TOR Minerals International, Inc (OTC:TORM)

WEB NEWS

Friday, August 4, 2017

Research

GB and a selection in the  MultiBagger Mock Portfolio TORM ($7.75) reported strong Q2 2017 results:

  • Sales of $10.7 vs $9.8 million in the prior year

  • EPS of $0.10 vs $0.03 in the prior year.  The $0.10 quarter marks the highest EPS level in more than 3 years.

Quotes from management:

"While we had mixed results on our top line, we posted a strong recovery in profitability during the second quarter, posting the highest earnings per share number we have seen in more than three years," commented Dr. Olaf Karasch, Chief Executive Officer.  "We saw continued strength in our Specialty Alumina business and are well positioned to continue double-digit growth in our largest product category.  While flat in terms of revenue comparisons, our TiO2 business saw improving trends in Europe and Asia.  Due to our cost improvement efforts, TiO2 has also begun to contribute nicely to overall profitability this year.   Our barium sulfate-related revenue was also relatively flat year over year, but continues to add nice contribution margin to the overall business. Overall, we remain confident that we are well-positioned to deliver double-digit sales growth during 2017, as well as further improve profitability and returns for our shareholders."

For more color on the TORM story, please see our full February 15, 2017 GeoBargain article, “Tor Minerals: Headwinds Turn Into Tailwinds That Should Help Shares Rise”


Friday, July 31, 2015

Comments & Business Outlook

TORM ($5.75) reported second quarter 2015results:

  • Q2 2015 revenues of $9.9 million vs $12.3 million in the prior year

  • Q2 2015 loss per share of $0.04 vs EPS of $0.04 in the prior year

Management commentary:

“Despite the difficult revenue and income/loss comparisons and challenging market environment for our TiO2 business, we are maintaining and adding new customers and new applications for our high-performance specialty alumina and barium sulfate products, which gives us confidence that the long-term health of our business and opportunities for growth remain strong," commented Dr. Olaf Karasch, Chief Executive Officer. "We expect our specialty alumina and barium sulfate business to resume volume growth from current levels and we remain optimistic about the outlook for these categories for the next several years.  To meet anticipated demand for existing and new specialty alumina applications, we are currently in the process of expanding our production capacity.  Our TiO2 revenue is likely to continue to be negatively affected by softer demand trends and pricing pressure across the industry.  We are selling through TiO2 inventories that were produced last year which have a higher cost basis and expect margins in this business to improve in the coming quarters to reflect a reduction in raw material costs and the significant steps we have taken to reduce production costs.  Overall, we intend to drive improvement in returns with faster inventory turnover and lower production costs, while refocusing investment in areas that can provide opportunities for significant growth and contribute attractive returns."


Friday, October 31, 2014

Comments & Business Outlook

Third Quarter 2014 Results

  • Q3 2014 revenues of $11.3 million vs $10.8 million in the prior year
  • Q3 2014 EPS of $0.09 vs $0.03 in the prior year


"Our Specialty Alumina business continues to post double-digit year-over-year growth, up 21 percent for the quarter and 27 percent year to date. Combined with the strength of our Barium Sulfate and other product groups, we were able to more than offset the tough market conditions and lower utilization levels of our TiO2 business, allowing us to post overall revenue growth and maintain profitability," commented Dr. Olaf Karasch, Chief Executive Officer.

"We remain optimistic about the outlook for our specialty alumina business, and continue to expect double-digit revenue and profitability growth for this part of our business. Our TiO2 business is likely to continue to be negatively affected by softer demand trends and weak pricing across the industry," said Dr. Karasch. "Our strategic focus will remain on growing our specialty alumina business and improving efficiency and cost containment across all segments of the business. We believe this strategy should allow us to generate positive cash flow and produce continued improvement in profitability during the ongoing downturn in the TiO2 cycle."


