Minerals Technologies Inc : Minerals Technologies Achieves Record Earnings per Share of $0.63 from Continuing Operations, Up

Minerals Technologies Inc : Minerals Technologies Achieves Record Earnings per
    Share of $0.63 from Continuing Operations, Up 11%, for Second Quarter

  Company Reports Record Operating Income of $32.4 million, Up 7% over Prior
              Year and Achieves Record First Half Earnings-Up 8%
                                  ----------
Highlights:

· Sales Increased 2% over Prior Year - Underlying Sales Increased 4%,
  excluding Foreign Exchange

· Record Operating Income for Specialty Minerals Segment; 15.0% of Sales

· Restarted PCC Plant in France Supplying New Paper Mill Owner - Double A
  Paper

· Contribution from FulFill^® Continues on Track for 2013 Projection

· Start-Up of Ultrafine Expansion for Specialty PCC


NEW YORK, July 25, 2013-Minerals Technologies Inc. (NYSE: MTX) today reported
record second quarter diluted earnings per common share of $0.63 from
continuing operations, an 11-percent increase over the $0.57 recorded in the
same period in 2012.

"We continued our strong financial performance, achieving record earnings for
both the second quarter and the first half of 2013," said Robert S. Wetherbee,
chief executive officer. "The company reported a 4-percent increase in
underlying sales that was a direct result of executing our strategies of
geographic expansion and new product innovation. An increase in Paper PCC
volume was based on the start-up of three new satellite plants in Asia since
the second quarter of 2012, increased penetration of our FulFill^® technology,
and the restart of production at our satellite plant in France, which has been
idle for nearly two years. In the Refractories segment, our agreement with
United Steel Company in Bahrain, which began operations in the third quarter
of 2012, also contributed to the revenue growth."

Worldwide net sales in the second quarter increased 2 percent from the
previous year to $256.8 million from $251.4 million. Foreign exchange had an
unfavorable impact on sales of approximately $3.7 million.

Income from operations increased 7 percent to a record $32.4 million in the
second quarter of 2013, due to an 11 percent improvement in the Specialty
Minerals segment. Income from operations represented 12.6 percent of sales in
the second quarter of 2013 as compared with 12.0 percent of sales in the prior
year, a 5-percent increase.

In the second quarter, the company recorded a loss from discontinued
operations of $4.9 million, net of tax, or $0.14 per share, primarily related
to facility closure costs at its Paper PCC merchant facility in Walsum,
Germany. Earnings per share, including discontinued operations, were $0.49.

The company generated approximately $34 million in cash flow from operations,
and the annualized rate of return on capital was 9.9 percent in the second
quarter. The company also repurchased $10.7 million in stock during the
quarter.

Second quarter worldwide sales in the Specialty Minerals segment, which
includes the PCC and Processed Minerals product lines, increased 2 percent to
$168.3 million over the second quarter of 2012. Operating income for the
segment increased 11 percent to $25.2 million, from $22.7 million recorded in
the second quarter of 2012-a record quarter for that segment.

Worldwide net sales of PCC, which is primarily used in the manufacturing
process of the paper industry, increased 1 percent to $135.6 million. Foreign
exchange had an unfavorable impact on sales of $1.7 million. Paper PCC sales
increased 1 percent to $118.3 million over the prior year. Paper PCC growth
was attributable to increased volumes in Europe and Latin America, the new
satellite plants in Asia, and increased usage of the FulFill^® technology at
existing customers. These factors more than offset weaker demand in North
America due to seasonal paper mill maintenance outages. Sales of Specialty PCC
increased 2 percent to $17.3 million from the same period last year primarily
due to higher volumes in the U.S. and increased pricing. Specialty PCC sales
increased 8 percent in the U.S. driven by the expansion at our facility in
Adams, Massachusetts. This was partially offset by weak market demand in
Europe.

Net sales of Processed Minerals products increased 3 percent to $32.7 million
in the second quarter compared with $31.8 million in 2012. Ground calcium
carbonate sales increased 5 percent to $19.7 million, due primarily to a more
favorable product mix.

Net sales in the Refractories segment in the second quarter increased 3
percent to $88.5 million from $85.9 million in the same period in 2012.
Foreign exchange had an unfavorable impact on sales of approximately $2.0
million. Sales of refractory products and systems to steel and other
industrial applications grew 3 percent to $67.2 million due to incremental
sales from the operations in Bahrain. Sales of metallurgical products
increased 4 percent to $21.3 million in the second quarter of 2013 due to
higher volumes in both North America and Europe. Sales grew in both product
lines despite weak market conditions in North America and Europe.

