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Minerals Technologies Inc. Achieves Record Annual Earnings of $2.09 per Share, an 11-Percent Increase


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2013-01-31 23:04:34 -

Company Reported Earnings per Share of $0.50 for the Fourth Quarter
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                    Operating Income Grew 9 Percent for 2012
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2012 Highlights:

  ·   Third consecutive year of record earnings 
· Signed two new satellite PCC contracts for China · Six commercial agreements for FulFill(TM) · Two-for-one stock split; quarterly dividend doubled · Repurchased $28 million in shares for 2012; $19 million in fourth quarter NEW YORK, January 31-Minerals Technologies Inc. (NYSE: MTX) today reported record earnings per share of $2.09 for the full year of 2012 compared with earnings of $1.89 in the prior year, excluding special items, an increase of 11 percent. Reported net income for the full year was $74.1 million, a 10-percent increase over the $67.5 million recorded in 2011. Reported earnings in 2011 were $1.86 per share. Operating income for the full year 2012 grew 9 percent to a record $110.0 million compared to $100.8 million in the prior year, excluding special items. Operating income, as reported in 2011, was $100.3 million. This increase was due to a strong operating performance highlighted by a 6-percent company-wide productivity improvement and 3-percent lower expenses. Operating income improved despite a 4-percent decrease in worldwide sales due to unfavorable foreign exchange and weakening market conditions in Europe. Worldwide sales were $1.01 billion compared with $1.04 billion recorded in 2011. The impact of foreign exchange on sales was $26.5 million, or 3 percentage points.  In addition to the impact of foreign exchange, several paper and steel mill closures in Europe and North America contributed to the sales decrease, which was offset by increased sales in the Paper PCC product line. Excluding the effect of foreign currency and the paper and steel mill closures, sales grew 1 percent. "This marks the third consecutive year that Minerals Technologies has recorded the highest annual earnings in its 20-year history," said Joseph C. Muscari, chairman and chief executive officer. "Our growth strategies of geographic expansion and new product innovation continued to gain momentum during 2012. We signed two contracts for new satellite PCC plants in China, began operations of new satellites in India and Thailand and, in 2013, we will expand four satellite plants in the United States. We also succeeded in gaining further adoption of our FulFill(TM) portfolio of products on a worldwide basis, signing six more to commercial agreements during 2012, which brings the total to 10. In 2013, we will continue to advance these strategies to achieve the company's long-term growth objectives." Income from operations for the Specialty Minerals segment, which includes the PCC and Processed Minerals product lines, increased 14 percent to $84.1 million from $73.8 million, excluding special items, in 2011. This increase was attributable to a strong performance in the Processed Minerals product line that was a result of productivity improvements, price increases and lower energy costs. In addition, operating income improved in the Paper PCC product line due to contributions from the FulFill(TM) technology, new satellite PCC plants becoming operational, productivity improvements and expense savings. Full-year worldwide sales for the Specialty Minerals segment decreased 2 percent to $662.2 million from $676.1 million in 2011.  