Minerals Technologies Reports First Quarter Earnings of $1.02 per Share, Excluding Special Items
(Thomson Reuters ONE) -
Reported Earnings were $0.97 per Share
----------
Highlights:
* Operating Income of $60.1 Million and 14.7% of Sales, Excluding Special
Items
* Record First Quarter Operating Income for Specialty Minerals Segment
* China Sales Grew 15% in the First Quarter
* New Commercial Agreement for FulFill(®) PCC High Filler Products
* $40 Million Debt Reduction in the First Quarter
NEW YORK, May 5-Minerals Technologies Inc. (NYSE: MTX) today reported first
quarter diluted earnings per share of $1.02, excluding special items. Reported
earnings were $0.97 per share.
"Minerals Technologies delivered solid financial performance in the first
quarter," said chairman and chief executive officer Joseph C. Muscari. "Lower
manufacturing costs, including productivity gains of more than 5 percent,
contributed to an increase in operating margin. Our minerals-based businesses
continued their strong performance, with our Specialty Minerals segment
registering a record first quarter operating income. In addition, our sales in
China grew 15 percent, and our long-term growth targets in the region remain on
track."
Worldwide net sales in the first quarter decreased 10 percent to $410.2 million
from $453.3 million in the same period of 2015. Weak market conditions in the
oil and gas sector led to a $31 million reduction in sales in the Energy
Services segment. In addition, foreign exchange had an unfavorable impact on
sales of $17.4 million. These factors decreased consolidated sales from last
year by 11 percentage points.
Consolidated income from operations, excluding special items, was $60.1 million
compared with $63.3 million in the prior year. Energy Services operating income
decreased $5 million from last year and the effect of foreign exchange reduced
operating profits by an additional $3.5 million. Despite these factors,
operating margins, excluding special items, improved 5 percent to 14.7 percent
of sales. Operating income as reported was $57.6 million or 14.0 percent of
sales.
The Minerals businesses, which include the Specialty Minerals, Performance
Materials and Construction Technologies segments, had a strong quarter.
Operating income grew 6 percent to $53.9 million and represented 17.1 percent of
sales compared with 15.9 percent of sales in the first quarter of 2015.
First quarter worldwide sales for the Specialty Minerals segment, which consists
of the Precipitated Calcium Carbonate (PCC) and Processed Minerals product
lines, increased 1 percent to $155.6 million. Foreign exchange had an
unfavorable impact on sales of approximately $5.7 million or 4 percent. On a
constant currency basis, segment sales grew 5 percent. Income from operations
for the segment was a record for a first quarter and increased 11 percent to
$25.7 million, representing 16.5 percent of sales. Foreign exchange had an
unfavorable impact on segment operating income of $1.4 million, or 6 percent.
Worldwide sales of PCC, which is used mainly in the manufacturing processes of
the paper industry, decreased 1 percent to $119.9 million from the prior year.
On a constant currency basis, PCC sales grew 3 percent. Paper PCC sales in China
increased 45 percent over last year due to the start up of three new facilities
since the first quarter of 2015.
"During the quarter, we signed a commercial agreement with a major papermaker in
China for adoption of our FulFill(®) high-filler technology," said Mr. Muscari.
"We now have 25 agreements with paper mills around the world for this cost-
saving technology."
First quarter net sales of Processed Minerals products increased 11 percent over
the prior year to $35.7 million. Talc sales increased 9 percent over the prior
year and Ground Calcium Carbonate sales product lines increased 12 percent.
Processed Minerals products are used in the building materials, polymers,
ceramics, paints and coatings, glass and other manufacturing industries.
Sales in the Performance Materials segment were $119.0 million for the quarter,
with foreign exchange having an unfavorable impact on sales of $5.6 million or
4 percent. Sales in Household, Personal Care and Specialty Products increased 8
percent due to strong Personal Care and Fabric Care sales. Operating income was
$23.8 million and represented 20.0 percent of sales as compared to 18.6 percent
of sales in the prior year. Performance Materials provides a wide range of
bentonite-based and synthetic materials for industrial and consumer markets.
