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08 MAY 2015 AL CIRCLE

Specialty alumina maker TOR Minerals declares Q1 2015 results

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TOR Minerals International, makers of specialty mineral products, declared its first quarter financial results on 6th May, 2015.

The company reported specialty alumina revenue of $4,348 for the first quarter of 2015, compared to $5,259 reported for the same period last year. There has also been a dip of 17% in net sales of specialty alumina.

The company experienced overall fall in revenue by 23% to $10.1million in Q1 2015 and net loss of ($190,000) versus Q1 2014 net income of $707,000.

The decrease in specialty alumina sales, which includes ALUPREM®, HALTEX® and OPTILOAD® was pegged primarily to a decrease in volume from a large U.S. customer while the negative effect on foreign currency translation also played a part.

TOR however confirms that there will be a unit volume growth expected in specialty alumina and CEO Dr. Olaf Karasch says “During the first quarter we spent approximately $1 million as part of our project to double specialty alumina plant capacity to meet the anticipated increase in demand over the next 24 months."


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