Date of Report (Date of earliest event reported): May 4, 2017
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MINERALS TECHNOLOGIES INC.
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(Exact name of registrant as specified in its charter)
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Delaware
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1-11430
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25-1190717
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(State or other jurisdiction
of incorporation) |
(Commission File
Number) |
(IRS Employer
Identification No.) |
622 Third Avenue, New York, NY
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10017-6707
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(Address of principal executive offices)
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(Zip Code)
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(212) 878-1800
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||
(Registrant's telephone number, including area code)
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions.
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company [ ]
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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. [ ]
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Item 2.02
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Results of Operations and Financial Condition.
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|||
On May 4, 2017 Minerals Technologies Inc. issued a press release regarding its financial performance for the first quarter of 2017. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information in this Item 2.02 and Exhibit 99.1 shall not be deemed filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
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||||
Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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|||
99.1
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Press Release dated May 4, 2017
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MINERALS TECHNOLOGIES INC.
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(Registrant)
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By:
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/s/ Thomas J. Meek
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||
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Name:
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Thomas J. Meek
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Title:
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Senior Vice President, General Counsel, Human Resources, Secretary and Chief Compliance Officer
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Date: May 4, 2017
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MINERALS TECHNOLOGIES INC.
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||
EXHIBIT INDEX
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||
Exhibit No.
__________ |
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Subject Matter
____________________________________________________________ |
99.1
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Press Release dated May 4, 2017
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EXHIBIT 99.1
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|
![]() |
News
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For Immediate Release
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Contact: Rick Honey
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May 4, 2017
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(212) 878-1831
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·
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Strong Operating Margins in all Segments
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·
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MTI China Sales Grew 22% in the First Quarter
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·
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New Satellite PCC Contract in Indonesia
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·
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Performance Materials Segment Realignment
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
|||||||||||||
(in millions, except per share data)
|
|||||||||||||
(unaudited)
|
|||||||||||||
Quarter Ended
|
% Growth
|
||||||||||||
Apr. 2,
2017
|
Dec. 31,
2016
|
Apr. 3,
2016
|
Prior Qtr.
|
Prior Year
|
|||||||||
Net sales
|
|||||||||||||
Product sales
|
$
|
386.3
|
$
|
381.0
|
$
|
384.4
|
1%
|
0%
|