Foreign exchange had an unfavorable impact on sales of $17.3 million, or 3 percentage points. Worldwide sales of PCC, which is used primarily in the manufacturing processes of the paper industry, decreased 3 percent to $546.2 million from $560.6 million recorded in the prior year. Processed Minerals products sales increased slightly to $116.0 million from $115.5 million in 2011. "In addition to the adoption of the FulFill(TM) E-325 technology by 10 paper mills around the world, the company's Performance Minerals business, which is comprised of Processed Minerals and the Specialty PCC product lines, launched a number of new products in 2012," said Mr. Muscari. "These include two Optibloc® talc blends, which are new antiblocking products for high-clarity film and bag applications, and Titanium Dioxide (TiO2) extenders." The Refractories segment, which primarily serves the steel industry, recorded operating income of $32.6 million, which was flat with the previous year. Sales in the Refractories segment decreased 7 percent to $343.4 million from $368.8 million recorded in 2011. Foreign exchange had an unfavorable impact on sales of $9.3 million, or 3 percentage points. Refractory products sales decreased 8 percent to $264.1 million from $287.4 million in the prior year due primarily to continued weakness in the global steel industry resulting in the closure of four steel mills worldwide. Metallurgical products sales decreased 3 percent to $79.3 million from $81.4 million in the prior year due primarily to weakness in the European steel market. In 2012, Minteq International, the operating division of Refractories, also signed an agreement with United Steel Company B.S.C. (SULB) to perform all refractory maintenance at a greenfield steel mill in Bahrain that started up in the third quarter of 2012.  Minteq, working with other refractory companies, will be responsible for coordinating refractory maintenance of the steel furnaces and the other steel production vessels. This agreement is expected to generate between $25 million and $30 million in revenues over a three-year period. The Refractory segment also introduced a new, fourth generation Lacam® laser measurement system for use in the worldwide steel industry that is 17 times faster than the previous version. This new technology provides the fastest and most accurate laser scanning for hot surfaces available today. Also, during the year, the business engineered and installed its first Scantrol® laser refractory measuring system for basic oxygen steel-making furnaces at the Nizhny Tagil Metallurgical Plant (NTMK) in the Sverdlovsk region of Russia. NTMK is one of the largest fully integrated steel production facilities in Russia. Fourth Quarter Minerals Technologies' income from operations for the quarter was $25.7 million, a 2-percent increase over the $25.1 million recorded in the fourth quarter of 2011. The company's fourth quarter earnings were $0.50 per share, compared with $0.52 per share, excluding special items, in the fourth quarter of 2011. Reported earnings in the fourth quarter of 2011 were $0.55 per share. Cash flow from operations for the quarter was $35 million and the company repurchased $19 million in shares. Fourth quarter worldwide sales declined 3 percent to $244.2 million from $251.7 million in the same period in 2011. Foreign exchange had an unfavorable impact on sales of $3.1 million, or 1 percentage point. In the fourth quarter, income from operations for the Specialty Minerals segment increased 21 percent to $19.6 million from $16.2 million, in the same period in 2011. This increase was attributable to price increases, improved productivity, lower energy costs, the impact of new satellite plants coming on line and the contribution from adoption of the FulFill(TM) technology.  Fourth quarter worldwide sales for the Specialty Minerals segment increased 1 percent to $160.8 million from $159.9 million in the same quarter of 2011.  Worldwide sales of PCC increased 1 percent to $134.9 million from the $133.1 million recorded in the fourth quarter of 2011.  