TOR Minerals International Issues Preliminary Fourth Quarter 2013 Financial
CORPUS CHRISTI, Texas, Feb. 18, 2014
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."
As previously announced, the company plans to release results for its fourth
quarter ended December 31, 2013, after the Market closes on Thursday, February
27, 2014. Olaf Karasch, President and CEO, will host a conference call at
5:00 p.m. Eastern, 4:00 p.m. Central that day to discuss the company's
results. Investors and interested parties may participate in the call by
dialing 877-407-8033 and referring to conference ID # 13575317. A live and
archived webcast of the conference call will be available via the News section
of the company's website, http://www.torminerals.com.
Headquartered in Corpus Christi, Texas, TOR Minerals International, Inc. is a
global manufacturer and marketer of specialty mineral and pigment products for
high performance applications with manufacturing and regional offices located
in the United States, Netherlands and Malaysia.
This statement provides forward-looking information as that term is defined in
the Private Securities Litigation Reform Act of 1995, and, therefore, is
subject to certain risks and uncertainties. There can be no assurance that the
actual results, business conditions, business developments, losses and
contingencies and local and foreign factors will not differ materially from
those suggested in the forward-looking statements as a result of various
factors, including market conditions, general economic conditions, including
the present slowdown in U.S. construction and the risks of a general business
slow down or recession, the increasing cost of energy, raw materials and
labor, competition, the receptivity of the markets for our anticipated new
products, advances in technology, changes in foreign currency rates, freight
price increase, commodity price increases, delays in delivery of required
equipment and other factors.
Three Part Advisors, LLC
SOURCE TOR Minerals International
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