|||||
Service revenue
|
18.7
|
20.3
|
25.8
|
(8)%
|
(28)%
|
||||||||
Total net sales
|
405.0
|
401.3
|
410.2
|
1%
|
(1)%
|
||||||||
Cost of sales
|
|||||||||||||
Cost of goods sold
|
279.0
|
276.9
|
277.6
|
1%
|
1%
|
||||||||
Cost of service revenue
|
12.3
|
13.0
|
19.9
|
(5)%
|
(38)%
|
||||||||
Total cost of sales
|
291.3
|
289.9
|
297.5
|
0%
|
(2)%
|
||||||||
Production margin
|
113.7
|
111.4
|
112.7
|
2%
|
1%
|
||||||||
Marketing and administrative expenses
|
44.4
|
45.2
|
46.7
|
(2)%
|
(5)%
|
||||||||
Research and development expenses
|
5.8
|
5.9
|
5.9
|
(2)%
|
(2)%
|
||||||||
Acquisition related transaction and integration costs
|
1.5
|
2.9
|
1.6
|
(48)%
|
(6)%
|
||||||||
Restructuring charges
|
0.3
|
0.9
|
0.9
|
*
|
*
|
||||||||
Income from operations
|
61.7
|
56.5
|
57.6
|
9%
|
7%
|
||||||||
Interest expense, net
|
(11.8)
|
(13.0)
|
(14.1)
|
(9)%
|
(16)%
|
||||||||
Debt modification costs and fees
|
(3.9)
|
0.0
|
0.0
|
*
|
*
|
||||||||
Other non-operating income (deductions), net
|
(0.5)
|
2.1
|
1.7
|
*
|
*
|
||||||||
Total non-operating deductions, net
|
(16.2)
|
(10.9)
|
(12.4)
|
49%
|
31%
|
||||||||
Income from continuing operations before tax and equity in earnings
|
45.5
|
45.6
|
45.2
|
(0)%
|
1%
|
||||||||
Provision for taxes on income
|
10.1
|
8.6
|
10.7
|
17%
|
(6)%
|
||||||||
Equity in earnings of affiliates, net of tax
|
0.2
|
0.5
|
0.3
|
(60)%
|
(33)%
|
||||||||
Consolidated net income
|
35.6
|
37.5
|
34.8
|
(5)%
|
2%
|
||||||||
Less: Net income attributable to non-controlling interests
|
1.0
|
0.8
|
0.9
|
25%
|
11%
|
||||||||
Net Income attributable to Minerals Technologies Inc. (MTI)
|
$
|
34.6
|
$
|
36.7
|
$
|
33.9
|
(6)%
|
2%
|
|||||
Weighted average number of common shares outstanding:
|
|||||||||||||
Basic
|
35.0
|
34.9
|
34.8
|
||||||||||
Diluted
|
35.6
|
35.4
|
34.9
|
||||||||||
Earnings per share attributable to MTI:
|
|||||||||||||
Basic
|
$
|
0.99
|
$
|
1.05
|
$
|
0.97
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(6)%
|
2%
|
|||||
Diluted:
|
$
|
0.97
|
$
|
1.04
|
$
|
0.97
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(7)%
|
0%
|
|||||
Cash dividends declared per common share
|
$
|
0.05
|
$
|
0.05
|
$
|
0.05
|
|||||||
* Percentage not meaningful
|
|||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
||||||||||||||
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||
1)
|
For comparative purposes, the quarterly periods ended April 2, 2017, December 31, 2016, and April 3, 2016 consisted of 92 days, 90 days, and 94 days, respectively.
|
|||||||||||||
2)
|
On a regular basis, the Company reviews its segments and the approach used by the chief decision maker to assess performance and allocate resources. Accordingly, in Q1 2017, in order to generate greater alignment, speed decision making and accelerate growth, the Company reorganized the management structure for its Performance Materials and Construction Technologies business segments to better reflect the way performance is evaluated and resources are allocated. As a result, all of the product lines within these business segments were combined into one operating segment. Presented below are the restated financial results, by product line, for each of the quarters of 2016 of this operating segment to conform to the current management structure.
|
|||||||||||||
Full Year
Ended
|
||||||||||||||
Quarter Ended
|
||||||||||||||
Apr. 3,
|
Jul. 3,
|
Sep. 27,
|
Dec.31,
|
Dec. 31,
|
||||||||||
2016
|
2016
|
2016
|
2016
|
2016
|
||||||||||
Sales
|
||||||||||||||
Metalcasting
|
$
|
60.0
|
$
|
68.0
|
$
|
63.1
|
$
|
66.9
|
$
|
258.0
|
||||
Household, Personal Care & Specialty Products
|
45.3
|
44.0
|
42.1
|
39.8
|
171.2
|
|||||||||
Environmental products
|
13.4
|
26.5
|
24.6
|
14.4
|
78.9
|
|||||||||
Building Materials
|
20.4
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19.7
|
16.9
|
17.1
|
74.1
|
|||||||||
Basic Minerals & Other Products
|
20.5
|
24.3
|
22.3
|
36.8
|
103.9
|
|||||||||
Performance Materials Segment
|
$
|
159.6
|
$
|
182.5
|
$
|
169.0
|
$
|
175.0
|
$
|
686.1
|
||||
Operating Income
|
||||||||||||||
Performance Materials Segment
|
$
|
28.2
|
$
|
33.3
|
$
|
30.2
|
$
|
29.4
|
$
|
121.1
|
||||
% of Sales
|
17.7%
|
18.2%
|
17.9%
|
16.8%
|
17.7%
|
|||||||||
3)
|
During the first quarter of 2016, the company incurred restructuring charges for lease termination costs and other restructuring costs due to the fourth quarter 2015 exit from the Coiled Tubing product line in the Energy Services segment. In the first quarter of 2017, the company recorded additional restructuring costs related to exited businesses in the Energy Services segment.
