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0001003297-17-000330.txt : 20171103 0001003297-17-000330.hdr.sgml : 20171103 20171103094112 ACCESSION NUMBER: 0001003297-17-000330 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171103 DATE AS OF CHANGE: 20171103 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: 171174859 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 10-Q 1 tor10q3.htm Prepared by EDGARX.com

United States Securities and Exchange Commission Washington, D. C. 20549 ____________________________ FORM 10-Q ____________________________
(Mark One)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2017 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) ____________________________
Not Applicable (Former name, former address and former fiscal year, if changed since last report) ____________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 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 x 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x 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 ¨ Non-accelerated filer ¨ (Do not check if a smaller reporting company) Emerging growth company ¨			Accelerated filer ¨ Smaller reporting company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No x

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 November 3, 2017 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, 2017 and 2016	3
		Consolidated Statements of Comprehensive (Loss) Income -- Three and nine months ended September 30, 2017 and 2016	4
		Consolidated Balance Sheets -- September 30, 2017 and December 31, 2016	5
		Consolidated Statements of Cash Flows -- Nine months ended September 30, 2017 and 2016	6

	Notes to the Condensed Consolidated Financial Statements		7

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		16

Item 4.	Controls and Procedures		29

Part II - Other Information

Item 6.	Exhibits		30

Signatures			30

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 filing 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, words such as “believes,” “estimates,” “plans,” “expects,” “anticipates,” “foresees,” “intends,” “may,” “likely,” “should”, “could” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. We undertake no obligation to revise or publicly release the results of any revisions to these forward-looking statements, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such 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,
		2017		2016		2017		2016
NET SALES	$	9,487	$	10,036	$	30,914	$	29,458
Cost of sales		8,771		8,452		27,393		25,379
GROSS MARGIN		716		1,584		3,521		4,079
Technical services, research and development		55		56		141		146
Selling, general and administrative expenses		1,081		1,068		3,490		2,972
Loss on disposal of assets		-		4		-		3
OPERATING (LOSS) INCOME		(420)		456		(110)		958
OTHER INCOME (EXPENSE):
Interest expense, net		(28)		(43)		(86)		(140)
Gain (loss) on foreign currency exchange rate		21		20		(2)		(59)
Other, net		3		-		18		28
Total Other Expense		(4)		(23)		(70)		(171)
(LOSS) INCOME BEFORE INCOME TAX		(424)		433		(180)		787
Income tax expense		(95)		142		(71)		165
NET (LOSS) INCOME	$	(329)	$	291	$	(109)	$	622

(Loss) earnings per common share:
Basic	$	(0.09)	$	0.08	$	(0.03)	$	0.19
Diluted	$	(0.09)	$	0.08	$	(0.03)	$	0.18
Weighted average common shares outstanding:
Basic		3,542		3,542		3,542		3,319
Diluted		3,542		3,550		3,542		3,398

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,
		2017		2016		2017		2016
NET (LOSS) INCOME	$	(329)	$	291	$	(109)	$	622
OTHER COMPREHENSIVE INCOME (LOSS) , net of tax
Currency translation adjustment, net of tax:
Net foreign currency translation adjustment gain (loss)		387		(110)		1,273		456
Other comprehensive income (loss), net of tax		387		(110)		1,273		456
COMPREHENSIVE (LOSS) INCOME	$	58	$	181	$	1,164	$	1,078

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, 2017		December 31, 2016
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	2,550	$	3,716
Trade accounts receivable, net		4,872		3,557
Inventories, net		10,619		11,776
Other current assets		1,330		742
Total current assets		19,371		19,791
PROPERTY, PLANT AND EQUIPMENT, net		17,569		15,907
DEFERRED TAX ASSET, foreign		-		27
OTHER ASSETS		4		4
Total Assets	$	36,944	$	35,729

LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable	$	1,788	$	2,122
Accrued expenses		1,937		1,136
Export credit refinancing facility		-		206
Current maturities of long-term debt – financial institutions		1,074		1,142
Total current liabilities		4,799		4,606
LONG-TERM DEBT - FINANCIAL INSTITUTIONS		2,525		2,725
DEFERRED TAX LIABILITY, domestic		23		127
DEFERRED TAX LIABILITY, foreign		46		-
Total liabilities		7,393		7,458
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock $1.25 par value: authorized, 6,000 shares; 3,542 shares issued and outstanding at September 30, 2017 and December 31, 2016		4,426		4,426
Additional paid-in capital		30,660		30,544
Accumulated deficit		(4,930)		(4,821)
Accumulated other comprehensive loss		(605)		(1,878)
Total shareholders' equity		29,551		28,271
Total Liabilities and Shareholders' Equity	$	36,944	$	35,729

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,
		2017		2016
*CASH FLOWS FROM OPERATING ACTIVITIES:*
Net (loss) income	$	(109)	$	622
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation		2,047		1,916
Gain on disposal of assets		-		3
Stock-based compensation		115		130
Deferred income tax expense (benefit)		(31)		(61)
Allowance for (recovery of) bad debts		23		(237)
Changes in working capital:
Trade accounts receivables		(1,151)		(751)
Inventories		1,557		1,105
Other current assets		(531)		(5)
Accounts payable and accrued expenses		39		341
Net cash provided by operating activities		1,959		3,063

*CASH FLOWS FROM INVESTING ACTIVITIES:*
Additions to property, plant and equipment		(2,364)		(894)
Net cash used in investing activities		(2,364)		(894)

*CASH FLOWS FROM FINANCING ACTIVITIES:*
Proceeds from lines of credit		-		85
Payments on lines of credit		-		(191)
Proceeds from export credit refinancing facility		-		1,853
Payments on export credit refinancing facility		(219)		(2,280)
Payments on long-term bank debt		(713)		(765)
Proceeds from the issuance of common stock through exercise of warrants		-		1,398
Net cash (used in) provided by financing activities		(932)		100
Effect of foreign currency exchange rate fluctuations on cash and cash equivalents		171		-
Net (decrease) increase in cash and cash equivalents		(1,166)		2,269
Cash and cash equivalents at beginning of period		3,716		813
Cash and cash equivalents at end of period	$	2,550	$	3,082

Supplemental cash flow disclosures:
Interest paid	$	89	$	113
Income taxes paid	$	317	$	73
Non-cash financing activities:
Capital expenditures financed through accounts payable and accrued expenses	$	158	$	-

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 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, 2016, in our Annual Report on Form 10-K filed with the SEC on March 9, 2017. Operating results for the three and nine month periods ended September 30, 2017, are not necessarily indicative of the results for the year ending December 31, 2017.

Recently Adopted Accounting Standards

In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 changes how companies account for certain aspects of share based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. The adoption of this standard, which we adopted on January 1, 2017, did not have a material impact on the Company’s financial condition, results of operations or cash flows.

New Accounting Standards

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” as amended by multiple standards updates. The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and IFRS. The pronouncement is effective for reporting periods beginning after December 15, 2017. Based on the analysis completed to date, the Company does not expect the timing and pattern of the Company’s revenue recognition to materially change and as a result the Company does not anticipate material changes upon adoption of the standard; however, the Company is still in the process of evaluating the disclosure requirements. The Company expects to adopt the new standard using the modified retrospective approach, under which the cumulative effect of initially applying the new guidance is recognized as an adjustment to the opening balance of retained earnings in the first quarter of 2018.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes all existing guidance on accounting for leases in ASC Topic 840. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. ASU 2016-02 is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. We are currently in the initial stages of evaluating the potential impact of adopting ASU 2016-02 on our financial statements and related disclosures.

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

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 benefit of approximately $97,000 and foreign tax expense of approximately $2,000 for the three month period ended September 30, 2017, as compared to a federal tax expense of approximately $23,000, state tax expense of $1,000 and foreign tax expense of approximately $118,000 for the same three month period in 2016.

For the nine month period ended September 30, 2017, income taxes consisted of federal income tax benefit of approximately $105,000, state income tax expense of approximately $3,000 and foreign tax expense of approximately $31,000, as compared to a federal tax benefit of approximately $71,000, state income tax expense of approximately $4,000 and foreign tax expense of approximately $232,000 for the same nine month period in 2016.

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, 2014 through December 31, 2016. Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2012 through December 31, 2016. Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2012.

As of January 1, 2017, we did not have any unrecognized tax benefits and there was no change during the three and nine month periods ended September 30, 2017. In addition, we did not recognize any interest and penalties in our financial statements during the three and nine month periods ended September 30, 2017. 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, 2017 and December 31, 2016, in thousands:

		September 30, 2017		December 31, 2016
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at September 30, 2017, due July 1, 2029, secured by TPT's land and buildings. (Euro balance at September 30, 2017, €183)	$	216	$	206
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at September 30, 2017, due January 31, 2030, secured by TPT's land and buildings. (Euro balance at September 30, 2017, €210)		248		234
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. (Euro balance at September 30, 2017, €825)		975		947
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. The interest rate at September 30, 2017 was 2.3%. (Euro balance at September 30, 2017, €1,527)		1,805		1,978
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate of 2% above the bank base lending rate, due October 25, 2018, secured by TMM's property, plant and equipment. The interest rate at September 30, 2017 was 5.2%. (Ringgit balance at September 30, 2017, RM 1,500)		355		502

Total		3,599		3,867
Less current maturities		1,074		1,142
Total long-term debt - financial institutions	$	2,525	$	2,725

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

Short-term Debt

U.S. Operations

On August 15, 2017, the Company entered into a new loan agreement (“Loan Agreement”) with American Bank, N.A. (the “Lender”) which replaced the original credit agreement with the Lender dated December 31, 2010 and the Amended Agreement dated June 23, 2016. Under the terms of the Loan Agreement, our line of credit (the “Line”) is reestablished at $1,000,000 and the maturity date is extended from October 15, 2017 to October 15, 2018. Under the terms of the Loan 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, 2017.

Under the terms of the Loan 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 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, 2017, no funds were outstanding on the Line.

European Operations

On July 13, 2015, TPT amended the short-term banking facility (the “TPT Amended Agreement”) with Rabobank. Under the terms of the TPT Amended Agreement, the TPT line of credit was reduced from €1,100,000 to €500,000 ($1,300,000 to $591,000 at September 30, 2017) 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%. The interest rate was 3.3% at September 30, 2017. No funds were outstanding on the TPT line of credit at September 30, 2017. TPT was in compliance with all covenants at September 30, 2017.

Asian Operations

On July 19, 2017, TMM amended its short-term banking facility with HSBC to extend the maturity date from June 30, 2017 to June 30, 2018. The HSBC facility includes the following in RM: (1) overdraft of RM 500,000 ($118,000 at September 30, 2017); (2) an import/export line (“ECR”) of RM 10,460,000 ($2,477,000 at September 30, 2017); and (3) a foreign exchange contract limit of RM 5,000,000 ($1,184,000 at September 30, 2017). At September 30, 2017, no funds were outstanding on the HSBC short-term banking facility.

On October 12, 2017, TMM amended its short-term banking facility with RHB Bank Berhad (“RHB”) to extend the maturity date from August 11, 2017 to February 11, 2018. TMM is currently negotiating with RHB to extend the maturity date to February 21, 2018. The RHB facility includes the following: (1) a multi-trade line of RM 3,500,000 ($829,000 at September 30, 2017); (2) a bank guarantee of RM 1,200,000 ($284,000 at September 30, 2017); and (3) a foreign exchange contract line of RM 2,500,000 ($592,000 at September 30, 2017). At September 30, 2017, no funds were outstanding on the RHB short-term banking facility.

The interest rate was 4.9% at September 30, 2017. No funds were outstanding on TMM's credit facility for the ECR. TMM was in compliance with all covenants at September 30, 2017.

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 facility 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, 2017 and December 31, 2016. The Company did not hold any non-financial assets and/or non-financial liabilities subject to fair value measurements at September 30, 2017 or at December 31, 2016.

		Fair Value Measurements
(In Thousands)		Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
CurrentAsset
September 30, 2017
Currency forward contracts	$	5	$	-	$	5	$	-

Current Liability
December 31, 2016
Currency forward contracts	$	2	$	-	$	2	$	-

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 statements 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, 2017				December 31, 2016
(In Thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current portion	$	3,599	$	3,525	$	3,867	$	3,785

The carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, trade receivables, payables and accrued liabilities 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, 2017 and December 31, 2016, in thousands:

		September 30,		December 31,
		2017		2016
Raw materials	$	4,109	$	5,235
Work in progress		1,783		1,636
Finished goods		4,130		4,587
Supplies		1,017		717
Total Inventories		11,039		12,175
Inventory reserve		(420)		(399)
Net Inventories	$	10,619	$	11,776

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,
		2017		2016		2017		2016
Numerator:
Net (Loss) Income - basic and diluted	$	(329)	$	291	$	(109)	$	622

Denominator:
Denominator for basic earnings per share - weighted-average shares		3,542		3,542		3,542		3,319
Effect of dilutive securities:
Employee stock options		-		8		-		3
Warrants		-		-		-		76
Dilutive potential common shares		-		8		-		79
Denominator for diluted earnings per share - weighted-average shares and assumed conversions		3,542		3,550		3,542		3,398
*Basic (loss) earnings per common share*	$	(0.09)	$	0.08	$	(0.03)	$	0.19
*Diluted (loss) earnings per common share*	$	(0.09)	$	0.08	$	(0.03)	$	0.18

Approximately 152,000 employee stock options were excluded from the calculation of diluted earnings per share for each of the three and nine month periods ended September 30, 2017, as the effect would be anti-dilutive.

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 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.

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, 2017*
Net Sales:
Customer sales	$	5,385	$	2,882	$	1,220	$	-	$	9,487
Intercompany sales		-		492		497		(989)		-
Total Net Sales	$	5,385	$	3,374	$	1,717	$	(989)	$	9,487

Segment (loss) income	$	(164)	$	(286)	$	154	$	(33)	$	(329)

*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

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, 2017*
Net Sales:
Customer sales	$	19,454	$	8,361	$	3,099	$	-	$	30,914
Intercompany sales		37		3,303		2,502		(5,842)		-
Total Net Sales	$	19,491	$	11,664	$	5,601	$	(5,842)	$	30,914

Segment (loss) income	$	(238)	$	(171)	$	374	$	(74)	$	(109)
As of September 30, 2017
Segments assets	$	15,834	$	15,872	$	5,640	$	(402)	$	36,944
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
Segment assets	$	17,819	$	14,478	$	6,299	$	-	$	38,596

Note 7.