Processed Minerals products fourth quarter sales decreased 3 percent to $25.9 million from $26.8 million in the same period of 2011. The Refractory segment recorded operating income of $7.5 million in the fourth quarter of 2012 compared with $10.4 million in the prior year, a 28-percent decrease. This decrease was primarily attributable to the closure of four steel mills, global weakness in the worldwide steel industry and lower equipment sales. Fourth quarter sales in the Refractories segment decreased 9 percent to $83.4 million from $91.8 million recorded in the same period in 2011. Refractory products sales declined 11 percent to $63.5 million from $71.3 million in the prior year. Metallurgical products sales decreased 3 percent to $19.9 million from $20.5 million in the same period in 2011. "In 2012, we saw our strategies of geographic expansion and new product development gain momentum. Today, Minerals Technologies is a strong operating company driven by our focus on productivity and cost reduction through our Operational Excellence/Lean initiative and employee engagement," said Mr. Muscari. "Our Refractories and Performance Minerals product lines have shown significant improvement, and our Paper PCC business continues on a strong growth track. Looking ahead, we expect to continue to improve our financial performance through the execution of our key strategic initiatives of new product development, geographic expansion and Operational Excellence." ---------- On December 11, 2012, the company effected a two-for-one stock split in the form of a stock dividend. Accordingly, all share and per share data presented in this press release reflect the effect of the stock split. ---------- Minerals Technologies has scheduled an analyst conference call for Friday, February 1, 2013 at 11:00 a.m. to discuss operating results for the fourth quarter. The conference call will be broadcast over the company's website, www.mineralstech.com. #### ---------- This press release may contain forward-looking statements, which describe or are based on current expectations; in particular, statements of anticipated changes in the business environment in which the company operates and in the company's future operating results. 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 2011 Annual Report on Form 10-K and in our other reports filed with the Securities and Exchange Commission. Contact: Rick B. Honey (212) 878-1831 #### -------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF OPERATIONS MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES (in thousands, except per share data)  (unaudited)         Quarter Ended   % Growth   Year Ended   % Growth ----------------------------- ---------------- ------------------------- ---------         Dec.   Sept.   Dec. 31,           Dec. 31,   Dec. 31, 31, 30,         2012   2012   2011   Prior Prior     2012   2011   Prior Qtr. Year Year --------- --------- --------- ------------------ ----------- ----------- --------- Net sales $ 244,165 $ 250,346 $ 251,742   (2)%   (3)%   $ 1,005,619 $ 1,044,853   (4)% Cost of goods   191,069   195,347   199,072   (2)%   (4)%     786,245   832,657   (6)% sold --------- --------- --------- ------- -------- ----------- ----------- -------- Production   53,096   54,999   52,670   (3)%   1%     219,374   212,196   3% margin Marketing  and   22,377   22,046   22,666   2%   (1)%     89,161   92,058   (3)% administrative expenses Research and   4,995   5,105   4,841   (2)%   3%     20,172   19,330   4% development expenses Restructuring   0   0   0   *   *     0   470   (100)% and other charges --------- --------- --------- ------- -------- ----------- ----------- --------   Income from   25,724   27,848   25,163   (8)%   2%     110,041   100,338   10% operations Non-operating   (979)   (650)   701   51%   (240)%     (2,995)   (2,598)   15% income (deductions) - net --------- --------- --------- ------- -------- ----------- ----------- --------   Income from 24,745   27,198   25,864   (9)%   (4)%     107,046   97,740   10% continuing operations, before tax Provision for   6,506   8,015   5,800   (19)%   12%     30,777   27,486   12% taxes on income --------- --------- --------- ------- -------- ----------- ----------- --------   Consolidated   18,239   19,183   20,064   (5)%   (9)%     76,269   70,254   9% net income Less: Net income 469   553   425   (15)%   10%     2,122   2,733   (22)% attributable to non-controlling interests --------- --------- --------- ------- -------- ----------- ----------- --------   Net Income $ 17,770 $ 18,630 $ 19,639   (5)%   (10)%   $ 74,147 $ 67,521   10% attributable to  Minerals Technologies Inc. (MTI) --------- --------- --------- ------- -------- ----------- ----------- -------- Weighted average number of common shares outstanding:   Basic   