|
|||||||||||||
(millions of dollars)
|
Quarter Ended
|
|||||||||||||
Apr. 2,
|
Dec. 31,
|
Apr. 3,
|
||||||||||||
2017
|
2016
|
2016
|
||||||||||||
Restructuring costs
|
||||||||||||||
Severance and other employee benefits
|
||||||||||||||
Refractories
|
$
|
0.0
|
0.0
|
$
|
0.1
|
|||||||||
Energy Services
|
0.3
|
0.9
|
0.8
|
|||||||||||
$
|
0.3
|
0.9
|
0.9
|
|||||||||||
Total restructuring costs
|
$
|
0.3
|
$
|
0.9
|
$
|
0.9
|
||||||||
4)
|
To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's non-GAAP earnings per share, excluding special items, for the quarterly periods ended April 2, 2017, December 31, 2016, and April 3, 2016, and a reconciliation to reported earnings per share for such periods. The Company's management believes these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the ongoing operating results and thereby affect the comparability of results between periods. The Company believes inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends.
|
|||||||||||||
(millions of dollars)
|
Quarter Ended
|
|||||||||||||
Apr. 2,
|
Dec. 31,
|
Apr. 3,
|
||||||||||||
2017
|
2016
|
2016
|
||||||||||||
Income from continuing operations attributable to MTI
|
$
|
34.6
|
$
|
36.7
|
$
|
33.9
|
||||||||
Special items:
|
||||||||||||||
Acquisition related transaction and integration costs
|
1.5
|
2.9
|
1.6
|
|||||||||||
Restructuring and other charges
|
0.3
|
0.9
|
0.9
|
|||||||||||
Debt modification costs and fees
|
3.9
|
0.0
|
0.0
|
|||||||||||
Related tax effects on special items
|
(2.2)
|
(2.1)
|
(0.9)
|
|||||||||||
Income from continuing operations attributable to MTI, excluding special items
|
$
|
38.1
|
$
|
38.4
|
$
|
35.5
|
||||||||
Diluted earnings per share, excluding special items
|
$
|
1.07
|
$
|
1.08
|
$
|
1.02
|
||||||||
5)
|
Free cash flow is defined as cash flow from continuing operations less capital expenditures. The following is a presentation of the Company's non-GAAP free cash flow for the quarterly periods ended April 2, 2017, December 31, 2016, and April 3, 2016 and a reconciliation to cash flow from operations for such periods. The Company's management believes this non-GAAP measure provides meaningful supplemental information as management uses this measure to evaluate the Company's ability to maintain capital assets, satisfy current and future obligations, repurchase stock, pay dividends and fund future business opportunities. Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure. The Company's definition of free cash flow may not be comparable to similarly titled measures reported by other companies.
|
|||||||||||||
Quarter Ended
|
||||||||||||||
(millions of dollars)
|
Apr. 2,
|
Dec. 31,
|
Apr. 3,
|
|||||||||||
2017
|
2016
|
2016
|
||||||||||||
Cash flow from continuing operations
|
$
|
15.9
|
$
|
60.8
|
$
|
41.8
|
||||||||
Capital expenditures
|
13.1
|
13.5
|
15.7
|
|||||||||||
Free cash flow
|
$
|
2.8
|
$
|
47.3
|
$
|
26.1
|
||||||||
6)
|
The following table reflects the components of non-operating income and deductions:
|
|||||||||||||
(millions of dollars)
|
Quarter Ended
|
|||||||||||||
Apr. 2,
|
Dec. 31,
|
Apr. 3,
|
||||||||||||
2017
|
2016
|
2016
|
||||||||||||
Interest income
|
$
|
0.4
|
$
|
0.4
|
$
|
0.6
|
||||||||
Interest expense
|
(12.2)
|
(13.4)
|
(14.6)
|
|||||||||||
Premium on early extinguishment of debt
|
(3.9)
|
0.0
|
0.0
|
|||||||||||
Foreign exchange gains (losses)
|
0.6
|
2.6
|
2.4
|
|||||||||||
Other deductions
|
(1.1)
|
(0.5)
|
(0.8)
|
|||||||||||
Non-operating income (deductions), net
|
$
|
(16.2)
|
$
|
(10.9)
|
$
|
(12.4)
|
||||||||
7)
|
The analyst conference call to discuss operating results for the first quarter is scheduled for Friday, May 5, 2017 at 11:00 am and will be broadcast over the Company's website (www.mineralstech.com). The broadcast will remain on the Company's website for no less than one year.