Stock Options and Equity Compensation Plan

For the three and nine month periods ended September 30, 2017, the Company recorded stock-based employee compensation expense of $6,000 and $115,000, respectively, as compared to $45,000 and $130,000 for the same three and nine month periods of 2016, respectively. This compensation expense is included in “selling, general and administrative expenses” in the accompanying consolidated statements of operations.

The Company granted approximately 6,000 and 49,000 stock options during the nine month periods ended September 30, 2017 and 2016, respectively.

As of September 30, 2017, there was approximately $72,000 of compensation expense related to non-vested awards. This expense is expected to be recognized over a weighted average period of 0.87 years.

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, 2017, we marked these contracts to market, recording $5,000 as a current asset on the consolidated balance sheets.

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, 2017 and December 31, 2016, in thousands:

Asset Derivatives
Derivative Instrument	Location		September 30, 2017		December 31, 2016
Foreign Currency Exchange Contracts	Other Current Assets	$	5	$	-

Liability Derivatives
Derivative Instrument	Location		September 30, 2017		December 31, 2016
Foreign Currency Exchange Contracts	Accrued Expenses	$	-	$	2

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, 2017 and 2016:

			Amount of (Loss) Gain Recognized in Operations
Derivative	Location of (Loss) Gain on Derivative		Three Months Ended September 30,				Nine Months Ended September 30,
Instrument	Instrument		2017		2016		2017		2016
Foreign Currency Exchange Contracts	(Loss) gain on foreign currency exchange rate	$	(4)	$	4	$	(5)	$	6

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, coatings and paints 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 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 currency 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). The accounting policies of the segments are the same as those described in the Summary of Significant Policies (See Note 1 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 include an inter-company profit margin. The segment profit (loss), included in Note 6, from each location is reflective of these inter-company prices, as is inventory at the segment location prior to elimination adjustments. 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 segment inventories that include an inter-company component, the net effect of these adjustments can decrease/increase location profit.

Such presentation is consistent with the internal reporting reviewed by the Company’s chief operating decision maker (“CODM”). Our 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 net income (loss) before depreciation and amortization, interest expense, 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 month periods ended September 30, 2017 and 2016.

		(Unaudited)
(In thousands, except per share amounts)		Three Months Ended September 30,				Nine Months Ended September 30,
		2017		2016		2017		2016
NET SALES	$	9,487	$	10,036	$	30,914	$	29,458
Cost of sales		8,771		8,452		27,393		25,379
GROSS MARGIN		716		1,584		3,521		4,079
Technical services, research and development		55		56		141		146
Selling, general and administrative expenses		1,081		1,068		3,490		2,972
Loss on disposal of assets		-		4		-		3
OPERATING (LOSS) INCOME		(420)		456		(110)		958
OTHER INCOME (EXPENSE):
Interest expense, net		(28)		(43)		(86)		(140)
Gain (loss) on foreign currency exchange rate		21		20		(2)		(59)
Other, net		3		-		18		28
(LOSS) INCOME BEFORE INCOME TAX		(424)		433		(180)		787
Income tax expense		(95)		142		(71)		165
NET (LOSS) INCOME	$	(329)	$	291	$	(109)	$	622

(Loss) earnings per common share:
Basic	$	(0.09)	$	0.08	$	(0.03)	$	0.19
Diluted	$	(0.09)	$	0.08	$	(0.03)	$	0.18

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., European and Asian 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 decreased 5% for the three month period ended September 30, 2017, as compared to the same three month period of 2016, primarily due to a decrease in volume of 12%, which was partially offset by an increase in the selling price and the impact of fluctuation in foreign currency of 6% and 1%, respectively. For the nine month period ended September 30, 2017, consolidated sales increased 5% primarily due to an increase in volume of 2% and an increase in selling price of 3%. Compared to the three month period ended June 30, 2017, consolidated net sales for the three month period ended September 30, 2017 decreased approximately 12%. The reduction primarily relates to a reduction in volume of ALUPREM purchased by a large U.S. customer.

Below is a summary of our consolidated products sales for the three and nine month periods ended September 30, 2017 and 2016 (in thousands).

		(Unaudited)
		Three Months Ended September 30,									Nine Months Ended September 30,
Product		2017			2016			Variance			2017			2016			Variance
ALUPREM	$	3,087	33%	$	4,529	45%	$	(1,442)	(32%)	$	11,960	39%	$	12,345	42%	$	(385)	(3%)
HITOX		2,591	27%		1,860	19%		731	39%		7,476	24%		6,384	22%		1,092	17%
BARTEX/ BARYPREM		2,211	23%		2,174	22%		37	2%		6,506	21%		6,466	22%		40	1%
HALTEX/ OPTILOAD		1,365	14%		1,276	13%		89	7%		4,238	14%		3,367	11%		871	26%
TIOPREM		163	2%		135	1%		28	21%		461	1%		603	2%		(142)	(24%)
OTHER		70	1%		62	<1%		8	13%		273	1%		293	1%		(20)	(7%)
Total	$	9,487	100%	$	10,036	100%	$	(549)	(5%)	$	30,914	100%	$	29,458	100%	$	1,456	5%

ALUPREM sales decreased 32% for the three month period ended September 30, 2017, primarily due to a reduction in volume of 41%, which was partially offset by an increase in selling price and the impact of fluctuation in foreign currency of 7% and 2%, respectively. The decrease in volume primarily relates to a large U.S. customer, which was partially offset by an increase in volume related to the European markets.

For the nine month period ended September 30, 2017, ALUPREM sales decreased 3%, primarily due to a reduction in volume of 7%, which was partially offset by an increase in selling price and the impact of fluctuation in foreign currency of 3% and 1%, respectively.

Due to the order pattern of our largest U.S. ALUPREM customer, sales volumes can vary significantly from quarter to quarter and does not necessarily follow a normal seasonal pattern. However, we anticipate fourth quarter sales volume from this customer will be approximately the same as the third quarter sales volume.

HITOX sales increased 39% for the three month period ended September 30, 2017, primarily due to an increase in volume and selling price of 33% and 7%, respectively, which were partially offset by the impact of fluctuation in foreign currency of 1%.

For the nine month period ended September 30, 2017, HITOX sales increased 17%, primarily due to an increase in volume and selling price of 15% and 6%, respectively, which were partially offset by the impact of fluctuation in foreign currency of 4%.

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

The increase in volume experienced during the nine month period ended September 30, 2017 at our European and Asian operations was partially offset by a decrease in volume at our U.S. operation. The increase in selling price was primarily related to increased prices in the international market. The increase in sales volume of HITOX was related to both existing and new customers. While the global TiO2 market has faced significant challenges related to aggressive pricing pressure from producers of white TiO2 in China over the last several years, the market is improving due to stricter environmental regulations in China impacting costs and reducing capacity for Chinese white TiO2 producers. Further our TiO2 market is improving as a result of our efforts to expand distribution, particularly in Asia. Late last year, we increased our sales efforts in geographies, where it had not been profitable to sell for the last several years. As a result of these factors, our TiO2 sales in Asia increased in both the three month and nine month periods ended September 30, 2017.

The U.S. TiO2 sales showed its first signs of recovery, increasing 5%, in the third quarter. This was a reversal from negative trends we had seen through the first six months of the year related to lingering effects of inexpensive imports.

BARTEX®/BARYPREM® sales increased 2% during the three month period ended September 30, 2017, as compared to the three month period ended September 30, 2016, primarily due to the positive impact of fluctuation in foreign currency of 5%, which was partially offset by a decrease in volume of 3%.

For the nine month period ended September 30, 2017, BARTEX/BARYPREM sales increased 1% as compared to the same nine month period of 2016. BARTEX sales revenue and volume were flat and BARYPREM sales volume increased slightly.

HALTEX®/OPTILOAD® sales increased 7% during the three month period ended September 30, 2017, primarily due to an increase in selling price of 6% and an increase in volume of 1%.

For the nine month period ended September 30, 2017, HALTEX/OPTILOAD sales increased 26%, primarily due to an increase in volume of 22% and an increase in selling price of 4%. 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 21% for the three month period ended September 30, 2017, primarily due to a shift in product mix resulting in an increase of 21%. The impact of foreign currency fluctuation represented an increase of 5%, which was offset by a decrease in volume of 5%.

For the nine month period ended September 30, 2017, TIOPREM sales decreased 24%, primarily related to a decrease in volume and selling price of 24% and 2%, respectively, which was partially offset by the fluctuation in foreign currency which represented an increase of 2%.

Other Product sales increased 13% for the three month period ended September 30, 2017, primarily due to an increase in volume and in selling price of 7% and 6%, respectively.

For the nine month period ended September 30, 2017, Other Product sales decreased 7%, primarily due to a decrease in volume and selling price of 5% and 2%, respectively.

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, 2017 and 2016 (in thousands). All inter-company sales have been eliminated.

		(Unaudited)
		Three Months Ended September 30,									Nine Months Ended September 30,
Product		2017			2016			Variance			2017			2016			Variance
ALUPREM	$	732	14%	$	2,809	39%	$	(2,077)	(74%)	$	5,316	27%	$	6,890	34%	$	(1,574)	(23%)
HITOX		1,176	22%		1,124	15%		52	5 %		3,662	19%		3,959	19%		(297)	(8%)
BARTEX		1,888	35%		1,848	26%		40	2 %		5,513	29%		5,547	27%		(34)	(1%)
HALTEX OPTILOAD		1,365	25%		1,276	18%		89	7 %		4,238	22%		3,367	16%		871	26%
TIOPREM		154	3%		108	1%		46	43 %		452	2%		540	3%		(88)	(16%)
OTHER		70	1%		62	1%		8	13 %		273	1%		293	1%		(20)	(7%)
Total	$	5,385	100%	$	7,227	100%	$	(1,842)	(25%)	$	19,454	100%	$	20,596	100%	$	(1,142)	(6%)

ALUPREM sales decreased 74% for the three month period ended September 30, 2017, due to a decrease in volume of 76%, which was partially offset by an increase in selling price of 2%.

For the nine month period ended September 30, 2017, ALUPREM sales decreased 23%, primarily due to a decrease in volume of 25%, which was partially offset by an increase in selling price of 2%.

The decrease in volume for both the three month and nine month periods ended September 30, 2017, is primarily related to a significant U.S. customer. This customer’s order pattern can vary significantly from quarter to quarter and does not necessarily follow a normal seasonal pattern. We anticipate fourth quarter sales volume will be the same as the third quarter sales volume for this customer.

HITOX sales increased 5% for the three month period ended September 30, 2017, primarily due to an increase in volume and selling price of 4% and 1%, respectively. Our U.S. TiO2 sales showed its first signs of recovery, increasing 5%, during the third quarter. This was a reversal from negative trends we had seen through the first six months of the year related to the lingering effects of inexpensive Chinese imports.

For the nine month period ended September 30, 2017, HITOX sales decreased 8%, primarily due to a reduction in volume and selling price of 7% and 1%, respectively. The year to date decrease in sales volume and selling price primarily relates to the weakness in the U.S. TiO2 market. As a result of improvements in the global TiO2 market, we anticipate the conditions in North America will similarly gain strength over the next several quarters..

BARTEX sales increased 2% during the three month period ended September 30, 2017, as compared to the three month period ended September 30, 2016, primarily due an increase in selling price of 2%.

For the nine month period ended September 30, 2017, BARTEX sales decreased 1%, primarily due to a slight decrease in volume and selling price of approximately 0.5% each.

HALTEX®/OPTILOAD® sales increased 7% during the three month period ended September 30, 2017, primarily due to an increase in selling price of 6% and an increase in volume of 1%.

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

TIOPREM sales increased 43% for the three month period ended September 30, 2017, primarily due to a shift in product mix resulting in an increase of 25% and an increase in volume of 18%.

For the nine month period ended September 30, 2017, TIOPREM sales decreased 16%, primarily related to a decrease in volume and selling price of 14% and 2%.

Other Product sales increased 13% for the three month period ended September 30, 2017, primarily due to an increase in volume and selling price of 7% and 6%, respectively.

For the nine month period ended September 30, 2017, Other Product sales decreased 7%, primarily due to a decrease in volume and selling price of 5% and 2%, 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, 2017 and 2016 to third-party customers. All inter-company sales have been eliminated.

		(Unaudited)
		Three Months Ended September 30,									Nine Months Ended September 30,
Product		2017			2016			Variance			2017			2016			Variance
ALUPREM	$	2,355	82%	$	1,720	76%	$	635	37%	$	6,644	79%	$	5,455	79%	$	1,189	22%
BARYPREM		323	11%		326	15%		(3)	(1%)		993	12%		919	13%		74	8%
HITOX		204	7%		203	9%		1	<1%		724	9%		561	8%		163	29%
TIOPREM		-	0%		-	0%		-	0%		-	0%		19	<1%		(19)	(100%)
Total	$	2,882	100%	$	2,249	100%	$	633	28%	$	8,361	100%	$	6,954	100%	$	1,407	20%

ALUPREM sales in Europe increased 37% for the three month period ended September 30, 2017, primarily due to an increase in volume of 18%, a positive effect on average selling price from a change in product mix of 15% and the impact of the fluctuation in foreign currency, which represented an increase of 4%.

For the nine month period ended September 30, 2017, ALUPREM sales increased 22%, primarily due to an increase in volume of 16%, a positive effect on average selling price from a change in product mix of 4% and the impact of the fluctuation in foreign currency, which represented an increase of 2%.

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 base of end-market applications that use our ALUPREM products.

BARYPREM sales in Europe decreased 1% for the three month period ended September 30, 2017, due to a decrease in volume of 4% and a shift in product mix of 2%, which were partially offset by the impact of the fluctuation in foreign currency of 5%.

For the nine month period ended September 30, 2017, BARYPREM sales increased 8%, primarily due to an increase in volume of 10% and the impact of the fluctuation in foreign currency of 3%, which were partially offset by a change in product mix of 5%.

The increase in volume for European BARYPREM sales revenue is primarily related to an increase in demand by existing customers.

