOWS FROM INVESTING ACTIVITIES:*
Additions to property, plant and equipment		(894)		(4,174)
Restricted Cash		-		(1,561)
Net cash used in investing activities		(894)		(5,735)

*CASH FLOWS FROM FINANCING ACTIVITIES:*
Proceeds from lines of credit		85		2,663
Payments on lines of credit		(191)		(2,567)
Proceeds from export credit refinancing facility		1,853		3,420
Payments on export credit refinancing facility		(2,280)		(4,619)
Proceeds from long-term bank debt		-		3,740
Payments on long-term bank debt		(765)		(735)
Proceeds from the issuance of common stock through exercise of warrants		1,398		-
Net cash provided by financing activities		100		1,902
Effect of foreign currency exchange rate fluctuations on cash and cash equivalents		-		(453)
Net increase (decrease) in cash and cash equivalents		2,269		(569)
Cash and cash equivalents at beginning of period		813		2,657
Cash and cash equivalents at end of period	$	3,082	$	2,088

Supplemental cash flow disclosures:
Interest paid	$	113	$	112
Income taxes paid	$	73	$	349

See accompanying notes to the condensed consolidated financial statements.

TOR Minerals International, Inc. and Subsidiaries
Notes to the Condensed Consolidated Financial Statements

Note 1.

Accounting Policies

Basis of Presentation and Use of Estimates

The accompanying interim condensed consolidated financial statements (the “financial statements”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements include the consolidated accounts of TOR Minerals International, Inc. (“TOR”, “we”, “us”, “our” or the “Company”) and its wholly-owned subsidiaries, TOR Processing and Trade, BV (“TPT”) and TOR Minerals Malaysia, Sdn. Bhd. (“TMM”). All significant intercompany transactions have been eliminated. All adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the condensed consolidated financial position, results of operations and cash flows for the interim periods presented have been made. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015, in our Annual Report on Form 10-K filed with the SEC on March 7, 2016. Operating results for the nine month period ended September 30, 2016, are not necessarily indicative of the results for the year ending December 31, 2016.

Income Taxes

The Company records income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.

Income taxes consisted of federal income tax expense of approximately $23,000, state income tax expense of approximately $1,000 and foreign tax expense of approximately $118,000 for the three month period ended September 30, 2016, as compared to a federal tax expense of approximately $237,000, state tax expense of approximately $5,000 and foreign tax benefit of approximately $220,000 for the same three month period in 2015.

For the nine month period ended September 30, 2016, income taxes consisted of federal income tax benefit of approximately $71,000, state income tax expense of approximately $4,000 and foreign tax expense of approximately $232,000, as compared to a federal tax benefit of approximately $31,000, state tax expense of approximately $5,000 and foreign tax benefit of approximately $106,000 for the same nine month period in 2015.

When accounting for uncertainties in income taxes, we evaluate all tax years still subject to potential audit under the applicable state, federal and foreign income tax laws. We are subject to taxation in the United States, Malaysia and The Netherlands. Our federal income tax returns in the United States are subject to examination for the tax years ended December 31, 2013 through December 31, 2015. Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2011 through December 31, 2015. Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2011.

As of January 1, 2016, we did not have any unrecognized tax benefits and there was no change during the nine month period ended September 30, 2016. In addition, we did not recognize any interest and penalties in our financial statements during the three and nine month periods ended September 30, 2016. If any interest or penalties related to any income tax liabilities are imposed in future reporting periods, we expect to record both of these items as components of income tax expense.

TOR Minerals International, Inc. and Subsidiaries
Notes to the Condensed Consolidated Financial Statements

Note 2.

Debt and Notes Payable

Long-term Debt – Financial Institutions

Following is a summary of our long-term debt to financial institutions as of September 30, 2016 and December 31, 2015, in thousands:


		September 30, 2016		December 31, 2015
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at September 30, 2016, due July 1, 2029, secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €202)	$	227	$	235
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at September 30, 2016, due January 31, 2030, secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €229)		257		264
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.0% per annum, due December 31, 2025, is secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €925)		1,039		1,087
Variable rate Euro term note payable to a Netherlands bank, with a EURIBOR interest rate plus bank margin of 2.3% per annum, due December 31, 2020, is secured by substantially all of TPT's assets. (Balance in Euro at September 30, 2016, €1,997)		2,244		2,554
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, which was 5.2% at September 30, 2016, due October 25, 2018, secured by TMM's property, plant and equipment. (Balance in Ringgit at September 30, 2016, RM 2,500)		605		756
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, secured by TMM's property, plant and equipment. Paid in full at maturity, March 31, 2016.		-		68
Total		4,372		4,964
Less current maturities		1,288		1,485
Total long-term debt - financial institutions	$	3,084	$	3,479

TOR Minerals International, Inc. and Subsidiaries
Notes to the Condensed Consolidated Financial Statements

Short-term Debt

U.S. Operations

On December 31, 2010, the Company entered into a credit agreement with American Bank, N.A. (the “Lender”) which established a $1,000,000 line of credit (the “Line”), and on March 1, 2012, the Line was increased from $1,000,000 to $2,000,000. On May 15, 2013, the Company and the Lender entered into the Second Amendment to the credit agreement which reduced the minimum interest rate floor from 5.5% to 4.5%. On May 15, 2015, the Company and the Lender entered into the Fifth Amendment to the credit agreement which extended the Line from October 15, 2015 to October 15, 2016.

On June 23, 2016, the Company and the Lender amended and restated the credit agreement (the “Agreement”). Under the terms of the Agreement, the Lender extended the maturity date on the Line from October 15, 2016 to October 15, 2017. In addition, the Company requested that the Lender reduce the Line from $2,000,000 to $1,000,000. Under the terms of the Agreement, the Company is required to maintain positive net earnings before taxes, interest, depreciation, amortization and all other non-cash charges on a rolling four-quarter basis. The Company was in compliance with all covenants at September 30, 2016.

Under the terms of the Agreement, the amount the Company is entitled to borrow under the Line is subject to a borrowing base, which is based on the loan value of the collateral pledged to the Lender to secure the indebtedness owing to the Lender by the Company. Amounts advanced under the Line bear interest at a variable rate equal to one percent per annum point above the Wall Street Journal Prime Rate as such prime rate changes from time to time, with a minimum floor rate of 4.5%. At September 30, 2016, no funds were outstanding on the Line.

European Operations

On July 13, 2015, TPT amended the short-term banking facility (the “Amended Agreement”) with Rabobank. Under the terms of the Amended Agreement, the TPT line of credit was reduced from €1,100,000 to €500,000 ($1,236,000 to $562,000 at September 30, 2016) and interest was changed from a variable interest rate of bank prime plus 2.8% to the average 1-month EURIBOR plus the bank margin of 3.3%, which was 2.9% at September 30, 2016. No funds were outstanding on the TPT line of credit at September 30, 2016.

Asian Operations

On August 24, 2015, TMM amended its short-term banking facility with HSBC to extend the maturity date from June 30, 2015 to June 30, 2016. TMM is currently negotiating with HSBC to extend the maturity date to June 30, 2017. The HSBC facility includes the following in RM: (1) overdraft line of credit of RM 500,000 ($121,000 at September 30, 2016); (2) an import/export line (“ECR”) of RM 10,460,000 ($2,533,000 at September 30, 2016); and (3) a foreign exchange contract limit of RM 5,000,000 ($1,211,000 at September 30, 2016). At September 30, 2016, the outstanding balance on the ECR was RM 3,000,000 ($726,000 at September 30, 2016) at a current interest rate of 5.0%; and the outstanding balance on the overdraft line of credit was RM 330,000 ($80,000 at September 30, 2016) at a current interest rate of 7.85%.

On August 15, 2014, TMM amended its short term banking facility with RHB Bank Berhad (“RHB”) to extend the maturity date from March 24, 2014 to April 1, 2015. TMM is currently negotiating with RHB to extend the maturity date to April 21, 2017. The RHB facility includes the following: (1) an overdraft line of credit up to RM 1,000,000 ($242,000 at September 30, 2016); (2) an ECR of RM 7,300,000 ($1,768,000 at September 30, 2016); (3) a bank guarantee of RM 1,200,000 ($291,000 at September 30, 2016); and (4) a foreign exchange contract limit of RM 25,000,000 ($6,054,000 at September 30, 2016). At September 30, 2016, no funds were outstanding on the RHB facility.

The banking facilities with both HSBC and RHB bear an interest rate on the respective overdraft facilities at 1.25% over bank prime, and the respective ECR facilities bear interest at 1.0% above the funding rate stipulated by the Export-Import Bank of Malaysia Berhad. The ECR facilities, which are a government supported financing arrangement specifically for exporters, are used by TMM for short-term financing of up to 180 days against customers’ and inter-company shipments.

The borrowings under both the HSBC and the RHB short-term credit facilities are subject to certain subjective acceleration covenants based on the judgment of the banks and a demand provision that provides that the banks may demand repayment at any time. A demand provision is customary in Malaysia for such facilities. The loan agreements are secured by TMM’s property, plant and equipment. However, if demand is made by HSBC or RHB, we may be unable to refinance the demanded indebtedness, in which case, the lenders could foreclose on the assets of TMM. While repatriation is allowed in the form of dividends, the credit facilities prohibit TMM from paying dividends, and the HSBC facility further prohibits loans to related parties without the prior consent of HSBC.

TOR Minerals International, Inc. and Subsidiaries
Notes to the Condensed Consolidated Financial Statements

Note 3.

Fair Value Measurements

The following table summarizes the valuation of our financial instruments recorded on a fair value basis as of September 30, 2016 and December 31, 2015. The Company did not hold any non-financial assets and/or non-financial liabilities subject to fair value measurements at September 30, 2016 or at December 31, 2015. The fair value of our financial instruments as of September 30, 2016, was zero.

		Fair Value Measurements
(In Thousands)		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Current Liability
December 31, 2015
Currency forward contracts	$	6	$	-	$	6	$	-

Our foreign currency derivative financial instruments mitigate foreign currency exchange risks and include forward contracts. The forward contracts are marked-to-market at each balance sheet date with any resulting gain or loss recognized in income as part of the gain or loss on foreign currency exchange rates included under “Other Expense” on the Company’s consolidated statement of operations. The fair value of the currency forward contracts is determined using Level 2 inputs based on the currency rate in effect at the end of the reporting period.

The fair value of the Company’s debt is based on estimates using standard pricing models and Level 2 inputs, including the Company’s estimated borrowing rate, that take into account the present value of future cash flows as of the consolidated balance sheet date. The computation of the fair value of these instruments is performed by the Company. The carrying amounts and estimated fair values of the Company’s long-term debt, including current maturities, are summarized below:

		September 30, 2016				December 31, 2015
(In Thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current portion	$	4,372	$	3,937	$	4,964	$	4,438

The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, trade receivables, payables and accrued liabilities, accrued income taxes and short-term borrowings approximate fair values due to the short-term nature of these instruments; accordingly, these items have been excluded from the above table.

TOR Minerals International, Inc. and Subsidiaries
Notes to the Condensed Consolidated Financial Statements

Note 4.

Inventories

Following is a summary of inventory at September 30, 2016 and December 31, 2015, in thousands:

		September 30,		December 31,
		2016		2015
Raw materials	$	7,139	$	6,310
Work in progress		1,843		4,168
Finished goods		3,825		3,552
Supplies		775		784
Total Inventories		13,582		14,814
Inventory reserve		(429)		(826)
Net Inventories	$	13,153	$	13,988

Note 5.

Calculation of Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share:

(in thousands, except per share amounts)		Three Months Ended September 30,				Nine Months Ended September 30,
		2016		2015		2016		2015
Numerator:
Net Income (Loss) - basic and diluted	$	291	$	(121)	$	622	$	(418)

Denominator:
Denominator for basic earnings (loss) per share - weighted-average shares		3,542		3,014		3,319		3,014
Effect of dilutive securities:
Employee stock options		8		-		3		-
Warrants		-		-		76		-
Dilutive potential common shares		8		-		79		-
Denominator for diluted earnings (loss) per share - weighted-average shares and assumed conversions		3,550		3,014		3,398		3,014
*Basic earnings (loss) per common share*	$	0.08	$	(0.04)	$	0.19	$	(0.14)
*Diluted earnings (loss) per common share*	$	0.08	$	(0.04)	$	0.18	$	(0.14)

For the three and nine month periods ended September 30, 2016, approximately 130,000 employee stock options were excluded from the calculation of diluted earnings per share as the exercise price was greater than the market price of the common shares and, therefore, the effect would be anti-dilutive.

For the three and nine month periods ended September 30, 2015, approximately 146,000 employee stock options were excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive.

TOR Minerals International, Inc. and Subsidiaries
Notes to the Condensed Consolidated Financial Statements

Note 6.

Segment Information

The Company and its subsidiaries operate in the business of pigment manufacturing and related products in three geographic segments – United States, European and Asian. Our chief operating decision maker, or CODM, regularly reviews financial information about our segments in order to allocate resources and evaluate performance.

Product sales of inventory between the U.S., European and Asian operations are based on inter-company pricing, which includes an inter-company profit margin. The segment income (loss), included in the table below, from each location is reflective of these inter-company prices, as is inventory at the Corpus Christi location prior to elimination adjustments. Such presentation is consistent with the internal reporting reviewed by the Company’s chief operating decision maker. The elimination entries include an adjustment to the cost of sales resulting from the adjustment to ending inventory to eliminate inter-company profit, and the reversal of a similar adjustment from a prior period. To the extent there are net increases/declines period over period in Corpus Christi inventories that include an inter-company component, the net effect of these adjustments can decrease/increase location profit.

Sales from the subsidiary to the parent company are based upon profit margins which represent competitive pricing of similar products. Intercompany sales consist primarily of ALUPREM®, Synthetic Rutile, HITOX® and TIOPREM®.

A summary of the Company’s manufacturing operations by geographic segment is presented below:

(In Thousands)		United States (Corpus Christi)		Europe (TPT)		Asia (TMM)		Inter-Company Eliminations		Consolidated

For the three months ended:
*September 30, 2016*
Net Sales:
Customer sales	$	7,227	$	2,249	$	560	$	-	$	10,036
Intercompany sales		34		2,051		1,353		(3,438)		-
Total Net Sales	$	7,261	$	4,300	$	1,913	$	(3,438)	$	10,036

Segment income (loss)	$	9	$	325	$	(22)	$	(21)	$	291

*September 30, 2015*
Net Sales:
Customer sales	$	6,308	$	2,059	$	621	$	-	$	8,988
Intercompany sales		33		1,418		789		(2,240)		-
Total Net Sales	$	6,341	$	3,477	$	1,410	$	(2,240)	$	8,988

Segment income (loss)	$	(229)	$	138	$	(210)	$	180	$	(121)

TOR Minerals International, Inc. and Subsidiaries
Notes to the Condensed Consolidated Financial Statements

Note 6.

Segment Information (continued)

(In Thousands)		United States (Corpus Christi)		Europe (TPT)		Asia (TMM)		Inter-Company Eliminations		Consolidated

For the nine months ended:
*September 30, 2016*
Net Sales:
Customer sales	$	20,596	$	6,954	$	1,908	$	-	$	29,458
Intercompany sales		87		5,336		3,672		(9,095)		-
Total Net Sales	$	20,683	$	12,290	$	5,580	$	(9,095)	$	29,458

Segment income (loss)	$	(269)	$	892	$	24	$	(25)	$	622
As of September 30, 2016
Segments assets	$	17,819	$	14,478	$	6,299	$	-	$	38,596
For the nine months ended:
*September 30, 2015*
Net Sales:
Customer sales	$	20,485	$	6,418	$	2,163	$	-	$	29,066
Intercompany sales		37		3,456		4,343		(7,836)		-
Total Net Sales	$	20,522	$	9,874	$	6,506	$	(7,836)	$	29,066

Segment income (loss)	$	(327)	$	152	$	(356)	$	113	$	(418)
As of September 30, 2015
Segment assets	$	17,026	$	13,769	$	12,676	$	-	$	43,471

Note 7.

Stock Options and Equity Compensation Plan

For the three and nine month periods ended September 30, 2016, the Company recorded stock-based employee compensation expense of $45,000 and $130,000, respectively, as compared to $29,000 and $104,000 for the same three and nine month periods of 2015, respectively. This compensation expense is included in “selling, general and administrative expenses” in the accompanying consolidated statements of operations.

The Company granted 49,000 and 6,000 stock options during the nine month periods ended September 30, 2016 and 2015, respectively.

As of September 30, 2016, there was approximately $180,000 of compensation expense related to non-vested awards. This expense is expected to be recognized over a weighted average period of approximately one year.