The Refractories segment recorded operating income of $8.5 million, a
2-percent decrease from the second quarter of 2012, primarily due to lower
profitability from equipment sales and the closure of two North American steel
mill customers in the second quarter of 2012.

"Operating performance continued to be strong, and we will continue to deploy
our key strategies of geographic expansion, new product innovation and
operational excellence that will provide us with continued performance
improvement and additional opportunities for future growth," said Mr.
Wetherbee.
                                  ----------

Minerals Technologies will sponsor a conference call tomorrow, July 26, 2013
at 11 a.m. The conference call will be broadcast live on the company web site,
which can be found at www.mineralstech.com.

This press release may contain "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995, which describe or are
based on current expectations. Actual results may differ materially from these
expectations. In addition, any statements that are not historical fact
(including statements containing the words "believes," "plans," "anticipates,"
"expects," "estimates," and similar expressions) should also be considered to
be forward-looking statements. The company undertakes no obligation to
publicly update any forward-looking statement, whether as a result of new
information, future events, or otherwise. Forward-looking statements in this
document should be evaluated together with the many uncertainties that affect
our businesses, particularly those mentioned in the risk factors and other
cautionary statements in our 2012 Annual Report on Form 10-K and in our other
reports filed with the Securities and Exchange Commission.
For further information about Minerals Technologies Inc. look on the internet
                       at http://www.mineralstech.com.



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                            CONDENSED CONSOLIDATED STATEMENTS OF INCOME                              
                        MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES                          
                                (in thousands, except per share data)
                                             (unaudited)
                                                                                 
                                                                                         %    
                                 Quarter Ended            % Growth       Six Months Ended     Growth
                       June     Mar.    July 1,  Prior  Prior    June    July 1,  Prior  
                            30,       31,                                   30,
                       2013     2013     2012    Qtr.   Year    2013     2012     Year  
                                                                                 
Net sales               $ 256,844 $ 250,513 $ 251,358     3%     2%  $ 507,357 $ 505,916      0% 
                                                                                 
Cost of goods sold       197,995  194,630  194,562     2%     2%   392,625  393,511    (0)% 
                                                                                 
Production margin         58,849   55,883   56,796     5%     4%   114,732  112,405      2% 
                                                                                 
Marketing and            21,644   22,812   21,631   (5)%     0%    44,456   44,304      0% 
administrative expenses
Research and               4,826    4,818    5,025     0%   (4)%     9,644   10,072    (4)% 
development expenses
                                                                                 
 Income from             32,379   28,253   30,140    15%     7%    60,632   58,029      4% 
  operations
                                                                                 
Non-operating income     (1,472)      133    (767)      *    92%   (1,339)  (1,366)    (2)% 
(deductions) - net
                                                                                 
 Income from             30,907   28,386   29,373     9%     5%    59,293   56,663      5% 
  continuing
  operations, before
  tax
                                                                                 
Provision for taxes on     8,221    8,046    8,682     2%   (5)%    16,267   16,755    (3)% 
income
                                                                                 
 Income from             22,686   20,340   20,691    12%    10%    43,026   39,908      8% 
  continuing
  operations, net of
  tax
                                                                                 
 Loss from              (4,947)    (736)    (452)      *      *   (5,683)  (1,061)       * 
  discontinued
  operations, net of
  tax
                                                                                 
 Consolidated net        17,739   19,604   20,239  (10)%  (12)%    37,343   38,847    (4)% 
  income
                                                                                 
Less: Net income             619      848      524  (27)%    18%     1,467    1,100     33% 
attributable to
non-controlling
interests
                                                                                 
 Net Income            $  17,120 $  18,756 $  19,715   (9)%  (13)%  $  35,876 $  37,747    (5)% 
  attributable to
  Minerals Technologies
  Inc. (MTI)
                                                                                 
Weighted average number                                                             
of common shares
outstanding:
                                                                                 
 Basic                  34,799   34,996   35,448                34,897   35,442        
                                                                                 
 Diluted                35,031   35,253   35,580                35,141   35,590        
                                                                                 
Earnings per share                                                                  
attributable to MTI:
                                                                                 
                                                                                 
 Basic:                                                                           
         Income from  $    0.63 $    0.56 $    0.57    13%    11%  $    1.19 $    1.09      9% 
           continuing
           operations
           attributable
           to MTI
         Loss from      (0.14)   (0.02)   (0.01)      *      *    (0.16)   (0.03)       * 
           discontinued
           operations
           attributable
           to MTI
         Net Income   $    0.49 $    0.54 $    0.56   (9)%  (13)%  $    1.03 $    1.06    (3)% 
           attributable
           to MTI
           common
           shareholders
                                                                                 