First quarter sales in the Construction Technologies segment increased 4 percent
to $40.6 million. Foreign exchange had an unfavorable impact on sales of $1.4
million or 4 percent. Environmental Products sales increased 18 percent to $13.4
million. Operating income for the segment improved 7 percent to $4.4 million and
represented 10.8 percent of sales. Construction Technologies provides products
for non-residential construction, environmental and infrastructure projects
worldwide.
The Service-related businesses, which include the Refractories and Energy
Services segments, had a difficult quarter due to continued weakness in the
energy and steel markets. Sales of $95.0 million in the first quarter decreased
28 percent from the same period last year. Operating income decreased from $14.1
million in last year's first quarter to $7.6 million in the current year and
represented 8.0 percent of sales.
First quarter sales in the Refractories segment, which provides products and
services primarily to the worldwide steel industry, decreased 6 percent to $69.2
million compared with $73.9 million in the first quarter of 2015. Foreign
exchange had an unfavorable impact on sales of $2.6 million, or 4 percentage
points. The Refractories segment recorded operating income of $6.9 million, or
10.0 percent of sales-a strong performance despite weak market conditions.
Energy Services segment sales were $25.8 million for the first quarter, a 56-
percent decrease from the prior year. This segment continues to experience
pressure in all service lines due to weak market conditions in the oil and gas
sector. In August of 2015, the company exited the Coiled Tubing service line,
which reduced sales by $8.9 million, or 15 percent in the quarter. In addition,
foreign exchange had an unfavorable impact on sales of $2.2 million, or 4
percent. Operating income, excluding special items, was $0.7 million compared
with $5.8 million last year. Energy Services offers a range of patented
technologies, products and services to the worldwide oil and gas industry.
"Our first quarter financial performance provides us with a good start for
2016," said Mr. Muscari. "We continue to experience very difficult market
conditions in our Energy Services segment. We are closely monitoring the
business situation within the oil sector and are making the necessary
adjustments to maximize profitability. Our Minerals-based businesses, which
comprise more than 75 percent of the company's revenues, are operating extremely
well and position us for increased profitability for the rest of the year."
-----------------
Minerals Technologies will host a conference call tomorrow, May 6, 2016 at 11
a.m. The conference call will be broadcast live on the company web site:
www.mineralstech.com.
-----------------
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 2015 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
(212) 878-1831
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(in millions, except per share data)
(unaudited)
Quarter Ended % Growth
------------------------------- ---------------
Apr. 3, Dec. 31, Mar. 29, Prior Prior
2016 2015 2015 Qtr. Year
--------- ---------- ---------- ------- -------
Net sales
Product sales $ 384.4 $ 396.6 $ 394.7 (3)% (3)%
Service revenue 25.8 33.4 58.6 (23)% (56)%
--------- ---------- ---------- ------- -------
Total net sales 410.2 430.0 453.3 (5)% (10)%
Cost of sales
Cost of goods sold 277.6 294.2 292.9 (6)% (5)%
Cost of service revenue 19.9 26.4 43.8 (25)% (55)%
--------- ---------- ---------- ------- -------
Total cost of 297.5 320.6 336.7 (7)% (12)%
sales
Production margin 112.7 109.4 116.6 3% (3)%
Marketing and administrative 46.7 44.7 47.4 4% (1)%
expenses
Research and development 5.9 5.8 5.9 2% 0%
expenses
Acquisition related 1.6 3.3 3.4 (52)% (53)%
transaction and integration
costs
Restructuring and other 0.9 17.9 0.0 * *
charges
--------- ---------- ---------- ------- -------
Income from operations 57.6 37.7 59.9 53% (4)%
Interest expense, net (14.1) (15.4) (15.4) (8)% (8)%
Other non-operating income 1.7 (8.0) 3.2 * (47)%
(deductions), net
--------- ---------- ---------- ------- -------
Total non- (12.4) (23.4) (12.2) (47)% 2%
operating
deductions, net
Income from continuing 45.2 14.3 47.7 216% (5)%
operations before tax and
equity in earnings
Provision for taxes on 10.7 (2.9) 12.1 * (12)%
income
Equity in earnings of 0.3 0.4 0.4 (25)% (25)%
affiliates, net of tax
--------- ---------- ---------- ------- -------
Consolidated net income 34.8 17.6 36.0 98% (3)%
Less: Net income 0.9 0.7 0.9 29% 0%
attributable to non-
controlling interests
--------- ---------- ---------- ------- -------
Net Income attributable to $ 33.9 $ 16.9 $ 35.1 101% (3)%
Minerals Technologies Inc.