TOR Minerals International, Inc. and Subsidiaries
Notes to the Condensed Consolidated Financial Statements

Note 8.

Derivatives and Other Financial Instruments

The Company has exposure to certain risks relating to its ongoing business operations, including financial, market, political and economic risks. The following discussion provides information regarding our exposure to the risks of changing foreign currency exchange rates. The Company has not entered into these contracts for trading or speculative purposes in the past, nor do we currently anticipate entering into such contracts for trading or speculative purposes in the future. The foreign exchange contracts are used to mitigate uncertainty and volatility and to cover underlying exposures.

Foreign Currency Forward Contracts

We manage the risk of changes in foreign currency exchange rates, primarily at our Malaysian operation, through the use of foreign currency contracts. Foreign currency exchange contracts are used to protect the Company from the risk that the eventual cash flows resulting from transactions in foreign currencies, including sales and purchases transacted in a currency other than the functional currency, will be adversely affected by changes in exchange rates. We report the fair value of the derivatives on our consolidated balance sheets and changes in the fair value are recognized in earnings in the period of the change.

At September 30, 2016, we marked these contracts to market resulting in a zero balance to be included on the consolidated balance sheets as the outstanding contracts were perfectly hedged.

The following table summarizes the gross fair market value of all derivative instruments, which are not designated as hedging instruments, and their location in our consolidated balance sheets at September 30, 2016 and December 31, 2015, in thousands:

Liability Derivatives
Derivative Instrument	Location		September 30, 2016		December 31, 2015
Foreign Currency Exchange Contracts	Accrued Expenses	$	-	$	6

For the three and nine month periods ended September 30, 2016, we recognized a gain on these contracts of $4,000 and $6,000, respectively, as compared to a net loss of $51,000 and $72,000 for the three and nine month periods ended September 30, 2015, respectively. The gain (loss) on our foreign currency contracts is located under “Gain (loss) on foreign currency exchange rate” on our condensed consolidated statements of operations.

The following table summarizes, in thousands, the impact of the Company’s derivatives on the consolidated financial statements of operations for the three and nine month periods ended September 30, 2016 and 2015:

			Amount of Gain (Loss) Recognized in Operations
Derivative	Location of Gain (Loss) on Derivative		Three Months Ended September 30,				Nine Months Ended September 30,
Instrument	Instrument		2016		2015		2016		2015
Foreign Currency Exchange Contracts	Gain (loss) on foreign currency exchange rate	$	4	$	(51)	$	6	$	(72)

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Company Overview

We are a global producer of high performance, specialty mineral products focused on product innovation and technical support. Our specialty mineral products, which include flame retardant and smoke suppressant fillers, engineered fillers, and TiO₂-color hybrid pigments, are designed for use in plastics, coating and paint applications, as well as a wide range of other industrial applications. With operations in the United States, Europe and Asia, our mission is to bring high value products and superior levels of service to our customers to help ensure their success.

Our U.S. operation, located in Corpus Christi, Texas, is also the global headquarters for the Company. The U.S. operation manufactures HITOX, BARTEX, HALTEX/OPTILOAD and TIOPREM. TPT, our European operation, located in Hattem, The Netherlands, manufactures ALUPREM alumina based products and BARYPREM and our Asian operation, located in Ipoh, Malaysia, manufactures HITOX and TIOPREM.

Operating expenses in the foreign locations are primarily in local currencies. Accordingly, we have exposure to fluctuation in foreign currency exchange rates. These fluctuations impact the translation of sales, earnings, assets and liabilities from local currencies to the U.S. Dollar.

Our business is closely correlated with the construction industry and its demand for materials that use pigments, such as paints and plastics. This has generally led to higher sales in our second and third quarters due to increases in construction and maintenance during warmer weather. Also, pigment consumption is closely correlated with general economic conditions. When the economy is in an expansionary state, there is typically an increase in pigment consumption, while a slowdown in the economy typically results in decreased pigment consumption. When the construction industry or the economy is in a period of decline, TOR's sales and profits are likely to be adversely affected.

We manage our business in three geographical segments – United States, European and Asia (See Note 6 to our condensed consolidated financial statements). Product sales of inventory between the U.S., European and Asian operations are based on inter-company pricing, which includes an inter-company profit margin. Our chief operating decision maker, or CODM, regularly reviews financial information about our segments in order to allocate resources and evaluate performance. Our CODM assesses segment performance based on Segment sales and Segment Adjusted EBITDA, which we define as net income (loss) before depreciation and amortization, interest expense, bad debt expense, foreign currency gains and losses, income taxes, and other items which management does not believe reflect the underlying performance of the segment.

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

Below are our results for the three and nine months ended September 30, 2016 and 2015.

		(Unaudited)
(In thousands, except per share amounts)		Three Months Ended September 30,				Nine Months Ended September 30,
		2016		2015		2016		2015
NET SALES	$	10,036	$	8,988	$	29,458	$	29,066
Cost of sales		8,452		7,877		25,379		26,108
GROSS MARGIN		1,584		1,111		4,079		2,958
Technical services, research and development		56		44		146		143
Selling, general and administrative expenses		1,068		943		2,972		3,034
Gain on disposal of assets		4		38		3		38
OPERATING INCOME (LOSS)		456		86		958		(257)
OTHER INCOME (EXPENSE):
Interest expense, net		(43)		(37)		(140)		(177)
Gain (loss) on foreign currency exchange rate		20		(157)		(59)		(134)
Other, net		-		9		28		18
INCOME (LOSS) BEFORE INCOME TAX		433		(99)		787		(550)
Income tax expense (benefit)		142		22		165		(132)
NET INCOME (LOSS)	$	291	$	(121)	$	622	$	(418)

Earnings (loss) per common share:
Basic	$	0.08	$	(0.04)	$	0.19	$	(0.14)
Diluted	$	0.08	$	(0.04)	$	0.18	$	(0.14)

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

Results of Operations

The Company and its subsidiaries operate in three geographic segments. Product sales between the U.S., Asian and European operations are based on inter-company pricing which includes an inter-company profit margin. The inter-company sales are excluded from our consolidated sales and from the sales of each of our three geographic segments.

Net Sales: Consolidated net sales increased approximately 12% and 1% for the three and nine month periods ended September 30, 2016, respectively, as compared to the same three and nine month periods of 2015. The increase was primarily due to a decrease in selling price and the impact of the change in foreign currency exchange rates as both the Euro and the Malaysian Ringgit weakened against the U.S. Dollar.

Below is a summary of our consolidated products sales for the three and nine month periods ended September 30, 2016 and 2015 (in thousands).

		(Unaudited)
		Three Months Ended September 30,									Nine Months Ended September 30,
Product		2016			2015			Variance			2016			2015			Variance
ALUPREM	$	4,529	45%	$	3,457	39%	$	1,072	31%	$	12,345	42%	$	10,237	35%	$	2,108	21%
HITOX		1,860	19%		2,357	26%		(497)	-21%		6,384	22%		8,475	29%		(2,091)	-25%
BARTEX/ BARYPREM		2,174	22%		2,018	23%		156	8%		6,466	22%		6,557	23%		(91)	-1%
HALTEX/ OPTILOAD		1,276	13%		848	9%		428	50%		3,367	11%		2,714	9%		653	24%
TIOPREM		135	1%		116	1%		19	16%		603	2%		553	2%		50	9%
SYNTHETIC RUTILE		-	0%		-	0%		-	0%		-	0%		14	<1%		(14)	-100%
OTHER		62	<1%		192	2%		(130)	-68%		293	1%		516	2%		(223)	-43%
Total	$	10,036	100%	$	8,988	100%	$	1,048	12%	$	29,458	100%	$	29,066	100%	$	392	1%

ALUPREM sales increased 31% for the three month period ended September 30, 2016, primarily related to an increase in volume of 35%, which was partially offset by a decrease in selling price of 4%.

For the nine month period ended September 30, 2016, ALUPREM sales increased 21%, primarily due to an increase in volume of 24%, which was partially offset by a decrease in selling price 3%.

ALUPREM volume increased as a result of an increase in our customer base as well as an increase in orders from existing customers in both the U.S. and European markets, while the decrease in selling price relates to a U.S. customer. The selling price for this customer will continue to be below last year’s selling price for the balance of 2016. The order pattern of our largest ALUPREM customers can vary significantly from quarter to quarter and does not necessarily follow a normal seasonal pattern.

HITOX sales decreased 21% for the three month period ended September 30, 2016, primarily due to a reduction in volume of 11% and a 10% reduction in selling price.

For the nine month period ended September 30, 2016, HITOX sales decreased 25%, primarily due to a reduction in volume of 15%, a reduction of 8% in selling price and the impact of the change in the foreign currency exchange rates of 2% as the Malaysian Ringgit weakened against the U.S. Dollar.

The decrease in sales volume and selling price of HITOX are primarily due to the continued weakness in the global TiO₂ market, as well as aggressive pricing pressure from producers of white TiO₂ in China. We expect this pressure to continue to affect both volume and pricing of our global TiO₂ product sales for the balance of the year, and we expect conditions in the TiO₂ market to remain difficult for the next several years.

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

BARTEX®/BARYPREM® sales increased 8% for the three month period ended September 30, 2016, primarily due to increases in volume and product mix of 6% and 2%, respectively, primarily related to orders from both new and existing customers.

For the nine month period ended September 30, 2016, BARTEX/BARYPREM sales decreased 1%, primarily due to a decrease in volume of 2%, which was partially offset by a shift in product mix of 1%. The decrease in volume was primarily related to a reduction in orders from one of our large U.S. BARTEX customers, which was partially offset by an increase in volume at our European operation.

HALTEX®/OPTILOAD® sales increased 50% and 24% for the three and nine month periods ended September 30, 2016, respectively, primarily due to an increase in volume of 61% and 27%, respectively, which was offset by a shift in product mix of 11% and 3%, respectively. The increase in volume was primarily due to an increase in our customer base, as well as an increase in requirements for existing customers.

TIOPREM sales increased 16% for the three month period ended September 30, 2016, primarily due to an increase in volume of 52%, which was partially offset by a shift in product mix of 36%. The increase in volume was primarily related to the timing of existing customers’ inventory requirements.

For the nine month period ended September 30, 2016, TIOPREM sales increased 9%, primarily due to an increase in volume of 31%, which was partially offset by a reduction in selling price 21% and the impact of the change in foreign currency of 1% as the Malaysian Ringgit weakened against the U.S. Dollar.

Synthetic Rutile (“SR”) – For the three and nine month periods ended September 30, 2016, there were no sales of SR to third parties. For the three and nine month periods ended September 30, 2015, our collective SR sales revenue from third-party customers was approximately $14,000. While producers of white TiO₂ in China have contributed to the overall weakness in the global TiO₂ market, we typically only produce SR for our own internal consumption. Separately, in 2015, we made a strategic decision to take our SR production capacity out of service. We are currently supplementing our existing SR inventory with product produced by alternate sources. By making this strategic move, we expect cost savings as well as a reduction in our SR inventory levels over the next 12 months.

Other Product sales decreased 68% and 43% for the three and nine month periods ended September 30, 2016, respectively, primarily due to a decrease in volume and selling price in the U.S. and Asia.

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

U.S. Operations

Below is a summary of net sales for our U.S. operation for the three and nine month periods ended September 30, 2016 and 2015 (in thousands). All inter-company sales have been eliminated.

		(Unaudited)
		Three Months Ended September 30,									Nine Months Ended September 30,
Product		2016			2015			Variance			2016			2015			Variance
ALUPREM	$	2,809	39%	$	1,827	29%	$	982	54%	$	6,890	34%	$	5,202	26%	$	1,688	32%
HITOX		1,124	15%		1,563	25%		(439)	-28%		3,959	19%		5,883	29%		(1,924)	-33%
BARTEX		1,848	26%		1,778	28%		70	4%		5,547	27%		5,736	28%		(189)	-3%
HALTEX/ OPTILOAD		1,276	18%		848	13%		428	50%		3,367	16%		2,714	13%		653	24%
TIOPREM		108	1%		100	2%		8	8%		540	3%		467	2%		73	16%
OTHER		62	1%		192	3%		(130)	-68%		293	1%		483	2%		(190)	-39%
Total	$	7,227	100%	$	6,308	100%	$	919	15%	$	20,596	100%	$	20,485	100%	$	111	1%

ALUPREM sales increased 54% for the three month period ended September 30, 2016, primarily related to an increase in volume of 61%, which was partially offset by a decrease in selling price of 7%.

For the nine month period ended September 30, 2016, ALUPREM sales increased 32%, primarily due to an increase in volume of 44%, which was partially offset by a decrease in selling price of 12%.

The change in volume and selling price primarily relate to a significant U.S. customer. While the order pattern of this customer can vary significantly from quarter to quarter, the selling price will continue to be below last year’s price for the balance of 2016.

HITOX sales decreased 28% for the three month period ended September 30, 2016, primarily due to reductions in volume and selling price of 19% and 9%, respectively.

For the nine month period ended September 30, 2016, HITOX sales decreased 33%, primarily due to reductions in volume and selling price of 25% and 8%, respectively.

BARTEX sales increased 4% for the three month period ended September 30, 2016, primarily due to increases in volume and product mix of 2% and 2%, respectively.

For the nine month period ended September 30, 2016, BARTEX sales decreased 3%, primarily due to a decrease in volume of 4%, which was partially offset by a shift in product mix of 1%. The decrease in volume was primarily related to a reduction in orders from one of our large U.S. BARTEX customers, which was partially offset by an increase in volume at our European operation.

HALTEX/OPTILOAD sales increased 50% and 24% for the three and nine month periods ended September 30, 2016, respectively, primarily due to an increase in volume of 61% and 27%, respectively, which was offset by a shift in product mix of 11% and 3%, respectively. The increase in volume was primarily due to an increase in our customer base, as well as an increase in requirements for existing customers.

TIOPREM sales for the three and nine month periods ended September 30, 2016 increased 8% and 16%, respectively, primarily due to an increase in volume of 50% and 40%, respectively, which was offset by a shift in product mix of 42% and 24%, respectively.

Other Product sales for the three and nine month periods ended September 30, 2016 decreased 68% and 39%, respectively, due to a decrease in volume of 63% and 35%, respectively, and a decrease in selling price of 5% and 4%, respectively.

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

European Operations

TPT manufactures and sells ALUPREM to third-party customers, as well as to our U.S. operations for distribution to our North American customers. TPT purchases HITOX from our Asian operation and TIOPREM from our U.S. operation for distribution in Europe. The following table represents TPT’s sales (in thousands) for the three and nine month periods ended September 30, 2016 and 2015 to third-party customers. All inter-company sales have been eliminated.

		(Unaudited)
		Three Months Ended September 30,									Nine Months Ended September 30,
Product		2016			2015			Variance			2016			2015			Variance
ALUPREM	$	1,720	76%	$	1,630	79%	$	90	6%	$	5,455	79%	$	5,035	78%	$	420	8%
BARYPREM		326	15%		240	12%		86	36%		919	13%		821	13%		98	12%
HITOX		203	9%		173	8%		30	17%		561	8%		533	8%		28	5%
TIOPREM		-	0%		16	1%		(16)	-100%		19	< 1%		29	1%		(10)	-34%
Total	$	2,249	100%	$	2,059	100%	$	190	9%	$	6,954	100%	$	6,418	100%	$	536	8%

ALUPREM sales in Europe increased 6% for the three month period ended September 30, 2016, primarily due to an increase in sales volume of 7%, which was partially offset by a change in product mix of 1%.

For the nine month period ended September 30, 2016, ALUPREM sales increased 8%, primarily due to changes in product mix and sales volume of 4% and 4%, respectively.

The increase in volume and change in product mix for European ALUPREM sales revenue is primarily related to an increase in demand by existing and new customers as well as an expansion in the diversity of our ALUPREM products.

BARYPREM sales in Europe increased 36% for the three month period ended September 30, 2016 due to an increase in volume of 35% and the impact of the change in foreign currency which increased sales revenue 1% as the Euro strengthened against the U.S. Dollar.

For the nine month period ended September 30, 2016, BAYPREM sales increased 12%, primarily due to an increase in volume of 13%, which was partially offset by a change in product mix of 1%.

HITOX sales in Europe increased 17% during the three month period ended September 30, 2016, primarily due to an increase in volume of 23%, which was partially offset by a decrease in selling price of 6%.

For the nine month period ended September 30, 2016, HITOX sales increased 5%, primarily due to an increase in volume of 13%, which was partially offset by a decrease in selling price of 7% and the impact of the change in foreign currency which decreased sales revenue 1%.

The European HITOX sales continue to be impacted by the overall weakness in the global TiO₂ market.