 Diluted:                                                                         
         Income from  $    0.63 $    0.55 $    0.57    15%    11%  $    1.18 $    1.09      8% 
           continuing
           operations
           attributable
           to MTI
         Loss from      (0.14)   (0.02)   (0.01)      *      *    (0.16)   (0.03)       * 
           discontinued
           operations
           attributable
           to MTI
         Net Income   $    0.49 $    0.53 $    0.56   (8)%  (13)%  $    1.02 $    1.06    (4)% 
           attributable
           to MTI
           common
           shareholders
                                                                                 
Cash dividends declared $    0.05 $    0.05 $   0.025              $    0.10 $    0.05        
per common share
                                                                                 
* Percentage not                                                                    
meaningful

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                     MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
                     NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                                                            
                                                                            
 1) For comparative purposes, the quarterly periods ended June 30, 2013, March 31, 2013 and
     July 1, 2012 consisted of 91 days, 90 days, and 91 days, respectively. The six month
     periods ended June 30, 2013 and July 1, 2012 consisted of 181 days and 183 days,
     respectively.
                                                                            
 2) This press release contains a measure of underlying sales growth year-over-year
     excluding the impact of foreign exchange. This is a non-GAAP measure. We believe this
     measure provides investors with a more complete understanding of underlying sales trends
     by providing sales growth on a a consistent basis. The reconcilation of reported sales
     growth to underlying sales growth for the second quarter is as follows:
                                                                            
                                       Unfavorable                           
                              Reported   Foreign    Underlying                
                                Net      Exchange      Sales                   
                                   Sales
                               Growth     Impact       Growth                  
   Specialty Minerals Segment      1.7%         1.0%        2.7%                
   Refractories Segment            3.1%         2.3%        5.4%                
   Minerals Technologies Inc.      2.2%         1.5%        3.7%                
                                                                            
 3) 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 June 30, 2013, March 31, 2013 and July 1, 2012 and the
     six month periods ended June 30, 2013 and July 1, 2012 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                Six Months    
                                                                               Ended
                                  
   (millions of dollars)       June 30,   March 31,    July 1,      June   July   
                                                                             30,     1,
                                2013       2013         2012       2013   2012   
   Cash flow from continuing  $     33.9 $        26.0 $       40.3   $  59.9 $  66.6  
     operations
   Capital expenditures            13.0          8.7        14.7     21.7   23.8  
   Free cash flow             $     20.9 $        17.3 $       25.6   $  38.2 $  42.8  
                                                                            
                                                                            
 4) The following table reflects the components of non-operating income and deductions:   
                                                                            
   (millions of dollars)                  Quarter Ended                Six Months    
                                                                                Ended
                                                                            
                              June 30,   March 31,    July 1,      June   July   
                                                                             30,     1,
                                2013       2013         2012       2013   2012   
   Interest income  $      0.7 $         0.7 $        0.8   $   1.4 $   1.8  
   Interest expense     (0.8)        (0.8)       (0.8)    (1.6)  (1.6)  
   Foreign exchange     (1.3)          0.6       (0.3)    (0.6)  (0.7)  
     gains (losses)
   Other income         (0.1)        (0.4)       (0.5)    (0.5)  (0.9)  
     (deductions)
   Non-operating $    (1.5) $         0.1 $      (0.8)   $ (1.3) $ (1.4)  
     income (deductions), net
                                                                            
                                                                            
 5) During the second quarter of 2013, the Company ceased operations at its Paper PCC     
     merchant plant in Walsum, Germany and reclassified such operations as discontinued.
   The following table details selected financial information for the Walsum plant       
     included within discontinued operations in the Consolidated Statements of Income:
     
   (millions of dollars)                  Quarter Ended                Six Months    
                                                                               Ended
                                                                            
                              June 30,   March 31,    July 1,      June   July   
                                                                             30,     1,
                                2013       2013         2012       2013   2012   
   Net Sales                  $      0.8 $         0.8 $        2.6   $   1.6 $   5.2  
                                                                            
   Production Margin              (1.2)        (1.0)       (0.5)    (2.2)  (1.1)  
   Total Expenses                   0.2          0.1         0.2      0.3    0.5  
   Facility closure costs           5.9          0.0         0.0      5.9    0.0  
                                                                            
   Loss from operations       $    (7.3) $       (1.1) $      (0.7)   $ (8.4) $ (1.6)  
   Benefit for taxes on           (2.4)        (0.4)       (0.2)    (2.7)  (0.5)  
     income
                                                                            
   Loss from discontinued     $    (4.9) $       (0.7) $      (0.5)   $ (5.7) $ (1.1)  
     operations, net of tax
                                                                            
                                                                            
 6) The analyst conference call to discuss operating results for the second quarter is
     scheduled for Friday, July 26, 2013 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.





