0001003297-17-000039.txt : 20170223 0001003297-17-000039.hdr.sgml : 20170223 20170223160721 ACCESSION NUMBER: 0001003297-17-000039 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170223 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170223 DATE AS OF CHANGE: 20170223 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOR MINERALS INTERNATIONAL INC CENTRAL INDEX KEY: 0000842295 STANDARD INDUSTRIAL CLASSIFICATION: INDUSTRIAL INORGANIC CHEMICALS [2810] IRS NUMBER: 742081929 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-17321 FILM NUMBER: 17632510 BUSINESS ADDRESS: STREET 1: 722 BURLESON CITY: CORPUS CHRISTI STATE: TX ZIP: 78402 BUSINESS PHONE: 361-826-2043 MAIL ADDRESS: STREET 1: 722 BURLESON CITY: CORPUS CHRISTI STATE: TX ZIP: 78402 FORMER COMPANY: FORMER CONFORMED NAME: HITOX CORPORATION OF AMERICA DATE OF NAME CHANGE: 19920703 8-K 1 torq48k.htm Prepared by EDGARX.com

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, DC 20549

 _____________________________________________

 

FORM 8‑K

 _____________________________________________

 


CURRENT REPORT Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934


Date of report (Date of earliest event reported): February 23, 2017

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


Delaware
 (State or Other Jurisdiction of Incorporation)

 

0-17321
 (Commission File Number)

 722 Burleson Street
Corpus Christi, Texas
 (Address of Principal Executive Offices)

74-2081929
 (IRS Employer Identification No.)
78402
 (Zip Code)

(361) 883-5591
 (Registrant’s Telephone Number, Including Area Code)

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

 

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

 

 

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

 

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

 

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

 

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

 

 1

 

 

ITEM 2.02           RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

 

On February 23, 2017, TOR Minerals International, Inc. (the “Company”), announced its financial results for the fourth quarter and year-ended December 31, 2016.

 

Full-year 2016 summary

  • 2016 net sales increased 3.8% to $38.5 million
  • 2016 net income of $444,000, versus 2015 net loss of $6.4 Million
  • 2016 earnings per diluted share of $0.13 per share, versus 2015 net loss per share of ($2.11)

·      2016 cash flow from operations of $4.8 million, versus 2015 cash flow from operations of $3.5 million

Annual Sales Comparison by
Product Group (in 000's)

 

2016

 

2015

 

% Change
2016 vs. 2015

Specialty Aluminas

 

$

21,166 

 

$

16,781 

 

26%

Barium Sulfate and Other Products

 

8,542 

 

9,154 

 

-7%

TiO2 Pigments

 

8,748 

 

11,124 

 

-21%

Total

 

$

38,456 

 

$

37,059 

 

3.8%

 

 

During 2016, net sales increased 3.8 percent, as a 26 percent increase in specialty alumina sales was partially offset by decreased sales from TiO2 pigments and Barium Sulfate and Other products.  The increase in specialty alumina sales was due to strong growth to both existing and new customers in the U.S. and Europe, as well as increased volumes from a significant U.S. customer. The 21 percent decrease in TiO2 pigment sales was primarily due to lower unit volumes and lower average selling prices.  The seven percent decrease in Barium Sulfate and Other products was primarily related to decrease in sales of Other products.

 

Year-over-year profitability comparisons during 2016 were made difficult due to significant non-cash charges during the fourth quarter of 2015 primarily related to the strategic decision to close the SR plant at our Asian operation.  During 2016, gross margin increased 8.1 percentage points to 13.2 percent of sales.  The improvement in gross margin was related to our improved cost structure resulting from the 2015 shut down of the SR plant, as well as improved efficiencies at TPT primarily related to the 2015 plant expansion.  During 2016, SG&A expenses were $4.4 million, versus $4.7 million during 2015.  The decrease in SG&A expenses was due to the collection of a customer account that was previously deemed uncollectable, which was partially offset by increases in sales commissions and salaries and benefits.   During 2016, net income was $444,000 million, or $0.13 per diluted share, as compared to a net loss of ($6.4 million), or a loss of ($2.11) per diluted share, during 2015.