TIOPREM sales decreased 100% for the three month period ended September 30, 2016, due to a decrease in volume primarily related to the timing of orders from existing customers.

For the nine month period ended September 30, 2016, TIOPREM sales decreased 34%, primarily due to decreases in volume and selling price of 19% and 15%, respectively.

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

Asian Operations

TMM manufactures and sells HITOX and TIOPREM to third-party customers, as well as to our U.S. and European operations. The following table represents TMM’s sales (in thousands) for the three and nine month periods ended September 30, 2016 and 2015 to third-party customers. All inter-company sales have been eliminated.

		(Unaudited)
		Three Months Ended September 30,									Nine Months Ended September 30,
Product		2016			2015			Variance			2016			2015			Variance
HITOX	$	533	95%	$	621	100%	$	(88)	-14%	$	1,864	98%	$	2,059	95%	$	(195)	-9%
TIOPREM		27	5%		-	0%		27	100%		44	2%		57	3%		(13)	-23%
SYNTHETIC RUTILE		-	0%		-	0%		-	0%		-	0%		14	<1%		(14)	-100%
OTHER		-	0%		-	0%		-	0%		-	0%		33	2%		(33)	-100%
Total	$	560	100%	$	621	100%	$	(61)	-10%	$	1,908	100%	$	2,163	100%	$	(255)	-12%

HITOX sales in Asia decreased 14% for the three month period ended September 30, 2016, primarily due to a decrease in selling price of 15%, which was partially offset by an increase in volume of 1%.

For the nine month period ended September 30, 2016, HITOX sales decreased 9%, primarily due to a decrease in selling price and the impact of the change in foreign currency of 9% and 8%, respectively, which was partially offset by an increase in volume of 8%.

The HITOX market in Asia continues to decline due to the weakness in the TiO2 market, as well as the entry into the TiO₂ market by producers of white TiO₂ in China. We expect this pressure to continue to affect pricing of our global TiO₂ product sales for the balance of the year, and we expect conditions in the TiO₂ market to remain difficult for the next several years.

TIOPREM sales in Asia increased for the three month period ended September 30, 2016, due to an increase in volume.

For the nine month period ended September 30, 2016, TIOPREM sales decreased 23%, primarily due to a decrease in volume and the impact of the change in foreign currency of 12% and 11%, respectively.

Synthetic Rutile (“SR”) – For the three and nine month periods ended September 30, 2016, there were no sales of SR to third parties. For the three and nine month periods ended September 30, 2015, our collective SR sales revenue from third-party customers was approximately $14,000. While producers of white TiO₂ in China have contributed to the overall weakness in the global TiO₂ market, we typically only produce SR for our own internal consumption. Separately, in 2015, we made a strategic decision to take our SR production capacity out of service. We are currently supplementing our existing SR inventory with product produced by alternate sources. By making this strategic move, we expect cost savings as well as a reduction in our SR inventory levels over the next 12 months.

Other Product sales volume decreased 100% for the nine month period ended September 30, 2016, due to a decrease in the sale of TMM’s by-products.

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

Other Consolidated Results

Gross Margin: The following table represents our net sales, cost of sales and gross margin for the three and nine month periods ended September 30, 2016 and 2015, in thousands.

		(Unaudited)
		Three Months Ended September 30,				Nine Months Ended September 30,
		2016		2015		2016		2015
NET SALES	$	10,036	$	8,988	$	29,458	$	29,066
Cost of sales		8,452		7,877		25,379		26,108
GROSS MARGIN	$	1,584	$	1,111	$	4,079	$	2,958
GROSS MARGIN %		16%		12%		14%		10%

For each of the three and nine month periods ended September 30, 2016, gross margin increased approximately 4% as compared to the same three and nine month period of 2015, primarily due to higher production volume and improved efficiencies, primarily at TPT, which increased the gross margin approximately 2%, and the elimination of idle plant costs related to the SR plant at TMM improved the gross margin approximately 2%.

Selling, General, Administrative and Expenses (“SG&A”): SG&A expense increased approximately 13% during the three month period ended September 30, 2016, primarily related to increases in professional fees, sales expense and salaries of approximately 5%, 4% and 3%, respectively.

For the nine month period ended September 30, 2016, SG&A expense decreased approximately 2%, primarily related to a decrease in selling expense of approximately 8%, which was partially offset by increases in salaries and professional fees of approximately 4% and 2%, respectively.

Interest Expense: Net interest expense increased approximately $6,000 for the three month period ended September 30, 2016, primarily due to an increase in our average long-term financing at our European Operation, and decreased $37,000 for the nine month period ended September 30, 2016 due to a decrease in our average long-term and short-term financing at the U.S. and Asian operations, which was partially offset by an increase at the European operation.

Income Taxes: Income taxes consisted of federal income tax expense of approximately $23,000, state income tax expense of approximately $1,000 and foreign tax expense of approximately $118,000 for the three month period ended September 30, 2016, as compared to a federal tax expense of approximately $237,000, state tax expense of approximately $5,000 and foreign tax benefit of approximately $220,000 for the same three month period in 2015.

The increase in income tax expense for the three and nine month periods ended September 30, 2016, relates to an increase in taxable income for the three and nine month periods of 2016.

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

Liquidity

Long-term Debt – Financial Institutions

A schedule of our long-term debt to financial institutions as of September 30, 2016 and December 31, 2015 is included in Note 2 to the condensed consolidated financial statements on page 8.

Our current maturities of long-term debt, as well as other current maturities, will be paid with current cash and cash generated from operations.

Short-term Debt

U.S. Operations

European Operations

Asian Operations

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

Cash and Cash Equivalents

Cash and cash equivalents increased $2,269,000 from December 31, 2015 to September 30, 2016. Operating activities provided $3,063,000 and financing activities provided $100,000; and we used $894,000 in investing activities during the nine months ended September 30, 2016.

		(Unaudited)
		Nine Months Ended September 30,
(In thousands)		2016		2015
Net cash provided by (used in)
Operating activities	$	3,063	$	3,717
Investing activities		(894)		(5,735)
Financing activities		100		1,902
Effect of exchange rate fluctuations		-		(453)
Net increase (decrease) in cash and cash equivalents	$	2,269	$	(569)

Operating Activities

Below are the major changes in working capital affecting cash provided by operating activities during the nine month period ended September 30, 2016.

Trade Accounts Receivable: Accounts receivable used cash of $751,000 during the first nine months of 2016. The increase in accounts receivable is primarily related to the timing of sales between the fourth quarter of 2015 and the third quarter of 2016, primarily at the U.S. operation. Accounts receivable increased $704,000 and $53,000 at the U.S. operation and at TPT, respectively, and decreased $6,000 at TMM.
Inventories: Inventories provided cash of $1,105,000 during the first nine months of 2016. Inventories at the U.S. operation decreased $355,000, primarily related to a decrease in raw materials. TMM’s inventory decreased approximately $1,482,000, primarily related to a decrease in raw materials and work in progress. TPT’s inventory increased approximately $732,000, primarily related to an increase in raw materials.

Other Current Assets: Other current assets used cash of $5,000 during the first nine months of 2016. Current assets at the U.S. operation increased $37,000. TMM’s current assets increased $84,000, primarily related to the timing of insurance premiums. TPT’s current assets decreased $116,000, primarily due to timing of a VAT tax refund and a reduction in equipment deposits, which were partially offset by an increase related to the timing of insurance premiums.

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

Accounts Payable and Accrued Expenses: Trade accounts payable and accrued expenses provided cash of $341,000 during the first nine months of 2016. Accounts payable and accrued expenses at the U.S. operation and at TPT increased $335,000 and $50,000, respectively, primarily related to the purchase of raw materials. At TMM, accounts payable and accrued expenses decreased $44,000, primarily related to the timing of purchases.

Investing Activities

We used cash of $894,000 in investing activities during the first nine months of 2016 related to equipment purchases and plant expansion at our U.S. and European locations. Net investments are as follows:

Property, Plant and Equipment
- U.S. Operation: We invested approximately $251,000 during the first nine months of 2016 for new production equipment designed to improve production yield and efficiency.|
- European Operation: We invested approximately $638,000 during the first nine months of 2016 for new equipment and plant expansion to increase the production capacity of ALUPREM.
- Asian Operation: We invested approximately $5,000 during the first nine months of 2016 for new computer equipment.

Financing Activities

Financing activities provided cash of $100,000 during the nine month period ended September 30, 2016. Significant factors relating to financing activities include the following:

Lines of Credit
- U.S. Operation: Borrowings on our U.S. line of credit were not utilized by the Company during the nine month period ended September 30, 2016.
- European Operation: Borrowings on TPT’s line of credit were not utilized during the nine month period ended September 30, 2016.
- Asian Operation: Borrowings on TMM’s line of credit decreased $106,000 during the nine month period ended September 30, 2016.
Export Credit Refinancing Facility (ECR): TMM’s borrowing on the ECR decreased $427,000 during the nine month period ended September 30, 2016.
Long-term Debt:
- European Operation: TPT’s long-term debt decreased $512,000 for the nine month period ended September 30, 2016.
- Asian Operation: TMM’s long-term debt decreased $253,000 for the nine month period ended September 30, 2016.
Issuance of Common Stock: We received approximately $1,398,000 from the issuance of 527,681 shares of common stock related to the exercise of detachable warrants, with an exercise price of $2.65. The warrants were issued in May 2009 with our six percent (6%) convertible subordinated debentures and matured May 4, 2016.

TOR Minerals International, Inc. and Subsidiaries
Management’s Discussion and Analysis of Financial Condition and Results of Operations

Off-Balance Sheet Arrangements and Contractual Obligations

No material changes have been made to the “Off-Balance Sheet Arrangements and Contractual Obligations” noted in the Company’s 2015 Annual Report on Form 10-K.

Item 4.

Controls and Procedures

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, management of the Company has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures are effective (i) to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms; and (ii) to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

Changes in Internal Controls

During the last fiscal quarter, there were no changes in the Company's internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) of the Exchange Act) that have materially affected, or are reasonably likely to materially affect, the Company’s internal controls over financial reporting.

Part II – Other Information

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

As reported in the Company’s filing on Form 8-K filed with the Securities and Exchange Commission on May 2, 2016, on April 29, 2016, three holders, two of whom are directors of the Company and another who is a greater than 5% shareholder, exercised 377,360 warrants which were issued in August 2009. In addition, several other holders exercised 128,304 warrants. Upon exercise and receipt of the aggregate exercise price of $1,340,010, the Company issued 505,664 shares of common stock to the investors.

Prior to maturity on May 4, 2016, two other holders exercised 22,017 warrants with an aggregate exercise price of $53,345, which increased the total shares of common stock issued to 527,681 at an aggregate exercise price of $1,398,355. The Company used the proceeds for working capital purposes.

No underwriters were involved in the foregoing sale of securities and there were no expenses related to the issuance. The common stock to be issued upon exercise of the warrants was issued in reliance upon the exemption from registration provided by Section 4(2) under the Securities Act of 1933, as amended, based on the private sale of securities. The sale of the common stock issued upon exercise of these warrants was registered with the Securities and Exchange Commission (the “SEC”) on Form S-3 (Registration No. 333-175054), filed with the SEC on June 30, 2011.

Item 6.

Exhibits

(a)	Exhibits


	Exhibit 31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	Exhibit 31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
	Exhibit 32.1	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
	Exhibit 32.2	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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 thereunto duly authorized.

	TOR Minerals International, Inc.
	____________
	(Registrant)

Date:	November 3, 2016	OLAF KARASCH Olaf Karasch President and Chief Executive Officer

Date:	November 3, 2016	BARBARA RUSSELL Barbara Russell Chief Financial Officer

EX-31 2 ceo31-1.htm Exhibit 31.1 - CEO Certification

Exhibit 31.1

CERTIFICATIONS

I, Olaf Karasch, certify that:

1. I have reviewed this Form 10-Q of TOR Minerals International, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 3, 2016

/s/ Olaf Karasch

Olaf Karasch
President and Chief Executive Officer

EX-32 3 ceo32-1.htm Exhibit 32 Exhibit 32.1

Certification of Chief Executive Officer
Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of TOR Minerals, Inc. ("Registrant") for the quarter ended September 30, 2016 (the "Report") as filed with the Securities and Exchange Commission, the undersigned Chief Executive Officer of the Registrant hereby certifies, pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ OLAF KARASCH
Olaf Karasch
President and Chief Executive Officer
(Principal Executive Officer)
November 3, 2016

EX-31 4 cfo31-2.htm Exhibit 31.2 - CFO Certification

Exhibit 31.2

CERTIFICATIONS

I, Barbara Russell, certify that:

1. I have reviewed this Form 10-Q of TOR Minerals International, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 3, 2016

/s/ Barbara Russell

Barbara Russell
Chief Financial Officer

EX-32 5 cfo32-2.htm Exhibit 32 Exhibit 32.2

Certification of Acting Chief Financial Officer
Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of TOR Minerals, Inc. ("Registrant") for the quarter ended September 30, 2016 (the "Report") as filed with the Securities and Exchange Commission, the undersigned Chief Financial Officer of the Registrant hereby certifies, pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant

/s/ BARBARA RUSSELL
Barbara Russell
Chief Financial Officer
(Principal Financial Officer)
November 3, 2016