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                               SUPPLEMENTARY DATA
              MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
                             (millions of dollars)
                                  (unaudited)
                                                         
                                                      Six Months    %
                    Quarter Ended         % Growth            Ended       Growth
SALES DATA     June   Mar.   July   Prior  Prior   June   July   Prior
                 30,     31,     1,                        30,     1,
              2013   2013   2012   Qtr   Year   2013   2012   Year
                                                         
United States $ 142.8 $ 139.8 $ 143.3     2%   (0)%  $ 282.6 $ 289.1    (2)%
International  114.0  110.7  108.1     3%     5%   224.8  216.8      4%
Net     $ 256.8 $ 250.5 $ 251.4     3%     2%  $ 507.4 $ 505.9      0%
Sales
                                                         
Paper PCC     $ 118.3 $ 120.5 $ 116.7   (2)%     1%  $ 238.8 $ 235.8      1%
Specialty PCC   17.3   16.8   17.0     3%     2%    34.2   33.4      2%
PCC Products  $ 135.6 $ 137.3 $ 133.7   (1)%     1%  $ 273.0 $ 269.2      1%
                                                         
Talc          $  13.0 $  12.4 $  13.1     5%   (1)%  $  25.4 $  25.2      1%
Ground          19.7   17.2   18.7    15%     5%    36.9   36.2      2%
Calcium
Carbonate
Processed     $  32.7 $  29.6 $  31.8    10%     3%  $  62.3 $  61.4      1%
Minerals
Products
                                                         
Specialty     $ 168.3 $ 166.9 $ 165.5     1%     2%  $ 335.3 $ 330.6      1%
Minerals
Segment
                                                         
Refractory    $  67.2 $  62.4 $  65.4     8%     3%  $ 129.6 $ 134.5    (4)%
products
Metallurgical   21.3   21.2   20.5     0%     4%    42.5   40.8      4%
Products
Refractories  $  88.5 $  83.6 $  85.9     6%     3%  $ 172.1 $ 175.3    (2)%
Segment
                                                         
Net    $ 256.8 $ 250.5 $ 251.4     3%     2%  $ 507.4 $ 505.9      0%
Sales
                                                         
                                                         
SEGMENT OPERATING INCOME DATA                                 
                                                         
Specialty     $  25.2 $  23.3 $  22.7     8%    11%  $  48.5 $  43.5     11%
Minerals
Segment
                                                         
Refractories  $   8.5 $   6.9 $   8.7    23%   (2)%  $  15.4 $  17.8   (14)%
Segment
                                                         
Unallocated   $ (1.3) $ (2.0) $ (1.3)  (36)%     1%  $ (3.3) $ (3.3)    (1)%
Corporate
Expenses
                                                         
Consolidated  $  32.4 $  28.2 $  30.1    15%     7%  $  60.6 $  58.0      4%
                                                         



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             MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                                                            
                                                            
                                                            
    ASSETS                                                    
                                                            
   (In Thousands of Dollars)                                  
                                                  June 30,   December 31,
                                                    2013*       2012**
                                                            
Current assets:                                               
   Cash & cash equivalents                         $   458,065 $      454,092
   Short-term investments                              15,898        14,178
   Accounts receivable, net                           205,917       193,328
   Inventories                                        89,044        84,569
   Prepaid expenses and other current assets           16,913        18,318
              Total current assets                   785,837       764,485
                                                            
   Property, plant and equipment                    1,258,776     1,261,952
   Less accumulated depreciation                      949,973       944,283
              Net property, plant & equipment        308,803       317,669
                                                            
   Goodwill                                           64,592        65,829
   Other assets and deferred charges                   54,439        63,206
                                                            
                                                            
              Total assets                        $ 1,213,671 $    1,211,189
                                                            
                                                            
       LIABILITIES AND SHAREHOLDERS' EQUITY                    
                                                            
Current liabilities:                                           
   Short-term debt                                 $     7,021 $        7,111
   Current maturities of long-term debt                75,566        76,977
   Accounts payable                                   110,765        98,371
   Other current liabilities                           63,446        67,639
              Total current liabilities              256,798       250,098
                                                            
   Long-term debt                                       8,200         8,478
   Other non-current liabilities                      133,118       138,894
              Total liabilities                      398,116       397,470
                                                            
   Total MTI shareholders' equity                     792,843       790,411
   Non-controlling Interest                            22,712        23,308
              Total shareholders' equity             815,555       813,719
                                                            
              Total liabilities and shareholders' $ 1,213,671 $    1,211,189
                equity
                                                            
                                                            
  * Unaudited                                                 
 ** Condensed from audited financial statements.               

MTX Q2 2013 Financial

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Source: Minerals Technologies Inc via Thomson Reuters ONE
HUG#1718848