|
SUPPLEMENTARY DATA
|
||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
||||||||||||||||
(millions of dollars)
|
||||||||||||||||
(unaudited)
|
||||||||||||||||
Quarter Ended
|
% Growth
|
|||||||||||||||
SALES DATA
|
Apr. 2,
2017
|
% of
Total Sales
|
Dec. 31,
2016
|
% of
Total Sales
|
Apr. 3,
2016
|
% of
Total Sales
|
Prior Qtr
|
Prior Year
|
||||||||
United States
|
$
|
224.3
|
55%
|
$
|
217.5
|
54%
|
$
|
244.2
|
60%
|
3%
|
(8)%
|
|||||
International
|
180.7
|
45%
|
183.8
|
46%
|
166.0
|
40%
|
(2)%
|
9%
|
||||||||
Net Sales
|
$
|
405.0
|
100%
|
$
|
401.3
|
100%
|
$
|
410.2
|
100%
|
1%
|
(1)%
|
|||||
Paper PCC
|
$
|
93.4
|
23%
|
$
|
92.4
|
23%
|
$
|
103.2
|
25%
|
1%
|
(9)%
|
|||||
Specialty PCC
|
17.0
|
4%
|
14.1
|
4%
|
16.7
|
4%
|
21%
|
2%
|
||||||||
PCC Products
|
$
|
110.4
|
27%
|
$
|
106.5
|
27%
|
$
|
119.9
|
29%
|
4%
|
(8)%
|
|||||
Talc
|
$
|
14.3
|
4%
|
$
|
13.0
|
3%
|
$
|
15.0
|
4%
|
10%
|
(5)%
|
|||||
Ground Calcium Carbonate
|
21.5
|
5%
|
18.5
|
5%
|
20.7
|
5%
|
16%
|
4%
|
||||||||
Processed Minerals Products
|
$
|
35.8
|
9%
|
$
|
31.5
|
8%
|
$
|
35.7
|
9%
|
14%
|
0%
|
|||||
Specialty Minerals Segment
|
$
|
146.2
|
36%
|
$
|
138.0
|
34%
|
$
|
155.6
|
38%
|
6%
|
(6)%
|
|||||
Metalcasting
|
$
|
66.6
|
16%
|
$
|
66.9
|
17%
|
$
|
60.0
|
15%
|
(0)%
|
11%
|
|||||
Household, Personal Care & Specialty Products
|
41.1
|
10%
|
39.8
|
10%
|
45.3
|
11%
|
3%
|
(9)%
|
||||||||
Environmental products
|
10.6
|
3%
|
$
|
14.4
|
4%
|
$
|
13.4
|
3%
|
(26)%
|
(21)%
|
||||||
Building Materials
|
17.4
|
4%
|
17.1
|
4%
|
20.4
|
5%
|
2%
|
(15)%
|
||||||||
Basic Minerals
|
34.2
|
8%
|
36.8
|
9%
|
20.5
|
5%
|
(7)%
|
67%
|
||||||||
Performance Materials Segment
|
$
|
169.9
|
42%
|
$
|
175.0
|
44%
|
$
|
159.6
|
39%
|
(3)%
|
6%
|
|||||
Total Minerals Businesses
|
$
|
316.1
|
78%
|
$
|
313.0
|
78%
|
$
|
315.2
|
77%
|
1%
|
0%
|
|||||
Refractory products
|
$
|
56.7
|
14%
|
$
|
55.7
|
14%
|
$
|
53.4
|
13%
|
2%
|
6%
|
|||||
Metallurgical Products
|
13.5
|
3%
|
12.3
|
3%
|
15.8
|
4%
|
10%
|
(15)%
|
||||||||
Refractories Segment
|
$
|
70.2
|
17%
|
$
|
68.0
|
17%
|
$
|
69.2
|
17%
|
3%
|
1%
|
|||||
Energy Services Segment
|
$
|
18.7
|
5%
|
$
|
20.3
|
5%
|
$
|
25.8
|
6%
|
(8)%
|
(28)%
|
|||||
Total Service Businesses
|
$
|
88.9
|
22%
|
$
|
88.3
|
22%
|
$
|
95.0
|
23%
|
1%
|
(6)%
|
|||||
Net Sales
|
$
|
405.0
|
100%
|
$
|
401.3
|
100%
|
$
|
410.2
|
100%
|
1%
|
(1)%
|
|||||
SUPPLEMENTARY DATA
|
||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
||||||||||
(millions of dollars)
|
||||||||||
(unaudited)
|
||||||||||
Quarter Ended
|
% Growth
|
|||||||||
Apr. 2,
2017
|
Dec. 31,
2016
|
Apr. 3,
2016
|
Prior
Qtr.