HITOX sales in Europe were flat for the three month period ended September 30, 2017, primarily due to a decrease in volume of 10%, which was offset by an increase in selling price of 4% and the impact of the fluctuation in foreign currency of 6%.

For the nine month period ended September 30, 2017, HITOX sales increased 29%, primarily due to an increase in volume of 28% and an increase in selling price of 3%, which were partially offset by the impact of the fluctuation in foreign currency of 2%.

The year to date increase in sales volume of HITOX in the European market was primarily related to an increase in volume related to both existing and new customers. The tight supply of TiO2 in the European market has driven increased interest in formulation with HITOX.

TIOPREM sales in Europe decreased 100% for the nine month periods ended September 30, 2017, due to a decrease in demand by our existing customers.

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, 2017 and 2016 to third-party customers. All inter-company sales have been eliminated.

		(Unaudited)
		Three Months Ended September 30,									Nine Months Ended September 30,
Product		2017			2016			Variance			2017			2016			Variance
HITOX	$	1,211	100%	$	533	95%	$	678	127%	$	3,090	100%	$	1,864	98%	$	1,226	66%
TIOPREM		9	<1%		27	5%		(18)	(67%)		9	<1%		44	2%		(35)	(80%)
Total	$	1,220	100%	$	560	100%	$	660	118%	$	3,099	100%	$	1,908	100%	$	1,191	62%

HITOX sales in Asia increased 127% for the three month period ended September 30, 2017, primarily due to an increase in volume and selling price to new and existing customers of 109% and 20%, respectively, which were partially offset by the impact in foreign currency of 2%.

For the nine month period ended September 30, 2017, HITOX sales increased 66%, primarily due to an increase in volume and selling price of 57% and 15%, respectively, which were partially offset by the impact of foreign currency of 6%

TiO2 market conditions are improving and our efforts to expand distribution are working well, particularly in Asia. Late last year, we increased our sales efforts in geographies, where it had not been profitable to sell for the last several years. As a result of these factors, our TiO2 sales in Asia increased in both the third quarter and nine month period ended September 30, 2017. The increase in sales of HITOX in the Asian market was primarily related to an increase in volume related to both new and existing customers. In addition, new environmental restrictions on Chinese white TiO2 have impacted supply, increasing interest in formulation with HITOX.

TIOPREM sales in Asia decreased 67% and 80% for the three and nine month periods ended September 30, 2017, respectively, due to a decrease in demand by our existing customers.

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, 2017 and 2016, in thousands.

		(Unaudited)
		Three Months Ended September 30,				Nine Months Ended September 30,
		2017		2016		2017		2016
NET SALES	$	9,487	$	10,036	$	30,914	$	29,458
Cost of sales		8,771		8,452		27,393		25,379
GROSS MARGIN	$	716	$	1,584	$	3,521	$	4,079
GROSS MARGIN %		7.5 %		15.8 %		11.4 %		13.8 %

For the three month period ended September 30, 2017, gross margin decreased approximately 8.3%, primarily due to a reduction in production volume, primarily at TPT, which decreased the gross margin approximately 9.7%, and an increase in the cost of out-bound freight of approximately 0.6%. These decreases were offset by an increase in the selling price of approximately 2.0%.

Gross margin decreased approximately 2.6% for the nine month period ended September 30, 2017, primarily due to a reduction in production volume, primarily at TPT, which decreased the gross margin approximately 3.1%, and an increase in the cost of out-bound freight of approximately 0.8%. These decreases were offset by an increase in the selling price of approximately 0.8% and a decrease in raw material of approximately 0.5%.

Selling, General, Administrative and Expenses (“SG&A”): SG&A expense increased approximately 1% during the three month period ended September 30, 2017, primarily related to an increase in depreciation and miscellaneous SG&A expense of approximately 1% and 3%, respectively, which were partially offset by a decrease in salaries and share based compensation of approximately 3%.

For the nine month period ended September 30, 2017, SG&A expense increased approximately 17%, primarily due to an increase in sales expenses, salaries and share based compensation and depreciation of approximately 13%, 3% and 1%, respectively.

Interest Expense: Net interest expense decreased approximately $15,000 and $54,000 for the three and nine month periods ended September 30, 2017, respectively, due to a decrease in our average long-term and short-term financing at each of our three operating segments.

Income Taxes: Income taxes consisted of federal income tax benefit of approximately $97,000 and foreign tax expense of approximately $2,000 for the three month period ended September 30, 2017, as compared to a federal tax expense of approximately $23,000, state tax expense of $1,000 and foreign tax expense of approximately $118,000 for the same three month period in 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, 2017 and December 31, 2016 is included in Note 2 to the consolidated financial statements on page 9.

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

The interest rate was 4.9% at September 30, 2017. No funds were outstanding on TMM’s credit facility for the ECR. TMM was in compliance with all covenants at September 30, 2017.

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

Cash and Cash Equivalents

As noted in the following table, cash and cash equivalents decreased $1,166,000 from December 31, 2016 to September 30, 2017. Operating activities provided $1,959,000 and the effect of the exchange rates fluctuations increased cash $171,000. We used $2,364,000 in investing activities and $932,000 in financing activities during the nine months ended September 30, 2017.

		(Unaudited)
		Nine Months Ended September 30,
(In thousands)		2017		2016
Net cash provided by (used in)
Operating activities	$	1,959	$	3,063
Investing activities		(2,364)		(894)
Financing activities		(932)		100
Effect of exchange rate fluctuations		171		-
Net (decrease) increase in cash and cash equivalents	$	(1,166)	$	2,269

Operating Activities

Below are the major changes in working capital impacting cash provided by operating activities during the nine month period ended September 30, 2017.

Ø Trade Accounts Receivable: Accounts receivable used cash of $1,151,000 during the first nine months of 2017. The increase in accounts receivable is primarily due to the timing of sales between the fourth quarter of 2016 and the third quarter of 2017, primarily at the U.S. operation. Accounts receivable increased $793,000 at the U.S. operation and $439,000 at TMM. Accounts receivable decreased $81,000 at TPT.

Ø Inventories: Inventories provided cash of $1,557,000 during the first nine months of 2017. Inventories at the U.S. operation decreased $1,646,000, primarily related to decrease in finished goods and raw materials. TMM’s inventory decreased $322,000, primarily related to a decrease in both finished goods and raw materials. TPT’s inventory increased $411,000, primarily related to an increase in finished goods, which was partially offset by a decrease in raw materials.

Ø Other Current Assets: Other current assets used cash of $531,000 during the first nine months of 2017. Current assets at the U.S. operation increased $156,000 primarily related to the timing of annual insurance policy renewals and fees typically paid during the nine months of the year. TPT’s current assets increased $348,000, primarily related to the timing of spare parts purchases. TMM’s current assets increased $27,000, primarily related to the timing of its land rent assessment.

Ø Accounts Payable and Accrued Expenses: Trade accounts payable and accrued expenses provided cash of $40,000 during the first nine months of 2017. Accounts payable and accrued expenses at the U.S. operation increased $623,000, primarily related to accrued inventory purchases. At TPT, accounts payable and accrued expenses decreased $624,000, primarily related to the payment of taxes. At TMM, accounts payable and accrued expenses increased $41,000, primarily related to the timing of purchases.

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

Investing Activities

We used cash of $2,364,000 in investing activities during the first nine months of 2017 related to equipment purchases and plant expansion at our U.S. and European locations. Net investments are as follows:

Ø U.S. Operation: We invested approximately $880,000 during the first nine months of 2017 for new production equipment designed to improve production yield and efficiency.

Ø European Operation: We invested $1,438,000 at TPT during the first nine months of 2017 for new equipment to increase the production capacity and efficiency of ALUPREM.

Ø Asian Operation: We invested $46,000 in the first nine months of 2017 at TMM primarily related to capital maintenance.

Financing Activities

We used cash of $932,000 in financing activities during the nine month period ended September 30, 2017. Significant factors relating to financing activities include the following:

Ø Lines of Credit

Ø U.S. Operation: Borrowings on our U.S. line of credit were not utilized by the Company during the first nine months of 2017.

Ø European Operation: Borrowings on TPT’s line of credit were not utilized by the Company during the first nine months of 2017.

Ø Asian Operation: Borrowings on TMM’s line of credit were not utilized by the Company during the first nine months of 2017.

Ø Export Credit Refinancing (“ECR”) – TMM’s borrowing on the ECR decreased $219,000 during the first nine months of 2017.

Ø Long-term Debt

Ø U.S. Operation: Our U.S. operation did not utilize long-term debt during the first nine months of 2017.

Ø European Operation: TPT’s long-term debt decreased $535,000 during the nine month period ended September 30, 2017.

Ø Asian Operation: TMM’s long-term debt decreased $178,000 during the nine month period ended September 30, 2017.

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 2016 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 6.

Exhibits

(a)	Exhibits

	Exhibit 10.1	Loan Agreement with American Bank, N.A., dated August 15, 2017

	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, 2017	OLAF KARASCH Olaf Karasch President and Chief Executive Officer (Principal Executive Officer)

Date:	November 3, 2017	BARBARA RUSSELL Barbara Russell Chief Financial Officer (Principal Accounting Officer)

EX-10 2 tmiex10.htm Exhibit 10.1

LOAN AGREEMENT

This Agreement is effective as of the 15th day of August, 2017, between American Bank, N.A. (“Lender”), and TOR Minerals International, Inc., (“Borrower”).

SECTION ONE: LINE OF CREDIT

1.01 Line of Credit. Subject to the further terms and provisions hereof, Lender agrees to and does hereby grant to and establish in favor of Borrower a revolving line of credit in the amount of $1,000,000.00 under which Lender shall be committed to make loans or advances to Borrower from time to time; provided, Lender shall never be required to make any advance under such line of credit when such advance together with the principal amount then unpaid and owing under the line of credit by reason of previous advances would exceed the amount which Lender is then committed to loan based on the loan value (also known as “Borrowing Base”) of collateral pledged to Lender as set forth in SECTION TWO hereof. Further provided, in no event shall the Lender ever be required to make any advance to Borrower under the line of credit when such advance, together with the principal amount then unpaid and owing under the line of credit by reason of previous advances, would exceed said $1,000,000.00 amount. Said line of credit is sometimes hereafter referred to as the “line of credit”. Further, the line of credit shall terminate on October 15, 2018, and on and after such date the Lender shall not be obligated to make any additional advances on the line of credit.

1.02 Repayment of the Line of Credit. Principal advanced and owing under the line of credit shall be repayable in accordance with the terms hereof, but in any event on October 15, 2018. Interest accrued and owing on advanced and unpaid principal shall be due and payable monthly on the first day of each month and at maturity. In order to evidence the obligation to repay Lender all advances, together with interest thereon, made by Lender pursuant to the said line of credit, Borrower shall execute and deliver to Lender a Revolving Credit Promissory Note of even date herewith.

1.03 Interest Rate on Line of Credit. All amounts advanced hereunder on the line of credit loan shall bear interest, prior to maturity from the date advanced until repaid, at a variable rate which is to be determined from time to time and which is equal to one percent (1%) per annum above the Wall Street Journal Price Rate as such prime rate changes from time to time, not to ever be less than 4.5% per annum, nor to exceed the legal maximum that may be paid by Borrower, and as otherwise set forth in the said form of Revolving Credit Promissory Note. Matured principal and accrued interest shall bear interest until paid at the rate set forth in said Note, as amended.

1.04 Conditions Precedent. The performance of every covenant to be performed by Borrower, and the truth of every representation made by Borrower, shall be a condition precedent to each and every advance to be made by Lender under the terms hereof, or to any other obligation whatsoever of Lender under the terms hereof; and, Lender shall not be required to make any advance to Borrower at a time that Borrower is then in default on any obligation to Lender, or in default hereunder or under any instrument executed pursuant hereto.

SECTION TWO: FUNDING AND ADVANCES ON LINE OF CREDIT

2.01 Borrowing Base. The amount which Borrower is entitled to borrow from time to time under the line of credit shall be the then current loan value of collateral (the “Borrowing Base”) pledged to Lender to secure indebtedness owing to Lender by Borrower, provided that in no event is Lender to be required to make any advance which would cause the outstanding principal balance owing by Borrower at any one time to be in excess of $1,000,000.00. The Borrowing Base shall be redetermined monthly and shall be seventy-five percent (75%) of eligible accounts receivable arising out of Borrower’s United States operations pledged to the Lender. The term “eligible accounts receivable” shall mean all billed gross trade accounts receivable, less: (a) balances due sixty (60) days or more after the date of the original invoice therefor; (b) accounts owed by companies related to or affiliated with Borrower or its employees; (c) except for receivables from BASF SE, accounts owing by any one debtor which exceed twenty percent (20%) of the total billed gross accounts receivable; (d) all accounts owing by any particular debtor if 10% or more of such particular debtor’s accounts are ninety (90) days or more past due; and (e) accounts receivable which are disputed by the account debtor.

2.02 Monthly Redeterminations. Based on the monthly reports of accounts receivable to be provided by Borrower, the Borrowing Base will be redetermined monthly. In the event the principal balance owing on Borrower’s line of credit note exceeds the Borrowing Base as such is redetermined, then Borrower will make such payment on the note as is necessary to reduce the principal balance to an amount equal to or less than the redetermined Borrowing Base, such payment to be made within five (5) days of the furnishing of the monthly listings report from which the Borrowing Base was redetermined.

SECTION THREE: SECURITY

3.01 Collateral. The loan provided hereunder and all other indebtedness now or hereafter owing by Borrower to Lender shall be secured by first liens on all present and future accounts, goods and general intangibles of Borrower located in the United States or arising out of its U.S. operations and as set forth in that certain Security Agreement by Borrower in favor of Lender (the “Security Agreement”) of even date herewith.

SECTION FOUR: FURTHER COVENANTS, CONDITIONS AND REPRESENTATIONS

4.01 Representations. In addition to the other covenants and representations herein, Borrower makes the following representations, covenants, or agreements to Lender, which representations, covenants, or agreements Borrower covenants to keep during the time that any indebtedness to be loaned to Borrower pursuant hereto remains unpaid (including renewals and extensions), to-wit:

(a) That it is a corporation duly organized and existing under the laws of the State of Delaware;

(b) That it is authorized to execute this Agreement and the various instruments to be executed pursuant hereto;

(c) That it has corporate authority and power to own its property and conduct its business as it is currently carried on;

(d) That the performance of its obligations under this Agreement will not conflict with any provision of law, nor with the Certificate of Incorporation and Bylaws of the corporation, nor with any contractual agreement binding on the corporation;

(e) That it will pay all taxes, assessments and other liabilities, as and when same become due except as they are contested in good faith; and

(f) That it will not become a party to any merger or consolidation nor will it sell, transfer, convey or lease all or substantially all of its business assets, nor will it purchase or otherwise acquire all or substantially all of the business assets of any other corporation or entity except as approved in writing by Lender.