35,196   35,280   35,288             35,340   36,018   Diluted   35,467   35,466   35,474             35,529   36,236 Earnings per share attributable to MTI:   Basic: $ 0.50 $ 0.53 $ 0.56   (6)%   (11)%   $ 2.10 $ 1.87   12% --------- --------- --------- ------- -------- ----------- ----------- --------   Diluted: $ 0.50 $ 0.53 $ 0.55   (6)%   (9)%   $ 2.09 $ 1.86   12% --------- --------- --------- ------- -------- ----------- ----------- -------- Cash dividends $ 0.05 $ 0.025 $ 0.025           $ 0.125 $ 0.10 declared per common share --------- --------- --------- ----------- ----------- * Percentage not meaningful --------------------------------------------------------------------------------    MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES   NOTES TO CONSOLIDATED STATEMENTS OF OPERATIONS 1) For comparative purposes, the quarterly periods ended December 31, 2012, September 30, 2012 and December 31, 2011 consisted of 92 days, 91 days, and 90 days, respectively. 2) On December 11, 2012, the Company effected a 2-for-1 stock split in the form of a stock dividend.  Accordingly, all share and per share data presented herein reflects the effect of the stock split. 3) To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's non- GAAP income (loss), excluding special items, for the three month periods ended December 31, 2012, September 30, 2012 and December 31, 2011 and the twelve month periods ended December 31, 2012 and December 31, 2011, and a reconciliation to net income for such periods.  The Company's management believes these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the ongoing operating results and thereby affect the comparability of results between periods. The Company feels inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends.   (millions of dollars)   Quarter Ended       Year Ended ----------------------- -----------------       Dec.   Sept.   Dec.       Dec.   Dec. 31, 30, 31, 31, 31,       2012   2012   2011       2012   2011 ------- ------- ------- ------- -------   Net Income attributable to $ 17.8 $ 18.6 $ 19.6     $ 74.1 $ 67.5 MTI, as reported   Special items:   Restructuring and other   0.0   0.0   0.0       0.0   0.5 costs   Currency translation loss upon 0.0   0.0   0.0       0.0   1.4 deconsolidation of foreign entity   Income tax settlement   0.0   0.0   (1.0)       0.0   (1.0) ------- ------- ------- ------- -------   Related tax effects on   0.0   0.0   0.0       0.0   (0.1) special items   Net income attributable to $ 17.8 $ 18.6 $ 18.6     $ 74.1 $ 68.3 MTI, excluding special items ------- ------- ------- ------- -------   Basic earnings per share, $ 0.50 $ 0.53 $ 0.53     $ 2.10 $ 1.90 excluding special items   Diluted earnings per share, $ 0.50 $ 0.53 $ 0.52     $ 2.09 $ 1.89 excluding special items 4) Free cash flow is defined as cash flow from operations less capital expenditures. The following is a presentation of the Company's non-GAAP free cash flow for the three month periods ended December 31, 2012, September 30, 2012  and December 31, 2011 and the twelve month periods ended December 31, 2012 and December 31, 2011 and a reconciliation to cash flow from operations for such periods.  The Company's management believes this non- GAAP measure provides meaningful supplemental information as management uses this measure to evaluate the Company's ability to maintain capital assets, satisfy current and future obligations, repurchase stock, pay dividends and fund future business opportunities.  Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain non- discretionary obligations such as debt service that are not deducted from the measure.  The Company's definition of free cash flow may not be comparable to similarly titled measures reported by other companies.       Quarter Ended       Year Ended ----------------------- -----------------   (millions of dollars)   Dec.   Sept.   Dec.       Dec.   Dec. 31, 30, 31, 31, 31,       2012   2012   2011       2012   2011 ------- ------- ------- ------- -------   Cash flow from operations $ 35.1 $ 40.0 $ 40.8     $ 139.9 $ 133.7   Capital expenditures   14.3   14.0   15.1       52.1   52.0 ------- ------- ------- ------- -------   Free cash flow $ 20.8 $ 26.0 $ 25.7     $ 87.8 $ 81.7 ------- ------- ------- ------- ------- 5) The following table reflects the components of non-operating income and deductions:   (millions of dollars)   Quarter Ended       Year Ended ----------------------- -----------------       Dec.   