Friday, July 25, 2014

Comments & Business Outlook

Second Quarter 2015 Results:

  • Revenues for Q2 2014 were $12.4 million vs $10.7 million in the prior year.

  • Non-GAAP EPS for Q2 2014 were $0.01 vs $0.06 in the prior year.

"Record quarterly sales in our Specialty Aluminas business was more than enough to offset the tough market conditions and lower utilization levels of our TiO2 business, allowing us to post overall revenue growth and maintain profitability," commented Dr. Olaf Karasch, Chief Executive Officer. "As expected our margins were negatively affected by low levels of utilization as we temporarily shut down our SR facility in Malaysia during the second quarter given current TiO2 market conditions."

"We remain optimistic about the outlook for our Specialty Aluminas business, and continue to expect double-digit revenue and profitability growth for the remainder of 2014 for this part of our business. Our TiO2 business is likely to continue to be negatively affected by softer demand trends and high inventory levels across the industry," said Dr. Karasch. "Our strategic focus will remain on growing our Specialty Aluminas business and improving efficiency and cost containment across all segments of the business. We believe this strategy should allow us to generate positive cash flow and produce break even or better profitability during the ongoing downturn in the TiO2 cycle."


Thursday, May 1, 2014

Comments & Business Outlook

First Quarter 2014 Results

  • Revenues for Q1 2014 were $13.1 million vs $11.4 million in the prior year.

  • EPS for Q1 2014 were $0.21 vs a loss of $0.03 in the prior year.

Commenting on the quarter, Dr. Olaf Karasch, Chief Executive Officer, said, "We reported sales growth of 15 percent and returned to profitability during the first quarter. We believe our performance reflects our efforts to improve operating efficiency at the plant level, including adjusting staffing levels and plant schedules. Our TiO2 segment continues to be pressured by ongoing industry-wide pricing pressures and higher inventory costs related to the purchase of higher-priced raw materials. We anticipate the SR plant in Malaysia being idle during the second quarter given current market conditions. This shutdown will adversely affect our profitability for the quarter."

"We remain optimistic about the outlook for our specialty alumina business, and continue to expect double-digit revenue and profitability growth for the remainder of 2014 for this part of our business. Our TiO2 business will continue to be negatively affected by softer demand trends, high raw material costs and high inventory levels across the industry," said Dr. Karasch. "Our strategic focus will remain on growing our specialty alumina business and improving efficiency and cost containment across all segments of the business. We believe this strategy should allow us to generate positive cash flow and produce breakeven or better profitability results during the ongoing downturn in the TiO2 cycle."


Friday, February 28, 2014

Comments & Business Outlook

Fourth Quarter 2013 Results

  • 4Q13 net sales increased 32% to $13.0 million, versus 4Q12 net sales of $9.8 million.
  • 4Q13 loss per share of ($0.60), versus 4Q12 net income per share of $0.07.

"The outlook for our specialty alumina business is positive revenue growth and profitability expected from this produce group during 2014.  The outlook for our TiO2 business will likely continue to be negatively affected by lower average selling prices and the soft demand trends that are being experienced across the TiO2 industry," said Dr. Karasch. "Our business plans call for focus on our specialty alumina and other growth areas of our business, while continuing ongoing cost containment and efficiency measures. Our plan should allow us to generate positive cash flow and produce near breakeven profitability during the downturn in the TiO2 market."


Wednesday, February 19, 2014

Comments & Business Outlook

CORPUS CHRISTI, Texas, Feb. 18, 2014 /PRNewswire/ -- TOR Minerals International (Nasdaq: TORM), producer of specialty aluminas, synthetic titanium dioxide and color pigments, and other high performance mineral fillers, today announced that due to the continued weakness in the titanium dioxide (TiO2) market, the company expects to report significant losses for its fourth quarter 2013 financial results, including a $1.3 million write-down of TiO2-related inventory.