(MTI)
--------- ---------- ---------- ------- -------
Weighted average number of
common shares outstanding:
Basic 34.8 34.8 34.7
Diluted 34.9 35.0 34.9
Earnings per share
attributable to MTI:
Basic $ 0.97 $ 0.49 $ 1.01 98% (4)%
--------- ---------- ---------- ------- -------
Diluted: $ 0.97 $ 0.48 $ 1.01 102% (4)%
--------- ---------- ---------- ------- -------
Cash dividends declared per $ 0.05 $ 0.05 $ 0.05
common share
--------- ---------- ----------
* Percentage not meaningful
--------------------------------------------------------------------------------
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME
1) For comparative purposes, the quarterly
periods ended April 3, 2016, December
31, 2015, and March 29, 2015 consisted of
94 days, 95 days, and 88 days,
respectively.
2) During the fourth quarter of 2015, the Company incurred restructuring
charges related to lease termination costs, inventory writeoffs and
impairment of assets relating to its exit from the Coiled Tubing product
line and restructuring of other onshore services within the Energy Services
segment as a result of the significant reduction in oil prices and
overcapacity in the onshore oil services market. In addition, in the fourth
quarter of 2015, the Company restructured its Refractories segment that
serves the steel market due to significant overcapacity in that market.
During the first quarter of 2016, the company incurred additional
restructuring charges related to lease termination costs and other
restructuring costs due to the aforementioned exit from the Coiled Tubing
product line.
(millions of Quarter Ended
dollars)
----------------------------------
Apr. 3, Dec. 31, Mar. 29,
2016 2015 2015
--------- ------------- ----------
Impairment of
assets
Energy Services $ 0.0 11.9 $ 0.0
Corporate 0.0 1.2 0.0
--------- ------------- ----------
Total impairment of $ 0.0 $ 13.1 $ 0.0
assets charge
--------- ------------- ----------
Restructuring and
other costs
Severance and other
employee benefits
Refractories $ 0.8 2.0 $ 0.0
Energy Services 0.1 2.8 0.0
--------- ------------- ----------
$ 0.9 4.8 0.0
--------- ------------- ----------
Total restructuring $ 0.9 $ 17.9 $ 0.0
and other costs
--------- ------------- ----------
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 earnings per share, excluding special items, for the quarterly periods
ended April 3, 2016, December 31, 2015, and March 29, 2015, and a
reconciliation to reported earnings per share 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
believes inclusion of these non-GAAP measures also provides consistency in
its financial reporting and facilitates investors' understanding of
historic operating trends.
(millions of Quarter Ended
dollars)
----------------------------------
Apr. 3, Dec. 31, Mar. 29,
2016 2015 2015
--------- ------------- ----------
Income from $ 33.9 $ 16.9 $ 35.1
continuing
operations
attributable to MTI
Special items:
Acquisition related 1.6 3.3 3.4
transaction and
integration costs
Restructuring and 0.9 17.9 0.0
other charges
Write-down of 0.0 7.6 0.0
investment
Related tax effects (0.9) (10.7) (1.2)
on special items
--------- ------------- ----------
Income from $ 35.5 $ 35.0 $ 37.3
continuing
operations
attributable to
MTI, excluding
special items
--------- ------------- ----------
Diluted earnings $ 1.02 $ 1.00 $ 1.07
per share,
excluding special
items
4) Free cash flow is defined as cash flow from continuing operations less
capital expenditures. The following is a presentation of the Company's
non-GAAP free cash flow for the quarterly periods ended April 3, 2016,
