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[August 2002]
Profits Turnaround for TOR Minerals
TOR Minerals International (Corpus Christi, TX, USA) - a producer of natural titanium dioxide pigment and speciality aluminas - announced that for the second quarter of 2002 it earned US$202,000 compared with US$9,000 in the second quarter of 2001. Results for the half-year were a profit of US$338,000 against a loss of US$481,000 in the first half of 2001. Sales for the half-year were US$8.157 million, up from US$7.572 million last time.Richard Bowers, President and CEO, said the results were achieved by continuing to lower costs and the mild recovery experienced by the company's coatings and plastics customers. He added that sales at TP&T - its European subsidiary - continued to improve, although it did not operate profitably in the second quarter. He judged that it was probable that TP&T would show a profit in the current quarter. If not, any loss is presently expected to be minimal.
Mr Bowers remained cautiously optimistic that TOR will continue to operate profitably for the remainder of the current year.
The company was organised by Benilite Corporation of America in 1973. Benilite developed and patented the 'Benilite process' for producing synthetic rutile, the raw material used in the HITOX pigment. It licensed and helped build several plants throughout the world which utilise this process, including a plant in Malaysia, which is the primary supplier of synthetic rutile to TOR Minerals International.
In 1980, the subsidiary of Benilite, engaged in the development and production of HITOX pigments, was spun off, becoming Hitox Corporation of America. In December 1988, the company became publicly owned; its stock is traded on the NASDAQ exchange in the USA.
ENDS