"We are implementing measures to address our performance within the TiO2 and synthetic rutile segments of our business, including adjusting staffing levels and plant schedules to improve operational efficiencies and adjust inventory levels.  Other segments of our business are on track to resume our 15% to 20% targeted growth rate and are helping to partially offset losses.  For example, during the fourth quarter our specialty alumina business, which represents approximately 40% of total revenue, showed 18% growth," said Dr. Olaf Karasch, CEO of TOR Minerals.  "Our business plans call for the company to manage through the downturn in the TiO2 market by generating cash flows from our other business segments and our ongoing cost containment measures in order to allow us to operate at breakeven profitability levels." 


Wednesday, January 22, 2014

Deal Flow

ITEM 1.01           ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
    

On January 17, 2014, TOR Minerals International, Inc. (the "Company") entered into the third amendment (the "Amendment") with American Bank, N.A. (the "Lender").  Under the terms of the Amendment, which has an effective date of January 1, 2014, the Company is required to pledge a certificate of deposit in the amount of $350,000 as additional security against the outstanding loan balance of $910,447.00.


Wednesday, November 6, 2013

Comments & Business Outlook

Third Quarter Results

  • The company reported revenue of $10.9 million, a decrease of 45% from $19.9 million in the same quarter 2012.
  • The company reported EPS of $0.03, compared to $0.53 for the same quarter 2012.

Commenting on results, Dr. Olaf Karasch, CEO of TOR Minerals, said, "Our strategic focus remains on product innovation and continuous reduction in production costs. While we expect near-term profitability will likely continue to be negatively affected by lower prices, lower fixed cost absorption, and the increased costs of raw materials and energy, improved production efficiencies and improve yields should help to partially offset these factors. In addition, our future results will benefit if our recently introduced specialty alumina and TiO2 color pigment products continue to gain market acceptance and these new specialty alumina and TiO2 color pigment products are showing promise."


Thursday, July 25, 2013

Comments & Business Outlook

Second Quarter 2013 Results

  • 2Q13 revenue decreased 24% to $10.7 million 
  • 2Q13 diluted net income of $150,000 versus 2Q12 diluted net income of $1.6 million 
  • 2Q13 diluted earnings per share of $0.04 versus 2Q12 diluted earnings per share of$0.45

    Commenting on results, Dr. Olaf Karasch, CEO of TOR Minerals, said, "Our strategic focus remains on product innovation and continued reduction in production costs. As our new value-added products continue to gain market acceptance, we are focusing on achieving significant growth from our specialty alumina products over the next year. While we expect near-term profitability to continue to be negatively affected by lower prevailing TiO2 prices and the increased costs for related raw materials and energy, we also expect that fixed cost absorption in our Malaysian SR plant should improve through the balance of the year. In addition, we expect the incremental investments in our Malaysian SR plant to improve yields and reduce production costs."

    "Based on more favorable customer inventory levels and commentary from large TiO2 commodity producers, we are cautiously optimistic for a market recovery during second half of the year. In addition, we continue to innovate and have had success with our new premium TiO2 color pigment product, TIOPREM, which saw a 52 percent growth during the first half of 2013 and represented 13 percent of our TiO2 product sales. Longer term, we believe the demand and supply characteristics in the TiO2 industry will continue to create attractive opportunities for TOR Minerals, as customers increasingly discover the value-added attributes of substituting our HITOX® and TIOPREM® products for commodity TiO2," said Dr. Karasch.


  • Thursday, April 18, 2013

    Deal Flow

    On April 17, 2013, TOR Minerals Malaysia, a wholly owned subsidiary of TOR Minerals International, Inc., amended its banking facility with RHB Bank Berhad ("RHB") to extend the maturity date from March 5, 2013 to March 24, 2014 and grant a Multi-Trade Line of RM 5,000,000 ($1,617,000).  In addition, the RHB facility includes the following:  (1) an overdraft line of credit up to RM 1,000,000; (2) an ECR of RM 9,300,000; (3) a bank guarantee of RM 1,200,000; and (4) a foreign exchange contract limit of RM 25,000,000 ($323,000, $3,008,000, $388,000 and $8,085,000, respectively). 