EX-101.INS 6 torm-20160930.xml 0000842295 2016-01-01 2016-09-30 0000842295 2016-10-26 0000842295 2015-01-01 2015-09-30 0000842295 us-gaap:NorthAmericaMember 2015-01-01 2015-09-30 0000842295 us-gaap:EuropeMember 2015-01-01 2015-09-30 0000842295 us-gaap:AsiaMember 2015-01-01 2015-09-30 0000842295 us-gaap:NorthAmericaMember 2016-01-01 2016-09-30 0000842295 us-gaap:EuropeMember 2016-01-01 2016-09-30 0000842295 us-gaap:AsiaMember 2016-01-01 2016-09-30 0000842295 2016-07-01 2016-09-30 0000842295 2015-07-01 2015-09-30 0000842295 us-gaap:NorthAmericaMember 2015-07-01 2015-09-30 0000842295 us-gaap:NorthAmericaMember 2016-07-01 2016-09-30 0000842295 us-gaap:EuropeMember 2015-07-01 2015-09-30 0000842295 us-gaap:EuropeMember 2016-07-01 2016-09-30 0000842295 us-gaap:AsiaMember 2015-07-01 2015-09-30 0000842295 us-gaap:AsiaMember 2016-07-01 2016-09-30 0000842295 2015-12-31 0000842295 2016-09-30 0000842295 2014-12-31 0000842295 2015-09-30 0000842295 us-gaap:NotesPayableToBanksMember torm:NetherlandsBankMember 2015-12-31 0000842295 torm:NotesPayableToBanks2Member torm:NetherlandsBankMember 2015-12-31 0000842295 torm:NotesPayableToBanks3Member torm:NetherlandsBankMember 2015-12-31 0000842295 torm:NotesPayableToBanks4Member torm:NetherlandsBankMember 2015-12-31 0000842295 torm:NotesPayableToBanks5Member torm:MalaysianBankMember 2015-12-31 0000842295 us-gaap:NotesPayableToBanksMember torm:NetherlandsBankMember 2016-09-30 0000842295 torm:NotesPayableToBanks2Member torm:NetherlandsBankMember 2016-09-30 0000842295 torm:NotesPayableToBanks3Member torm:NetherlandsBankMember 2016-09-30 0000842295 torm:NotesPayableToBanks4Member torm:NetherlandsBankMember 2016-09-30 0000842295 torm:NotesPayableToBanks5Member torm:MalaysianBankMember 2016-09-30 0000842295 us-gaap:FairValueInputsLevel1Member 2015-12-31 0000842295 us-gaap:FairValueInputsLevel2Member 2015-12-31 0000842295 us-gaap:FairValueInputsLevel3Member 2015-12-31 0000842295 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2015-12-31 0000842295 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2015-12-31 0000842295 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2016-09-30 0000842295 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2016-09-30 0000842295 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-09-30 0000842295 us-gaap:EmployeeStockOptionMember 2015-01-01 2015-09-30 0000842295 us-gaap:AccruedLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2016-09-30 0000842295 us-gaap:AccruedLiabilitiesMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember 2015-12-31 0000842295 us-gaap:EmployeeStockOptionMember 2016-07-01 2016-09-30 0000842295 us-gaap:EmployeeStockOptionMember 2015-07-01 2015-09-30 0000842295 us-gaap:EmployeeStockOptionMember 2016-09-30 0000842295 us-gaap:StockCompensationPlanMember 2016-01-01 2016-09-30 0000842295 us-gaap:StockCompensationPlanMember 2015-01-01 2015-09-30 0000842295 us-gaap:StockCompensationPlanMember 2015-07-01 2015-09-30 0000842295 us-gaap:StockCompensationPlanMember 2016-07-01 2016-09-30 0000842295 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:ForeignCurrencyGainLossMember 2015-01-01 2015-09-30 0000842295 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:ForeignCurrencyGainLossMember 2016-01-01 2016-09-30 0000842295 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:ForeignCurrencyGainLossMember 2016-07-01 2016-09-30 0000842295 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember us-gaap:ForeignCurrencyGainLossMember 2015-07-01 2015-09-30 0000842295 us-gaap:NotesPayableToBanksMember torm:NetherlandsBankMember 2016-01-01 2016-09-30 0000842295 torm:NotesPayableToBanks2Member torm:NetherlandsBankMember 2016-01-01 2016-09-30 0000842295 torm:NotesPayableToBanks3Member torm:NetherlandsBankMember 2016-01-01 2016-09-30 0000842295 torm:NotesPayableToBanks4Member torm:NetherlandsBankMember 2016-01-01 2016-09-30 0000842295 torm:NotesPayableToBanks5Member torm:MalaysianBankMember 2016-01-01 2016-09-30 0000842295 torm:NotesPayableToBanks6Member torm:MalaysianBankMember 2016-09-30 0000842295 torm:NotesPayableToBanks6Member torm:MalaysianBankMember 2015-12-31 0000842295 torm:NotesPayableToBanks6Member torm:MalaysianBankMember 2016-01-01 2016-09-30 0000842295 us-gaap:NotesPayableToBanksMember torm:NetherlandsBankMember currency:EUR 2016-09-30 0000842295 torm:NotesPayableToBanks2Member torm:NetherlandsBankMember currency:EUR 2016-09-30 0000842295 torm:NotesPayableToBanks3Member torm:NetherlandsBankMember currency:EUR 2016-09-30 0000842295 torm:NotesPayableToBanks4Member torm:NetherlandsBankMember currency:EUR 2016-09-30 0000842295 torm:NotesPayableToBanks5Member torm:MalaysianBankMember currency:MYR 2016-09-30 0000842295 torm:AmericanBankMember 2016-09-30 0000842295 torm:AmericanBankMember 2016-01-01 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RabobankMember 2016-01-01 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RabobankMember 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RabobankMember currency:EUR 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:HSBCMember 2016-01-01 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:HSBCMember torm:OverdraftLineOfCreditMember 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:HSBCMember torm:OverdraftLineOfCreditMember currency:MYR 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:HSBCMember torm:ImportExportLineMember 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:HSBCMember torm:ImportExportLineMember currency:MYR 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:HSBCMember us-gaap:ForeignExchangeContractMember 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:HSBCMember us-gaap:ForeignExchangeContractMember currency:MYR 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:HSBCMember torm:ImportExportLineMember 2016-01-01 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:HSBCMember torm:OverdraftLineOfCreditMember 2016-01-01 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RHBBankBerhadMember torm:OverdraftLineOfCreditMember 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RHBBankBerhadMember torm:OverdraftLineOfCreditMember 2016-01-01 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RHBBankBerhadMember 2016-01-01 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RHBBankBerhadMember torm:OverdraftLineOfCreditMember currency:MYR 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RHBBankBerhadMember torm:ImportExportLineMember currency:MYR 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RHBBankBerhadMember torm:ImportExportLineMember 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RHBBankBerhadMember torm:BankGuaranteeMember 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RHBBankBerhadMember torm:BankGuaranteeMember currency:MYR 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RHBBankBerhadMember us-gaap:ForeignExchangeContractMember 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RHBBankBerhadMember us-gaap:ForeignExchangeContractMember currency:MYR 2016-09-30 0000842295 us-gaap:LineOfCreditMember torm:RHBBankBerhadMember torm:ImportExportLineMember 2016-01-01 2016-09-30 0000842295 us-gaap:IntersegmentEliminationMember 2016-07-01 2016-09-30 0000842295 us-gaap:IntersegmentEliminationMember 2015-07-01 2015-09-30 0000842295 us-gaap:IntersegmentEliminationMember 2015-01-01 2015-09-30 0000842295 us-gaap:IntersegmentEliminationMember 2016-01-01 2016-09-30 0000842295 us-gaap:NorthAmericaMember 2016-09-30 0000842295 us-gaap:NorthAmericaMember 2015-09-30 0000842295 us-gaap:EuropeMember 2016-09-30 0000842295 us-gaap:EuropeMember 2015-09-30 0000842295 us-gaap:AsiaMember 2016-09-30 0000842295 us-gaap:AsiaMember 2015-09-30 0000842295 us-gaap:IntersegmentEliminationMember 2016-09-30 0000842295 us-gaap:IntersegmentEliminationMember 2015-09-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure iso4217:EUR iso4217:MYR TOR MINERALS INTERNATIONAL INC 0000842295 10-Q 2016-09-30 false --12-31 No No Yes Smaller Reporting Company Q3 2016 3541703

29458000

29066000

20522000

9874000

6506000

20683000

12290000

5580000

10036000

8988000

6341000

7261000

3477000

4300000

1410000

1913000

-3438000

-2240000

-7836000

-9095000

165000

-132000

142000

22000

622000

-418000

-327000

152000

-356000

-269000

892000

24000

291000

-121000

-229000

9000

138000

325000

-210000

-22000

-21000

180000

113000

-25000

17472000

16837000

36708000

38596000

43471000

17819000

17026000

14478000

13769000

6299000

12676000

85000

2663000

torm

787000

-550000

433000

-99000

-171000

-293000

-23000

-185000

-59000

-134000

20000

-157000

958000

-257000

456000

86000

-3000

-38000

-4000

-38000

2972000

3034000

1068000

943000

146000

143000

56000

44000

4079000

2958000

1584000

1111000

25379000

26108000

8452000

7877000

1078000

-3579000

181000

-1783000

456000

-3161000

-110000

-1662000

36708000

38596000

-1382000

-926000

-5265000

-4643000

29636000

30502000

3767000

4428000

9952000

9235000

262000 192000

6211000

5959000

1108000 726000

179000

80000

1007000

1461000

2432000

2404000

4000

19213000

21747000

878000

906000

13988000

13153000

3534000

4606000

26756000

29361000

456000

-3161000

-110000

-1662000

3398000

3014000

3550000

3014000

3319000

3014000

3542000

3014000

140000

177000

43000

37000

4964000

4579000

235000

264000

1087000

2554000

756000

227000

257000

1039000

2244000

605000

68000

202000

229000

925000

1997000

2500000

1485000

1288000

3479000

3084000

4964000

4438000

4372000

3937000

6310000

7139000

4168000

1843000

3552000

3825000

784000

775000

14814000

13582000

826000

429000

49000

6000

130000

104000

45000

29000

180000

P1Y

1.25

6000000

3542000

.0385

.033

.03

.045

.05

.0785

2017-10-15

2016-06-30

2015-04-01

EURIBOR interest rate plus bnak margin of 2.3% per annum

2% above bank base lending rate

2% above the bank base lending rate

Bank prime plus 2.8% to the average 1 month EURIBOR plus the bank margin of 3.3%

1.0% above the funding rate stipulated by the Export-Import Bank of Malaysia Berhad

1.25% over bank prime

1.0% above the funding rate stipulated by the Export-Import Bank of Malaysia Berhad

71000

31000

23000

237000

4000

5000

1000

5000

232000

106000

118000

220000

79000

8000

.19

-.14

.08

-.04

.18

-.14

.08

-.04

130000

146000

130000

0 0 37000 3456000 4343000 87000 5336000 3672000 0 0 33000 34000 1418000 2051000 789000 1353000 -3438000 -2240000 -7836000 -9095000 29458000 29066000 20485000 6418000 2163000 20596000 6954000 1908000 10036000 8988000 6308000 7227000 2059000 2249000 621000 560000 0 0 0 0

-72000

6000

4000

-51000

28000

18000

9000

19000 8000

1916000

2123000

130000

104000

61000

178000

-237000

23000

751000

-302000

-1105000

-3568000

5000

414000

341000

-1431000

3063000

3717000

894000

4174000

1561000

-894000

-5735000

191000

2567000

1853000 3420000 2280000 4619000

3740000

765000

735000

1398000 0

100000

1902000

813000

3082000

2657000

2088000

-453000

2269000

-569000

113000

112000

73000

349000

<div style="width: 100%; padding-right: 0%; padding-left: 0%"><div style="width: 100%; padding-right: 0%; padding-left: 0%"> Basis of Presentation and Use of Estimates The accompanying interim condensed consolidated financial statements (the “financial statements”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”).  The financial statements include the consolidated accounts of TOR Minerals International, Inc. (“TOR”, “we”, “us”, “our” or the “Company”) and its wholly-owned subsidiaries, TOR Processing and Trade, BV (“TPT”) and TOR Minerals Malaysia, Sdn. Bhd. (“TMM”).  All significant intercompany transactions have been eliminated.  All adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the condensed consolidated financial position, results of operations and cash flows for the interim periods presented have been made.  Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations.  These financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015, in our Annual Report on Form 10-K filed with the SEC on March 7, 2016.  Operating results for the nine month period ended September 30, 2016, are not necessarily indicative of the results for the year ending December 31, 2016.   Income Taxes The Company records income taxes using the liability method.  Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.   Income taxes consisted of federal income tax expense of approximately $23,000, state income tax expense of approximately $1,000 and foreign tax expense of approximately $118,000 for the three month period ended September 30, 2016, as compared to a federal tax expense of approximately $237,000, state tax expense of approximately $5,000 and foreign tax benefit of approximately $220,000 for the same three month period in 2015.    For the nine month period ended September 30, 2016, income taxes consisted of federal income tax benefit of approximately $71,000, state income tax expense of approximately $4,000 and foreign tax expense of approximately $232,000, as compared to a federal tax benefit of approximately $31,000, state tax expense of approximately $5,000 and foreign tax benefit of approximately $106,000 for the same nine month period in 2015.    When accounting for uncertainties in income taxes, we evaluate all tax years still subject to potential audit under the applicable state, federal and foreign income tax laws.  We are subject to taxation in the United States, Malaysia and The Netherlands.  Our federal income tax returns in the United States are subject to examination for the tax years ended December 31, 2013 through December 31, 2015.  Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2011 through December 31, 2015.  Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2011.   As of January 1, 2016, we did not have any unrecognized tax benefits and there was no change during the nine month period ended September 30, 2016.  In addition, we did not recognize any interest and penalties in our financial statements during the three and nine month periods ended September 30, 2016.  If any interest or penalties related to any income tax liabilities are imposed in future reporting periods, we expect to record both of these items as components of income tax expense.  </div></div>

Long-term Debt – Financial Institutions Following is a summary of our long-term debt to financial institutions as of September 30, 2016 and December 31, 2015, in thousands:   <table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 13.2pt"> <td style="width: 56%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="width: 19%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 15pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 15pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 15pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 15pt">September 30, 2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 15pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 15pt">December 31, 2015 </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 56%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at September 30, 2016, due July 1, 2029, secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €202) </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">227  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">235  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at September 30, 2016, due January 31, 2030, secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €229) </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">257  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">264  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 56%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.0% per annum, due December 31, 2025, is secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €925) </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">1,039  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">1,087  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">Variable rate Euro term note payable to a Netherlands bank, with a EURIBOR interest rate plus bank margin of 2.3% per annum, due December 31, 2020, is secured by substantially all of TPT's assets. (Balance in Euro at September 30, 2016, €1,997) </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">2,244  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">2,554  </td> </tr> <tr style="height: 66pt"> <td style="vertical-align: bottom; width: 56%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, which was 5.2% at September 30, 2016, due October 25, 2018, secured by TMM's property, plant and equipment. (Balance in Ringgit at September 30, 2016, RM 2,500) </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">605  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">756  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, secured by TMM's property, plant and equipment. Paid in full at maturity, March 31, 2016. </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">-  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">68  </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 56%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Total </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">4,372  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">4,964  </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Less current maturities </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 19%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">1,288  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 19%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">1,485  </td> </tr> <tr style="height: 16.5pt"> <td style="vertical-align: bottom; width: 56%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">Total long-term debt - financial institutions </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">3,084  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">3,479  </td> </tr> <tr style="height: 6pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> </tr> </table>     Short-term Debt   U.S. Operations On December 31, 2010, the Company entered into a credit agreement with American Bank, N.A. (the “Lender”) which established a $1,000,000 line of credit (the “Line”), and on March 1, 2012, the Line was increased from $1,000,000 to $2,000,000.  On May 15, 2013, the Company and the Lender entered into the Second Amendment to the credit agreement which reduced the minimum interest rate floor from 5.5% to 4.5%.  On May 15, 2015, the Company and the Lender entered into the Fifth Amendment to the credit agreement which extended the Line from October 15, 2015 to October 15, 2016.    On June 23, 2016, the Company and the Lender amended and restated the credit agreement (the “Agreement”).  Under the terms of the Agreement, the Lender extended the maturity date on the Line from October 15, 2016 to October 15, 2017.  In addition, the Company requested that the Lender reduce the Line from $2,000,000 to $1,000,000.  Under the terms of the Agreement, the Company is required to maintain positive net earnings before taxes, interest, depreciation, amortization and all other non-cash charges on a rolling four-quarter basis.  The Company was in compliance with all covenants at September 30, 2016.   Under the terms of the Agreement, the amount the Company is entitled to borrow under the Line is subject to a borrowing base, which is based on the loan value of the collateral pledged to the Lender to secure the indebtedness owing to the Lender by the Company.  Amounts advanced under the Line bear interest at a variable rate equal to one percent per annum point above the Wall Street Journal Prime Rate as such prime rate changes from time to time, with a minimum floor rate of 4.5%.  At September 30, 2016, no funds were outstanding on the Line.   European Operations On July 13, 2015, TPT amended the short-term banking facility (the “Amended Agreement”) with Rabobank.  Under the terms of the Amended Agreement, the TPT line of credit was reduced from €1,100,000 to €500,000 ($1,236,000 to $562,000 at September 30, 2016) and interest was changed from a variable interest rate of bank prime plus 2.8% to the average 1-month EURIBOR plus the bank margin of 3.3%, which was 2.9% at September 30, 2016.  No funds were outstanding on the TPT line of credit at September 30, 2016.   Asian Operations On August 24, 2015, TMM amended its short-term banking facility with HSBC to extend the maturity date from June 30, 2015 to June 30, 2016.  TMM is currently negotiating with HSBC to extend the maturity date to June 30, 2017. The HSBC facility includes the following in RM:  (1) overdraft line of credit of RM 500,000 ($121,000 at September 30, 2016); (2) an import/export line (“ECR”) of RM 10,460,000 ($2,533,000 at September 30, 2016); and (3) a foreign exchange contract limit of RM 5,000,000 ($1,211,000 at September 30, 2016). At September 30, 2016, the outstanding balance on the ECR was RM 3,000,000 ($726,000 at September 30, 2016) at a current interest rate of 5.0%; and the outstanding balance on the overdraft line of credit was RM 330,000 ($80,000 at September 30, 2016) at a current interest rate of 7.85%.   On August 15, 2014, TMM amended its short term banking facility with RHB Bank Berhad (“RHB”) to extend the maturity date from March 24, 2014 to April 1, 2015.  TMM is currently negotiating with RHB to extend the maturity date to April 21, 2017.  The RHB facility includes the following:  (1) an overdraft line of credit up to RM 1,000,000 ($242,000 at September 30, 2016); (2) an ECR of RM 7,300,000 ($1,768,000 at September 30, 2016); (3) a bank guarantee of RM 1,200,000 ($291,000 at September 30, 2016); and (4) a foreign exchange contract limit of RM 25,000,000 ($6,054,000 at September 30, 2016).  At September 30, 2016, no funds were outstanding on the RHB facility.   The banking facilities with both HSBC and RHB bear an interest rate on the respective overdraft facilities at 1.25% over bank prime, and the respective ECR facilities bear interest at 1.0% above the funding rate stipulated by the Export-Import Bank of Malaysia Berhad.  The ECR facilities, which are a government supported financing arrangement specifically for exporters, are used by TMM for short-term financing of up to 180 days against customers’ and inter-company shipments.   The borrowings under both the HSBC and the RHB short-term credit facilities are subject to certain subjective acceleration covenants based on the judgment of the banks and a demand provision that provides that the banks may demand repayment at any time.  A demand provision is customary in Malaysia for such facilities.  The loan agreements are secured by TMM’s property, plant and equipment.  However, if demand is made by HSBC or RHB, we may be unable to refinance the demanded indebtedness, in which case, the lenders could foreclose on the assets of TMM.  While repatriation is allowed in the form of dividends, the credit facilities prohibit TMM from paying dividends, and the HSBC facility further prohibits loans to related parties without the prior consent of HSBC.