 

“During 2016, strong performance in our specialty alumina business more than made up for weakness in TiO2 market conditions, putting total revenue back on a growth trajectory.  In addition, incremental contribution from our alumina business, as well as strategic initiatives to improve the production efficiencies of our TiO2 business, resulted in significant improvements in profitability,” commented Dr. Olaf Karasch, Chief Executive Officer. “Strategic initiatives also resulted in significant cash flows and balance sheet improvements.  We ended the year with $3.7 million in cash, while reducing our debt by $1.9 million to $3.9 million.”

 

 2

 

 

Fourth quarter summary

  • 4Q16 net sales increased 13% to $9.0 million
  • 4Q16 net loss of ($178,000), versus 4Q15 net loss of ($5.9 million)
  • 4Q16 loss per share of ($0.05), versus 4Q15 net loss per share of ($1.97)

 

Quarterly Sales Comparison by
Product Group (in 000's)

 

4Q16

 

4Q15

 

% Change

Specialty Aluminas

 

$

5,454 

 

$

3,830 

 

42.4%

Barium Sulfate and Other Products

 

1,751 

 

1,978 

 

-11%

TiO2 Pigments

 

1,793 

 

2,185 

 

-18%

Total

 

$

8,998 

 

$

7,993 

 

13%

 

 

During the fourth quarter, net sales increased by 13 percent to $9.0 million, as a 42 percent increase in specialty alumina sales was partially offset by an 11 percent decrease in Barium Sulfate sales and an percent decrease in TiO2 pigments sales. 

 

During the fourth quarter, gross margin was $1.0 million, as compared to ($1.1 million) last year, which included an inventory adjustment that negatively affected margin by $1.7 million.  During the fourth quarter, operating expenses decreased 17 percent to $1.2 million.  During the fourth quarter, net loss was ($178,000), or ($0.05) per diluted share, as compared to net loss of ($5.9 million), or ($1.97) per diluted share, during the same period a year ago. 

 

“We have implemented several strategic initiatives to diversify our revenue base, lower our cost structure and improve returns.  As a result, we have demonstrated significant improvement in financial performance during 2016, restoring both top line growth and profitability to the business,” said Dr. Karasch.  “While we continuously work to improve our cost position, due to the success of our key strategic initiatives, we can now spend more time focusing on top-line growth.  Combined with improving market conditions, we believe that we are well positioned to deliver double digit top line growth in each of our product groups for the next several years, as well as further improve profitability and returns for our shareholders.”

 

TOR Minerals will host a conference call at 5:00 p.m. Eastern, 4:00 p.m. Central Time, on February 23, 2016, to further discuss fourth quarter and full year results. The call will be simultaneously webcast, and can be accessed via the Investors section on the Company's website, www.torminerals.com.  Investors and interested parties may participate in the call by dialing 877-407-8033.

 

Headquartered in Corpus Christi, Texas, TOR Minerals International is a global manufacturer and marketer of specialty mineral and pigment products for high performance applications with manufacturing and regional offices located in the United States, Netherlands and Malaysia.

 

 3

 

 

This statement provides forward-looking information as that term is defined in the Private Securities Litigation Reform Act of 1995, and, therefore, is subject to certain risks and uncertainties. There can be no assurance that the actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the forward-looking statements as a result of various factors, including market conditions, general economic conditions, including the present slowdown in U.S. construction and the risks of a general business slow down or recession, the increasing cost of energy, raw materials and labor, competition, the receptivity of the markets for our anticipated new products, advances in technology, changes in foreign currency rates, freight price increase, commodity price increases, delays in delivery of required equipment and other factors.

 

A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 4

 

 

 

 

ITEM 9.01           FINANCIAL STATEMENTS AND EXHIBITS

 

(a)

Financial Statements of Businesses Acquired.
Not applicable.

(b)

Pro Forma Financial Information.
Not applicable.

(c)

Shell company transaction
Not applicable

(d)

Exhibits.
The following exhibit is furnished in accordance with the provisions of Item 601 of Regulation S-B:

 

 

Exhibit
 Number


Description

 

99.1

Press Release, dated February 23, 2017 reporting the Company’s fourth quarter and year ended December 31, 2016 financial results

 




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

TOR MINERALS INTERNATIONAL, INC.
 _____________________
(Registrant)

 

 

 

 

Date: February 23, 2017

/s/ BARBARA RUSSELL

 

Barbara Russell
Chief Financial Officer

 

 

EXHIBIT INDEX

 

Exhibit No.

