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| Reported Earnings per Share were $0.45, including Acquisition-Related Costs |
NEW YORK, Apr 25, 2014 - (ACN Newswire) - Minerals Technologies Inc. (NYSE: MTX) today reported first quarter earnings per share of $0.58, excluding transaction costs related to the acquisition of AMCOL International, a 5-percent increase over the $0.55 earnings per share for the same period in 2013. Reported earnings per share were $0.45 per share, including acquisition-related costs, for the first quarter of 2014.
Highlights:
-- Signed Merger Agreement to Acquire AMCOL International
-- New 100,000-Ton Satellite Contract in China
-- Two New Commercial Agreements for FulFill(R) E-325
-- Refractories Growth in Europe and Middle East
-- North America Weather Impact on All Business Units
"Minerals Technologies achieved a major strategic objective in the first quarter when we signed a merger agreement to acquire AMCOL International," said chairman and chief executive officer Joseph C. Muscari. "The company is entering a new chapter in its 21-year history. The new MTI will be a $2 billion company with market-leading positions in precipitated calcium carbonate and bentonite, which will provide us with a broad platform for future growth.
"Looking at our first quarter, we had a good start to the year with solid financial performance, despite the impact of the severe winter weather in North America," said Mr. Muscari.
Operating income, excluding acquisition-related transaction costs, increased 2 percent to $28.7 million, and was 11.7 percent of sales. The company's worldwide sales declined 2 percent to $244.4 million from $250.5 million in the previous year. Foreign exchange had an unfavorable impact of 1 percentage point, and the severe weather in North America added another percentage point to this decline. Operating income, as reported, was $23.6 million.
The North American weather-related effect, which lowered sales by $2.0 million and increased energy costs, reduced operating income by about $2.3 million or approximately 5 cents per share.
First quarter worldwide sales for the Specialty Minerals segment, which consists of the precipitated calcium carbonate (PCC) and Processed Minerals product lines, decreased 4 percent to $159.7 million. Underlying sales, excluding foreign exchange, decreased 2 percent. The segment's income from operations decreased to $21.5 million, and was 13.5 percent of sales.
Worldwide sales of PCC, which is used mainly in the manufacturing processes of the paper industry, decreased to $129.1 million from the prior year. This dip in sales was primarily attributable to North American weather-related paper mill outages and to two previously announced paper mill closures that resulted in paper grade realignments to other paper mills.
"During the quarter, our Paper PCC business made two significant advances," said Mr. Muscari. "We signed a contract for a new 100,000-ton satellite PCC plant with UPM at its paper mill in Changshu, China. And, we obtained two new commercial agreements for use of our FulFill(R) E-325 technology with world-class paper companies in Europe and North America. This technology allows papermakers to increase loading levels of PCC by three to five points, replacing higher cost pulp, and increasing PCC usage between 20 to 30 percent. We now have 16 agreements with paper mills around the world to use this cost-saving technology."
Processed Minerals products first quarter sales increased 3 percent over the prior year to $30.6 million. The talc product line had a strong performance with an 8-percent increase in sales. Processed Minerals includes ground calcium carbonate and talc, which are used in the building materials, polymers, ceramics, paints and coatings, glass and other manufacturing industries.
First quarter sales in the Refractories segment, which provides products and services primarily to the worldwide steel industry, were up 1 percent to $84.7 million compared with the first quarter of 2013. The Refractories segment recorded an operating income increase of 33 percent to $9.2 million compared to the same period in the prior year. This increase was driven by sales growth and improved margins in Refractory products and Metallurgical Wire in Europe and the Middle East, as well as favorable product mix in North America Metallurgical Wire products.
"We have a positive start for the year with the signing of the merger agreement with AMCOL and solid first quarter financial performance," said Mr. Muscari. "Going forward, we will be focused on integrating AMCOL, and will continue on a high performance track by executing our strategies of geographic expansion and new product innovation throughout the combined company."
Minerals Technologies will sponsor a conference call tomorrow, April 25, 2014 at 11 a.m. The conference call will be broadcast live on the company web site: www.mineralstech.com.
NOTICE TO INVESTORS
This press release is neither an offer to purchase nor a solicitation of an offer to sell shares of AMCOL's common stock. MTI has filed with the SEC a tender offer statement on Schedule TO regarding the tender offer described herein, and AMCOL has filed with the SEC a solicitation/recommendation statement on Schedule 14D-9 regarding such tender offer. AMCOL's stockholders are strongly advised to read these tender offer materials carefully and in their entirety, as they may be amended from time to time, because they contain important information about such tender offer that AMCOL's stockholders should consider prior to making any decisions with respect to such tender offer. Stockholders of AMCOL may obtain a free copy of these documents at the website maintained by the SEC at www.sec.gov or by directing a request to the Information Agent at +1-888-750-5834.
FORWARD-LOOKING STATEMENTS
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which describe or are based on current expectations. Actual results may differ materially from these expectations. In addition, any statements that are not historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our businesses, particularly those mentioned in the risk factors and other cautionary statements in our 2013 Annual Report on Form 10-K and in our other reports filed with the Securities and Exchange Commission.
For further information about Minerals Technologies Inc. look on the internet at http://www.mineralstech.com
Contact:
Rick B. Honey
+1-212-878-1831
MTX Q1 2014 Financials: http://hugin.info/147757/R/1779654/608341.xls
This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Minerals Technologies Inc via Globenewswire
Topic: Earnings
Source: Minerals Technologies Inc.
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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