<table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 13.2pt"> <td style="width: 56%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="width: 19%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 15pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 15pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 15pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 15pt">September 30, 2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 15pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 15pt">December 31, 2015 </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 56%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at September 30, 2016, due July 1, 2029, secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €202) </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">227  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">235  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at September 30, 2016, due January 31, 2030, secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €229) </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">257  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">264  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 56%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.0% per annum, due December 31, 2025, is secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €925) </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">1,039  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">1,087  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">Variable rate Euro term note payable to a Netherlands bank, with a EURIBOR interest rate plus bank margin of 2.3% per annum, due December 31, 2020, is secured by substantially all of TPT's assets. (Balance in Euro at September 30, 2016, €1,997) </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">2,244  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">2,554  </td> </tr> <tr style="height: 66pt"> <td style="vertical-align: bottom; width: 56%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, which was 5.2% at September 30, 2016, due October 25, 2018, secured by TMM's property, plant and equipment. (Balance in Ringgit at September 30, 2016, RM 2,500) </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">605  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">756  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, secured by TMM's property, plant and equipment. Paid in full at maturity, March 31, 2016. </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">-  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">68  </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 56%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Total </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">4,372  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">4,964  </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Less current maturities </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 19%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">1,288  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 19%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">1,485  </td> </tr> <tr style="height: 16.5pt"> <td style="vertical-align: bottom; width: 56%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">Total long-term debt - financial institutions </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">3,084  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 19%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">3,479  </td> </tr> <tr style="height: 6pt"> <td style="vertical-align: bottom; width: 56%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> </tr> </table>

The following table summarizes the valuation of our financial instruments recorded on a fair value basis as of September 30, 2016 and December 31, 2015.  The Company did not hold any non-financial assets and/or non-financial liabilities subject to fair value measurements at September 30, 2016 or at December 31, 2015.  The fair value of our financial instruments as of September 30, 2016, was zero.   <table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 16.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td colspan="7" nowrap="nowrap" style="vertical-align: bottom; width: 68%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 16.8pt">Fair Value Measurements </td> </tr> <tr style="height: 0.7in"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 0.7in; padding: 0in 0.85pt">(In Thousands) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 0.7in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 0.7in">Total </td> <td style="vertical-align: bottom; width: 3%; background-color: white; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 0.7in">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 0.7in">Quoted Prices in Active Markets (Level 1) </td> <td style="vertical-align: bottom; width: 3%; background-color: white; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 0.7in">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 0.7in">Significant Other Observable Inputs (Level 2) </td> <td style="vertical-align: bottom; width: 3%; background-color: white; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 0.7in">  </td> <td style="vertical-align: bottom; width: 17%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 0.7in">Significant Unobservable Inputs (Level 3) </td> </tr> <tr style="height: 0.2in"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">Current Liability </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 17%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 16.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">December 31, 2015 </td> <td style="vertical-align: bottom; width: 4%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 17%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Currency forward contracts </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">6  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">6  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 17%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">-  </td> </tr> </table>     Our foreign currency derivative financial instruments mitigate foreign currency exchange risks and include forward contracts.  The forward contracts are marked-to-market at each balance sheet date with any resulting gain or loss recognized in income as part of the gain or loss on foreign currency exchange rates included under “Other Expense” on the Company’s consolidated statement of operations.  The fair value of the currency forward contracts is determined using Level 2 inputs based on the currency rate in effect at the end of the reporting period.   The fair value of the Company’s debt is based on estimates using standard pricing models and Level 2 inputs, including the Company’s estimated borrowing rate, that take into account the present value of future cash flows as of the consolidated balance sheet date.  The computation of the fair value of these instruments is performed by the Company.  The carrying amounts and estimated fair values of the Company’s long-term debt, including current maturities, are summarized below: <table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 28%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 32%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">September 30, 2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 32%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">December 31, 2015 </td> </tr> <tr style="height: 33pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 33pt; padding: 0in 0.85pt">(In Thousands) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 33pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 15%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 33pt">Carrying Value </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 33pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 16%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 33pt">Fair Value </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 33pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 16%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 33pt">Carrying Value </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 33pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 15%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 33pt">Fair Value </td> </tr> <tr style="height: 27pt"> <td style="vertical-align: bottom; width: 28%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Long-term debt, including current portion </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">4,372  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 16%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,937  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 16%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">4,964  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">4,438  </td> </tr> <tr style="height: 6pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 16%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 16%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> </tr> </table>     The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, trade receivables, payables and accrued liabilities, accrued income taxes and short-term borrowings approximate fair values due to the short-term nature of these instruments; accordingly, these items have been excluded from the above table.

<table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 16.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td colspan="7" nowrap="nowrap" style="vertical-align: bottom; width: 68%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 16.8pt">Fair Value Measurements </td> </tr> <tr style="height: 0.7in"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 0.7in; padding: 0in 0.85pt">(In Thousands) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 0.7in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 0.7in">Total </td> <td style="vertical-align: bottom; width: 3%; background-color: white; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 0.7in">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 0.7in">Quoted Prices in Active Markets (Level 1) </td> <td style="vertical-align: bottom; width: 3%; background-color: white; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 0.7in">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 0.7in">Significant Other Observable Inputs (Level 2) </td> <td style="vertical-align: bottom; width: 3%; background-color: white; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 0.7in">  </td> <td style="vertical-align: bottom; width: 17%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 0.7in">Significant Unobservable Inputs (Level 3) </td> </tr> <tr style="height: 0.2in"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">Current Liability </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 17%; background-color: #c5d9f1; height: 0.2in; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 16.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">December 31, 2015 </td> <td style="vertical-align: bottom; width: 4%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 3%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 17%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Currency forward contracts </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">6  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">6  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 17%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">-  </td> </tr> </table>

<table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 28%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 32%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">September 30, 2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 32%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">December 31, 2015 </td> </tr> <tr style="height: 33pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 33pt; padding: 0in 0.85pt">(In Thousands) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 33pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 15%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 33pt">Carrying Value </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 33pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 16%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 33pt">Fair Value </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 33pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 16%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 33pt">Carrying Value </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 33pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 15%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 33pt">Fair Value </td> </tr> <tr style="height: 27pt"> <td style="vertical-align: bottom; width: 28%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Long-term debt, including current portion </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">4,372  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 16%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,937  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 16%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">4,964  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">4,438  </td> </tr> <tr style="height: 6pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 16%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 16%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> </tr> </table>

Following is a summary of inventory at September 30, 2016 and December 31, 2015, in thousands:   <table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">September 30, </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">December 31, </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2015 </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Raw materials </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">7,139  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">6,310  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Work in progress </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">1,843  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">4,168  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Finished goods </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">3,825  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">3,552  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Supplies </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">775  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">784  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Total Inventories </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">13,582  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">14,814  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Inventory reserve </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">(429) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">(826) </td> </tr> <tr style="height: 13.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">Net Inventories </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 13.8pt">13,153  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 13.8pt">13,988  </td> </tr> <tr style="height: 7.5pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> </tr> </table>

<table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">September 30, </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">December 31, </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2015 </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Raw materials </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">7,139  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">6,310  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Work in progress </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">1,843  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">4,168  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Finished goods </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">3,825  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">3,552  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Supplies </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">775  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">784  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Total Inventories </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">13,582  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">14,814  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Inventory reserve </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">(429) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">(826) </td> </tr> <tr style="height: 13.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">Net Inventories </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 13.8pt">13,153  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 13.8pt">13,988  </td> </tr> <tr style="height: 7.5pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 15%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> </tr> </table>

The following table sets forth the computation of basic and diluted earnings per share:   <table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 26.4pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">(in thousands, except per share amounts) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 21%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 26.4pt">Three Months Ended September 30, </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 21%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 26.4pt">Nine Months Ended September 30, </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2015 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2015 </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Numerator: </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Net Income (Loss) - basic and diluted </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">291  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">(121) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">622  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">(418) </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 49%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Denominator: </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 26.4pt"> <td style="vertical-align: bottom; width: 49%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">Denominator for basic earnings (loss) per share - weighted-average shares </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">3,542  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">3,014  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">3,319  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">3,014  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Effect of dilutive securities: </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Employee stock options </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">8  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">3  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">-  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Warrants </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">76  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">-  </td> </tr> <tr style="height: 15.6pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 15.6pt; padding: 0in 0.85pt">Dilutive potential common shares </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 15.6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 15.6pt">8  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 15.6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 15.6pt">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 15.6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 15.6pt">79  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 15.6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 15.6pt">-  </td> </tr> <tr style="height: 27pt"> <td style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Denominator for diluted earnings (loss) per share - weighted-average shares and assumed conversions </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,550  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,014  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,398  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,014  </td> </tr> <tr style="height: 16.5pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 16.5pt; padding: 0in 0.85pt">Basic earnings (loss) per common share </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">0.08  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">(0.04) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">0.19  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">(0.14) </td> </tr> <tr style="height: 16.5pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">Diluted earnings (loss) per common share </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">0.08  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">(0.04) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">0.18  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">(0.14) </td> </tr> <tr style="height: 6.9pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> </tr> </table>       For the three and nine month periods ended September 30, 2016, approximately 130,000 employee stock options were excluded from the calculation of diluted earnings per share as the exercise price was greater than the market price of the common shares and, therefore, the effect would be anti-dilutive.   For the three and nine month periods ended September 30, 2015, approximately 146,000 employee stock options were excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive.

<table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 26.4pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">(in thousands, except per share amounts) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 21%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 26.4pt">Three Months Ended September 30, </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 21%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 26.4pt">Nine Months Ended September 30, </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2015 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2015 </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Numerator: </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Net Income (Loss) - basic and diluted </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">291  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">(121) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">622  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">(418) </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 49%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Denominator: </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 26.4pt"> <td style="vertical-align: bottom; width: 49%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">Denominator for basic earnings (loss) per share - weighted-average shares </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">3,542  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">3,014  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">3,319  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">3,014  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Effect of dilutive securities: </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Employee stock options </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">8  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">3  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">-  </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Warrants </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">76  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">-  </td> </tr> <tr style="height: 15.6pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 15.6pt; padding: 0in 0.85pt">Dilutive potential common shares </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 15.6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 15.6pt">8  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 15.6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 15.6pt">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 15.6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 15.6pt">79  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 15.6pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 15.6pt">-  </td> </tr> <tr style="height: 27pt"> <td style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Denominator for diluted earnings (loss) per share - weighted-average shares and assumed conversions </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,550  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,014  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,398  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,014  </td> </tr> <tr style="height: 16.5pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 16.5pt; padding: 0in 0.85pt">Basic earnings (loss) per common share </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">0.08  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">(0.04) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">0.19  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">(0.14) </td> </tr> <tr style="height: 16.5pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">Diluted earnings (loss) per common share </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">0.08  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">(0.04) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">0.18  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">(0.14) </td> </tr> <tr style="height: 6.9pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 49%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 5%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 10%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 9%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> </tr> </table>

The Company and its subsidiaries operate in the business of pigment manufacturing and related products in three geographic segments – United States, European and Asian.  Our chief operating decision maker, or CODM, regularly reviews financial information about our segments in order to allocate resources and evaluate performance.   Product sales of inventory between the U.S., European and Asian operations are based on inter-company pricing, which includes an inter-company profit margin.  The segment income (loss), included in the table below, from each location is reflective of these inter-company prices, as is inventory at the Corpus Christi location prior to elimination adjustments.  Such presentation is consistent with the internal reporting reviewed by the Company’s chief operating decision maker.  The elimination entries include an adjustment to the cost of sales resulting from the adjustment to ending inventory to eliminate inter-company profit, and the reversal of a similar adjustment from a prior period.  To the extent there are net increases/declines period over period in Corpus Christi inventories that include an inter-company component, the net effect of these adjustments can decrease/increase location profit.   Sales from the subsidiary to the parent company are based upon profit margins which represent competitive pricing of similar products.  Intercompany sales consist primarily of ALUPREM®, Synthetic Rutile, HITOX® and TIOPREM®.   A summary of the Company’s manufacturing operations by geographic segment is presented below:   <table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 24pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 24pt; padding: 0in 0.85pt">(In Thousands) </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">United States (Corpus Christi) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Europe (TPT) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Asia (TMM) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Inter-Company Eliminations </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Consolidated </td> </tr> <tr style="height: 7.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td colspan="3" nowrap="nowrap" style="vertical-align: bottom; width: 37%; background-color: white; height: 12pt; padding: 0in 0.85pt">For the three months ended: </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.8pt">September 30, 2016 </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Net Sales: </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">Customer sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">7,227  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">2,249  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">560  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">10,036  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Intercompany sales </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">34  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">2,051  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">1,353  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">(3,438) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">-  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Total Net Sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">7,261  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">4,300  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">1,913  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(3,438) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">10,036  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment income (loss) </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">9  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">325  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(22) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(21) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">291  </td> </tr> <tr style="height: 10.05pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.8pt">September 30, 2015 </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Net Sales: </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">Customer sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">6,308  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">2,059  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">621  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">8,988  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Intercompany sales </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">33  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">1,418  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">789  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">(2,240) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">-  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Total Net Sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">6,341  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">3,477  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">1,410  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(2,240) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">8,988  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment income (loss) </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(229) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">138  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(210) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">180  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(121) </td> </tr> <tr style="height: 7.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> </tr> </table>     <table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 24pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 24pt; padding: 0in 0.85pt">(In Thousands) </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">United States (Corpus Christi) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Europe (TPT) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Asia (TMM) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Inter-Company Eliminations </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Consolidated </td> </tr> <tr style="height: 7.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td colspan="2" nowrap="nowrap" style="vertical-align: bottom; width: 23%; background-color: white; height: 12pt; padding: 0in 0.85pt">For the nine months ended: </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.8pt">September 30, 2016 </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Net Sales: </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">Customer sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">20,596  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">6,954  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">1,908  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">29,458  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Intercompany sales </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">87  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">5,336  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">3,672  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">(9,095) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">-  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Total Net Sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">20,683  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">12,290  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">5,580  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(9,095) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">29,458  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment income (loss) </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(269) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">892  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">24  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(25) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">622  </td> </tr> <tr style="height: 22.8pt"> <td colspan="2" nowrap="nowrap" style="vertical-align: bottom; width: 23%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">As of September 30, 2016 </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segments assets </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">17,819  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">14,478  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">6,299  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">38,596  </td> </tr> <tr style="height: 26.4pt"> <td colspan="2" nowrap="nowrap" style="vertical-align: bottom; width: 23%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">For the nine months ended: </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.8pt">September 30, 2015 </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Net Sales: </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">Customer sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">20,485  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">6,418  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">2,163  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">29,066  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Intercompany sales </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">37  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">3,456  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">4,343  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">(7,836) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">-  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Total Net Sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">20,522  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">9,874  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">6,506  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(7,836) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">29,066  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment income (loss) </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(327) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">152  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(356) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">113  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(418) </td> </tr> <tr style="height: 27.6pt"> <td colspan="2" nowrap="nowrap" style="vertical-align: bottom; width: 23%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">As of September 30, 2015 </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment assets </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">17,026  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">13,769  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">12,676  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">43,471  </td> </tr> <tr style="height: 0.1in"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> </tr> </table>