    Thursday, October 25, 2012

    Comments & Business Outlook

    Third Quarter 2012 Results

    • 3Q12 sales increased 75 percent to $19.9 million 
    • 3Q12 diluted net income increased 69 percent to $1.8 million 
    • 3Q12 diluted EPS: $0.53 versus 3Q11 diluted EPS: $0.33 
    • Tangible Book Value as of Sept. 30, 2012 was $11.69 per share, versus $9.11 last year
    Commenting on sales trends, Dr. Olaf Karasch, Chief Executive Officer, said, "We posted our 8th consecutive quarter of year-over-year improvement in revenue and earnings. A focus on delivering unique value-added products along with the geographic, product, customer and end-market diversification of our business, has allowed us to overcome the effects of a weak and uncertain global economy and produce another record quarter."

    "We've made incremental investments in our SR plant this year, which are delivering 5 percent to 7 percent improvement in yields and lowering our production costs. We expect the efficiencies gained from these investments along with increased utilization of our facilities to provide a significant offset to increasing cost pressures from raw materials and rising energy prices," said Dr. Karasch.

    "We expect that our TiO2 pigment customers will continue to reduce inventories to levels more closely aligned with near-term demand, and as a result this product group is likely to experience flat to down year-over-year comparisons over the next couple of quarters. While near-term volumes and pricing may be affected by economic weakness and uncertainty, we believe the long-term demand and supply characteristics in the TiO2 business will continue to create growth attractive opportunities for TOR Minerals, as customers increasingly discover the value-added attributes of substituting our HITOX® and TIOPREM® products for commodity TiO2. Offsetting these near-term pressures, we expect our specialty alumina and other revenue categories, which make up more than 50 percent of our historic revenue mix, to continue to show growth. We are also optimistic that beginning next year we will see recurring sales of SR to third parties. Overall, our goal is to continue to deliver on our targeted growth of 15 percent to 20 percent over the next three to five years," concluded Dr. Karasch.



    Friday, July 27, 2012

    Comments & Business Outlook

    Second Quarter 2012 Results

    • 2Q12 revenue increased 35 percent to $14.1 million 
    • 2Q12 diluted net income increased 57 percent to $1.6 million 
    • 2Q12 diluted EPS: $0.45 versus 2Q11 diluted EPS: $0.30 

    Commenting on sales trends, Dr. Olaf Karasch, Chief Executive Officer, said, "In addition to higher average selling prices, the growth of our pigment business reflects the markets re-discovery of our colored TiO2 pigments as a partial replacement for commodity TiO2 and other colored pigments in paint and plastic formulations. Many new customers are realizing the value-added characteristics of our niche specialty mineral products and are transitioning from sample to production order quantities, particularly in North America, our largest market."

    "We continue to demonstrate the earnings leverage in our business model as our bottom line grew at more than twice the rate of revenue during the first half of the year," said Dr. Karasch. "While we expect cost pressures from raw materials and energy to continue during the balance of the year, increased utilization, favorable pricing, and improved efficiencies should offset these factors and drive continued earnings growth."

    "We posted our 7th quarter of year-over-year improvement in revenue and earnings as our new products continued to gain market acceptance and we continued to benefit from earnings leverage and operating efficiencies," said Dr. Karasch. "We have differentiated products, low cost manufacturing techniques, and a culture that fosters continued innovation. Combined with the right strategies, our goal is to continue to deliver on our targeted growth of 15% to 20% over the next three to five years," concluded Dr. Karasch.