4.02 Financial Condition. The Borrower represents that, at the present time, it is not a party to any material pending or threatened litigation, nor a party to any proceeding or action for the assessment or collection of a material amount of additional taxes, and that it does not know of any material contingent liabilities not provided for or disclosed in the financial statements heretofore provided Lender. The Borrower also represents to Lender that the latest financial statements furnished heretofore to Lender fairly represent its financial condition for the period as of the date stated, all in accordance with generally accepted accounting principles consistently applied; and that no substantial adverse changes have occurred since the date of the last financial statement furnished to Lender.

4.03 Covenants. Until all of the line of credit and term loan are paid in full, unless otherwise agreed to in writing by Lender, Borrower agrees to maintain the following covenants, and failure to maintain each and all of the following covenants shall be considered an event of default (subject to the provisions of Section 5 below) under any loans hereunder:

(a) Net Earnings Requirement. Borrower will maintain positive net earnings before taxes, interest, depreciation, amortization and all other non-cash charges (including but not limited to inventory write-downs) on a rolling four-quarter basis.

(b) Additional Borrowings. Borrower shall not incur any additional indebtedness (including capital leases but excluding trade credit in the normal course of business) in excess of $500,000.00.

(c) Guaranties. Borrower will not become a guarantor or surety, or pledge its credit on any undertaking of another, or make loans or advances to any other, except trade credit extended in the normal course of business.

(d) Ownership/Management. There shall be no change in the President or Board of Directors of Borrower without Lender’s written consent.

Unless otherwise specified, all accounting and financial terms and covenants set forth above are to be determined according to generally accepted accounting principles, consistently applied.

4.04. Reporting Requirements. Until all the line of credit and term loan are paid in full, Borrower agrees to furnish to Lender reports and statements as set forth below, and failure to furnish any such reports and statements shall be considered an event of default (subject to the provisions of Section 6 below) under each of the Loans and Notes:

(a) Quarterly Financial Statement. Borrower shall furnish to Lender within 90 days after the end of each fiscal quarter, a balance sheet and income statement as of the end of such quarter, all in form and substance and in reasonable detail satisfactory to Lender, such quarterly financial statements being prepared according to GAAP.

(b) Annual Financial Statements for Borrower. Borrower shall furnish within 120 days after the end of each fiscal year a financial statement of Borrower as of the end of such fiscal year, in each case audited by independent public accountants acceptable to Lender. Each annual financial statement shall include a balance sheet, operating/income statement, contingent liabilities, statement of cash flows, comparison to budget and a reconciliation of retained earnings and net worth, and be in a form suitable to the Lender.

(c) Accounts Receivable Reports. Within fifteen (15) days following the end of any month in which any funds are advanced on the line of credit, Borrower shall furnish to Lender a listing of all trade accounts receivable from U.S. operations with ageing, such listings to be as of the close of business at the end of such calendar month. Such listings shall include customer name, address, invoice number, date of invoice and amount owing thereon. Borrower additionally shall provide a borrowing base compliance report outlining the information required by paragraph 2.01 above. Such report shall be signed by the Chief Financial Officer of Borrower.

(d) Notice of Litigation. Promptly after the service of process or written notice received by Borrower, the Borrower shall notify Lender of all actions, suits and proceedings before any court or any governmental department, commission or board affecting Borrower or any of its properties.

(e) Notice of Material Adverse Change. Promptly inform Lender of (i) any and all material adverse changes in Borrower’s financial condition, and (ii) all claims made against Borrower which could materially affect the financial condition of Borrower.

(f) Compliance Certificate. Borrower shall furnish a certificate signed by its Chief Financial Officer with each financial statement provided to Lender in connection with net earnings requirement as provided in Paragraph 4.03(a) above stating that Borrower is in full compliance with all of its obligations under this Agreement and all other loan documents relating to the Loan and Note.

SECTION FIVE: DEFAULT

5.01 Events of Default. In addition to any other provision for acceleration of maturity contained in notes and collateral instruments to be executed by Borrower, and after the notice of default and opportunity to cure set forth in the Notes evidencing the term loan and the line of credit, Lender at its election may declare all sums owing by Borrower immediately due and payable upon the happening of any of the following events:

(a) Lender shall determine that any material representation or warranty by Borrower herein or elsewhere contained, or any material representation or warranty contained in any collateral instruments required hereunder shall not be correct in any respect; or

(b) Default by Borrower in the payment of any obligation owing Lender; or

(c) Failure of Borrower to timely perform any act or duty, comply with any agreement or covenant or furnish any report required under the terms of this Agreement or under the terms of any note, security agreement or other instrument to be executed pursuant hereto.

SECTION SIX: MISCELLANEOUS

6.01 Survival of Representations. All representations, covenants or warranties of Borrower shall survive the execution and delivery of this Agreement and any notes, security agreements or other instruments executed and delivered pursuant hereto; and no investigation by Lender, nor information it might have determined from any other source available to it, shall diminish or otherwise affect the right of Lender to rely on such representations and warranties and to enforce same.

6.02 Non-Merger. The covenants contained in the instruments made a part hereof by reference which are to be executed from time to time in connection with this loan are expressly adopted as covenants between the parties hereto as a part of this Agreement. The provisions of this Agreement shall not be merged into the execution of any note, mortgage or other instrument executed pursuant hereto, but shall continue to define the relationship of the parties hereto even after the execution of such instruments. The covenants contained in this Agreement are not in lieu of covenants contained in the instruments to be executed in connection herewith even though they may pertain to the same subject matters; rather, said covenants shall be cumulative of each other and shall be construed so as to not result in a conflict of terms, if possible, and only if a conflict cannot be so avoided will it then be considered that the express provisions of this Agreement shall be given controlling effect.

6.03 Assignability. The rights of Borrower hereunder shall not be assignable without the express prior written consent of Lender. Lender shall have the right to assign its rights hereunder and assign any and all notes executed in favor of Lender hereunder, as well as the right to assign undivided interests therein.

6.04 Non-Waiver. No delay on the part of Lender or its assigns in the exercise of any rights shall operate as a waiver, nor shall any single or partial exercise of any right preclude the other or additional exercise of any right. In the event of any default, and after notice of default and opportunity to cure as set forth in the Notes, Lender may enforce its security interests as to such collateral as it may elect in accordance with the terms of the Security Agreement. Its election to foreclose its lien on particular collateral shall not be a waiver of its right to foreclose its lien in any other collateral. Only when all indebtedness owing Lender by Borrower has been fully paid will Lender ever be required to release any collateral.

6.05 Amendment. This Agreement shall not be amended except in writing signed by the parties.

6.06 Other Documents. In addition to the instruments specifically mentioned herein, Borrower shall execute and deliver such other and further documents deemed necessary by Lender to evidence and secure the indebtedness of Borrower to Lender contemplated herein, and to otherwise effect the transactions herein contemplated.

6.07 Expenses. Borrower agrees to pay all reasonable expenses and fees, including attorneys’ fees, incurred by Lender in connection with the making of the loan referred to herein as well as all other reasonable expenses incurred by Lender in connection herewith.

6.08 Notices. All notices, requests, demands or other communications required or permitted to be given pursuant to this Agreement shall be in writing and given by (i) personal delivery, (ii) expedited delivery service with proof of delivery, or (iii) United States mail, postage prepaid, registered or certified mail, return receipt requested, sent to the intended addressee at the address set forth below and shall be deemed to have been received either, in the case of personal delivery, as of the time of personal delivery, in the case of expedited delivery service, as of the date of first attempted delivery at the address and in the manner provided herein, or in the case of mail, upon deposit in a depository receptacle under the care and custody of the United States Postal Service. Either party shall have the right to change its address for notice hereunder to any other location within the continental United States by notice to the other party of such new address at least thirty (30) days prior to the effective date of such new address. The addresses of the parties are as follows:

Lender: American Bank, N.A.

P.O. Box 6469

Corpus Christi, Texas 78466

Borrower: TOR Minerals International, Inc.

722 Burleson Street

Corpus Christi, Texas 78402

6.09 Binding. This Agreement shall be binding on the parties hereto, and their respective heirs, representatives, successors and assigns; and shall inure to the benefit of Borrower and of Lender and Lender’s successors and assigns.

6.10 Consent to Legal Representation. The law firm of Wood, Boykin & Wolter, a Professional Corporation, has represented Lender, and not Borrower, in connection with the negotiation and preparation of this Agreement, the Note and security documents. Wood, Boykin & Wolter has represented Lender, and may continue to represent Lender in various matters, including but not limited to the enforcement of Lender’s rights arising under this Loan Agreement, the Note and security documents and the defense of all claims asserted by Borrower against Lender, its officers, directors, agents and employees. Borrower consents to such representation of Lender, its directors, officers, agents and employees by Wood, Boykin & Wolter and to the giving of testimony by any employee of Wood, Boykin & Wolter in any such proceeding. Wood, Boykin & Wolter has also represented Borrower from time to time in various matters, other than this loan transaction, and Lender consents to such representation of Borrower by Wood, Boykin & Wolter. Lender and Borrower each represent that they have not disclosed any confidences to Wood, Boykin & Wolter that would adversely affect that firm’s independent judgment and loyalty with respect to legal matters which it is now or will in the future be performing on behalf of each party, and that no party has or will reveal to such firm any confidences which that firm is not authorized to reveal to any other party hereunto.

6.11 Standby Commitment Fee. Commencing November 15, 2017, at the end of each three months of the loan term, Borrower shall pay to Lender a standby commitment fee equal to one quarter of one percent (0.25%) per annum of the difference between (i) the total amount for which Lender was committed to advance on the line of credit hereunder during the preceding three months and (ii) the average daily principal amount outstanding and owing by Borrower on the line of credit during such period.

6.12 Imaging of Documents. Borrower understands and agrees that (i) Lender’s document retention policy may involve the imaging of executed loan documents and the destruction of the paper originals, and (ii) the Borrower waives any right that it may have to claim that the imaged copies of the loan documents are not the originals.

EXECUTED in multiple originals the date first set forth above.

THIS WRITTEN LOAN AGREEMENT AND THE PROMISSORY NOTES, SECURITY AGREEMENTS, GUARANTY AGREEMENTS AND OTHER LOAN DOCUMENTS EXECUTED BY THE PARTIES REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

BORROWER:	LENDER:
TOR MINERALS INTERNATIONAL, INC.	AMERICAN BANK, N.A.



By:	By:
Barbara Russell	Phillip J. Ritley
Chief Financial Officer	Senior Lending Officer

EX-31.1 3 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, 2017

/s/ Olaf Karasch

Olaf Karasch
President and Chief Executive Officer

EX-31.2 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, 2017

/s/ Barbara Russell

Barbara Russell
Chief Financial Officer

EX-32.1 5 ceo32-1.htm Exhibit 32.1 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, 2017 (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, 2017

EX-32.2 6 cfo32-2.htm Exhibit 3.22 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, 2017 (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, 2017

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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 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, 2016, in our Annual Report on Form 10-K filed with the SEC on March 9, 2017.  Operating results for the three and nine month periods ended September 30, 2017, are not necessarily indicative of the results for the year ending December 31, 2017.     Recently Adopted Accounting Standards In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 changes how companies account for certain aspects of share based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. The adoption of this standard, which we adopted on January 1, 2017, did not have a material impact on the Company’s financial condition, results of operations or cash flows.     New Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” as amended by multiple standards updates.  The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and IFRS.  The pronouncement is effective for reporting periods beginning after December 15, 2017.  Based on the analysis completed to date, the Company does not expect the timing and pattern of the Company’s revenue recognition to materially change and as a result the Company does not anticipate material changes upon adoption of the standard; however, the Company is still in the process of evaluating the disclosure requirements.  The Company expects to adopt the new standard using the modified retrospective approach, under which the cumulative effect of initially applying the new guidance is recognized as an adjustment to the opening balance of retained earnings in the first quarter of 2018.      In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes all existing guidance on accounting for leases in ASC Topic 840. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. ASU 2016-02 is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. We are currently in the initial stages of evaluating the potential impact of adopting ASU 2016-02 on our financial statements and related disclosures.   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 benefit of approximately $97,000 and foreign tax expense of approximately $2,000 for the three month period ended September 30, 2017, as compared to a federal tax expense of approximately $23,000, state tax expense of $1,000 and foreign tax expense of approximately $118,000 for the same three month period in 2016.   For the nine month period ended September 30, 2017, income taxes consisted of federal income tax benefit of approximately $105,000, state income tax expense of approximately $3,000 and foreign tax expense of approximately $31,000, as compared to a federal tax benefit of approximately $71,000, state income tax expense of approximately $4,000 and foreign tax expense of approximately $232,000 for the same nine month period in 2016.   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, 2014 through December 31, 2016.  Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2012 through December 31, 2016.  Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2012.   As of January 1, 2017, we did not have any unrecognized tax benefits and there was no change during the three and nine month periods ended September 30, 2017.  In addition, we did not recognize any interest and penalties in our financial statements during the three and nine month periods ended September 30, 2017.  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.

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 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, 2016, in our Annual Report on Form 10-K filed with the SEC on March 9, 2017.  Operating results for the three and nine month periods ended September 30, 2017, are not necessarily indicative of the results for the year ending December 31, 2017. Recently Adopted Accounting Standards In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 changes how companies account for certain aspects of share based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. The adoption of this standard, which we adopted on January 1, 2017, did not have a material impact on the Company’s financial condition, results of operations or cash flows.

New Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” as amended by multiple standards updates.  The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and IFRS.  The pronouncement is effective for reporting periods beginning after December 15, 2017.  Based on the analysis completed to date, the Company does not expect the timing and pattern of the Company’s revenue recognition to materially change and as a result the Company does not anticipate material changes upon adoption of the standard; however, the Company is still in the process of evaluating the disclosure requirements.  The Company expects to adopt the new standard using the modified retrospective approach, under which the cumulative effect of initially applying the new guidance is recognized as an adjustment to the opening balance of retained earnings in the first quarter of 2018.     In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes all existing guidance on accounting for leases in ASC Topic 840. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. ASU 2016-02 is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. We are currently in the initial stages of evaluating the potential impact of adopting ASU 2016-02 on our financial statements and related disclosures.

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 benefit of approximately $97,000 and foreign tax expense of approximately $2,000 for the three month period ended September 30, 2017, as compared to a federal tax expense of approximately $23,000, state tax expense of $1,000 and foreign tax expense of approximately $118,000 for the same three month period in 2016.   For the nine month period ended September 30, 2017, income taxes consisted of federal income tax benefit of approximately $105,000, state income tax expense of approximately $3,000 and foreign tax expense of approximately $31,000, as compared to a federal tax benefit of approximately $71,000, state income tax expense of approximately $4,000 and foreign tax expense of approximately $232,000 for the same nine month period in 2016.   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, 2014 through December 31, 2016.  Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2012 through December 31, 2016.  Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2012.   As of January 1, 2017, we did not have any unrecognized tax benefits and there was no change during the three and nine month periods ended September 30, 2017.  In addition, we did not recognize any interest and penalties in our financial statements during the three and nine month periods ended September 30, 2017.  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.

Long-term Debt – Financial Institutions Following is a summary of our long-term debt to financial institutions as of September 30, 2017 and December 31, 2016, in thousands:   <table cellpadding="0" cellspacing="0" border="0" style="border-collapse: collapse; width: 100%"> <tr style="height: 15pt"> <td style="vertical-align: bottom; width: 52%; background-color: white; height: 15pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 15pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 15pt">September 30, 2017 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; 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, 2016 </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 52%; 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, 2017, due July 1, 2029, secured by TPT's land and buildings. (Euro balance at September 30, 2017, €183) </td> <td style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">216  </td> <td style="vertical-align: bottom; width: 4%; 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">206  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 52%; 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, 2017, due January 31, 2030, secured by TPT's land and buildings. (Euro balance at September 30, 2017, €210) </td> <td style="vertical-align: bottom; width: 4%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">248  </td> <td style="vertical-align: bottom; width: 4%; 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">234  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 52%; 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. (Euro balance at September 30, 2017, €825) </td> <td style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">975  </td> <td style="vertical-align: bottom; width: 4%; 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">947  </td> </tr> <tr style="height: 66pt"> <td style="vertical-align: bottom; width: 52%; background-color: white; height: 66pt; 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. The interest rate at September 30, 2017 was 2.3%. (Euro balance at September 30, 2017, €1,527) </td> <td style="vertical-align: bottom; width: 4%; background-color: white; height: 66pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: white; height: 66pt; padding: 0in 0.85pt">1,805  </td> <td style="vertical-align: bottom; width: 4%; background-color: white; height: 66pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 66pt; padding: 0in 0.85pt">1,978  </td> </tr> <tr style="height: 66pt"> <td style="vertical-align: bottom; width: 52%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate of 2% above the bank base lending rate, due October 25, 2018, secured by TMM's property, plant and equipment. The interest rate at September 30, 2017 was 5.2%. (Ringgit balance at September 30, 2017, RM 1,500) </td> <td style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">355  </td> <td style="vertical-align: bottom; width: 4%; 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">502  </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 52%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td 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: 21%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td 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: 19%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 52%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Total </td> <td style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">3,599  </td> <td style="vertical-align: bottom; width: 4%; 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">3,867  </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 52%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Less current maturities </td> <td style="vertical-align: bottom; width: 4%; 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">1,074  </td> <td style="vertical-align: bottom; width: 4%; 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">1,142  </td> </tr> <tr style="height: 16.5pt"> <td style="vertical-align: bottom; width: 52%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">Total long-term debt - financial institutions </td> <td style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">2,525  </td> <td style="vertical-align: bottom; width: 4%; 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">2,725  </td> </tr> <tr style="height: 6pt"> <td style="vertical-align: bottom; width: 52%; 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: 21%; 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: 19%; background-color: white; height: 6pt; padding: 0in 0.85pt">  </td> </tr> </table>   Short-term Debt   U.S. Operations On August 15, 2017, the Company entered into a new loan agreement (“Loan Agreement”) with American Bank, N.A. (the “Lender”) which replaced the original credit agreement with the Lender dated December 31, 2010 and the Amended Agreement dated June 23, 2016.  Under the terms of the Loan Agreement, our line of credit (the “Line”) is reestablished at $1,000,000 and the maturity date is extended from October 15, 2017 to October 15, 2018.  Under the terms of the Loan 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, 2017.   Under the terms of the Loan 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 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, 2017, no funds were outstanding on the Line.     European Operations On July 13, 2015, TPT amended the short-term banking facility (the “TPT Amended Agreement”) with Rabobank.  Under the terms of the TPT Amended Agreement, the TPT line of credit was reduced from €1,100,000 to €500,000 ($1,300,000 to $591,000 at September 30, 2017) 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%.  The interest rate was 3.3% at September 30, 2017.  No funds were outstanding on the TPT line of credit at September 30, 2017.  TPT was in compliance with all covenants at September 30, 2017.     Asian Operations On July 19, 2017, TMM amended its short-term banking facility with HSBC to extend the maturity date from June 30, 2017 to June 30, 2018.  The HSBC facility includes the following in RM:  (1) overdraft of RM 500,000 ($118,000 at September 30, 2017); (2) an import/export line (“ECR”) of RM 10,460,000 ($2,477,000 at September 30, 2017); and (3) a foreign exchange contract limit of RM 5,000,000 ($1,184,000 at September 30, 2017).  At September 30, 2017, no funds were outstanding on the HSBC short-term banking facility.   On October 12, 2017, TMM amended its short-term banking facility with RHB Bank Berhad (“RHB”) to extend the maturity date from August 11, 2017 to February 11, 2018. TMM is currently negotiating with RHB to extend the maturity date to February 21, 2018.  The RHB facility includes the following: (1) a multi-trade line of RM 3,500,000 ($829,000 at September 30, 2017); (2) a bank guarantee of RM 1,200,000 ($284,000 at September 30, 2017); and (3) a foreign exchange contract line of RM 2,500,000 ($592,000 at September 30, 2017). At September 30, 2017, no funds were outstanding on the RHB short-term banking facility.   The interest rate was 4.9% at September 30, 2017.  No funds were outstanding on TMM’s credit facility for the ECR.  TMM was in compliance with all covenants at September 30, 2017.   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 facility 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: 15pt"> <td style="vertical-align: bottom; width: 52%; background-color: white; height: 15pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 15pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 15pt">September 30, 2017 </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; 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, 2016 </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 52%; 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, 2017, due July 1, 2029, secured by TPT's land and buildings. (Euro balance at September 30, 2017, €183) </td> <td style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">216  </td> <td style="vertical-align: bottom; width: 4%; 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">206  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 52%; 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, 2017, due January 31, 2030, secured by TPT's land and buildings. (Euro balance at September 30, 2017, €210) </td> <td style="vertical-align: bottom; width: 4%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: white; height: 52.8pt; padding: 0in 0.85pt">248  </td> <td style="vertical-align: bottom; width: 4%; 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">234  </td> </tr> <tr style="height: 52.8pt"> <td style="vertical-align: bottom; width: 52%; 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. (Euro balance at September 30, 2017, €825) </td> <td style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 52.8pt; padding: 0in 0.85pt">975  </td> <td style="vertical-align: bottom; width: 4%; 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">947  </td> </tr> <tr style="height: 66pt"> <td style="vertical-align: bottom; width: 52%; background-color: white; height: 66pt; 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. The interest rate at September 30, 2017 was 2.3%. (Euro balance at September 30, 2017, €1,527) </td> <td style="vertical-align: bottom; width: 4%; background-color: white; height: 66pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: white; height: 66pt; padding: 0in 0.85pt">1,805  </td> <td style="vertical-align: bottom; width: 4%; background-color: white; height: 66pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 19%; background-color: white; height: 66pt; padding: 0in 0.85pt">1,978  </td> </tr> <tr style="height: 66pt"> <td style="vertical-align: bottom; width: 52%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate of 2% above the bank base lending rate, due October 25, 2018, secured by TMM's property, plant and equipment. The interest rate at September 30, 2017 was 5.2%. (Ringgit balance at September 30, 2017, RM 1,500) </td> <td style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 66pt; padding: 0in 0.85pt">355  </td> <td style="vertical-align: bottom; width: 4%; 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">502  </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 52%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td 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: 21%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td 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: 19%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 52%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">Total </td> <td style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">  </td> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">3,599  </td> <td style="vertical-align: bottom; width: 4%; 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">3,867  </td> </tr> <tr style="height: 13.2pt"> <td style="vertical-align: bottom; width: 52%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">Less current maturities </td> <td style="vertical-align: bottom; width: 4%; 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">1,074  </td> <td style="vertical-align: bottom; width: 4%; 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">1,142  </td> </tr> <tr style="height: 16.5pt"> <td style="vertical-align: bottom; width: 52%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">Total long-term debt - financial institutions </td> <td style="vertical-align: bottom; width: 4%; background-color: #c5d9f1; height: 16.5pt; padding: 0in 0.85pt">$ </td> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">2,525  </td> <td style="vertical-align: bottom; width: 4%; 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">2,725  </td> </tr> <tr style="height: 6pt"> <td style="vertical-align: bottom; width: 52%; 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: 21%; 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: 19%; background-color: white; height: 6pt; 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: 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: 76.05pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 76.05pt; padding: 0in 0.85pt">(In Thousands) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 76.05pt; 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: 76.05pt">Total </td> <td style="vertical-align: bottom; width: 3%; background-color: white; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 76.05pt">  </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: 76.05pt">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: 76.05pt">  </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: 76.05pt">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: 76.05pt">  </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: 76.05pt">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 Asset </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">September 30, 2017 </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">5  </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">5  </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> <tr style="height: 13.2pt"> <td nowrap="nowrap" 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 nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </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">  </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">  </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: 17%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </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, 2016 </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">2  </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">2  </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, 2017 </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, 2016 </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">3,599  </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">3,525  </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">3,867  </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">3,785  </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 following table summarizes the valuation of our financial instruments recorded on a fair value basis as of September 30, 2017 and December 31, 2016.  The Company did not hold any non-financial assets and/or non-financial liabilities subject to fair value measurements at September 30, 2017 or at December 31, 2016.   <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: 76.05pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 28%; background-color: white; height: 76.05pt; padding: 0in 0.85pt">(In Thousands) </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; background-color: white; height: 76.05pt; 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: 76.05pt">Total </td> <td style="vertical-align: bottom; width: 3%; background-color: white; border-top: windowtext 1pt solid; padding: 0in 0.85pt; height: 76.05pt">  </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: 76.05pt">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: 76.05pt">  </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: 76.05pt">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: 76.05pt">  </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: 76.05pt">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 Asset </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">September 30, 2017 </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">5  </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">5  </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> <tr style="height: 13.2pt"> <td nowrap="nowrap" 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 nowrap="nowrap" style="vertical-align: bottom; width: 14%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </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">  </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">  </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: 17%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </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, 2016 </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">2  </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">2  </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 statements 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, 2017 </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, 2016 </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">3,599  </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">3,525  </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">3,867  </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">3,785  </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 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.

Following is a summary of inventory at September 30, 2017 and December 31, 2016, 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: 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: 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">2017 </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">2016 </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: 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">4,109  </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">5,235  </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: 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">1,783  </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">1,636  </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: 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">4,130  </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">4,587  </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: 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">1,017  </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">717  </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: 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">11,039  </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">12,175  </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: 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">(420) </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">(399) </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: 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">10,619  </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">11,776  </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: 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>

<div style="width: 100%; padding-right: 0%; padding-left: 0%"><div style="width: 100%; padding-right: 0%; padding-left: 0%">Following is a summary of inventory at September 30, 2017 and December 31, 2016, 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: 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: 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">2017 </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">2016 </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: 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">4,109  </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">5,235  </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: 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">1,783  </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">1,636  </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: 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">4,130  </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">4,587  </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: 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">1,017  </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">717  </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: 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">11,039  </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">12,175  </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: 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">(420) </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">(399) </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: 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">10,619  </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">11,776  </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: 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> </div></div>

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: 4%; 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">2017 </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">2016 </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: 10%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2017 </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: 9%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </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: 4%; 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: 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 (Loss) Income - 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">(329) </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">291  </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: 10%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">(109) </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: 9%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">622  </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: 4%; 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: 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: 4%; 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: 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 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">3,542  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; 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: 2%; 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">3,319  </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: 4%; 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: 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">-  </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">8  </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: 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: 9%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">3  </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: 4%; 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: 9%; background-color: #c5d9f1; height: 13.2pt; padding: 0in 0.85pt">76  </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">-  </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">8  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; 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: 9%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; border-top: windowtext 1pt solid; height: 15.6pt">79  </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 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">3,542  </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">3,550  </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: 10%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,542  </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: 9%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">3,398  </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 (loss) earnings 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">(0.09) </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">0.08  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; 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">(0.03) </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: 9%; background-color: white; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">0.19  </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 (loss) earnings 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">(0.09) </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">0.08  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 4%; 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">(0.03) </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: 9%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 16.5pt">0.18  </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: 4%; 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: 9%; background-color: white; height: 6.9pt; padding: 0in 0.85pt">  </td> </tr> </table>     Approximately 152,000 employee stock options were excluded from the calculation of diluted earnings per share for each of the three and nine month periods ended September 30, 2017,  as the effect would be anti-dilutive.   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 effect would be anti-dilutive.