<table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 24pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 24pt; padding: 0in 0.85pt">(In Thousands) </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">United States (Corpus Christi) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Europe (TPT) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Asia (TMM) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Inter-Company Eliminations </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Consolidated </td> </tr> <tr style="height: 7.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td colspan="3" nowrap="nowrap" style="vertical-align: bottom; width: 37%; background-color: white; height: 12pt; padding: 0in 0.85pt">For the three months ended: </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.8pt">September 30, 2016 </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Net Sales: </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">Customer sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">7,227  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">2,249  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">560  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">10,036  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Intercompany sales </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">34  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">2,051  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">1,353  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">(3,438) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">-  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Total Net Sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">7,261  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">4,300  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">1,913  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(3,438) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">10,036  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment income (loss) </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">9  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">325  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(22) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(21) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">291  </td> </tr> <tr style="height: 10.05pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 10.05pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.8pt">September 30, 2015 </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Net Sales: </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">Customer sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">6,308  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">2,059  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">621  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">8,988  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Intercompany sales </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">33  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">1,418  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">789  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">(2,240) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">-  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Total Net Sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">6,341  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">3,477  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">1,410  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(2,240) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">8,988  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment income (loss) </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(229) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">138  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(210) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">180  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(121) </td> </tr> <tr style="height: 7.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> </tr> </table>     <table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 24pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 24pt; padding: 0in 0.85pt">(In Thousands) </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">United States (Corpus Christi) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Europe (TPT) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Asia (TMM) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Inter-Company Eliminations </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 24pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 24pt">Consolidated </td> </tr> <tr style="height: 7.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 7.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td colspan="2" nowrap="nowrap" style="vertical-align: bottom; width: 23%; background-color: white; height: 12pt; padding: 0in 0.85pt">For the nine months ended: </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.8pt">September 30, 2016 </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Net Sales: </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">Customer sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">20,596  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">6,954  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">1,908  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">29,458  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Intercompany sales </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">87  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">5,336  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">3,672  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">(9,095) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">-  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Total Net Sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">20,683  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">12,290  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">5,580  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(9,095) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">29,458  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment income (loss) </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(269) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">892  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">24  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(25) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">622  </td> </tr> <tr style="height: 22.8pt"> <td colspan="2" nowrap="nowrap" style="vertical-align: bottom; width: 23%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">As of September 30, 2016 </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 22.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segments assets </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">17,819  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">14,478  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">6,299  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">38,596  </td> </tr> <tr style="height: 26.4pt"> <td colspan="2" nowrap="nowrap" style="vertical-align: bottom; width: 23%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">For the nine months ended: </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.8pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.8pt">September 30, 2015 </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Net Sales: </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">Customer sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">20,485  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">6,418  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">2,163  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; height: 12pt; padding: 0in 0.85pt">29,066  </td> </tr> <tr style="height: 12pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12pt; padding: 0in 0.85pt">Intercompany sales </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">37  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">3,456  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">4,343  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">(7,836) </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 12pt">-  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Total Net Sales </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">20,522  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">9,874  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">6,506  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(7,836) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">29,066  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 12.6pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment income (loss) </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(327) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">152  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(356) </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">113  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(418) </td> </tr> <tr style="height: 27.6pt"> <td colspan="2" nowrap="nowrap" style="vertical-align: bottom; width: 23%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">As of September 30, 2015 </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 27.6pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment assets </td> <td style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">17,026  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">13,769  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">12,676  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">-  </td> <td style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">43,471  </td> </tr> <tr style="height: 0.1in"> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 2%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 13%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 1%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 14%; background-color: white; height: 0.1in; padding: 0in 0.85pt">  </td> </tr> </table>

The Company has exposure to certain risks relating to its ongoing business operations, including financial, market, political and economic risks.  The following discussion provides information regarding our exposure to the risks of changing foreign currency exchange rates.  The Company has not entered into these contracts for trading or speculative purposes in the past, nor do we currently anticipate entering into such contracts for trading or speculative purposes in the future.  The foreign exchange contracts are used to mitigate uncertainty and volatility and to cover underlying exposures.   Foreign Currency Forward Contracts We manage the risk of changes in foreign currency exchange rates, primarily at our Malaysian operation, through the use of foreign currency contracts.  Foreign currency exchange contracts are used to protect the Company from the risk that the eventual cash flows resulting from transactions in foreign currencies, including sales and purchases transacted in a currency other than the functional currency, will be adversely affected by changes in exchange rates.  We report the fair value of the derivatives on our consolidated balance sheets and changes in the fair value are recognized in earnings in the period of the change.   At September 30, 2016, we marked these contracts to market resulting in a zero balance to be included on the consolidated balance sheets as the outstanding contracts were perfectly hedged.   The following table summarizes the gross fair market value of all derivative instruments, which are not designated as hedging instruments, and their location in our consolidated balance sheets at September 30, 2016 and December 31, 2015, in thousands:   <table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 13.2pt"> <td colspan="7" nowrap="nowrap" style="vertical-align: bottom; width: 100%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Liability Derivatives </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 25%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Derivative Instrument </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 20%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Location </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 24%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">September 30, 2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">December 31, 2015 </td> </tr> <tr style="height: 0.4in"> <td style="vertical-align: bottom; width: 25%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">Foreign Currency Exchange Contracts </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 20%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">Accrued Expenses </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 24%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 0.4in">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 0.4in">6  </td> </tr> <tr style="height: 13.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 25%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 20%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 24%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> </table>   For the three and nine month periods ended September 30, 2016, we recognized a gain on these contracts of $4,000 and $6,000, respectively, as compared to a net loss of $51,000 and $72,000 for the three and nine month periods ended September 30, 2015, respectively.  The gain (loss) on our foreign currency contracts is located under “Gain (loss) on foreign currency exchange rate” on our condensed consolidated statements of operations.   The following table summarizes, in thousands, the impact of the Company’s derivatives on the consolidated financial statements of operations for the three and nine month periods ended September 30, 2016 and 2015:   <table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 16.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 18%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td colspan="7" style="vertical-align: bottom; width: 55%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 16.8pt">Amount of Gain (Loss) Recognized in Operations </td> </tr> <tr style="height: 26.4pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 18%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">Derivative </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">Location of Gain (Loss) on Derivative </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 27%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 26.4pt">Three Months Ended September 30, </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 26.4pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 27%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 26.4pt">Nine Months Ended September 30, </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 18%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Instrument </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 21%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Instrument </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2015 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 12%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2015 </td> </tr> <tr style="height: 27pt"> <td style="vertical-align: bottom; width: 18%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Foreign Currency Exchange Contracts </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Gain (loss) on foreign currency exchange rate </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">4  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">(51) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 12%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">6  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">(72) </td> </tr> <tr style="height: 13.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 18%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 12%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> </table>

<table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 13.2pt"> <td colspan="7" nowrap="nowrap" style="vertical-align: bottom; width: 100%; background-color: #c5d9f1; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Liability Derivatives </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 25%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Derivative Instrument </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 20%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Location </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 24%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">September 30, 2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">December 31, 2015 </td> </tr> <tr style="height: 0.4in"> <td style="vertical-align: bottom; width: 25%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">Foreign Currency Exchange Contracts </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 20%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">Accrued Expenses </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 24%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 0.4in">-  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 0.4in">6  </td> </tr> <tr style="height: 13.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 25%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 20%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 24%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> </table>

<table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 16.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 18%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td colspan="7" style="vertical-align: bottom; width: 55%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 16.8pt">Amount of Gain (Loss) Recognized in Operations </td> </tr> <tr style="height: 26.4pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 18%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">Derivative </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 21%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">Location of Gain (Loss) on Derivative </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 26.4pt; padding: 0in 0.85pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 27%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 26.4pt">Three Months Ended September 30, </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 26.4pt">  </td> <td colspan="3" style="vertical-align: bottom; width: 27%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 26.4pt">Nine Months Ended September 30, </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 18%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Instrument </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 21%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">Instrument </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2015 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 12%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2015 </td> </tr> <tr style="height: 27pt"> <td style="vertical-align: bottom; width: 18%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Foreign Currency Exchange Contracts </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Gain (loss) on foreign currency exchange rate </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">4  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">(51) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 12%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">6  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">(72) </td> </tr> <tr style="height: 13.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 18%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 2%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 13%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 12%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> </table>

2029-07-01

2030-01-31

2025-12-31

2020-12-31

2018-10-25

1000000

562000

500000

121000

500000

2533000

10460000

1211000

5000000

242000

1000000

7300000

768000

291000

1200000

6054000

25000000

80000

330000

726000

3000000

6000

3000

8000

76000 0 0 0

EX-101.SCH 7 torm-20160930.xsd 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - Condensed Consolidated Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - Condensed Consolidated Balance Sheets (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000006 - Statement - Condensed Consolidated Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - 1. Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - 2. Debt and Notes Payable link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - 3. Fair Value Measurements link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - 4. Inventories link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - 5. Calculation of Basic and Diluted Earnings per Share link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - 6. Segment Information link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - 7. Stock Options and Equity Compensation Plan link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - 8. Derivatives and Other Financial Instruments link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Subsequent Events link:presentationLink link:calculationLink link:definitionLink 00000016 - Disclosure - 1. Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000017 - Disclosure - 2. Debt and Notes Payable (Tables) link:presentationLink link:calculationLink link:definitionLink 00000018 - Disclosure - 3. Fair Value Measurements (Tables) link:presentationLink link:calculationLink link:definitionLink 00000019 - Disclosure - 4. Inventories (Tables) link:presentationLink link:calculationLink link:definitionLink 00000020 - Disclosure - 5. Calculation of Basic and Diluted Earnings per Share (Tables) link:presentationLink link:calculationLink link:definitionLink 00000021 - Disclosure - 6. Segment Information (Tables) link:presentationLink link:calculationLink link:definitionLink 00000022 - Disclosure - 8. Derivatives and Other Financial Instruments (Tables) link:presentationLink link:calculationLink link:definitionLink 00000023 - Disclosure - 1. Accounting Policies (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000024 - Disclosure - 2. Debt and Notes Payable (Details) link:presentationLink link:calculationLink link:definitionLink 00000025 - Disclosure - 2. Debt and Notes Payable (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000026 - Disclosure - 3. Fair Value Measurements (Details - Fair value) link:presentationLink link:calculationLink link:definitionLink 00000027 - Disclosure - 3. Fair Value Measurements (Details - debt) link:presentationLink link:calculationLink link:definitionLink 00000028 - Disclosure - 4. Inventories (Details) link:presentationLink link:calculationLink link:definitionLink 00000029 - Disclosure - 5. Calculation of Basic and Diluted Earnings per Share (Details) link:presentationLink link:calculationLink link:definitionLink 00000030 - Disclosure - 5. Calculation of Basic and Diluted Earnings per Share (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000031 - Disclosure - 6. Segment Information (Details) link:presentationLink link:calculationLink link:definitionLink 00000032 - Disclosure - 7. Stock Options and Equity Compensation Plan (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000033 - Disclosure - 8. Derivatives and Other Financial Instruments (Details - Liability derivatives) link:presentationLink link:calculationLink link:definitionLink 00000034 - Disclosure - 8. Derivatives and Other Financial Instruments (Details 1) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 torm-20160930_cal.xml EX-101.DEF 9 torm-20160930_def.xml EX-101.LAB 10 torm-20160930_lab.xml United States (Corpus Christi) [Member] Geographical [Axis] Europe (TPT) [Member] Asia (TMM) [Member] Note payable 1 [Member] Long-term Debt, Type [Axis] Netherlands bank [Member] Counterparty Name [Axis] Note payable 2 [Member] Note payable 3 [Member] Note payable 4 [Member] Note payable 5 [Member] Malaysian bank [Member] Level 1 [Member] Fair Value, Hierarchy [Axis] Level 2 [Member] Level 3 [Member] Carrying Value [Member] Measurement Basis [Axis] Fair Value [Member] Employee Stock Option [Member] Option Indexed to Issuer's Equity, Type [Axis] Accrued Expenses [Member] Balance Sheet Location [Axis] Foreign Currency Exchange Contracts [Member] Derivative Instrument [Axis] Nondesignated [Member] Hedging Designation [Axis] Employee stock options [Member] Antidilutive Securities [Axis] Foreign Currency Gain (Loss) [Member] Income Statement Location [Axis] Notes payable 6 [Member] Euro Member Countries, Euro Currency [Axis] EURO [Member] RM [Member] American Bank, N.A. [Member] Lender Name [Axis] Line of Credit [Member] Short-term Debt, Type [Axis] Rabobank [Member] HSBC [Member] Overdraft Line of Credit [Member] Credit Facility [Axis] ECR Import Export Line [Member] RHB Bank Berhad [Member] Bank Guarantee [Member] Intersegment Eliminations [Member] Consolidation Items [Axis] Inter-Company Eliminations [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Trading Symbol Document Period End Date Amendment Flag Current Fiscal Year End Date Entity a Well-known Seasoned Issuer Entity a Voluntary Filer Entity's Reporting Status Current Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Income Statement [Abstract] NET SALES Cost of sales GROSS MARGIN Technical services, research and development Selling, general and administrative expenses Loss on disposal of assets OPERATING INCOME (LOSS) OTHER EXPENSE: Interest expense, net Gain (loss) on foreign currency exchange rate Other, net Total Other Expense INCOME (LOSS) BEFORE INCOME TAX Income tax expense (benefit) NET INCOME (LOSS) Earnings (loss) per common share: Basic Diluted Weighted average common shares outstanding: Basic Diluted Statement of Comprehensive Income [Abstract] NET INCOME (LOSS) OTHER COMPREHENSIVE INCOME (LOSS), net of tax Currency translation adjustment, net of tax: Net foreign currency translation adjustment gain (loss) Other comprehensive income (loss), net of tax COMPREHENSIVE INCOME (LOSS) Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS: Cash and cash equivalents Trade accounts receivable, net Inventories, net Other current assets Total current assets PROPERTY, PLANT AND EQUIPMENT, net DEFERRED TAX ASSET, foreign OTHER ASSETS Total Assets LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable Accrued expenses Notes payable under lines of credit Export credit refinancing facility Current maturities of long-term debt - financial institutions Total current liabilities LONG-TERM DEBT - FINANCIAL INSTITUTIONS DEFERRED TAX LIABILITY, domestic DEFERRED TAX LIABILITY, foreign Total liabilities COMMITMENTS AND CONTINGENCIES SHAREHOLDERS' EQUITY: Common stock $1.25 par value: authorized, 6,000 shares; 3,542 shares issued and outstanding at September 30, 2016 and 3,014 at December 31, 2015 Additional paid-in capital Accumulated deficit Accumulated other comprehensive loss Total shareholders' equity Total Liabilities and Shareholders' Equity Common stock, par value (in dollars per share) Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Net Income (Loss) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation Stock-based compensation Deferred income tax benefit Provision for (Recovery of) bad debts Changes in working capital: Trade accounts receivables Inventories Other current assets Accounts payable and accrued expenses Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Additions to property, plant and equipment Restricted Cash Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from lines of credit Payments on lines of credit Proceeds from export credit refinancing facility Payments on export credit refinancing facility Proceeds from long-term bank debt Payments on long-term bank debt Proceeds from the issuance of common stock and exercise of warrants Net cash provided by financing activities Effect of foreign currency exchange rate fluctuations on cash and cash equivalents Net increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period Supplemental cash flow disclosures: Interest paid Income taxes paid Accounting Policies [Abstract] Accounting Policies Debt Disclosure [Abstract] Debt and Notes Payable Fair Value Disclosures [Abstract] Fair Value Measurements Inventory Disclosure [Abstract] Inventories Earnings Per Share [Abstract] Calculation of Basic and Diluted Earnings per Share Segment Reporting [Abstract] Segment Information Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Stock Options and Equity Compensation Plan Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivatives and Other Financial Instruments Subsequent Events [Abstract] Subsequent Events Basis of Presentation and Use of Estimates Income Taxes Schedule of Long-term Debt to Financial Institutions Schedule of Valuation of Financial Instruments Recorded on a Fair Value Basis Schedule of Carrying Amounts and Estimated Fair Values Schedule of Inventory Schedule of Computation of Basic and Diluted Earnings Per Share Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area Schedule of Gross Fair Market Value of Derivative Instruments Schedule of Derivative Instruments Federal income tax benefit EX-101.PRE 11 torm-20160930_pre.xml XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2016	Oct. 26, 2016
Document And Entity Information
Entity Registrant Name	TOR MINERALS INTERNATIONAL INC
Entity Central Index Key	0000842295
Document Type	10-Q
Trading Symbol	torm
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		3,541,703
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2016

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
NET SALES	$ 10,036	$ 8,988	$ 29,458	$ 29,066
Cost of sales	8,452	7,877	25,379	26,108
GROSS MARGIN	1,584	1,111	4,079	2,958
Technical services, research and development	56	44	146	143
Selling, general and administrative expenses	1,068	943	2,972	3,034
Loss on disposal of assets	4	38	3	38
OPERATING INCOME (LOSS)	456	86	958	(257)
OTHER EXPENSE:
Interest expense, net	(43)	(37)	(140)	(177)
Gain (loss) on foreign currency exchange rate	20	(157)	(59)	(134)
Other, net	0	9	28	18
Total Other Expense	(23)	(185)	(171)	(293)
INCOME (LOSS) BEFORE INCOME TAX	433	(99)	787	(550)
Income tax expense (benefit)	142	22	165	(132)
NET INCOME (LOSS)	$ 291	$ (121)	$ 622	$ (418)
Earnings (loss) per common share:
Basic	$ .08	$ (.04)	$ .19	$ (.14)
Diluted	$ .08	$ (.04)	$ .18	$ (.14)
Weighted average common shares outstanding:
Basic	3,542,000	3,014,000	3,319,000	3,014,000
Diluted	3,550,000	3,014,000	3,398,000	3,014,000