    Monday, May 21, 2012

    Contract Awards

    CORPUS CHRISTI, Texas, May 21, 2012 /PRNewswire/ -- TOR Minerals International (NASDAQ: TORM), producer of synthetic titanium dioxide and color pigments, specialty aluminas, and other high performance mineral fillers, today announced that it has received a purchase order from a major international chemical customer to supply synthetic rutile titanium dioxide feedstock in an aggregate amount of $11 million. The Company expects to ship and recognize revenue for the entire transaction late during the second quarter of 2012.

    "This order has a positive effect on our second quarter financial results. In addition to incremental gross profit contribution, the order should increase the utilization of our Malaysian plant and allow us to capture previously unabsorbed fixed costs," stated Dr. Olaf Karasch. "After fulfilling this purchase order, the balance of our inventory and feedstock production capacity for 2012 will be used for our internal needs. Long-term market conditions for the titanium dioxide feedstock appear to be favorable, and as such, we are exploring alternatives for delivering feedstock material to third parties during 2013 and on a regular basis thereafter."

    GeoTeams Perspectice:
    We consider contracts that total at least 50% of company’s quarterly revenue run rate to be significant. The company had been reporting quarterly revenues of around $9 to $12 million. The entire contract is slated to be recorded in the 2012 second quarter.


    Friday, May 4, 2012

    Deal Flow

    CORPUS CHRISTI, Texas, May 4, 2012 /PRNewswire/ -- TOR Minerals International, Inc. (the "Company") (Nasdaq: TORM), producer of synthetic titanium dioxide and color pigments, specialty aluminas, and other high performance mineral fillers, announced today that on May 3, 2012, the remaining five holders of the Company's 6% convertible debentures due May 4, 2016, four of whom are directors of the Company and one of whom is a greater than five percent shareholder, have converted debentures in the aggregate amount of $1,450,000 held by them into 547,142 shares of common stock of the Company in accordance with the terms of the debentures.  The 547,142 shares of the Company's common stock issued upon conversion of the debentures were included in the average fully diluted share count of 3,439,141 during the first quarter of 2012.  These conversions will eliminate the balance of convertible debt from the Company's balance sheet and will reduce interest expense for the Company.

    Dr. Olaf Karasch, CEO of the Company said, "This action simplifies our capital structure and will save us approximately $80,000 in annual interest expense." 


    Friday, April 27, 2012

    Comments & Business Outlook

    First Quarter 2012 Results

    • 1Q12 revenue increased 34% to $12.8 million 
    • 1Q12 diluted net income increased 103% to $1.4 million 
    • 1Q12 diluted EPS: $0.41 versus 1Q11 diluted EPS: $0.22 

    Commenting on sales trends, Dr. Olaf Karasch, Chief Executive Officer, said, "We achieved record quarterly revenue again during the first quarter, marking our third quarter of record performance in the past four quarters. Overall, we continued to experience strong growth in sales volumes, as new customers are realizing the value-added characteristics of our niche specialty mineral products and are transitioning from sample to production order quantities. In addition, higher average selling prices in all of our product lines are contributing to our revenue growth."

    During the first quarter of 2012, favorable trends in pricing, product mix and sales volumes more than offset increased raw material and energy costs. As a result, gross margin improved 310 basis points year over year to 24.9 percent of sales. Operating income increased to $1.9 million, or 14.7 percent of sales, compared to operating income of $0.9 million, or 9.0 percent of sales, reported in the same period a year ago.

    "We saw the favorable effects of increased pricing in our TiO2 pigment business during the first quarter and posted the highest quarterly operating margin in our history," said Dr. Karasch. "In addition, we continued to demonstrate the earnings leverage in our business model and posted significant improvement in our profitability.

    "We are off to a strong start for 2012, and if current trends continue, we are well positioned to exceed our targeted growth rates of 15 to 20 percent and post another record year. Already, we have customer demand to fill half of our expanded alumina plant capacity and based on our current assessment of market demand for TiO2 pigments, we expect favorable pricing and volume trends to continue in our TiO2 pigment business. With strong market demand, we also foresee good opportunities for the future sale of available synthetic rutile to third parties," concluded Dr. Karasch.