The Company and its subsidiaries operate in the business of pigment manufacturing and related products in three geographic segments – United States, European and Asian.   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: 2%; 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: 3%; 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: 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">Inter-Company Eliminations </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">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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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, 2017 </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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">5,385  </td> <td style="vertical-align: bottom; width: 2%; 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">2,882  </td> <td style="vertical-align: bottom; width: 3%; 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">1,220  </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">-  </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">9,487  </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">-  </td> <td style="vertical-align: bottom; width: 2%; 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">492  </td> <td style="vertical-align: bottom; width: 3%; 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">497  </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">(989) </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">-  </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">5,385  </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: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">3,374  </td> <td style="vertical-align: bottom; width: 3%; 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">1,717  </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">(989) </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">9,487  </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: 2%; 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: 3%; 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: 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: 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> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment (loss) income </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">(164) </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: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(286) </td> <td style="vertical-align: bottom; width: 3%; 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">154  </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">(33) </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">(329) </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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">-  </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">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: 2%; 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: 3%; 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: 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">(3,438) </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">-  </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: 2%; 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: 3%; 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: 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">(3,438) </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">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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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">(21) </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">291  </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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">Inter-Company Eliminations </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">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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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, 2017 </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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">19,454  </td> <td style="vertical-align: bottom; width: 2%; 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">8,361  </td> <td style="vertical-align: bottom; width: 3%; 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">3,099  </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">-  </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">30,914  </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: 2%; 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">3,303  </td> <td style="vertical-align: bottom; width: 3%; 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">2,502  </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">(5,842) </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">-  </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">19,491  </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: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">11,664  </td> <td style="vertical-align: bottom; width: 3%; 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">5,601  </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">(5,842) </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">30,914  </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: 2%; 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: 3%; 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: 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: 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> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment (loss) income </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">(238) </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: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(171) </td> <td style="vertical-align: bottom; width: 3%; 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">374  </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">(74) </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">(109) </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, 2017 </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: 2%; 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: 3%; 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: 2%; 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: 2%; 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">15,834  </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: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">15,872  </td> <td style="vertical-align: bottom; width: 3%; 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">5,640  </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">(402) </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">36,944  </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: 2%; 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: 3%; 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: 2%; 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: 2%; 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, 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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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">-  </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">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: 2%; 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: 3%; 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: 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">(9,095) </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">-  </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: 2%; 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: 3%; 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: 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">(9,095) </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">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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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">(25) </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">622  </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, 2016 </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: 2%; 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: 3%; 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: 2%; 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: 2%; 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">17,819  </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: 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: 3%; 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: 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">-  </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">38,596  </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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">Inter-Company Eliminations </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">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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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, 2017 </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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">5,385  </td> <td style="vertical-align: bottom; width: 2%; 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">2,882  </td> <td style="vertical-align: bottom; width: 3%; 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">1,220  </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">-  </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">9,487  </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">-  </td> <td style="vertical-align: bottom; width: 2%; 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">492  </td> <td style="vertical-align: bottom; width: 3%; 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">497  </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">(989) </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">-  </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">5,385  </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: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">3,374  </td> <td style="vertical-align: bottom; width: 3%; 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">1,717  </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">(989) </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">9,487  </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: 2%; 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: 3%; 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: 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: 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> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment (loss) income </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">(164) </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: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(286) </td> <td style="vertical-align: bottom; width: 3%; 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">154  </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">(33) </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">(329) </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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">-  </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">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: 2%; 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: 3%; 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: 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">(3,438) </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">-  </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: 2%; 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: 3%; 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: 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">(3,438) </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">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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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">(21) </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">291  </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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">Inter-Company Eliminations </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">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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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, 2017 </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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">19,454  </td> <td style="vertical-align: bottom; width: 2%; 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">8,361  </td> <td style="vertical-align: bottom; width: 3%; 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">3,099  </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">-  </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">30,914  </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: 2%; 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">3,303  </td> <td style="vertical-align: bottom; width: 3%; 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">2,502  </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">(5,842) </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">-  </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">19,491  </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: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">11,664  </td> <td style="vertical-align: bottom; width: 3%; 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">5,601  </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">(5,842) </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">30,914  </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: 2%; 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: 3%; 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: 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: 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> </tr> <tr style="height: 12.6pt"> <td style="vertical-align: bottom; width: 21%; background-color: #c5d9f1; height: 12.6pt; padding: 0in 0.85pt">Segment (loss) income </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">(238) </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: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">(171) </td> <td style="vertical-align: bottom; width: 3%; 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">374  </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">(74) </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">(109) </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, 2017 </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: 2%; 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: 3%; 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: 2%; 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: 2%; 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">15,834  </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: 13%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 12.6pt">15,872  </td> <td style="vertical-align: bottom; width: 3%; 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">5,640  </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">(402) </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">36,944  </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: 2%; 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: 3%; 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: 2%; 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: 2%; 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, 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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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">-  </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">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: 2%; 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: 3%; 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: 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">(9,095) </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">-  </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: 2%; 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: 3%; 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: 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">(9,095) </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">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: 2%; 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: 3%; 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: 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: 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> </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: 2%; 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: 3%; 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: 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">(25) </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">622  </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, 2016 </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: 2%; 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: 3%; 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: 2%; 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: 2%; 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">17,819  </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: 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: 3%; 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: 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">-  </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">38,596  </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: 2%; 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: 3%; 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: 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: 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> </tr> </table>

For the three and nine month periods ended September 30, 2017, the Company recorded stock-based employee compensation expense of $6,000 and $115,000, respectively, as compared to $45,000 and $130,000 for the same three and nine month periods of 2016, respectively.  This compensation expense is included in “selling, general and administrative expenses” in the accompanying consolidated statements of operations.   The Company granted approximately 6,000 and 49,000 stock options during the nine month periods ended September 30, 2017 and 2016, respectively.   As of September 30, 2017, there was approximately $72,000 of compensation expense related to non-vested awards.  This expense is expected to be recognized over a weighted average period of 0.87 years.

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, 2017, we marked these contracts to market, recording $5,000 as a current asset on the consolidated balance sheets.   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, 2017 and December 31, 2016, 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">Asset Derivatives </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; 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: 23%; 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: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 22%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">September 30, 2017 </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: 26%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">December 31, 2016 </td> </tr> <tr style="height: 27pt"> <td style="vertical-align: top; width: 27%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Foreign Currency Exchange Contracts </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: 23%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Other Current Assets </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: 22%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">5  </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: 26%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">-  </td> </tr> <tr style="height: 7.5pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 23%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 22%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> </tr> <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: 27%; 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: 23%; 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: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 22%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">September 30, 2017 </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: 26%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">December 31, 2016 </td> </tr> <tr style="height: 0.4in"> <td style="vertical-align: bottom; width: 27%; 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: 23%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">Accrued Expenses </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: 22%; 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: 1%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 0.4in">2  </td> </tr> <tr style="height: 13.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; 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: 23%; 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: 22%; 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: 26%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> </table>       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, 2017 and 2016:   <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: 1%; 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: 3%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td colspan="7" style="vertical-align: bottom; width: 57%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 16.8pt">Amount of (Loss) Gain 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: 1%; 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 (Loss) Gain on Derivative </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; 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: 29%; 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: 1%; 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: 3%; 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">2017 </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">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">2017 </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: 15%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </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: 1%; 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">(Loss) gain on foreign currency exchange rate </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; 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">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">(5) </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">6  </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: 1%; 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: 3%; 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: 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: 15%; 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">Asset Derivatives </td> </tr> <tr style="height: 13.2pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; 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: 23%; 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: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 22%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">September 30, 2017 </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: 26%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">December 31, 2016 </td> </tr> <tr style="height: 27pt"> <td style="vertical-align: top; width: 27%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Foreign Currency Exchange Contracts </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: 23%; background-color: #c5d9f1; height: 27pt; padding: 0in 0.85pt">Other Current Assets </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: 22%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">5  </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: 26%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 27pt">-  </td> </tr> <tr style="height: 7.5pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 23%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 22%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 1%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: white; height: 7.5pt; padding: 0in 0.85pt">  </td> </tr> <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: 27%; 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: 23%; 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: 1%; background-color: white; height: 13.2pt; padding: 0in 0.85pt">  </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 22%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">September 30, 2017 </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: 26%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">December 31, 2016 </td> </tr> <tr style="height: 0.4in"> <td style="vertical-align: bottom; width: 27%; 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: 23%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">Accrued Expenses </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: 22%; 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: 1%; background-color: #c5d9f1; height: 0.4in; padding: 0in 0.85pt">$ </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 26%; background-color: #c5d9f1; border-bottom: windowtext 2.25pt double; padding: 0in 0.85pt; height: 0.4in">2  </td> </tr> <tr style="height: 13.8pt"> <td nowrap="nowrap" style="vertical-align: bottom; width: 27%; 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: 23%; 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: 22%; 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: 26%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> </table>   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, 2017 and 2016:   <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: 1%; 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: 3%; background-color: white; height: 16.8pt; padding: 0in 0.85pt">  </td> <td colspan="7" style="vertical-align: bottom; width: 57%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 16.8pt">Amount of (Loss) Gain 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: 1%; 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 (Loss) Gain on Derivative </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; 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: 29%; 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: 1%; 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: 3%; 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">2017 </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">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">2017 </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: 15%; background-color: white; border-bottom: windowtext 1pt solid; padding: 0in 0.85pt; height: 13.2pt">2016 </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: 1%; 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">(Loss) gain on foreign currency exchange rate </td> <td nowrap="nowrap" style="vertical-align: bottom; width: 3%; 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">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">(5) </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">6  </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: 1%; 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: 3%; 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: 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: 15%; background-color: white; height: 13.8pt; padding: 0in 0.85pt">  </td> </tr> </table>

113000

89000

73000

317000

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Derivatives and Other Financial Instruments (Details - Recognized loss) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 9 torm-20170930_cal.xml EX-101.DEF 10 torm-20170930_def.xml EX-101.LAB 11 torm-20170930_lab.xml Geographical [Axis] United States (Corpus Christi) [Member] European (TPT) [Member] Asian (TMM) [Member] Antidilutive Securities [Axis] Employee stock options [Member] Long-term Debt, Type [Axis] Euro term note 1 [Member] Counterparty Name [Axis] Netherlands Bank [Member] Fair Value, Hierarchy [Axis] Level 1 [Member] Level 2 [Member] Level 3 [Member] Measurement Basis [Axis] Carrying Value [Member] Fair Value [Member] Balance Sheet Location [Axis] Accrued Expenses [Member] Derivative Instrument [Axis] Foreign Currency Exchange Contracts [Member] Hedging Designation [Axis] Nondesignated [Member] Currency [Axis] EURO [Member] Euro term note 2 [Member] Euro term note 3 [Member] Euro term note 4 [Member] Malaysian term note [Member] Malaysian Bank [Member] RM [Member] Short-term Debt, Type [Axis] Line of Credit [Member] UNITED STATES European [Member] Legal Entity [Axis] TOR Minerals Malaysia [Member] Asian Operations [Member] Lender Name [Axis] HSBC [Member] Credit Facility [Axis] Overdrafts [Member] Import/Export Line [Member] Foreign Exchange [Member] RHB Bank Berhad [Member] Multi-Trade Line [Member] Bank Guarantee [Member] Consolidation Items [Axis] Inter-Company Eliminations [Member] Income Tax Authority [Axis] Federal Tax Authority [Member] State Tax Authority [Member] Foreign Tax Authority [Member] Foreign Currency Exchange Contracts [Member] Income Statement Location [Axis] Gain (loss) on Foreign Currency Exchange Rate 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 (LOSS) INCOME OTHER INCOME (EXPENSE): Interest expense, net Gain (loss) on foreign currency exchange rate Other, net Total Other Expense (LOSS) INCOME BEFORE INCOME TAX Income tax expense NET (LOSS) INCOME (Loss) earnings per common share: Basic Diluted Weighted average common shares outstanding: Basic Diluted Statement of Comprehensive Income [Abstract] NET (LOSS) INCOME 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 (LOSS) INCOME 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 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, 2017 and December 31, 2016 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 (loss) income Adjustments to reconcile net (loss) income to net cash provided by operating activities: Depreciation Gain on disposal of assets Stock-based compensation Deferred income tax expense (benefit) Allowance 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 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 Payments on long-term bank debt Proceeds from the issuance of common stock through exercise of warrants Net cash (used in) provided by financing activities Effect of foreign currency exchange rate fluctuations on cash and cash equivalents Net (decrease) increase 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 Non-cash financing activities: Capital expenditures financed through accounts payable and accrued expenses 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 Basis of Presentation and Use of Estimates Recently Adopted Accounting Standards New Accounting Standards 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 EX-101.PRE 12 torm-20170930_pre.xml XML 13 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Nov. 03, 2017
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, 2017
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	2017

XML 14 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
NET SALES	$ 9,487	$ 10,036	$ 30,914	$ 29,458
Cost of sales	8,771	8,452	27,393	25,379
GROSS MARGIN	716	1,584	3,521	4,079
Technical services, research and development	55	56	141	146
Selling, general and administrative expenses	1,081	1,068	3,490	2,972
Loss on disposal of assets	0	(4)	0	(3)
OPERATING (LOSS) INCOME	(420)	456	(110)	958
OTHER INCOME (EXPENSE):
Interest expense, net	(28)	(43)	(86)	(140)
Gain (loss) on foreign currency exchange rate	21	20	(2)	(59)
Other, net	3	0	18	28
Total Other Expense	(4)	(23)	(70)	(171)
(LOSS) INCOME BEFORE INCOME TAX	(424)	433	(180)	787
Income tax expense	(95)	142	(71)	165
NET (LOSS) INCOME	$ (329)	$ 291	$ (109)	$ 622
(Loss) earnings per common share:
Basic	$ (0.09)	$ 0.08	$ (0.03)	$ 0.19
Diluted	$ (0.09)	$ 0.08	$ (0.03)	$ 0.18
Weighted average common shares outstanding:
Basic	3,542	3,542	3,542	3,319
Diluted	3,542	3,550	3,542	3,398

XML 15 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement of Comprehensive Income [Abstract]
NET (LOSS) INCOME	$ (329)	$ 291	$ (109)	$ 622
Currency translation adjustment, net of tax:
Net foreign currency translation adjustment gain (loss)	387	(110)	1,273	456
Other comprehensive income (loss), net of tax	387	(110)	1,273	456
COMPREHENSIVE (LOSS) INCOME	$ 58	$ 181	$ 1,164	$ 1,078