Description

 

99.1

Press Release, dated February 23, 2017 reporting the Company’s fourth quarter and year ended December 31, 2016 financial results

 

 

 

 

 

 

 

 

 5

 EX-99 2 exhibit99.htm Exhibit 99
722 Burleson Street
Corpus Christi
Texas  78402 		Phone:  361/883-5591
Fax:  361/883-7619
www.torminerals.com

EXHIBIT 99.1

 

TOR Minerals International Reports Fourth Quarter and Year-end 2016 Financial Results

CORPUS CHRISTI, Texas, February 23, 2017 – TOR Minerals International (Nasdaq: TORM), producer of high performance specialty minerals, today announced its financial results for the fourth quarter and year-ended December 31, 2016.

 

Full-year 2016 summary

  • 2016 net sales increased 3.8% to $38.5 million
  • 2016 net income of $444,000, versus 2015 net loss of $6.4 Million
  • 2016 earnings per diluted share of $0.13 per share, versus 2015 net loss per share of ($2.11)
  • 2016 cash flow from operations of $4.8 million, versus 2015 cash flow from operations of $3.5 million

 

 

Annual Sales Comparison by
Product Group (in 000's)

 

2016

 

2015

 

% Change
2016 vs. 2015

Specialty Aluminas

 

$

21,166 

 

$

16,781 

 

26%

Barium Sulfate and Other Products

 

8,542 

 

9,154 

 

-7%

TiO2 Pigments

 

8,748 

 

11,124 

 

-21%

Total

 

$

38,456 

 

$

37,059 

 

3.8%

 

 

During 2016, net sales increased 3.8 percent, as a 26 percent increase in specialty alumina sales was partially offset by decreased sales from TiO2 pigments and Barium Sulfate and Other products.  The increase in specialty alumina sales was due to strong growth to both existing and new customers in the U.S. and Europe, as well as increased volumes from a significant U.S. customer. The 21 percent decrease in TiO2 pigment sales was primarily due to lower unit volumes and lower average selling prices.  The seven percent decrease in Barium Sulfate and Other products was primarily related to decrease in sales of Other products.

 

Year-over-year profitability comparisons during 2016 were made difficult due to significant non-cash charges during the fourth quarter of 2015 primarily related to the strategic decision to close the SR plant at our Asian operation.  During 2016, gross margin increased 8.1 percentage points to 13.2 percent of sales.  The improvement in gross margin was related to our improved cost structure resulting from the 2015 shut down of the SR plant, as well as improved efficiencies at TPT primarily related to the 2015 plant expansion.  During 2016, SG&A expenses were $4.4 million, versus $4.7 million during 2015.  The decrease in SG&A expenses was due to the collection of a customer account that was previously deemed uncollectable, which was partially offset by increases in sales commissions and salaries and benefits.   During 2016, net income was $444,000 million, or $0.13 per diluted share, as compared to a net loss of ($6.4 million), or a loss of ($2.11) per diluted share, during 2015.

 

 

 

 

 

“During 2016, strong performance in our specialty alumina business more than made up for weakness in TiO2 market conditions, putting total revenue back on a growth trajectory.  In addition, incremental contribution from our alumina business, as well as strategic initiatives to improve the production efficiencies of our TiO2 business, resulted in significant improvements in profitability,” commented Dr. Olaf Karasch, Chief Executive Officer. “Strategic initiatives also resulted in significant cash flows and balance sheet improvements.  We ended the year with $3.7 million in cash, while reducing our debt by $1.9 million to $3.9 million.”

 

Fourth quarter summary

  • 4Q16 net sales increased 13% to $9.0 million
  • 4Q16 net loss of ($178,000), versus 4Q15 net loss of ($5.9 million)
  • 4Q16 loss per share of ($0.05), versus 4Q15 net loss per share of ($1.97)

 

Quarterly Sales Comparison by
Product Group (in 000's)

 

4Q16

 

4Q15

 

% Change

Specialty Aluminas

 

$

5,454 

 

$

3,830 

 

42.4%

Barium Sulfate and Other Products

 

1,751 

 

1,978 

 

-11%

TiO2 Pigments

 

1,793 

 

2,185 

 

-18%

Total

 

$

8,998 

 

$

7,993 

 

13%

 

 

During the fourth quarter, net sales increased by 13 percent to $9.0 million, as a 42 percent increase in specialty alumina sales was partially offset by an 11 percent decrease in Barium Sulfate sales and an 18 percent decrease in TiO2 pigments sales. 