December 31, 2015, and March 29, 2015 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
----------------------------------
(millions of Apr. 3, Dec. 31, Mar. 29,
dollars)
2016 2015 2015
--------- ------------- ----------
Cash flow from $ 41.8 $ 75.0 $ 19.6
continuing
operations
Capital 15.7 15.1 24.2
expenditures
--------- ------------- ----------
Free cash flow $ 26.1 $ 59.9 $ (4.6)
--------- ------------- ----------
5) The following table reflects the components of non-
operating income and deductions:
(millions of Quarter Ended
dollars)
----------------------------------
Apr. 3, Dec. 31, Mar. 29,
2016 2015 2015
--------- ------------- ----------
Interest income $ 0.6 $ 0.5 $ 0.4
Interest expense (14.6) (15.9) (15.8)
Foreign exchange 2.4 0.1 3.5
gains (losses)
Write-down of 0.0 (7.6) 0.0
investment
Other deductions (0.8) (0.5) (0.3)
--------- ------------- ----------
Non-operating $ (12.4) $ (23.4) $ (12.2)
income
(deductions), net
--------- ------------- ----------
6) The analyst conference call to discuss operating results for the first
quarter is scheduled for Friday, May 6, 2016 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
--------------------------------------------- ----------------
SALES DATA Apr. % of Dec. % of Mar. % of Prior Prior
3, 31, 29,
Total Total 2015 Total
2016 Sales 2015 Sales Sales Qtr Year
------- -------------- --------------- --------------- -------
United States $ 244.2 60% $ 243.4 57% $ 267.9 59% 0% (9)%
International 166.0 40% 186.6 43% 185.4 41% (11)% (10)%
------- ------ ------- ------ ------- ------ -------- -------
Net Sales $ 410.2 100% $ 430.0 100% $ 453.3 100% (5)% (10)%
------- ------ ------- ------ ------- ------ -------- -------
Paper PCC $ 103.2 25% $ 107.4 25% $ 105.2 23% (4)% (2)%
Specialty PCC 16.7 4% 16.3 4% 16.5 4% 2% 1%
------- ------ ------- ------ ------- ------ -------- -------
PCC Products $ 119.9 29% $ 123.7 29% $ 121.7 27% (3)% (1)%
------- ------ ------- ------ ------- ------ -------- -------
Talc $ 15.0 4% $ 14.0 3% $ 13.8 3% 7% 9%
Ground 20.7 5% 20.0 5% 18.5 4% 4% 12%
Calcium
Carbonate
------- ------ ------- ------ ------- ------ -------- -------
Processed $ 35.7 9% $ 34.0 8% $ 32.3 7% 5% 11%
Minerals
Products
------- ------ ------- ------ ------- ------ -------- -------
Specialty $ 155.6 38% $ 157.7 37% $ 154.0 34% (1)% 1%
Minerals
Segment
------- ------ ------- ------ ------- ------ -------- -------
Metalcasting $ 60.0 15% $ 66.1 15% $ 65.2 14% (9)% (8)%
Household, 45.3 11% 46.1 11% 41.8 9% (2)% 8%
Personal Care
& Specialty
Products
Basic 13.7 3% 19.1 4% 20.9 5% (28)% (34)%
Minerals &
Other
Products
------- ------ ------- ------ ------- ------ -------- -------
Performance $ 119.0 29% $ 131.3 31% $ 127.9 28% (9)% (7)%
Materials
Segment
------- ------ ------- ------ ------- ------ -------- -------
Environmental $ 13.4 3% $ 14.5 3% $ 11.4 3% (8)% 18%
products
Building 27.2 7% 24.9 6% 27.5 6% 9% (1)%
Materials &
Other
Products
------- ------ ------- ------ ------- ------ -------- -------
Construction $ 40.6 10% $ 39.4 9% $ 38.9 9% 3% 4%
Technologies
Segment
------- ------ ------- ------ ------- ------ -------- -------
Total $ 315.2 77% $ 328.4 76% $ 320.8 71% (4)% (2)%
Minerals
Businesses
------- ------ ------- ------ ------- ------ -------- -------
Refractory $ 53.4 13% $ 52.4 12% $ 58.3 13% 2% (8)%
products
Metallurgical 15.8 4% 15.8 4% 15.6 3% 0% 1%
Products
------- ------ ------- ------ ------- ------ -------- -------
Refractories $ 69.2 17% $ 68.2 16% $ 73.9 16% 1% (6)%
Segment
------- ------ ------- ------ ------- ------ -------- -------
Energy $ 25.8 6% $ 33.4 8% $ 58.6 13% (23)% (56)%
Services