Sept.   Dec.       Dec.   Dec. 31, 30, 31, 31, 31,       2012   2012   2011       2012   2011 ------- ------- ------- ------- -------             Interest income $ 0.7 $ 0.7 $ 1.0     $ 3.2 $ 3.9             Interest expense   (0.8)   (0.8)   (0.9)       (3.2)   (3.3)             Foreign exchange   (0.6)   (0.1)   0.3       (1.3)   (1.2) gains (losses)             Currency translation loss upon                deconsolidation   0.0   0.0   0.0       0.0   (1.4) of foreign entity             Other income   (0.3)   (0.4)   0.3       (1.7)   (0.6) (deductions) ------- ------- ------- ------- -------                Non-operating $ (1.0) $ (0.6) $ 0.7     $ (3.0) $ (2.6) income (deductions), net ------- ------- ------- ------- ------- 6) The analyst conference call to discuss operating results for the fourth quarter is scheduled for Friday, February 1, 2013 at 11:00 am and will be broadcast over the Company's website (www.mineralstech.com).  The broadcast will remain on the Company's website for no less than one year. -------------------------------------------------------------------------------- SUPPLEMENTARY DATA MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES (millions of dollars) (unaudited)     Quarter Ended   % Growth     Year Ended    %   Growth ----------------------- --------------- ------------------- ------- SALES DATA   Dec.   Sept.   Dec.             Dec.   Dec. 31, 30, 31, 31, 31,     2012   2012   2011   Prior   Prior     2012   2011   Prior Qtr Year Year ------- ------- ------- ----------------- --------- --------- ------- United States $ 135.0 $ 138.3 $ 136.7   (2)%   (1)%   $ 562.5 $ 557.5   1% International   109.2   112.0   115.0   (3)%   (5)%     443.1   487.4   (9)% ------- ------- ------- ------- ------- --------- --------- -------       Net $ 244.2 $ 250.3 $ 251.7   (2)%   (3)%   $ 1,005.6 $ 1,044.9   (4)% Sales ------- ------- ------- ------- ------- --------- --------- ------- Paper PCC $ 118.8 $ 120.6 $ 117.7   (1)%   1%   $ 480.3 $ 497.0   (3)% Specialty PCC   16.1   16.4   15.4   (2)%   5%     65.9   63.6   4% ------- ------- ------- ------- ------- --------- --------- ------- PCC Products $ 134.9 $ 137.0 $ 133.1   (2)%   1%   $ 546.2 $ 560.6   (3)% ------- ------- ------- ------- ------- --------- --------- ------- Talc $ 11.0 $ 11.9 $ 11.5   (8)%   (4)%   $ 48.1 $ 46.9   3% Ground Calcium 14.9   16.7   15.3   (11)%   (3)%     67.9   68.6   (1)% Carbonate ------- ------- ------- ------- ------- --------- --------- ------- Processed $ 25.9 $ 28.6 $ 26.8   (9)%   (3)%   $ 116.0 $ 115.5   0% Minerals Products ------- ------- ------- ------- ------- --------- --------- ------- Specialty $ 160.8 $ 165.6 $ 159.9   (3)%   1%   $ 662.2 $ 676.1   (2)% Minerals Segment ------- ------- ------- ------- ------- --------- --------- ------- Refractory $ 63.5 $ 66.0 $ 71.3   (4)%   (11)%   $ 264.1 $ 287.4   (8)% products Metallurgical   19.9   18.7   20.5   6%   (3)%     79.3   81.4   (3)% Products ------- ------- ------- ------- ------- --------- --------- ------- Refractories $ 83.4 $ 84.7 $ 91.8   (2)%   (9)%   $ 343.4 $ 368.8   (7)% Segment ------- ------- ------- ------- ------- --------- --------- -------        Net $ 244.2 $ 250.3 $ 251.7   (2)%   (3)%   $ 1,005.6 $ 1,044.9   (4)% Sales ------- ------- ------- ------- ------- --------- --------- ------- SEGMENT OPERATING INCOME (LOSS) DATA Specialty $ 19.6 $ 22.6 $ 15.6   (13)%   26%   $ 84.1 $ 72.8   16% Minerals Segment ------- ------- ------- ------- ------- --------- --------- ------- Refractories $ 7.5 $ 7.2 $ 11.0   4%   (32)%   $ 32.6 $ 33.2   (2)% Segment ------- ------- ------- ------- ------- --------- --------- ------- Unallocated $ (1.4) $ (2.0) $ (1.5)   (30)%   (7)%   $ (6.7) $ (5.7)   18% Corporate Expenses ------- ------- ------- ------- ------- --------- --------- ------- Consolidated $ 25.7 $ 27.8 $ 25.1   (8)%   2%   $ 110.0 $ 100.3   