 

During the fourth quarter, gross margin was $1.0 million, as compared to ($1.1 million) last year, which included an inventory adjustment that negatively affected margin by $1.7 million.  During the fourth quarter, operating expenses decreased 17 percent to $1.2 million.  During the fourth quarter, net loss was ($178,000), or ($0.05) per diluted share, as compared to net loss of ($5.9 million), or ($1.97) per diluted share, during the same period a year ago. 

 

“We have implemented several strategic initiatives to diversify our revenue base, lower our cost structure and improve returns.  As a result, we have demonstrated significant improvement in financial performance during 2016, restoring both top line growth and profitability to the business,” said Dr. Karasch.  “While we continuously work to improve our cost position, due to the success of our key strategic initiatives, we can now spend more time focusing on top-line growth.  Combined with improving market conditions, we believe that we are well positioned to deliver double digit top line growth in each of our product groups for the next several years, as well as further improve profitability and returns for our shareholders.”

 

TOR Minerals will host a conference call at 5:00 p.m. Eastern, 4:00 p.m. Central Time, on February 23, 2017, to further discuss fourth quarter and full year results. The call will be simultaneously webcast, and can be accessed via the Investors section on the Company's website, www.torminerals.com.  Investors and interested parties may participate in the call by dialing 877-407-8033.

 

Headquartered in Corpus Christi, Texas, TOR Minerals International is a global manufacturer and marketer of specialty mineral and pigment products for high performance applications with manufacturing and regional offices located in the United States, Netherlands and Malaysia.

 

 

 

 

This statement provides forward-looking information as that term is defined in the Private Securities Litigation Reform Act of 1995, and, therefore, is subject to certain risks and uncertainties. There can be no assurance that the actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the forward-looking statements as a result of various factors, including market conditions, general economic conditions, including the present slowdown in U.S. construction and the risks of a general business slow down or recession, the increasing cost of energy, raw materials and labor, competition, the receptivity of the markets for our anticipated new products, advances in technology, changes in foreign currency rates, freight price increase, commodity price increases, delays in delivery of required equipment and other factors.

 

Contact for Further Information:
Dave Mossberg
Three Part Advisors, LLC
817-310-0051

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOR Minerals International, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Three Months
Ended December 31,

 

Twelve Months
Ended December 31,

 

 

2016

 

2015

 

2016

 

2015

NET SALES

$

8,998 

$

7,993 

$

38,456 

$

37,059 

Cost of sales

 

7,982 

 

9,075 

 

33,361 

 

35,183 

GROSS MARGIN

 

1,016 

 

(1,082)

 

5,095 

 

1,876 

Technical services and research and development

 

53 

 

35 

 

199 

 

178 

General, administrative and selling expenses

 

1,182 

 

1,447 

 

4,154 

 

4,481 

(Gain) Loss on disposal of assets

 

(1)

 

- 

 

2 

 

- 

Loss on impairment of assets

 

- 

 

2,912 

 

- 

 

2,950 

OPERATING (LOSS) INCOME

 

(218)

 

(5,476)

 

740 

 

(5,733)

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

Interest expense, net

 

(37)

 

(31)

 

(177)

 

(208)

Gain (loss) on foreign currency exchange rate

 

9 

 

(3)

 

(50)

 

(137)

Other income, net

 

10 

 

6 

 

38 

 

24 

Total Other Expense

 

(18)

 

(28)

 

(189)

 

(321)

(LOSS) INCOME BEFORE INCOME TAX

 

(236)

 

(5,504)

 

551 

 

(6,054)

Income tax (benefit) expense

 

(58)

 

442 

 

107 

 

310 

NET (LOSS) INCOME

$

(178)

$

(5,946)

$

444 

$

(6,364)

 

 

 

 

 

 

 

 

 

(Loss) Income per common share:

 

 

 

 

 

 

 

 

Basic

$

(0.05)

$

(1.97)

$

0.13 

$

(2.11)

Diluted

$

(0.05)

$

(1.97)

$

0.13 

$

(2.11)

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

3,542 

 

3,014 

 

3,376 

 

3,014 

Diluted

 

3,542 

 

3,014 

 

3,454 

 

3,014 

 

 

 

 

 

TOR Minerals International, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands, except per share amounts)