|
Prior
Year
|
||||||
SEGMENT OPERATING INCOME DATA
|
||||||||||
Specialty Minerals Segment
|
$
|
24.4
|
$
|
21.6
|
$
|
25.7
|
13%
|
(5)%
|
||
% of Sales
|
16.7%
|
15.7%
|
16.5%
|
|||||||
Performance Materials Segment
|
$
|
28.8
|
$
|
29.4
|
$
|
28.2
|
(2)%
|
2%
|
||
% of Sales
|
17.0%
|
16.8%
|
17.7%
|
|||||||
Total Minerals Businesses
|
$
|
53.2
|
51.0
|
53.9
|
4%
|
(1)%
|
||||
% of Sales
|
16.8%
|
16.3%
|
17.1%
|
|||||||
Refractories Segment
|
$
|
9.2
|
$
|
9.8
|
$
|
6.8
|
(6)%
|
35%
|
||
% of Sales
|
13.1%
|
14.4%
|
9.8%
|
|||||||
Energy Services Segment
|
$
|
1.7
|
$
|
1.1
|
$
|
(0.1)
|
55%
|
*
|
||
% of Sales
|
9.1%
|
5.4%
|
-0.4%
|
|||||||
Total Service Businesses
|
$
|
10.9
|
10.9
|
6.7
|
(0)%
|
63%
|
||||
% of Sales
|
12.3%
|
12.3%
|
7.1%
|
|||||||
Unallocated Corporate Expenses
|
$
|
(0.9)
|
$
|
(2.5)
|
$
|
(1.4)
|
(64)%
|
(36)%
|
||
Acquisition related integration costs
|
$
|
(1.5)
|
$
|
(2.9)
|
$
|
(1.6)
|
(48)%
|
(6)%
|
||
Consolidated
|
$
|
61.7
|
$
|
56.5
|
$
|
57.6
|
9%
|
7%
|
||
% of Sales
|
15.2%
|
14.1%
|
14.0%
|
|||||||
SPECIAL ITEMS
|
||||||||||
Specialty Minerals Segment
|
$
|
0.0
|
$
|
0.0
|
$
|
0.0
|
*
|
*
|
||
Performance Materials Segment
|
$
|
0.0
|
$
|
0.0
|
$
|
0.0
|
*
|
*
|
||
Total Minerals Businesses
|
$
|
0.0
|
$
|
0.0
|
$
|
0.0
|
*
|
*
|
||
Refractories Segment
|
$
|
0.0
|
$
|
0.0
|
$
|
0.1
|
*
|
*
|
||
Energy Services Segment
|
$
|
0.3
|
$
|
0.9
|
$
|
0.8
|
*
|
*
|
||
Total Service Businesses
|
$
|
0.3
|
$
|
0.9
|
$
|
0.9
|
*
|
*
|
||
Unallocated and Other Corporate Expenses
|
$
|
0.0
|
$
|
0.0
|
$
|
0.0
|
*
|
*
|
||
Acquisition related integration costs
|
$
|
1.5
|
$
|
2.9
|
$
|
1.6
|
(48)%
|
(6)%
|
||
Consolidated
|
$
|
1.8
|
$
|
3.8
|
$
|
2.5
|
(53)%
|
(28)%
|
||
To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's non-GAAP operating income, excluding special items (set forth in the above table), for the quarterly periods ended April 2, 2017, December 31, 2016, and April 3, 2016, constituting a reconciliation to GAAP operating income set forth above. The Company's management believe these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of ongoing operating results and thereby affect the comparability of results between periods. The Company believes inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends.