Segment
------- ------ ------- ------ ------- ------ -------- -------
Total Service $ 95.0 23% 101.6 24% $ 132.5 29% (6)% (28)%
Businesses
------- ------ ------- ------ ------- ------ -------- -------
Net Sales $ 410.2 100% $ 430.0 100% $ 453.3 100% (5)% (10)%
------- ------ ------- ------ ------- ------ -------- -------
--------------------------------------------------------------------------------
SUPPLEMENTARY DATA
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(millions of dollars)
(unaudited)
Quarter Ended % Growth
------------------------------- ------------------------
Apr. 3, Dec. 31, Mar. 29, Prior Prior
SEGMENT OPERATING 2016 2015 2015 Qtr. Year
INCOME DATA
--------- ---------- ---------- -------- ---------------
Specialty Minerals $ 25.7 $ 25.6 $ 23.1 0% 11%
Segment
--------- ---------- ---------- -------- ---------------
% of Sales 16.5% 16.2% 15.0%
Performance $ 23.8 $ 23.9 $ 23.8 (0)% 0%
Materials Segment
--------- ---------- ---------- -------- ---------------
% of Sales 20.0% 18.2% 18.6%
Construction $ 4.4 $ 4.0 $ 4.1 10% 7%
Technologies Segment
--------- ---------- ---------- -------- ---------------
% of Sales 10.8% 10.2% 10.5%
Total Minerals $ 53.9 53.5 51.0 1% 6%
Businesses
--------- ---------- ---------- -------- ---------------
% of Sales 17.1% 16.3% 15.9%
Refractories Segment $ 6.8 $ 3.3 $ 8.3 106% (18)%
--------- ---------- ---------- -------- ---------------
% of Sales 9.8% 4.8% 11.2%
Energy Services $ (0.1) $ (13.7) $ 5.8 * (102)%
Segment
--------- ---------- ---------- -------- ---------------
% of Sales -0.4% -41.0% 9.9%
Total Service $ 6.7 (10.4) 14.1 (164)% (52)%
Businesses
--------- ---------- ---------- -------- ---------------
% of Sales 7.1% -10.2% 10.6%
Unallocated $ (1.4) $ (2.1) $ (1.8) (33)% (22)%
Corporate Expenses
--------- ---------- ---------- -------- ---------------
Acquisition related $ (1.6) $ (3.3) $ (3.4) (52)% (53)%
integration costs
--------- ---------- ---------- -------- ---------------
Consolidated $ 57.6 $ 37.7 $ 59.9 53% (4)%
--------- ---------- ---------- -------- ---------------
% of Sales 14.0% 8.8% 13.2%
SPECIAL ITEMS
Specialty Minerals $ 0.0 $ 0.0 $ 0.0 * *
Segment
--------- ---------- ---------- -------- ---------------
Performance $ 0.0 $ 0.0 $ 0.0 * *
Materials Segment
--------- ---------- ---------- -------- ---------------
Construction $ 0.0 $ 0.0 $ 0.0 * *
Technologies Segment
--------- ---------- ---------- -------- ---------------
Total Minerals $ 0.0 $ 0.0 $ 0.0 * *
Businesses
--------- ---------- ---------- -------- ---------------
Refractories Segment $ 0.1 $ 2.0 $ 0.0 * *
--------- ---------- ---------- -------- ---------------
Energy Services $ 0.8 $ 14.7 $ 0.0 * *
Segment
--------- ---------- ---------- -------- ---------------
Total Service $ 0.9 $ 16.7 $ 0.0 * *
Businesses
--------- ---------- ---------- -------- ---------------
Unallocated and $ 0.0 $ 1.3 $ 0.0
Other Corporate
Expenses
--------- ---------- ----------
Acquisition related $ 1.6 $ 3.3 $ 3.4 (52)% (53)%
integration costs
--------- ---------- ---------- -------- ---------------
Consolidated $ 2.5 $ 21.3 $ 3.4 (88)% (26)%
--------- ---------- ---------- -------- ---------------
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 (acquisition related
transaction costs set forth in the above table), for the quarterly periods
ended April 3, 2016, December 31, 2015, and March 29, 2015, 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 believes inclusion of
these non-GAAP measures also provides consistency in its financial reporting
and facilitates investors' understanding of historic operating trends.
