FOR IMMEDIATE RELEASE
TOR Minerals International Releases 2Q 2021 Financial Results
CORPUS CHRISTI, Texas, August 12, 2021 – TOR Minerals International, Inc. (OTC-Pink: TORM), global producer of high performance specialty minerals products, today released its second quarter 2021 financial results.
Comparisons with the prior quarter and second quarter are available in the following table:
“Following a strong first quarter of the year, the second quarter shows a drop in earnings due in large part to the sale of the Corpus Christi assets early in the quarter. A Discontinued Operations write-off of $363k was taken primarily due to three unfinished capital projects that were on the books at the time of the Corpus asset sale,” said Jim Roecker, Vice Chairman and Chief Executive Officer. “Otherwise, we were able to extract significant value from the Corpus PPE sale, and the Disc Ops write-off poses no significant loss in value to TOR. Most importantly, the sale of the Corpus assets will enable us to further invest in the growth of our global specialty businesses and take full advantage of the attractive profitability they provide.”
“Overall the continuing businesses of TOR Minerals International and our subsidiaries, TOR Processing and Trade, BV (TP&T) and TOR Minerals Malaysia (TMM) remain solid”, Roecker added. Demand for our products globally is very strong and our plants are operating at capacity. We anticipate sales to continue to be ahead of plan through the second half of the year.”
About TOR Minerals International, Inc.
TOR Minerals International, Inc., established in 1980, is headquartered in Corpus Christi, Texas, with manufacturing and regional offices located in the United States, the Netherlands, and Malaysia. The Company is 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 titanium dioxide color hybrid pigments, are designed for use in plastics, coatings, paints and catalysts applications, as well as a wide range of other industrial applications.
To learn more about TOR Minerals, please visit our website at www.torminerals.com.
Some of the statements made in this release may be forward-looking statements. Forward-looking statements relate to expectations or may involve known or unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements reflect current views but are based on assumptions and are subject to risks, uncertainties and other variables which should be considered when making an investment decision. Forward-looking statements are relevant only as of the dates made, and the Company undertakes no obligation to update any forward-looking statement to reflect new information, events or circumstances after the date on which the statement is made. All written or oral forward-looking statements that are made by or are attributable to the Company are expressly qualified in their entirety by this cautionary notice. Actual results may differ significantly from the results discussed in these forward-looking statements.
Contact for Further Information:
VP of Finance & Accounting and Corporate Secretary