TOR Minerals International Inc (TORM, Financial) filed Quarterly Report for the period ended 2009-03-31.
TOR Minerals is a specialty chemical company engaged in the business of manufacturing and marketing mineral products for use as pigments and pigment extenders used in the manufacture of paints industrial coatings and plastics. TOR Minerals International Inc has a market cap of $3.2 million; its shares were traded at around $0.4 with and P/S ratio of 0.1.
As reported in the Company s Form 8-K filed with the Securities and Exchange Commission on May 6, 2009, the Company s Board of Directors has authorized, subject to shareholder approval, the issuance of up to $4 million of its six-percent (6%) convertible subordinated debentures with detachable warrants (the “Debentures”) for the purpose of refinancing its debt to the Bank and general corporate purposes. Under the current authorization, the Company received, on May 4, 2009, $1 million from the sale of its Debentures due May 4, 2016, from entities affiliated with three of the Company s directors.
In addition, the Company s two subsidiaries, TOR Minerals Malaysia, Sdn. Bhd. (“TMM”) and TOR Processing and Trade, BV (“TPT”) have short-term credit facilities and term loans at banks in Malaysia and the Netherlands, respectively. At March 31, 2009, TMM s utilization under the credit facilities and term loans with HSBC Bank Malaysia, Bhd. (“HSBC”) and RHB Bank, Bhd. (“RHB”) totaled $2,301,000 and TPT s utilization under the credit facility and term loans with Rabobank totaled $2,861,000. The credit facilities with HSBC, RHB and Rabobank are subject to demand provisions and are subject to certain subjective acceleration covenants based on the judgment of the banks. While the banks have made no indication that they will demand payment of the debt in Malaysia or in the Netherlands, in light of the Company s liquidity difficulties, there can be no assurances that this debt will not be called for payment.
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TOR Minerals is a specialty chemical company engaged in the business of manufacturing and marketing mineral products for use as pigments and pigment extenders used in the manufacture of paints industrial coatings and plastics. TOR Minerals International Inc has a market cap of $3.2 million; its shares were traded at around $0.4 with and P/S ratio of 0.1.
Highlight of Business Operations:
Income Taxes: Income taxes consisted of a foreign deferred tax benefit of approximately $35,000 and state income tax expense of $1,000 for the three month period ended March 31, 2009, compared to a foreign deferred tax benefit of approximately $34,000 and state income tax expense of $3,000 for the same three month period in 2008. Taxes are based on an estimated annualized consolidated effective rate of 11%.As reported in the Company s Form 8-K filed with the Securities and Exchange Commission on May 6, 2009, the Company s Board of Directors has authorized, subject to shareholder approval, the issuance of up to $4 million of its six-percent (6%) convertible subordinated debentures with detachable warrants (the “Debentures”) for the purpose of refinancing its debt to the Bank and general corporate purposes. Under the current authorization, the Company received, on May 4, 2009, $1 million from the sale of its Debentures due May 4, 2016, from entities affiliated with three of the Company s directors.
In addition, the Company s two subsidiaries, TOR Minerals Malaysia, Sdn. Bhd. (“TMM”) and TOR Processing and Trade, BV (“TPT”) have short-term credit facilities and term loans at banks in Malaysia and the Netherlands, respectively. At March 31, 2009, TMM s utilization under the credit facilities and term loans with HSBC Bank Malaysia, Bhd. (“HSBC”) and RHB Bank, Bhd. (“RHB”) totaled $2,301,000 and TPT s utilization under the credit facility and term loans with Rabobank totaled $2,861,000. The credit facilities with HSBC, RHB and Rabobank are subject to demand provisions and are subject to certain subjective acceleration covenants based on the judgment of the banks. While the banks have made no indication that they will demand payment of the debt in Malaysia or in the Netherlands, in light of the Company s liquidity difficulties, there can be no assurances that this debt will not be called for payment.
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