Quarter Ended % Growth
------------------------------- ------------------------
SEGMENT OPERATING Apr. 3, Dec. 31, Mar. 29, Prior Prior
INCOME,
EXCLUDING SPECIAL 2016 2015 2015 Qtr. Year
ITEMS
--------- ---------- ---------- -------- ---------------
Specialty Minerals $ 25.7 $ 25.6 $ 23.1 0% 11%
Segment
--------- ---------- ---------- -------- ---------------
% of Sales 16.5% 16.2% 15.0%
Performance $ 23.8 $ 23.9 $ 23.8 (0)% 0%
Materials Segment
--------- ---------- ---------- -------- ---------------
% of Sales 20.0% 18.2% 18.6%
Construction $ 4.4 $ 4.0 $ 4.1 10% 7%
Technologies Segment
--------- ---------- ---------- -------- ---------------
% of Sales 10.8% 10.2% 10.5%
Total Minerals $ 53.9 $ 53.5 $ 51.0 1% 6%
Businesses
--------- ---------- ---------- -------- ---------------
% of Sales 17.1% 16.3% 15.9%
Refractories Segment $ 6.9 $ 5.3 $ 8.3 30% (17)%
--------- ---------- ---------- -------- ---------------
% of Sales 10.0% 7.8% 11.2%
Energy Services $ 0.7 $ 1.0 $ 5.8 (30)% (88)%
Segment
--------- ---------- ---------- -------- ---------------
% of Sales 2.7% 3.0% 9.9%
Total Service $ 7.6 $ 6.3 $ 14.1 21% (46)%
Businesses
--------- ---------- ---------- -------- ---------------
% of Sales 8.0% 6.2% 10.6%
Unallocated $ (1.4) $ (0.8) $ (1.8) 75% (22)%
Corporate Expenses
--------- ---------- ---------- -------- ---------------
Consolidated $ 60.1 $ 59.0 $ 63.3 2% (5)%
--------- ---------- ---------- -------- ---------------
% of Sales 14.7% 13.7% 14.0%
* Percentage not
meaningful
--------------------------------------------------------------------------------
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
ASSETS
(In Millions of Dollars)
April 3, December 31,
2016* 2015**
---------- -------------
Current assets:
Cash & cash equivalents $ 211.9 $ 229.4
Short-term investments 3.5 2.6
Accounts receivable, net 365.6 348.7
Inventories 197.2 194.9
Prepaid expenses and other current assets 29.8 28.0
---------- -------------
Total current assets 808.0 803.6
---------- -------------
Property, plant and equipment 2,193.6 2,167.3
Less accumulated depreciation 1,091.1 1,063.0
---------- -------------
Net property, plant & equipment 1,102.5 1,104.3
---------- -------------
Goodwill 781.3 781.2
Intangible assets 210.6 212.7
Other assets and deferred charges 79.0 78.2
---------- -------------
Total assets $ 2,981.4 $ 2,980.0
---------- -------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
liabilities:
Short-term debt $ 5.8 $ 6.5
Current maturities of long-term debt 3.2 3.1
Accounts payable 159.8 152.4
Other current liabilities 145.5 156.6
---------- -------------
Total current liabilities 314.3 318.6
Long-term debt 1,217.7 1,255.3
Deferred income taxes 252.1 252.0
Other non-current liabilities 217.9 216.4
---------- -------------
Total liabilities 2,002.0 2,042.3
---------- -------------
Total MTI shareholders' equity 951.2 910.5
Non-controlling Interest 28.2 27.2
---------- -------------
Total shareholders' equity 979.4 937.7
---------- -------------
Total liabilities and $ 2,981.4 $ 2,980.0
shareholders' equity
---------- -------------
* Unaudited
** Condensed from audited financial statements.
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#2010117]
Unternehmensinformation / Kurzprofil:
Datum: 05.05.2016 - 23:01 Uhr
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News-ID 469185
Anzahl Zeichen: 42453
contact information:
Town:
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Kategorie:
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