TOR Minerals International Inc (TORM) saw its loss narrow to $0.18 million, or $0.05 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.95 million, or $1.97 a share. Revenue during the quarter grew 12.57 percent to $9 million from $7.99 million in the previous year period. Gross margin for the quarter period stood at positive 11.29 percent as compared to a negative 13.54 percent for the previous year period. Operating margin for the quarter stood at negative 2.42 percent as compared to a negative 68.51 percent for the previous year period.
Operating loss for the quarter was $0.22 million, compared with an operating loss of $5.48 million in the previous year period.
“During 2016, strong performance in our specialty alumina business more than made up for weakness in TiO2 market conditions, putting total revenue back on a growth trajectory. In addition, incremental contribution from our alumina business, as well as strategic initiatives to improve the production efficiencies of our TiO2 business, resulted in significant improvements in profitability,” commented Dr. Olaf Karasch, chief executive officer. “Strategic initiatives also resulted in significant cash flows and balance sheet improvements. We ended the year with $3.7 million in cash, while reducing our debt by $1.9 million to $3.9 million.”
Operating cash flow improves significantly
TOR Minerals International Inc has generated cash of $4.83 million from operating activities during the year, up 38.10 percent or $1.33 million, when compared with the last year. The company has spent $1.20 million cash to meet investing activities during the year as against cash outgo of $5.64 million in the last year. It has incurred net capital expenditure of $1.20 million on net basis during the year, down 78.72 percent or $4.44 million from year ago.
The company has spent $0.56 million cash to carry out financing activities during the year as against cash inflow of $0.86 million in the last year period.
Cash and cash equivalents stood at $3.72 million as on Dec. 31, 2016, up 357.07 percent or $2.90 million from $0.81 million on Dec. 31, 2015.
Debt comes down
TOR Minerals International Inc has recorded a decline in total debt over the last one year. It stood at $3.87 million as on Dec. 31, 2016, down 22.10 percent or $1.10 million from $4.96 million on Dec. 31, 2015.
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