    Friday, February 24, 2012

    Comments & Business Outlook

    Fourth Quarter 2011 Results

    • 4Q11 net sales increased 10% to $9.5 million 
    • 4Q11 diluted net of income available to common shareholders increased 13% to $1.1 million 
    • 4Q11 diluted earnings per common share: $0.35 was unchanged quarter over quarter
    • Net sales for the year ended December 31, 2011 increased 32% to $41.0 million 
    • Diluted net income available to common shareholders for the year ended December 31, 2011 increased 69% to $3.9 million 
    • Diluted EPS for the year ended December 31, 2011: $1.21 versus Diluted earnings per common shares for the year ended December 31, 2010: $0.83

    Commenting on sales trends, Dr. Olaf Karasch, Chief Executive Officer, said, "While the pace of growth slowed during the fourth quarter due to the return to normal seasonal order trends, revenue reached record levels during 2011.  Overall, during 2011 we continued to experience strong growth in sales, as our new customers are realizing the value added characteristics of our niche specialty mineral products.  During 2011, we sold out of specialty alumina capacity and completed an expansion that doubled our production capabilities.  This new capacity came on line during the fourth quarter and, so long as market conditions continue to remain favorable, we expect specialty alumina sales to continue double-digit growth during 2012.  As we expected, pigment sales were negatively affected by increased competitive pricing pressure from Chinese-based commodity TiO2 producers.  However, order volumes have accelerated during the first six weeks of fiscal 2012, particularly in North America, which is our largest market for TiO2 pigments.  Pigment volumes are being positively affected as several new customers have reformulated with our pigments and are transitioning from sample to production order quantities. In addition, increased TiO2 color pigment pricing is contributing more to our revenue growth."


    Friday, October 28, 2011

    Comments & Business Outlook

    Third Quarter 2011 Results

     

    • 3Q11 revenue increased 51% to $11.4 million versus $7.5 million in 3Q10
    • 3Q11 diluted net income increased to $1.1 million versus 3Q10 diluted net income: $0.2 million
    • 3Q11 diluted EPS: $0.33 versus 3Q10 EPS: $0.09
    • Revenue for the nine months ended September 30, 2011 increased 41% to $31.5 million 
    • Diluted net income for the nine months ended September 30, 2011 increased 113% to $2.9 million 
    • Diluted EPS for the nine months ended September 30, 2011: $0.86 versus Diluted EPS for the nine months ended September 30, 2010: $0.48

    "Based on what we are seeing today, we are optimistic that we will continue to benefit from volume growth and price increases. For a relatively small incremental capital investment of less than $2 million, we have effectively doubled the capacity of our alumina plant in the Netherlands.  With this project complete and a strong backlog of orders, our specialty alumina growth rates should accelerate over the next several quarters," said Dr. Karasch.  "Recently, we have seen increased competitive pricing pressure from Chinese-based commodity TiO2 producers, which may affect near-term regional volume growth and selling prices in our Asian and South American markets.  At the same time, we expect recent price increases and continued volume growth in the U.S. and Europe to more than offset any near-term pressure in those markets."  


    Friday, July 29, 2011

    Comments & Business Outlook

    CORPUS CHRISTI, Texas, July 28, 2011 /PRNewswire/ -- TOR Minerals International (Nasdaq: TORM), producer of synthetic titanium dioxide and color pigments, specialty aluminas, and other high performance mineral fillers, today announced its financial results for the second quarter ended June 30, 2011.  Highlights for the second quarter of 2011 as compared to the second quarter of 2010 included:

    • 2Q11 revenue increased 32% to $10.5 million 
    • 2Q11 diluted net income increased 110% to $1.0 million 
    • 2Q11 diluted EPS: $0.30 versus 2Q10 EPS of $0.17
    “During the past three years, our strategic focus has been to bring new, high-value added products to market, improve efficiency and lower our cost structure.  Our hard work has resulted in the best quarterly results in our history,” continued Dr. Karasch.  “Almost 80% of the growth in our TiO2 pigment sales is a result of higher volumes.  As a price follower, we have just begun to catch up to the price increases that the commodity TiO2 producers have put in place and expect to see increased revenue and margin contribution from increasing prices during the balance of the year.  The outlook for our alumina business remains strong.  We expect to complete our Netherlands alumina plant expansion during the current quarter, which will effectively double our alumina production capacity and help us to meet increasing demand from current and new customers.”

    Friday, April 29, 2011

    Comments & Business Outlook

    First Quarter Results:

    • Revenue increased 40% year over year to $9.6 million versus 1Q10: $6.9 million
    • Diluted net income to common shareholders: $697,000 versus 1Q10: $569,000
    • EPS: $0.22 versus 1Q10 EPS: $0.26

     "While our margin percentage declined, we posted solid results for the first quarter, which was the second highest quarterly profit posted in more than a decade," said Dr. Karasch.  "Furthermore, pricing on our specialty TiO2 products lags that of commodity TiO2.  While our pricing has been favorable, it has yet to have a major impact on our profitability.  Going forward, we expect our pricing to catch up and provide a more meaningful contribution to year-over-year comparisons."


    Thursday, February 24, 2011

    Comments & Business Outlook

    Fourth Quarter and Year End Highlights:

    • 2010 record net income: $2.3 million versus 2009 net loss: ($0.2) million
    • 2010 EPS: $0.83 versus 2009 net loss per share: ($0.10)
    • 4Q10 EPS: $0.35 versus 4Q09 EPS: $0.08
    • 4Q10 revenue increased 36% year over year to $8.7 million

    The Company said that sales momentum accelerated during the first six weeks of 2011 and that if this trend continues, it expects to see year-over-year improvement in financial results during the first quarter of 2011.  "As a result of the hard work done to lower our cost structure, improve efficiencies, and diversify our customer, end market, and geographic mix, 2010 net income was the highest in the Company's history.  Looking forward, with continued acceptance of our new products, favorable market conditions, and a lower, more efficient cost structure, we are in a great position to deliver above market growth in revenue and earnings," Dr. Karasch concluded.  


    Thursday, January 6, 2011

    Research

    We will watch TORM ($9.50) very closely. Investors may eventually view today's news positively.

    CORPUS CHRISTI, Texas, Jan. 5, 2011 /PRNewswire/ -- TOR Minerals International, Inc. announced that on December 31, 2010, it entered into a new U.S. credit agreement with American Bank, N.A.  The agreement will replace the Company's previous U.S. credit facility, which had been scheduled to mature in February 2011, and increases the Company's U.S. borrowing capacity by $1.5 million to $3 million.  

    Non-renewal of this credit risk had been a concern of many investors.  Another issue we still need to contend with is the volatility in quarterly results.


    Thursday, May 6, 2010

    Comments & Business Outlook

    Commenting on the results, Dr. Olaf Karasch, Chief Executive Officer said, "First quarter's operating margin was the highest in over six years. The noteworthy improvement in profitability is a result of the hard work we have done in the past two years to improve efficiencies and remove costs from our business. The improvement also reflects the powerful leverage in our business, as a large portion of each incremental sales dollar makes a significant contribution to our bottom line."

    The Company said that during the past five months it has secured significant orders for specialty alumina products and expects to have growth in alumina sales beginning in the second quarter. Dr. Karasch said, "Growth in our specialty alumina business should further diversify the Company's customer and product concentration in this category." In addition, the Company said that its Ti02 pigment business is expected to benefit from a continuing recovery in the paint and plastics end markets, as well as what presently appears to be a favorable pricing environment.

    If the trend continues, the Company said it expects to see continued improvement in financial results during 2010



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