XML 16 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 2,550	$ 3,716
Trade accounts receivable, net	4,872	3,557
Inventories, net	10,619	11,776
Other current assets	1,330	742
Total current assets	19,371	19,791
PROPERTY, PLANT AND EQUIPMENT, net	17,569	15,907
DEFERRED TAX ASSET, foreign	0	27
OTHER ASSETS	4	4
Total Assets	36,944	35,729
CURRENT LIABILITIES:
Accounts payable	1,788	2,122
Accrued expenses	1,937	1,136
Export credit refinancing facility	0	206
Current maturities of long-term debt - financial institutions	1,074	1,142
Total current liabilities	4,799	4,606
LONG-TERM DEBT - FINANCIAL INSTITUTIONS	2,525	2,725
DEFERRED TAX LIABILITY, domestic	23	127
DEFERRED TAX LIABILITY, foreign	46	0
Total liabilities	7,393	7,458
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Common stock $1.25 par value: authorized, 6,000 shares; 3,542 shares issued and outstanding at September 30, 2017 and December 31, 2016	4,426	4,426
Additional paid-in capital	30,660	30,544
Accumulated deficit	(4,930)	(4,821)
Accumulated other comprehensive loss	(605)	(1,878)
Total shareholders' equity	29,551	28,271
Total Liabilities and Shareholders' Equity	$ 36,944	$ 35,729

XML 17 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 1.25	$ 1.25
Common stock, shares authorized	6,000	6,000
Common stock, shares issued	3,542	3,542
Common stock, shares outstanding	3,542	3,542

XML 18 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$ (109)	$ 622
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	2,047	1,916
Gain on disposal of assets	0	(3)
Stock-based compensation	115	130
Deferred income tax expense (benefit)	(31)	(61)
Allowance for (recovery of) bad debts	23	(237)
Changes in working capital:
Trade accounts receivables	(1,151)	(751)
Inventories	1,557	1,105
Other current assets	(531)	(5)
Accounts payable and accrued expenses	39	341
Net cash provided by operating activities	1,959	3,063
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to property, plant and equipment	(2,364)	(894)
Net cash used in investing activities	(2,364)	(894)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from lines of credit	0	85
Payments on lines of credit	0	(191)
Proceeds from export credit refinancing facility	0	1,853
Payments on export credit refinancing facility	(219)	(2,280)
Payments on long-term bank debt	(713)	(765)
Proceeds from the issuance of common stock through exercise of warrants	0	1,398
Net cash (used in) provided by financing activities	(932)	100
Effect of foreign currency exchange rate fluctuations on cash and cash equivalents	171	0
Net (decrease) increase in cash and cash equivalents	(1,166)	2,269
Cash and cash equivalents at beginning of period	3,716	813
Cash and cash equivalents at end of period	2,550	3,082
Supplemental cash flow disclosures:
Interest paid	89	113
Income taxes paid	317	73
Non-cash financing activities:
Capital expenditures financed through accounts payable and accrued expenses	$ 158	$ 0

XML 19 R7.htm IDEA: XBRL DOCUMENT

1. Accounting Policies

9 Months Ended

Sep. 30, 2017

Accounting Policies [Abstract]

Accounting Policies

Basis of Presentation and Use of Estimates

Recently Adopted Accounting Standards

New Accounting Standards

Income Taxes

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2. Debt and Notes Payable

9 Months Ended

Sep. 30, 2017

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, 2017 and December 31, 2016, in thousands:

		September 30, 2017		December 31, 2016
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at September 30, 2017, due July 1, 2029, secured by TPT's land and buildings. (Euro balance at September 30, 2017, €183)	$	216	$	206
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at September 30, 2017, due January 31, 2030, secured by TPT's land and buildings. (Euro balance at September 30, 2017, €210)		248		234
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. (Euro balance at September 30, 2017, €825)		975		947
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. The interest rate at September 30, 2017 was 2.3%. (Euro balance at September 30, 2017, €1,527)		1,805		1,978
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate of 2% above the bank base lending rate, due October 25, 2018, secured by TMM's property, plant and equipment. The interest rate at September 30, 2017 was 5.2%. (Ringgit balance at September 30, 2017, RM 1,500)		355		502

Total		3,599		3,867
Less current maturities		1,074		1,142
Total long-term debt - financial institutions	$	2,525	$	2,725

Short-term Debt

U.S. Operations

European Operations

Asian Operations

The interest rate was 4.9% at September 30, 2017. No funds were outstanding on TMM’s credit facility for the ECR. TMM was in compliance with all covenants at September 30, 2017.

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3. Fair Value Measurements

9 Months Ended

Sep. 30, 2017

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 Asset
September 30, 2017
Currency forward contracts	$	5	$	-	$	5	$	-

Current Liability
December 31, 2016
Currency forward contracts	$	2	$	-	$	2	$	-

		September 30, 2017				December 31, 2016
(In Thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current portion	$	3,599	$	3,525	$	3,867	$	3,785

- 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

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4. Inventories

9 Months Ended

Sep. 30, 2017

Inventory Disclosure [Abstract]

Inventories

Following is a summary of inventory at September 30, 2017 and December 31, 2016, in thousands:

		September 30,		December 31,
		2017		2016
Raw materials	$	4,109	$	5,235
Work in progress		1,783		1,636
Finished goods		4,130		4,587
Supplies		1,017		717
Total Inventories		11,039		12,175
Inventory reserve		(420)		(399)
Net Inventories	$	10,619	$	11,776

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5. Calculation of Basic and Diluted Earnings per Share

9 Months Ended

Sep. 30, 2017

(Loss) earnings 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,
		2017		2016		2017		2016
Numerator:
Net (Loss) Income - basic and diluted	$	(329)	$	291	$	(109)	$	622

Denominator:
Denominator for basic earnings per share - weighted-average shares		3,542		3,542		3,542		3,319
Effect of dilutive securities:
Employee stock options		-		8		-		3
Warrants		-		-		-		76
Dilutive potential common shares		-		8		-		79
Denominator for diluted earnings per share - weighted-average shares and assumed conversions		3,542		3,550		3,542		3,398
*Basic (loss) earnings per common share*	$	(0.09)	$	0.08	$	(0.03)	$	0.19
*Diluted (loss) earnings per common share*	$	(0.09)	$	0.08	$	(0.03)	$	0.18

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6. Segment Information

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

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.

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, 2017*
Net Sales:
Customer sales	$	5,385	$	2,882	$	1,220	$	-	$	9,487
Intercompany sales		-		492		497		(989)		-
Total Net Sales	$	5,385	$	3,374	$	1,717	$	(989)	$	9,487

Segment (loss) income	$	(164)	$	(286)	$	154	$	(33)	$	(329)

*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

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

For the Nine months ended:
*September 30, 2017*
Net Sales:
Customer sales	$	19,454	$	8,361	$	3,099	$	-	$	30,914
Intercompany sales		37		3,303		2,502		(5,842)		-
Total Net Sales	$	19,491	$	11,664	$	5,601	$	(5,842)	$	30,914

Segment (loss) income	$	(238)	$	(171)	$	374	$	(74)	$	(109)
As of September 30, 2017
Segments assets	$	15,834	$	15,872	$	5,640	$	(402)	$	36,944
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
Segment assets	$	17,819	$	14,478	$	6,299	$	-	$	38,596

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7. Stock Options and Equity Compensation Plan

9 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Options and Equity Compensation Plan

The Company granted approximately 6,000 and 49,000 stock options during the nine month periods ended September 30, 2017 and 2016, respectively.

As of September 30, 2017, there was approximately $72,000 of compensation expense related to non-vested awards. This expense is expected to be recognized over a weighted average period of 0.87 years.

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8. Derivatives and Other Financial Instruments

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Other Financial Instruments

Foreign Currency Forward Contracts

At September 30, 2017, we marked these contracts to market, recording $5,000 as a current asset on the consolidated balance sheets.

Asset Derivatives
Derivative Instrument	Location		September 30, 2017		December 31, 2016
Foreign Currency Exchange Contracts	Other Current Assets	$	5	$	-

Liability Derivatives
Derivative Instrument	Location		September 30, 2017		December 31, 2016
Foreign Currency Exchange Contracts	Accrued Expenses	$	-	$	2

			Amount of (Loss) Gain Recognized in Operations
Derivative	Location of (Loss) Gain on Derivative		Three Months Ended September 30,				Nine Months Ended September 30,
Instrument	Instrument		2017		2016		2017		2016
Foreign Currency Exchange Contracts	(Loss) gain on foreign currency exchange rate	$	(4)	$	4	$	(5)	$	6

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1. Accounting Policies (Policies)	9 Months Ended
1. Accounting Policies (Policies)	Sep. 30, 2017
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 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, 2016, in our Annual Report on Form 10-K filed with the SEC on March 9, 2017. Operating results for the three and nine month periods ended September 30, 2017, are not necessarily indicative of the results for the year ending December 31, 2017.
Recently Adopted Accounting Standards	*Recently Adopted Accounting Standards* In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 changes how companies account for certain aspects of share based payment awards to employees, including the accounting for income taxes, forfeitures and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, including interim periods within those annual periods. The adoption of this standard, which we adopted on January 1, 2017, did not have a material impact on the Company’s financial condition, results of operations or cash flows.
New Accounting Standards	*New Accounting Standards* In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” as amended by multiple standards updates. The pronouncement was issued to clarify the principles for recognizing revenue and to develop a common revenue standard and disclosure requirements for U.S. GAAP and IFRS. The pronouncement is effective for reporting periods beginning after December 15, 2017. Based on the analysis completed to date, the Company does not expect the timing and pattern of the Company’s revenue recognition to materially change and as a result the Company does not anticipate material changes upon adoption of the standard; however, the Company is still in the process of evaluating the disclosure requirements. The Company expects to adopt the new standard using the modified retrospective approach, under which the cumulative effect of initially applying the new guidance is recognized as an adjustment to the opening balance of retained earnings in the first quarter of 2018. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which supersedes all existing guidance on accounting for leases in ASC Topic 840. ASU 2016-02 is intended to provide enhanced transparency and comparability by requiring lessees to record right-of-use assets and corresponding lease liabilities on the balance sheet. ASU 2016-02 will continue to classify leases as either finance or operating, with classification affecting the pattern of expense recognition in the statement of income. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. ASU 2016-02 is required to be applied with a modified retrospective approach to each prior reporting period presented with various optional practical expedients. We are currently in the initial stages of evaluating the potential impact of adopting ASU 2016-02 on our financial statements and related disclosures.
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 benefit of approximately $97,000 and foreign tax expense of approximately $2,000 for the three month period ended September 30, 2017, as compared to a federal tax expense of approximately $23,000, state tax expense of $1,000 and foreign tax expense of approximately $118,000 for the same three month period in 2016. For the nine month period ended September 30, 2017, income taxes consisted of federal income tax benefit of approximately $105,000, state income tax expense of approximately $3,000 and foreign tax expense of approximately $31,000, as compared to a federal tax benefit of approximately $71,000, state income tax expense of approximately $4,000 and foreign tax expense of approximately $232,000 for the same nine month period in 2016. 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, 2014 through December 31, 2016. Our state tax return, which is filed in Texas, is subject to examination for the tax years ended December 31, 2012 through December 31, 2016. Our tax returns in various non-U.S. jurisdictions are subject to examination for various tax years dating back to December 31, 2012. As of January 1, 2017, we did not have any unrecognized tax benefits and there was no change during the three and nine month periods ended September 30, 2017. In addition, we did not recognize any interest and penalties in our financial statements during the three and nine month periods ended September 30, 2017. 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

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2. Debt and Notes Payable (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Schedule of Long-term Debt to Financial Institutions

		September 30, 2017		December 31, 2016
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.85% at September 30, 2017, due July 1, 2029, secured by TPT's land and buildings. (Euro balance at September 30, 2017, €183)	$	216	$	206
Fixed rate Euro term note payable to a Netherlands bank, with an interest rate of 3.3% at September 30, 2017, due January 31, 2030, secured by TPT's land and buildings. (Euro balance at September 30, 2017, €210)		248		234
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. (Euro balance at September 30, 2017, €825)		975		947
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. The interest rate at September 30, 2017 was 2.3%. (Euro balance at September 30, 2017, €1,527)		1,805		1,978
Malaysian Ringgit term note payable to a Malaysian bank, with an interest rate of 2% above the bank base lending rate, due October 25, 2018, secured by TMM's property, plant and equipment. The interest rate at September 30, 2017 was 5.2%. (Ringgit balance at September 30, 2017, RM 1,500)		355		502

Total		3,599		3,867
Less current maturities		1,074		1,142
Total long-term debt - financial institutions	$	2,525	$	2,725

- 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=84159872&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=75038535&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=84159872&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=84159872&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=84159872&loc=d3e21521-112644

+ Details

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3. Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

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 Asset
September 30, 2017
Currency forward contracts	$	5	$	-	$	5	$	-

Current Liability
December 31, 2016
Currency forward contracts	$	2	$	-	$	2	$	-

Schedule of Carrying Amounts and Estimated Fair Values

		September 30, 2017				December 31, 2016
(In Thousands)		Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current portion	$	3,599	$	3,525	$	3,867	$	3,785

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4. Inventories (Tables)

9 Months Ended

Sep. 30, 2017

Inventory Disclosure [Abstract]

Schedule of Inventory

Following is a summary of inventory at September 30, 2017 and December 31, 2016, in thousands:

		September 30,		December 31,
		2017		2016
Raw materials	$	4,109	$	5,235
Work in progress		1,783		1,636
Finished goods		4,130		4,587
Supplies		1,017		717
Total Inventories		11,039		12,175
Inventory reserve		(420)		(399)
Net Inventories	$	10,619	$	11,776

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

9 Months Ended

Sep. 30, 2017

(Loss) earnings per common share:

Schedule of Computation 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,
		2017		2016		2017		2016
Numerator:
Net (Loss) Income - basic and diluted	$	(329)	$	291	$	(109)	$	622

Denominator:
Denominator for basic earnings per share - weighted-average shares		3,542		3,542		3,542		3,319
Effect of dilutive securities:
Employee stock options		-		8		-		3
Warrants		-		-		-		76
Dilutive potential common shares		-		8		-		79
Denominator for diluted earnings per share - weighted-average shares and assumed conversions		3,542		3,550		3,542		3,398
*Basic (loss) earnings per common share*	$	(0.09)	$	0.08	$	(0.03)	$	0.19
*Diluted (loss) earnings per common share*	$	(0.09)	$	0.08	$	(0.03)	$	0.18

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6. Segment Information (Tables)