|
||||||||||
Quarter Ended
|
% Growth
|
|||||||||
SEGMENT OPERATING INCOME,
|
Apr. 2,
2017
|
Dec. 31,
2016
|
Apr. 3,
2016
|
Prior Qtr.
|
Prior Year
|
|||||
EXCLUDING SPECIAL ITEMS
|
||||||||||
Specialty Minerals Segment
|
$
|
24.4
|
$
|
21.6
|
$
|
25.7
|
13%
|
(5)%
|
||
% of Sales
|
16.7%
|
15.7%
|
16.5%
|
|||||||
Performance Materials Segment
|
$
|
28.8
|
$
|
29.4
|
$
|
28.2
|
(2)%
|
2%
|
||
% of Sales
|
17.0%
|
16.8%
|
17.7%
|
|||||||
Total Minerals Businesses
|
$
|
53.2
|
$
|
51.0
|
$
|
53.9
|
4%
|
(1)%
|
||
% of Sales
|
16.8%
|
16.3%
|
17.1%
|
|||||||
Refractories Segment
|
$
|
9.2
|
$
|
9.8
|
$
|
6.9
|
(6)%
|
33%
|
||
% of Sales
|
13.1%
|
14.4%
|
10.0%
|
|||||||
Energy Services Segment
|
$
|
2.0
|
$
|
2.0
|
$
|
0.7
|
0%
|
186%
|
||
% of Sales
|
10.7%
|
9.9%
|
2.7%
|
|||||||
Total Service Businesses
|
$
|
11.2
|
$
|
11.8
|
$
|
7.6
|
(5)%
|
47%
|
||
% of Sales
|
12.6%
|
13.4%
|
8.0%
|
|||||||
Unallocated Corporate Expenses
|
$
|
(0.9)
|
$
|
(2.5)
|
$
|
(1.4)
|
(64)%
|
(36)%
|
||
Consolidated
|
$
|
63.5
|
$
|
60.3
|
$
|
60.1
|
5%
|
6%
|
||
% of Sales
|
15.7%
|
15.0%
|
14.7%
|
|||||||
* Percentage not meaningful
|
||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||
ASSETS
|
||||||
(In Millions of Dollars)
|
||||||
Apr. 2,
|
December 31,
|
|||||
2017*
|
2016**
|
|||||
Current assets:
|
||||||
Cash & cash equivalents
|
$
|
168.5
|
$
|
188.5
|
||
Short-term investments
|
3.8
|
2.0
|
||||
Accounts receivable, net
|
380.2
|
341.3
|
||||
Inventories
|
196.3
|
186.9
|
||||
Prepaid expenses and other current assets
|
37.3
|
32.4
|
||||
Total current assets
|
786.1
|
751.1
|
||||
Property, plant and equipment
|
2,141.2
|
2,141.4
|
||||
Less accumulated depreciation
|
1,089.6
|
1,089.6
|
||||
Net property, plant & equipment
|
1,051.6
|
1,051.8
|
||||
Goodwill
|
778.7
|
778.7
|
||||
Intangible assets
|
202.4
|
204.4
|
||||
Other assets and deferred charges
|
77.9
|
77.4
|
||||
Total assets
|
$
|
2,896.7
|
$
|
2,863.4
|
||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||
Current liabilities:
|
||||||
Short-term debt
|
$
|
5.9
|
$
|
6.1
|
||
Current maturities of long-term debt
|
6.9
|
6.8
|
||||
Accounts payable
|
147.3
|
144.9
|
||||
Other current liabilities
|
137.3
|
137.7
|
||||
Total current liabilities
|
297.4
|
295.5
|
||||
Long-term debt
|
1,050.7
|
1,069.9
|
||||
Deferred income taxes
|
236.3
|
238.8
|
||||
Other non-current liabilities
|
230.5
|
228.3
|
||||
Total liabilities
|
1,814.9
|
1,832.5
|
||||
Total MTI shareholders' equity
|
1,056.0
|
1,006.5
|
||||
Non-controlling Interest
|
25.8
|
24.4
|
||||
Total shareholders' equity
|
1,081.8
|
1,030.9
|
||||
Total liabilities and shareholders' equity
|
$
|
2,896.7
|
$
|
2,863.4
|
||
*
|
Unaudited
|
|||||
**
|
Condensed from audited financial statements.
|
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