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement of Comprehensive Income [Abstract]
NET INCOME (LOSS)	$ 291	$ (121)	$ 622	$ (418)
Currency translation adjustment, net of tax:
Net foreign currency translation adjustment gain (loss)	(110)	(1,662)	456	(3,161)
Other comprehensive income (loss), net of tax	(110)	(1,662)	456	(3,161)
COMPREHENSIVE INCOME (LOSS)	$ 181	$ (1,783)	$ 1,078	$ (3,579)

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 3,082	$ 813
Trade accounts receivable, net	4,606	3,534
Inventories, net	13,153	13,988
Other current assets	906	878
Total current assets	21,747	19,213
PROPERTY, PLANT AND EQUIPMENT, net	16,837	17,472
DEFERRED TAX ASSET, foreign	8	19
OTHER ASSETS	4	4
Total Assets	38,596	36,708
CURRENT LIABILITIES:
Accounts payable	2,404	2,432
Accrued expenses	1,461	1,007
Notes payable under lines of credit	80	179
Export credit refinancing facility	726	1,108
Current maturities of long-term debt - financial institutions	1,288	1,485
Total current liabilities	5,959	6,211
LONG-TERM DEBT - FINANCIAL INSTITUTIONS	3,084	3,479
DEFERRED TAX LIABILITY, domestic	192	262
DEFERRED TAX LIABILITY, foreign
Total liabilities	9,235	9,952
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock $1.25 par value: authorized, 6,000 shares; 3,542 shares issued and outstanding at September 30, 2016 and 3,014 at December 31, 2015	4,428	3,767
Additional paid-in capital	30,502	29,636
Accumulated deficit	(4,643)	(5,265)
Accumulated other comprehensive loss	(926)	(1,382)
Total shareholders' equity	29,361	26,756
Total Liabilities and Shareholders' Equity	$ 38,596	$ 36,708

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1.25	$ 1.25
Common stock, shares authorized	6,000,000	6,000,000
Common stock, shares issued	3,542,000	3,542,000
Common stock, shares outstanding	3,542,000	3,542,000

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ 622	$ (418)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	1,916	2,123
Loss on disposal of assets	3	38
Stock-based compensation	130	104
Deferred income tax benefit	(61)	(178)
Provision for (Recovery of) bad debts	(237)	23
Changes in working capital:
Trade accounts receivables	(751)	302
Inventories	1,105	3,568
Other current assets	(5)	(414)
Accounts payable and accrued expenses	341	(1,431)
Net cash provided by operating activities	3,063	3,717
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment	(894)	(4,174)
Restricted Cash	0	(1,561)
Net cash used in investing activities	(894)	(5,735)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	85	2,663
Payments on lines of credit	(191)	(2,567)
Proceeds from export credit refinancing facility	1,853	3,420
Payments on export credit refinancing facility	(2,280)	(4,619)
Proceeds from long-term bank debt	0	3,740
Payments on long-term bank debt	(765)	(735)
Proceeds from the issuance of common stock and exercise of warrants	1,398	0
Net cash provided by financing activities	100	1,902
Effect of foreign currency exchange rate fluctuations on cash and cash equivalents	0	(453)
Net increase (decrease) in cash and cash equivalents	2,269	(569)
Cash and cash equivalents at beginning of period	813	2,657
Cash and cash equivalents at end of period	3,082	2,088
Supplemental cash flow disclosures:
Interest paid	113	112
Income taxes paid	$ 73	$ 349

XML 18 R7.htm IDEA: XBRL DOCUMENT

1. Accounting Policies	9 Months Ended
1. Accounting Policies	Sep. 30, 2016
Accounting Policies [Abstract]
Accounting Policies	*Basis of Presentation and Use of Estimates* The accompanying interim condensed consolidated financial statements (the “financial statements”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements include the consolidated accounts of TOR Minerals International, Inc. (“TOR”, “we”, “us”, “our” or the “Company”) and its wholly-owned subsidiaries, TOR Processing and Trade, BV (“TPT”) and TOR Minerals Malaysia, Sdn. Bhd. (“TMM”). All significant intercompany transactions have been eliminated. All adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the condensed consolidated financial position, results of operations and cash flows for the interim periods presented have been made. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015, in our Annual Report on Form 10-K filed with the SEC on March 7, 2016. Operating results for the nine month period ended September 30, 2016, are not necessarily indicative of the results for the year ending December 31, 2016. *Income Taxes* The Company records income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Income taxes consisted of federal income tax expense of approximately $23,000, state income tax expense of approximately $1,000 and foreign tax expense of approximately $118,000 for the three month period ended September 30, 2016, as compared to a federal tax expense of approximately $237,000, state tax expense of approximately $5,000 and foreign tax benefit of approximately $220,000 for the same three month period in 2015. For the nine month period ended September 30, 2016, income taxes consisted of federal income tax benefit of approximately $71,000, state income tax expense of approximately $4,000 and foreign tax expense of approximately $232,000, as compared to a federal tax benefit of approximately $31,000, state tax expense of approximately $5,000 and foreign tax benefit of approximately $106,000 for the same nine month period in 2015. When accounting for uncertainties in income taxes, we evaluate all tax years still subject to potential audit under the applicable state, federal and foreign income tax laws. We are subject to taxation in the United States, Malaysia and The Netherlands. Our federal income tax returns in the United States are subject to examination for the tax years ended December 31, 2013 through December 31, 2015. Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2011 through December 31, 2015. Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2011. As of January 1, 2016, we did not have any unrecognized tax benefits and there was no change during the nine month period ended September 30, 2016. In addition, we did not recognize any interest and penalties in our financial statements during the three and nine month periods ended September 30, 2016. If any interest or penalties related to any income tax liabilities are imposed in future reporting periods, we expect to record both of these items as components of income tax expense.

XML 19 R8.htm IDEA: XBRL DOCUMENT

2. Debt and Notes Payable

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Debt and Notes Payable

Long-term Debt – Financial Institutions

Following is a summary of our long-term debt to financial institutions as of September 30, 2016 and December 31, 2015, in thousands:


		September 30, 2016		December 31, 2015
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at September 30, 2016, due July 1, 2029, secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €202)	$	227	$	235
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at September 30, 2016, due January 31, 2030, secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €229)		257		264
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.0% per annum, due December 31, 2025, is secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €925)		1,039		1,087
Variable rate Euro term note payable to a Netherlands bank, with a EURIBOR interest rate plus bank margin of 2.3% per annum, due December 31, 2020, is secured by substantially all of TPT's assets. (Balance in Euro at September 30, 2016, €1,997)		2,244		2,554
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, which was 5.2% at September 30, 2016, due October 25, 2018, secured by TMM's property, plant and equipment. (Balance in Ringgit at September 30, 2016, RM 2,500)		605		756
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, secured by TMM's property, plant and equipment. Paid in full at maturity, March 31, 2016.		-		68
Total		4,372		4,964
Less current maturities		1,288		1,485
Total long-term debt - financial institutions	$	3,084	$	3,479

Short-term Debt

U.S. Operations

European Operations

Asian Operations

XML 20 R9.htm IDEA: XBRL DOCUMENT

3. Fair Value Measurements

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Fair Value Measurements

		Fair Value Measurements
(In Thousands)		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Current Liability
December 31, 2015
Currency forward contracts	$	6	$	-	$	6	$	-

		September 30, 2016				December 31, 2015
(In Thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current portion	$	4,372	$	3,937	$	4,964	$	4,438

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 21 R10.htm IDEA: XBRL DOCUMENT

4. Inventories

9 Months Ended

Sep. 30, 2016

Inventory Disclosure [Abstract]

Inventories

Following is a summary of inventory at September 30, 2016 and December 31, 2015, in thousands:

		September 30,		December 31,
		2016		2015
Raw materials	$	7,139	$	6,310
Work in progress		1,843		4,168
Finished goods		3,825		3,552
Supplies		775		784
Total Inventories		13,582		14,814
Inventory reserve		(429)		(826)
Net Inventories	$	13,153	$	13,988

XML 22 R11.htm IDEA: XBRL DOCUMENT

5. Calculation of Basic and Diluted Earnings per Share

9 Months Ended

Sep. 30, 2016

Earnings (loss) per common share:

Calculation of Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share:

(in thousands, except per share amounts)		Three Months Ended September 30,				Nine Months Ended September 30,
		2016		2015		2016		2015
Numerator:
Net Income (Loss) - basic and diluted	$	291	$	(121)	$	622	$	(418)

Denominator:
Denominator for basic earnings (loss) per share - weighted-average shares		3,542		3,014		3,319		3,014
Effect of dilutive securities:
Employee stock options		8		-		3		-
Warrants		-		-		76		-
Dilutive potential common shares		8		-		79		-
Denominator for diluted earnings (loss) per share - weighted-average shares and assumed conversions		3,550		3,014		3,398		3,014
*Basic earnings (loss) per common share*	$	0.08	$	(0.04)	$	0.19	$	(0.14)
*Diluted earnings (loss) per common share*	$	0.08	$	(0.04)	$	0.18	$	(0.14)

XML 23 R12.htm IDEA: XBRL DOCUMENT

6. Segment Information

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Segment Information

A summary of the Company’s manufacturing operations by geographic segment is presented below:

(In Thousands)		United States (Corpus Christi)		Europe (TPT)		Asia (TMM)		Inter-Company Eliminations		Consolidated

For the three months ended:
*September 30, 2016*
Net Sales:
Customer sales	$	7,227	$	2,249	$	560	$	-	$	10,036
Intercompany sales		34		2,051		1,353		(3,438)		-
Total Net Sales	$	7,261	$	4,300	$	1,913	$	(3,438)	$	10,036

Segment income (loss)	$	9	$	325	$	(22)	$	(21)	$	291

*September 30, 2015*
Net Sales:
Customer sales	$	6,308	$	2,059	$	621	$	-	$	8,988
Intercompany sales		33		1,418		789		(2,240)		-
Total Net Sales	$	6,341	$	3,477	$	1,410	$	(2,240)	$	8,988

Segment income (loss)	$	(229)	$	138	$	(210)	$	180	$	(121)

(In Thousands)		United States (Corpus Christi)		Europe (TPT)		Asia (TMM)		Inter-Company Eliminations		Consolidated

For the nine months ended:
*September 30, 2016*
Net Sales:
Customer sales	$	20,596	$	6,954	$	1,908	$	-	$	29,458
Intercompany sales		87		5,336		3,672		(9,095)		-
Total Net Sales	$	20,683	$	12,290	$	5,580	$	(9,095)	$	29,458

Segment income (loss)	$	(269)	$	892	$	24	$	(25)	$	622
As of September 30, 2016
Segments assets	$	17,819	$	14,478	$	6,299	$	-	$	38,596
For the nine months ended:
*September 30, 2015*
Net Sales:
Customer sales	$	20,485	$	6,418	$	2,163	$	-	$	29,066
Intercompany sales		37		3,456		4,343		(7,836)		-
Total Net Sales	$	20,522	$	9,874	$	6,506	$	(7,836)	$	29,066

Segment income (loss)	$	(327)	$	152	$	(356)	$	113	$	(418)
As of September 30, 2015
Segment assets	$	17,026	$	13,769	$	12,676	$	-	$	43,471

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 29
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

XML 24 R13.htm IDEA: XBRL DOCUMENT

7. Stock Options and Equity Compensation Plan	9 Months Ended
7. Stock Options and Equity Compensation Plan	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Options and Equity Compensation Plan	For the three and nine month periods ended September 30, 2016, the Company recorded stock-based employee compensation expense of $45,000 and $130,000, respectively, as compared to $29,000 and $104,000 for the same three and nine month periods of 2015, respectively. This compensation expense is included in “selling, general and administrative expenses” in the accompanying consolidated statements of operations. The Company granted 49,000 and 6,000 stock options during the nine month periods ended September 30, 2016 and 2015, respectively. As of September 30, 2016, there was approximately $180,000 of compensation expense related to non-vested awards. This expense is expected to be recognized over a weighted average period of approximately one year.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 25 R14.htm IDEA: XBRL DOCUMENT

8. Derivatives and Other Financial Instruments

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Other Financial Instruments

Foreign Currency Forward Contracts

At September 30, 2016, we marked these contracts to market resulting in a zero balance to be included on the consolidated balance sheets as the outstanding contracts were perfectly hedged.

Liability Derivatives
Derivative Instrument	Location		September 30, 2016		December 31, 2015
Foreign Currency Exchange Contracts	Accrued Expenses	$	-	$	6

			Amount of Gain (Loss) Recognized in Operations
Derivative	Location of Gain (Loss) on Derivative		Three Months Ended September 30,				Nine Months Ended September 30,
Instrument	Instrument		2016		2015		2016		2015
Foreign Currency Exchange Contracts	Gain (loss) on foreign currency exchange rate	$	4	$	(51)	$	6	$	(72)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6441202&loc=d3e80720-113993

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4D
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624177-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80784-113994

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4H
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624258-113959

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 30
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=35736893&loc=d3e80748-113994

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4K
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708775-113959

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4J
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5708773-113959

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5618551-113959

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 16: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624181-113959

Reference 17: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 25
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986

Reference 18: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 19: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

XML 26 R15.htm IDEA: XBRL DOCUMENT

1. Accounting Policies (Policies)	9 Months Ended
1. Accounting Policies (Policies)	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	*Basis of Presentation and Use of Estimates* The accompanying interim condensed consolidated financial statements (the “financial statements”) have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). The financial statements include the consolidated accounts of TOR Minerals International, Inc. (“TOR”, “we”, “us”, “our” or the “Company”) and its wholly-owned subsidiaries, TOR Processing and Trade, BV (“TPT”) and TOR Minerals Malaysia, Sdn. Bhd. (“TMM”). All significant intercompany transactions have been eliminated. All adjustments (consisting only of normal recurring adjustments) necessary for a fair statement of the condensed consolidated financial position, results of operations and cash flows for the interim periods presented have been made. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations. These financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015, in our Annual Report on Form 10-K filed with the SEC on March 7, 2016. Operating results for the nine month period ended September 30, 2016, are not necessarily indicative of the results for the year ending December 31, 2016.
Income Taxes	*Income Taxes* The Company records income taxes using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Income taxes consisted of federal income tax expense of approximately $23,000, state income tax expense of approximately $1,000 and foreign tax expense of approximately $118,000 for the three month period ended September 30, 2016, as compared to a federal tax expense of approximately $237,000, state tax expense of approximately $5,000 and foreign tax benefit of approximately $220,000 for the same three month period in 2015. For the nine month period ended September 30, 2016, income taxes consisted of federal income tax benefit of approximately $71,000, state income tax expense of approximately $4,000 and foreign tax expense of approximately $232,000, as compared to a federal tax benefit of approximately $31,000, state tax expense of approximately $5,000 and foreign tax benefit of approximately $106,000 for the same nine month period in 2015. When accounting for uncertainties in income taxes, we evaluate all tax years still subject to potential audit under the applicable state, federal and foreign income tax laws. We are subject to taxation in the United States, Malaysia and The Netherlands. Our federal income tax returns in the United States are subject to examination for the tax years ended December 31, 2013 through December 31, 2015. Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2011 through December 31, 2015. Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2011. As of January 1, 2016, we did not have any unrecognized tax benefits and there was no change during the nine month period ended September 30, 2016. In addition, we did not recognize any interest and penalties in our financial statements during the three and nine month periods ended September 30, 2016. If any interest or penalties related to any income tax liabilities are imposed in future reporting periods, we expect to record both of these items as components of income tax expense.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

XML 27 R16.htm IDEA: XBRL DOCUMENT

2. Debt and Notes Payable (Tables)

9 Months Ended

Sep. 30, 2016

Debt Disclosure [Abstract]

Schedule of Long-term Debt to Financial Institutions


		September 30, 2016		December 31, 2015
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at September 30, 2016, due July 1, 2029, secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €202)	$	227	$	235
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at September 30, 2016, due January 31, 2030, secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €229)		257		264
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.0% per annum, due December 31, 2025, is secured by TPT's land and buildings. (Balance in Euro at September 30, 2016, €925)		1,039		1,087
Variable rate Euro term note payable to a Netherlands bank, with a EURIBOR interest rate plus bank margin of 2.3% per annum, due December 31, 2020, is secured by substantially all of TPT's assets. (Balance in Euro at September 30, 2016, €1,997)		2,244		2,554
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, which was 5.2% at September 30, 2016, due October 25, 2018, secured by TMM's property, plant and equipment. (Balance in Ringgit at September 30, 2016, RM 2,500)		605		756
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate 2% above the bank base lending rate, secured by TMM's property, plant and equipment. Paid in full at maturity, March 31, 2016.		-		68
Total		4,372		4,964
Less current maturities		1,288		1,485
Total long-term debt - financial institutions	$	3,084	$	3,479

