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[March 2004]
Minerals Technologies Reports for Full Year
Minerals Technologies Inc (New York, USA) reported operating income for the full year 2003 of US$77.2 million, a 5% decrease from the US$80.9 million achieved in 2002. Excluding charges for restructuring and asset impairments, operating income was US$83.7 million, a 4% increase over 2002. Additionally, as a result of the favourable tax adjustment, net income for the full year increased by 18% in 2003 to US$63.2 million compared with US$53.8 million in 2002. Diluted earnings per common share also increased 18%.
In the first quarter of 2003, the company adopted SFAS No 143, 'Accounting for Asset Retirement Obligations'. The cumulative effect of this accounting change, which was related to retirement obligations associated with the company's satellite PCC facilities and its mining properties, was a non-cash, after-tax charge to earnings of approximately US$3.4 million. Income before the cumulative effect of this accounting change for the full year increased 24%, including the reversal of the tax accruals, to US$66.7 million from US$53.8 million.
The company's Specialty Minerals segment, which consists of precipitated calcium carbonate and processed minerals, recorded a sales increase of 7% in 2003, to US$557.1 million from US$520.1 million in 2002. Specialty Minerals' operating income for the full year was US$55.4 million, an 8% decrease from US$60 million in 2002. Excluding charges for restructuring and asset impairments, this segment's operating income was US$59.2 million, a decrease of 1%.
ENDS