10% ------- ------- ------- ------- ------- --------- --------- ------- SEGMENT RESTRUCTURING and IMPAIRMENT COSTS Specialty $ 0.0 $ 0.0 $ 0.6   *   *   $ 0.0 $ 1.0   * Minerals Segment ------- ------- ------- ------- ------- --------- --------- ------- Refractories $ 0.0 $ 0.0 $ (0.6)   *   *   $ 0.0 $ (0.6)   * Segment ------- ------- ------- ------- ------- --------- --------- ------- Consolidated $ 0.0 $ 0.0 $ 0.0   *   *   $ 0.0 $ 0.5   * ------- ------- ------- ------- ------- --------- --------- ------- To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's non-GAAP operating income, excluding special items (the restructuring and impairment costs set forth in the above table), for the three month periods ended December 31, 2012, September 30, 2012 and December 31, 2011 and the twelve month periods ended December 31, 2012 and December 31, 2011, constituting a reconciliation to GAAP operating income set forth above.  The Company's management believe these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of ongoing operating results and thereby affect the comparability of results between periods.  The Company feels inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends.     Quarter Ended       % Growth     Year Ended   % Growth ----------------------- --------------- ------------------- ------- SEGMENT Dec.   Sept.   Dec.             Dec.   Dec. OPERATING 31, 30, 31, 31, 31, INCOME,      EXCLUDING 2012   2012   2011   Prior   Prior     2012   2011   Prior SPECIAL ITEMS Qtr. Year Year ------- ------- ------- ----------------- --------- --------- ------- Specialty $ 19.6 $ 22.6 $ 16.2   (13)%   21%   $ 84.1 $ 73.8   14% Minerals Segment ------- ------- ------- ------- ------- --------- --------- ------- Refractories $ 7.5 $ 7.2 $ 10.4   4%   (28)%   $ 32.6 $ 32.6   0% Segment ------- ------- ------- ------- ------- --------- --------- ------- Unallocated $ (1.4) $ (2.0) $ (1.5)   (30)%   (7)%   $ (6.7) $ (5.7)   18% Corporate Expenses ------- ------- ------- ------- ------- --------- --------- ------- Consolidated $ 25.7 $ 27.8 $ 25.1   (8)%   2%   $ 110.0 $ 100.8   9% ------- ------- ------- ------- ------- --------- --------- ------- * Percentage not meaningful -------------------------------------------------------------------------------- CONDENSED CONSOLIDATED BALANCE SHEETS ASSETS   (In Thousands of Dollars)         December December 31, 31,         2012*   2011** ----------- ------------- Current assets:   Cash & cash equivalents $ 454,092 $ 395,152   Short-term investments   14,178   18,494   Accounts receivable, net   193,328   194,317   Inventories   84,569   90,760   Prepaid expenses and other current assets 18,318   21,566 ----------- -------------     Total current assets   764,485   720,289 ----------- -------------   Property, plant and equipment   1,261,952   1,248,649   Less accumulated depreciation   944,283   930,515 ----------- -------------     Net property, plant & equipment 317,669   318,134 ----------- -------------   Goodwill   65,829   64,671   Other assets and deferred charges   63,206   61,861 ----------- -------------     Total assets $ 1,211,189 $ 1,164,955 ----------- ------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities:   Short-term debt $ 7,111 $ 5,846   Current maturities of long-term debt   76,977   8,552   Accounts payable   98,371   103,354   Restructuring liabilities   318   1,411   Other current liabilities   67,321   61,739 ----------- -------------     Total current liabilities   250,098   180,902   Long-term debt   8,478   85,449   Other non-current liabilities   138,894   130,584 ----------- -------------     Total liabilities   397,470   396,935 ----------- -------------   Total MTI shareholders' equity   790,411   741,612   Non-controlling Interest   23,308   26,408 ----------- -------------     Total shareholders' equity   813,719   768,020 ----------- -------------     Total liabilities and shareholders' equity $ 1,211,189 $ 1,164,955 ----------- ------------- * Unaudited ** Condensed from audited financial statements. This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: Minerals Technologies Inc via Thomson Reuters ONE [HUG#1674806]


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