9 Months Ended

Sep. 30, 2017

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, 2017*
Net Sales:
Customer sales	$	5,385	$	2,882	$	1,220	$	-	$	9,487
Intercompany sales		-		492		497		(989)		-
Total Net Sales	$	5,385	$	3,374	$	1,717	$	(989)	$	9,487

Segment (loss) income	$	(164)	$	(286)	$	154	$	(33)	$	(329)

*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

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

For the Nine months ended:
*September 30, 2017*
Net Sales:
Customer sales	$	19,454	$	8,361	$	3,099	$	-	$	30,914
Intercompany sales		37		3,303		2,502		(5,842)		-
Total Net Sales	$	19,491	$	11,664	$	5,601	$	(5,842)	$	30,914

Segment (loss) income	$	(238)	$	(171)	$	374	$	(74)	$	(109)
As of September 30, 2017
Segments assets	$	15,834	$	15,872	$	5,640	$	(402)	$	36,944
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
Segment assets	$	17,819	$	14,478	$	6,299	$	-	$	38,596

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8. Derivatives and Other Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of derivative impact on operations

Asset Derivatives
Derivative Instrument	Location		September 30, 2017		December 31, 2016
Foreign Currency Exchange Contracts	Other Current Assets	$	5	$	-

Liability Derivatives
Derivative Instrument	Location		September 30, 2017		December 31, 2016
Foreign Currency Exchange Contracts	Accrued Expenses	$	-	$	2

			Amount of (Loss) Gain Recognized in Operations
Derivative	Location of (Loss) Gain on Derivative		Three Months Ended September 30,				Nine Months Ended September 30,
Instrument	Instrument		2017		2016		2017		2016
Foreign Currency Exchange Contracts	(Loss) gain on foreign currency exchange rate	$	(4)	$	4	$	(5)	$	6

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1. Accounting Policies (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ (95)	$ 142	$ (71)	$ 165
Unrecognized tax benefits	0		0		$ 0
Federal Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	(97)	23	(105)	(71)
State Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	0	1	3	4
Foreign Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ 2	$ 118	$ 31	$ 232

XML 35 R23.htm IDEA: XBRL DOCUMENT

2. Debt and Notes Payable (Details - Long term debt) € in Thousands, MYR in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2017 USD ($)	Sep. 30, 2017 EUR (€)	Sep. 30, 2017 MYR	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Note payable to bank	$ 3,599			$ 3,867
Less current maturities	1,074			1,142
Total long-term debt - financial institutions	2,525			2,725
Euro term note 1 [Member] \| Netherlands Bank [Member]
Debt Instrument [Line Items]
Note payable to bank	$ 216			206
Debt maturity date	Jul. 01, 2029
Debt stated interest rate	3.85%	3.85%	3.85%
Debt collateral	Secured by TPT's land and buildings
Euro term note 1 [Member] \| Netherlands Bank [Member] \| EURO [Member]
Debt Instrument [Line Items]
Note payable to bank \| €		€ 183
Euro term note 2 [Member] \| Netherlands Bank [Member]
Debt Instrument [Line Items]
Note payable to bank	$ 248			234
Debt maturity date	Jan. 31, 2030
Debt stated interest rate	3.30%	3.30%	3.30%
Debt collateral	Secured by TPT's land and buildings
Euro term note 2 [Member] \| Netherlands Bank [Member] \| EURO [Member]
Debt Instrument [Line Items]
Note payable to bank \| €		€ 210
Euro term note 3 [Member] \| Netherlands Bank [Member]
Debt Instrument [Line Items]
Note payable to bank	$ 975			947
Debt maturity date	Dec. 31, 2025
Debt stated interest rate	3.00%	3.00%	3.00%
Debt collateral	Secured by TPT's land and buildings
Euro term note 3 [Member] \| Netherlands Bank [Member] \| EURO [Member]
Debt Instrument [Line Items]
Note payable to bank \| €		€ 825
Euro term note 4 [Member] \| Netherlands Bank [Member]
Debt Instrument [Line Items]
Note payable to bank	$ 1,805			1,978
Debt maturity date	Dec. 31, 2020
Debt collateral	Secured by substantially all of TPT's assets
Debt interest variable rate	EURIBOR interest rate plus bank margin of 2.3% per annum
Debt effective interest rate	2.30%	2.30%	2.30%
Euro term note 4 [Member] \| Netherlands Bank [Member] \| EURO [Member]
Debt Instrument [Line Items]
Note payable to bank \| €		€ 1,527
Malaysian term note [Member] \| Malaysian Bank [Member]
Debt Instrument [Line Items]
Note payable to bank	$ 355			$ 502
Debt maturity date	Oct. 25, 2018
Debt collateral	Secured by TMM's property, plant and equipment
Debt interest variable rate	2% above the bank base lending rate
Debt effective interest rate	5.20%	5.20%	5.20%
Malaysian term note [Member] \| Malaysian Bank [Member] \| RM [Member]
Debt Instrument [Line Items]
Note payable to bank \| MYR			MYR 1,500

XML 36 R24.htm IDEA: XBRL DOCUMENT

2. Debt and Notes Payable (Details Narrative)	9 Months Ended
2. Debt and Notes Payable (Details Narrative)	Sep. 30, 2017 USD ($)	Sep. 30, 2017 EUR (€)	Sep. 30, 2017 MYR	Dec. 31, 2016 USD ($)
Debt Instrument [Line Items]
Note payable to bank	$ 3,599,000			$ 3,867,000
Line of Credit [Member] \| UNITED STATES
Debt Instrument [Line Items]
Credit line maximum borrowing capacity	1,000,000
Credit line balance outstanding	$ 0
Credit line interest rate description	variable rate equal to one percent per annum above the Wall Street Journal Prime Rate, minimum floor 4.5%
Credit line expiration date	Oct. 15, 2018
Line of Credit [Member] \| European [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity	$ 591,000
Credit line balance outstanding	$ 0
Credit line interest rate at end of period	3.30%	3.30%	3.30%
Credit line interest rate description	bank prime plus 2.8% to the average 1-month EURIBOR plus the bank margin of 3.3%
Line of Credit [Member] \| European [Member] \| EURO [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity \| €		€ 500,000
Credit line balance outstanding	$ 0
Line of Credit [Member] \| Asian Operations [Member] \| TOR Minerals Malaysia [Member]
Debt Instrument [Line Items]
Credit line interest rate during period	4.90%
Line of Credit [Member] \| Asian Operations [Member] \| TOR Minerals Malaysia [Member] \| HSBC [Member]
Debt Instrument [Line Items]
Credit line expiration date	Jun. 30, 2018
Line of Credit [Member] \| Asian Operations [Member] \| TOR Minerals Malaysia [Member] \| HSBC [Member] \| Overdrafts [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity	$ 118,000
Credit line balance outstanding	0
Line of Credit [Member] \| Asian Operations [Member] \| TOR Minerals Malaysia [Member] \| HSBC [Member] \| Import/Export Line [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity	2,477,000
Credit line balance outstanding	0
Line of Credit [Member] \| Asian Operations [Member] \| TOR Minerals Malaysia [Member] \| HSBC [Member] \| Foreign Exchange [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity	1,184,000
Credit line balance outstanding	$ 0
Line of Credit [Member] \| Asian Operations [Member] \| TOR Minerals Malaysia [Member] \| RHB Bank Berhad [Member]
Debt Instrument [Line Items]
Credit line expiration date	Feb. 11, 2018
Line of Credit [Member] \| Asian Operations [Member] \| TOR Minerals Malaysia [Member] \| RHB Bank Berhad [Member] \| Foreign Exchange [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity	$ 592,000
Credit line balance outstanding	0
Line of Credit [Member] \| Asian Operations [Member] \| TOR Minerals Malaysia [Member] \| RHB Bank Berhad [Member] \| Multi-Trade Line [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity	829,000
Credit line balance outstanding	0
Line of Credit [Member] \| Asian Operations [Member] \| TOR Minerals Malaysia [Member] \| RHB Bank Berhad [Member] \| Bank Guarantee [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity	284,000
Credit line balance outstanding	0
Line of Credit [Member] \| Asian Operations [Member] \| RM [Member] \| TOR Minerals Malaysia [Member] \| HSBC [Member] \| Overdrafts [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity \| MYR			MYR 500,000
Credit line balance outstanding	0
Line of Credit [Member] \| Asian Operations [Member] \| RM [Member] \| TOR Minerals Malaysia [Member] \| HSBC [Member] \| Import/Export Line [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity \| MYR			10,460,000
Credit line balance outstanding	$ 0
Credit line interest rate during period	5.90%
Line of Credit [Member] \| Asian Operations [Member] \| RM [Member] \| TOR Minerals Malaysia [Member] \| HSBC [Member] \| Foreign Exchange [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity \| MYR			5,000,000
Credit line balance outstanding	$ 0
Line of Credit [Member] \| Asian Operations [Member] \| RM [Member] \| TOR Minerals Malaysia [Member] \| RHB Bank Berhad [Member] \| Foreign Exchange [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity \| MYR			2,500,000
Credit line balance outstanding	0
Line of Credit [Member] \| Asian Operations [Member] \| RM [Member] \| TOR Minerals Malaysia [Member] \| RHB Bank Berhad [Member] \| Multi-Trade Line [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity \| MYR			3,500,000
Credit line balance outstanding	0
Line of Credit [Member] \| Asian Operations [Member] \| RM [Member] \| TOR Minerals Malaysia [Member] \| RHB Bank Berhad [Member] \| Bank Guarantee [Member]
Debt Instrument [Line Items]
Credit line maximum borrowing capacity \| MYR			MYR 1,200,000
Credit line balance outstanding	$ 0

XML 37 R25.htm IDEA: XBRL DOCUMENT

3. Fair Value Measurements (Details - Unobservable inputs) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Liability
Currency forward contracts	$ 5	$ 2
Level 1 [Member]
Liability
Currency forward contracts	0	0
Level 2 [Member]
Liability
Currency forward contracts	5	2
Level 3 [Member]
Liability
Currency forward contracts	$ 0	$ 0

XML 38 R26.htm IDEA: XBRL DOCUMENT

3. Fair Value Measurements (Details - Carry amounts) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Carrying Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 3,599	$ 3,867
Fair Value [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, including current portion	$ 3,525	$ 3,785

XML 39 R27.htm IDEA: XBRL DOCUMENT

4. Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Raw materials	$ 4,109	$ 5,235
Work in progress	1,783	1,636
Finished goods	4,130	4,587
Supplies	1,017	717
Total Inventories	11,039	12,175
Inventory reserve	(420)	(399)
Net Inventories	$ 10,619	$ 11,776

XML 40 R28.htm IDEA: XBRL DOCUMENT

5. Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Numerator:
Net (Loss) Income - basic and diluted	$ (329)	$ 291	$ (109)	$ 622
Denominator:
Denominator for basic earnings per share- weighted-average shares	3,542	3,542	3,542	3,319
Dilutive securities - employee stock options	0	8	0	3
Dilutive securities - warrants	0	0	0	76
Dilutive potential common shares	0	8	0	79
Denominator for diluted earnings per share - weighted-average shares and assumed conversions	3,542	3,550	3,542	3,398
Basic (loss) earnings per common share	$ (0.09)	$ 0.08	$ (0.03)	$ 0.19
Diluted (loss) earnings per common share	$ (0.09)	$ 0.08	$ (0.03)	$ 0.18

XML 41 R29.htm IDEA: XBRL DOCUMENT

5. Calculation of Basic and Diluted Earnings per Share (Details Narrative) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Employee stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings	152	130	152	130

XML 42 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, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Net Sales:
Customer sales	$ 9,487	$ 10,036	$ 30,914	$ 29,458
Intercompany sales	0	0	0	0
Total Net Sales	9,487	10,036	30,914	29,458
Net (loss) income	(329)	291	(109)	622
Segment assets	36,944	38,596	36,944	38,596	$ 35,729
Inter-Company Eliminations [Member]
Net Sales:
Customer sales	0	0	0	0
Intercompany sales	(989)	(3,438)	(5,842)	(9,095)
Total Net Sales	(989)	(3,438)	(5,842)	(9,095)
Net (loss) income	(33)	(21)	(74)	(25)
Segment assets	(402)	0	(402)	0
United States (Corpus Christi) [Member]
Net Sales:
Customer sales	5,385	7,227	19,454	20,596
Intercompany sales	0	34	37	87
Total Net Sales	5,385	7,261	19,491	20,683
Net (loss) income	(164)	9	(238)	(269)
Segment assets	15,834	17,819	15,834	17,819
European (TPT) [Member]
Net Sales:
Customer sales	2,882	2,249	8,361	6,954
Intercompany sales	492	2,051	3,303	5,336
Total Net Sales	3,374	4,300	11,664	12,290
Net (loss) income	(286)	325	(171)	892
Segment assets	15,872	14,478	15,872	14,478
Asian (TMM) [Member]
Net Sales:
Customer sales	1,220	560	3,099	1,908
Intercompany sales	497	1,353	2,502	3,672
Total Net Sales	1,717	1,913	5,601	5,580
Net (loss) income	154	(22)	374	24
Segment assets	$ 5,640	$ 6,299	$ 5,640	$ 6,299

XML 43 R31.htm IDEA: XBRL DOCUMENT

7. Stock Options and Equity Compensation Plan (Details Narrative) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share based compensation	$ 6	$ 45	$ 115	$ 130
Options granted		6		49
Compensation expense non-vested awards	$ 72		$ 72
Weighted average period of compensation expense for non-vested awards				10 months 14 days

XML 44 R32.htm IDEA: XBRL DOCUMENT

8. Derivatives and Other Financial Instruments (Details - Liability derivatives) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accrued Expenses [Member] \| Foreign Currency Exchange Contracts [Member] \| Nondesignated [Member]
Derivatives, Fair Value [Line Items]
Derivative liability	$ 5	$ 2

XML 45 R33.htm IDEA: XBRL DOCUMENT

8. Derivatives and Other Financial Instruments (Details - Recognized loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Foreign Currency Exchange Contracts [Member] \| Gain (loss) on Foreign Currency Exchange Rate
Derivatives, Fair Value [Line Items]
Amount of Gain Recognized in Operations	$ (4)	$ 4	$ (5)	$ 6

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