 

 

 

 

 

 

 

December 31,

 

 

2016

 

2015

ASSETS

 

 

 

 

CURRENT ASSETS:

 

 

 

 

Cash and cash equivalents

$

3,716 

$

813 

Trade accounts receivable, net

 

3,557 

 

3,534 

Inventories, net

 

11,776 

 

13,988 

Other current assets

 

742 

 

878 

Total current assets

 

19,791 

 

19,213 

PROPERTY, PLANT AND EQUIPMENT, net

 

15,907 

 

17,472 

DEFERRED TAX ASSET, foreign

 

27 

 

19 

OTHER ASSETS

 

4 

 

4 

Total Assets

$

35,729 

$

36,708 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

Accounts payable

$

2,122 

$

2,432 

Accrued expenses

 

1,136 

 

1,007 

Notes payable under lines of credit

 

- 

 

179 

Export credit refinancing facility

 

206 

 

1,108 

Current maturities of long-term debt – financial institutions

 

1,142 

 

1,485 

Total current liabilities

 

4,606 

 

6,211 

LONG-TERM DEBT - FINANCIAL INSTITUTIONS

 

2,725 

 

3,479 

DEFERRED TAX LIABILITY, domestic

 

127 

 

262 

Total liabilities

 

7,458 

 

9,952 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

SHAREHOLDERS' EQUITY:

 

 

 

 

Common stock $1.25 par value: authorized, 6,000 shares; 3,542
shares issued and outstanding at December 31, 2016 and 3,014
at December 31, 2015

 

4,426 

 

3,767 

Additional paid-in capital

 

30,544 

 

29,636 

Accumulated deficit

 

(4,821)

 

(5,265)

Accumulated other comprehensive loss

 

(1,878)

 

(1,382)

Total shareholders' equity

 

28,271 

 

26,756 

Total Liabilities and Shareholders' Equity

$

35,729 

$

36,708 

 

 

 

 

 

 

 

 

 

 

 

TOR Minerals International, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands)

 

 

 

 

 

 

 

Years Ended December 31,

 

 

2016

 

2015

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

Net Income (Loss)

$

444 

$

(6,364)

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

 

 

 

 

Depreciation

 

2,561 

 

2,863 

Inventory impairment

 

- 

 

1,749 

Loss on impairment of assets

 

- 

 

2,950 

Loss on disposal of assets

 

2 

 

- 

Share-based compensation

 

170 

 

133 

Deferred income tax (benefit) expense

 

(144)

 

378 

(Recovery of) provision for bad debts

 

(237)

 

297 

Changes in working capital:

 

 

 

 

Trade accounts receivables

 

182 

 

861 

Inventories

 

1,937 

 

2,246 

Other current assets

 

114 

 

(157)

Accounts payable and accrued expenses

 

(197)

 

(1,457)

Net cash provided by operating activities

 

4,832 

 

3,499 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Additions to property, plant and equipment

 

(1,203)

 

(5,662)

Proceeds from sales of property, plant and equipment

 

2 

 

18 

Net cash used in investing activities

 

(1,201)

 

(5,644)

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Proceeds from lines of credit

 

82 

 

6,578 

Payments on lines of credit

 

(254)

 

(7,349)

Proceeds from export credit refinancing facility

 

1,705 

 

4,220 

Payments on export credit refinancing facility

 

(2,560)

 

(5,194)

Proceeds from long-term bank debt

 

- 

 

3,641 

Payments on long-term bank debt

 

(931)

 

(1,032)

Proceeds from the issuance of common stock through exercise of warrants

 

1,397 

 

- 

Net cash (used in) provided by financing activities

 

(561)

 

864 

Effect of foreign currency exchange rate fluctuations on cash and cash equivalents

 

(167)

 

(563)

Net increase (decrease) in cash and cash equivalents

 

2,903 

 

(1,844)

Cash and cash equivalents at beginning of year

 

813 

 

2,657 

Cash and cash equivalents at end of year

$

3,716 

$

813 

 

 

 

 

 

Supplemental cash flow disclosures:

 

 

 

 

Interest paid

$

147 

$

134 

Income taxes paid

$

95 

$

386 

 

 

 

 

 

Non-cash investing activities:

 

 

 

 

Capital expenditures financed through accounts payable and accrued expenses

$

96 

$

355 

 

 

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