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details

XML 28 R17.htm IDEA: XBRL DOCUMENT

3. Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2016

Fair Value Disclosures [Abstract]

Schedule of Valuation of Financial Instruments Recorded on a Fair Value Basis

		Fair Value Measurements
(In Thousands)		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Current Liability
December 31, 2015
Currency forward contracts	$	6	$	-	$	6	$	-

Schedule of Carrying Amounts and Estimated Fair Values

		September 30, 2016				December 31, 2015
(In Thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current portion	$	4,372	$	3,937	$	4,964	$	4,438

XML 29 R18.htm IDEA: XBRL DOCUMENT

4. Inventories (Tables)

9 Months Ended

Sep. 30, 2016

Inventory Disclosure [Abstract]

Schedule of Inventory

		September 30,		December 31,
		2016		2015
Raw materials	$	7,139	$	6,310
Work in progress		1,843		4,168
Finished goods		3,825		3,552
Supplies		775		784
Total Inventories		13,582		14,814
Inventory reserve		(429)		(826)
Net Inventories	$	13,153	$	13,988

XML 30 R19.htm IDEA: XBRL DOCUMENT

5. Calculation of Basic and Diluted Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2016

Earnings (loss) per common share:

Schedule of Computation of Basic and Diluted Earnings Per Share

(in thousands, except per share amounts)		Three Months Ended September 30,				Nine Months Ended September 30,
		2016		2015		2016		2015
Numerator:
Net Income (Loss) - basic and diluted	$	291	$	(121)	$	622	$	(418)

Denominator:
Denominator for basic earnings (loss) per share - weighted-average shares		3,542		3,014		3,319		3,014
Effect of dilutive securities:
Employee stock options		8		-		3		-
Warrants		-		-		76		-
Dilutive potential common shares		8		-		79		-
Denominator for diluted earnings (loss) per share - weighted-average shares and assumed conversions		3,550		3,014		3,398		3,014
*Basic earnings (loss) per common share*	$	0.08	$	(0.04)	$	0.19	$	(0.14)
*Diluted earnings (loss) per common share*	$	0.08	$	(0.04)	$	0.18	$	(0.14)

XML 31 R20.htm IDEA: XBRL DOCUMENT

6. Segment Information (Tables)

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area

(In Thousands)		United States (Corpus Christi)		Europe (TPT)		Asia (TMM)		Inter-Company Eliminations		Consolidated

For the three months ended:
*September 30, 2016*
Net Sales:
Customer sales	$	7,227	$	2,249	$	560	$	-	$	10,036
Intercompany sales		34		2,051		1,353		(3,438)		-
Total Net Sales	$	7,261	$	4,300	$	1,913	$	(3,438)	$	10,036

Segment income (loss)	$	9	$	325	$	(22)	$	(21)	$	291

*September 30, 2015*
Net Sales:
Customer sales	$	6,308	$	2,059	$	621	$	-	$	8,988
Intercompany sales		33		1,418		789		(2,240)		-
Total Net Sales	$	6,341	$	3,477	$	1,410	$	(2,240)	$	8,988

Segment income (loss)	$	(229)	$	138	$	(210)	$	180	$	(121)

(In Thousands)		United States (Corpus Christi)		Europe (TPT)		Asia (TMM)		Inter-Company Eliminations		Consolidated

For the nine months ended:
*September 30, 2016*
Net Sales:
Customer sales	$	20,596	$	6,954	$	1,908	$	-	$	29,458
Intercompany sales		87		5,336		3,672		(9,095)		-
Total Net Sales	$	20,683	$	12,290	$	5,580	$	(9,095)	$	29,458

Segment income (loss)	$	(269)	$	892	$	24	$	(25)	$	622
As of September 30, 2016
Segments assets	$	17,819	$	14,478	$	6,299	$	-	$	38,596
For the nine months ended:
*September 30, 2015*
Net Sales:
Customer sales	$	20,485	$	6,418	$	2,163	$	-	$	29,066
Intercompany sales		37		3,456		4,343		(7,836)		-
Total Net Sales	$	20,522	$	9,874	$	6,506	$	(7,836)	$	29,066

Segment income (loss)	$	(327)	$	152	$	(356)	$	113	$	(418)
As of September 30, 2015
Segment assets	$	17,026	$	13,769	$	12,676	$	-	$	43,471

XML 32 R21.htm IDEA: XBRL DOCUMENT

8. Derivatives and Other Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Gross Fair Market Value of Derivative Instruments

Liability Derivatives
Derivative Instrument	Location		September 30, 2016		December 31, 2015
Foreign Currency Exchange Contracts	Accrued Expenses	$	-	$	6

Schedule of Derivative Instruments

			Amount of Gain (Loss) Recognized in Operations
Derivative	Location of Gain (Loss) on Derivative		Three Months Ended September 30,				Nine Months Ended September 30,
Instrument	Instrument		2016		2015		2016		2015
Foreign Currency Exchange Contracts	Gain (loss) on foreign currency exchange rate	$	4	$	(51)	$	6	$	(72)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41641-113959

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624163-113959

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41678-113959

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41638-113959

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5580258-113959

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579240-113959

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64837297&loc=d3e41620-113959

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(n)(2))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

+ Details

XML 33 R22.htm IDEA: XBRL DOCUMENT

1. Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Accounting Policies [Abstract]
Federal income tax benefit	$ 23	$ 237	$ 71	$ 31
State income tax benefit	1	5	4	5
Foreign income tax benefit	$ 118	$ 220	$ 232	$ 106

XML 34 R23.htm IDEA: XBRL DOCUMENT

2. Debt and Notes Payable (Details) € in Thousands, MYR in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2016 USD ($)	Sep. 30, 2016 EUR (€)	Sep. 30, 2016 MYR	Dec. 31, 2015 USD ($)
Debt Instrument [Line Items]
Notes payable to bank	$ 4,579			$ 4,964
Less current maturities	1,288			1,485
Total long-term debt - financial institutions	3,084			3,479
Note payable 1 [Member] \| Netherlands bank [Member]
Debt Instrument [Line Items]
Notes payable to bank	$ 227			235
Stated interest rate	3.85%	3.85%	3.85%
Maturity date	Jul. 01, 2029
Note payable 1 [Member] \| Netherlands bank [Member] \| Euro Member Countries, Euro
Debt Instrument [Line Items]
Notes payable to bank \| €		€ 202
Note payable 2 [Member] \| Netherlands bank [Member]
Debt Instrument [Line Items]
Notes payable to bank	$ 257			264
Stated interest rate	3.30%	3.30%	3.30%
Maturity date	Jan. 31, 2030
Note payable 2 [Member] \| Netherlands bank [Member] \| Euro Member Countries, Euro
Debt Instrument [Line Items]
Notes payable to bank \| €		€ 229
Note payable 3 [Member] \| Netherlands bank [Member]
Debt Instrument [Line Items]
Notes payable to bank	$ 1,039			1,087
Stated interest rate	3.00%	3.00%	3.00%
Maturity date	Dec. 31, 2025
Note payable 3 [Member] \| Netherlands bank [Member] \| Euro Member Countries, Euro
Debt Instrument [Line Items]
Notes payable to bank \| €		€ 925
Note payable 4 [Member] \| Netherlands bank [Member]
Debt Instrument [Line Items]
Notes payable to bank	$ 2,244			2,554
Interest rate, variable rate basis	EURIBOR interest rate plus bnak margin of 2.3% per annum
Maturity date	Dec. 31, 2020
Note payable 4 [Member] \| Netherlands bank [Member] \| Euro Member Countries, Euro
Debt Instrument [Line Items]
Notes payable to bank \| €		€ 1,997
Note payable 5 [Member] \| Malaysian bank [Member]
Debt Instrument [Line Items]
Notes payable to bank	$ 605			756
Interest rate, variable rate basis	2% above bank base lending rate
Maturity date	Oct. 25, 2018
Note payable 5 [Member] \| Malaysian bank [Member] \| RM [Member]
Debt Instrument [Line Items]
Notes payable to bank \| MYR			MYR 2,500
Notes payable 6 [Member] \| Malaysian bank [Member]
Debt Instrument [Line Items]
Notes payable to bank	$ 0			$ 68
Interest rate, variable rate basis	2% above the bank base lending rate

XML 35 R24.htm IDEA: XBRL DOCUMENT

2. Debt and Notes Payable (Details Narrative) - 9 months ended Sep. 30, 2016 € in Thousands, MYR in Thousands, $ in Thousands	USD ($)	EUR (€)	MYR
American Bank, N.A. [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 1,000
Line of credit, balance at period end	$ 0
Lines of credit interest rate (in percent)	4.50%
Lines of credit expiration date	Oct. 15, 2017
Rabobank [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 562
Line of credit, balance at period end	$ 0
Description of variable rate basis	Bank prime plus 2.8% to the average 1 month EURIBOR plus the bank margin of 3.3%
Rabobank [Member] \| Line of Credit [Member] \| EURO [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity \| €		€ 500
Line of credit, balance at period end \| €		€ 0
HSBC [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Lines of credit expiration date	Jun. 30, 2016
HSBC [Member] \| Line of Credit [Member] \| Overdraft Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 121
Line of credit, balance at period end	$ 80
Lines of credit interest rate (in percent)	7.85%
Description of variable rate basis	1.25% over bank prime
HSBC [Member] \| Line of Credit [Member] \| ECR Import Export Line [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 2,533
Line of credit, balance at period end	$ 726
Lines of credit interest rate (in percent)	5.00%
Description of variable rate basis	1.0% above the funding rate stipulated by the Export-Import Bank of Malaysia Berhad
HSBC [Member] \| Line of Credit [Member] \| Foreign Currency Exchange Contracts [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 1,211
HSBC [Member] \| Line of Credit [Member] \| RM [Member] \| Overdraft Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity \| MYR			MYR 500
Line of credit, balance at period end \| MYR			330
HSBC [Member] \| Line of Credit [Member] \| RM [Member] \| ECR Import Export Line [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity \| MYR			10,460
Line of credit, balance at period end \| MYR			3,000
HSBC [Member] \| Line of Credit [Member] \| RM [Member] \| Foreign Currency Exchange Contracts [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity \| MYR			5,000
RHB Bank Berhad [Member] \| Line of Credit [Member]
Debt Instrument [Line Items]
Lines of credit expiration date	Apr. 01, 2015
RHB Bank Berhad [Member] \| Line of Credit [Member] \| Overdraft Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 242
Line of credit, balance at period end	$ 0
Description of variable rate basis	1.25% over bank prime
RHB Bank Berhad [Member] \| Line of Credit [Member] \| ECR Import Export Line [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 768
Line of credit, balance at period end	$ 0
Description of variable rate basis	1.0% above the funding rate stipulated by the Export-Import Bank of Malaysia Berhad
RHB Bank Berhad [Member] \| Line of Credit [Member] \| Foreign Currency Exchange Contracts [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	$ 6,054
Line of credit, balance at period end	0
RHB Bank Berhad [Member] \| Line of Credit [Member] \| Bank Guarantee [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity	291
Line of credit, balance at period end	$ 0
RHB Bank Berhad [Member] \| Line of Credit [Member] \| RM [Member] \| Overdraft Line of Credit [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity \| MYR			1,000
Line of credit, balance at period end \| MYR			0
RHB Bank Berhad [Member] \| Line of Credit [Member] \| RM [Member] \| ECR Import Export Line [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity \| MYR			7,300
Line of credit, balance at period end \| MYR			0
RHB Bank Berhad [Member] \| Line of Credit [Member] \| RM [Member] \| Foreign Currency Exchange Contracts [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity \| MYR			25,000
Line of credit, balance at period end \| MYR			0
RHB Bank Berhad [Member] \| Line of Credit [Member] \| RM [Member] \| Bank Guarantee [Member]
Debt Instrument [Line Items]
Line of credit maximum borrowing capacity \| MYR			1,200
Line of credit, balance at period end \| MYR			MYR 0

XML 36 R25.htm IDEA: XBRL DOCUMENT

3. Fair Value Measurements (Details - Fair value) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current Asset
Currency forward contracts	$ 0
Current Liability
Currency forward contracts	$ 0	$ 6
Level 1 [Member]
Current Liability
Currency forward contracts		0
Level 2 [Member]
Current Liability
Currency forward contracts		6
Level 3 [Member]
Current Liability
Currency forward contracts		$ 0

XML 37 R26.htm IDEA: XBRL DOCUMENT

3. Fair Value Measurements (Details - debt) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 4,372	$ 4,964
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 3,937	$ 4,438

XML 38 R27.htm IDEA: XBRL DOCUMENT

4. Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 7,139	$ 6,310
Work in progress	1,843	4,168
Finished goods	3,825	3,552
Supplies	775	784
Total Inventories	13,582	14,814
Inventory reserve	(429)	(826)
Net Inventories	$ 13,153	$ 13,988

XML 39 R28.htm IDEA: XBRL DOCUMENT

5. Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Numerator:
Net Income (Loss)	$ 291	$ (121)	$ 622	$ (418)
Denominator:
Denominator for basic earnings (loss) per share - weighted-average shares	3,542,000	3,014,000	3,319,000	3,014,000
Effect of dilutive securities:
Employee stock options	8,000	0	3,000	0
Warrants	0	0	76,000	0
Dilutive potential common shares	8,000	0	79,000	0
Denominator for diluted earnings (loss) per share - weighted-average shares and assumed conversions	3,550,000	3,014,000	3,398,000	3,014,000
Basic earnings (loss) per common share	$ .08	$ (.04)	$ .19	$ (.14)
Diluted earnings (loss) per common share	$ .08	$ (.04)	$ .18	$ (.14)

XML 40 R29.htm IDEA: XBRL DOCUMENT

5. Calculation of Basic and Diluted Earnings per Share (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Employee stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	130,000	146,000	130,000	146,000

XML 41 R30.htm IDEA: XBRL DOCUMENT

6. Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
6. Segment Information (Details) - USD ($) $ in Thousands	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Net Sales:
Customer sales	$ 10,036	$ 8,988	$ 29,458	$ 29,066
Intercompany sales	0	0	0	0
Total Net Sales	10,036	8,988	29,458	29,066
Net Income (Loss)	291	(121)	622	(418)
Assets	38,596	43,471	38,596	43,471	$ 36,708
Intersegment Eliminations [Member]
Net Sales:
Customer sales	0	0	0	0
Intercompany sales	(3,438)	(2,240)	(9,095)	(7,836)
Total Net Sales	(3,438)	(2,240)	(9,095)	(7,836)
Net Income (Loss)	(21)	180	(25)	113
Assets	0	0	0	0
United States (Corpus Christi) [Member]
Net Sales:
Customer sales	7,227	6,308	20,596	20,485
Intercompany sales	34	33	87	37
Total Net Sales	7,261	6,341	20,683	20,522
Net Income (Loss)	9	(229)	(269)	(327)
Assets	17,819	17,026	17,819	17,026
Europe (TPT) [Member]
Net Sales:
Customer sales	2,249	2,059	6,954	6,418
Intercompany sales	2,051	1,418	5,336	3,456
Total Net Sales	4,300	3,477	12,290	9,874
Net Income (Loss)	325	138	892	152
Assets	14,478	13,769	14,478	13,769
Asia (TMM) [Member]
Net Sales:
Customer sales	560	621	1,908	2,163
Intercompany sales	1,353	789	3,672	4,343
Total Net Sales	1,913	1,410	5,580	6,506
Net Income (Loss)	(22)	(210)	24	(356)
Assets	$ 6,299	$ 12,676	$ 6,299	$ 12,676

XML 42 R31.htm IDEA: XBRL DOCUMENT

7. Stock Options and Equity Compensation Plan (Details Narrative) - Employee Stock Option [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Stock-based employee compensation expense	$ 45	$ 29	$ 130	$ 104
Unrecognized compensation expense related to non-vested awards	$ 180		$ 180
Unrecognized compensation expense recognized over a weighted average period			1 year
Number of options granted to purchase shares of common stock			49,000	6,000

XML 43 R32.htm IDEA: XBRL DOCUMENT

8. Derivatives and Other Financial Instruments (Details - Liability derivatives) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Derivatives, Fair Value [Line Items]
Derivative liability	$ 0	$ 6
Accrued Expenses [Member] \| Foreign Currency Exchange Contracts [Member] \| Nondesignated [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	$ 0	$ 6

XML 44 R33.htm IDEA: XBRL DOCUMENT

8. Derivatives and Other Financial Instruments (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Foreign Currency Exchange Contracts [Member] \| Nondesignated [Member] \| Foreign Currency Gain (Loss) [Member]
Derivatives, Fair Value [Line Items]
Amount of Gain Recognized in Operations	$ 4	$ (51)	$ 6	$ (72)

EXCEL 45 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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