|
Minerals Technologies Reports Second Quarter Earnings Per Share of $0.98, Excluding Special Items; Reported Earnings Were $1.01 Per Share
|
|
NEW YORK--(BUSINESS WIRE)--Minerals Technologies Inc. (NYSE: MTX) today reported second
quarter diluted earnings per common share of $1.01 compared with $0.82
per share in the first quarter of 2010, a 23-percent increase. Excluding
special items, earnings were $0.98 per share compared with $0.85 per
share in the first quarter, a 15-percent increase.
“The improvement in our financial performance is the result of the
actions we initiated in the second quarter of 2009, which significantly
reduced our cost base. We also saw improved conditions in the end
markets we serve, especially steel, and achieved higher productivity
throughout the company”
"Our second quarter results showed significant sequential improvement
for the fourth straight quarter, and brings us back to pre-recession
levels of profitability,??? said Joseph C. Muscari, chairman and chief
executive officer. ???The primary drivers for the improved profitability
were the Performance Minerals and Refractories businesses, which have
reflected volume growth and improved productivity levels from the first
quarter. These businesses also reflected significant turnarounds in
operating performance from the prior year when the underlying markets
were operating under depressed market conditions. We also recently
announced the signing of an agreement to construct a satellite
precipitated calcium carbonate facility to supply Ballarpur Industries???
Sewa unit in India.???
SECOND QUARTER EARNINGS
Comparisons to First Quarter 2010
Worldwide sales in the quarter increased 1 percent to $255.8 million
from $253.5 million in the previous quarter. Foreign exchange had an
unfavorable impact on sales of approximately $4.0 million, or 2
percentage points. Operating income was $27.5 million, a 15-percent
increase over the $23.9 million reported in the first quarter of 2010,
excluding special items, and 19 percent over the $23.0 million operating
income, as reported, in the first quarter. Return on Capital for the
second quarter was 9.2 percent on an annualized basis compared to 8.1
percent for the prior quarter.
In the second quarter, sales in the Specialty Minerals segment, which
includes the PCC and Processed Minerals product lines, decreased 2
percent to $168.2 million from $172.1 million in the prior quarter.
Operating income, excluding special items, for the second quarter of
2010 was $19.0 million, a 1-percent decline from the $19.2 million
reported in the first quarter. Income from operations, as reported, was
$19.3 million, 5 percent over the $18.4 million reported in the prior
quarter.
Worldwide net sales of PCC, which is used mainly in the manufacturing
processes of the paper industry, decreased 5 percent in the second
quarter to $138.4 million from $145.1 million in the first quarter.
Paper PCC sales decreased 6 percent in the second quarter to $123.2
million from $130.7 million in the prior period primarily because of the
first quarter shutdowns of satellite plants at Franklin, Virginia, and
Plymouth, North Carolina, and to paper machine maintenance shutdowns in
the second quarter. Foreign exchange had an unfavorable impact on sales
of approximately $2 million or 2 percentage points. Sales of Processed
Minerals products for the second quarter were $29.8 million, a
10-percent increase from the $27.0 million reported in the first quarter
of 2010. Processed Minerals products, which include ground calcium
carbonate (GCC) and talc, are used in the building materials, polymers,
ceramics, paints and coatings, glass and other manufacturing industries.
Talc sales increased 12 percent to $11.4 million from $10.2 million in
the prior quarter. GCC sales increased 10 percent. The Processed
Minerals product line???s increased profitability was the result of volume
growth due to improved market conditions in the construction and
automotive sectors and to productivity improvements.
???The performance improvement in the Specialty Minerals segment was due
not only to the volume increases in the Processed Minerals and Specialty
PCC product lines,??? said Mr. Muscari, ???but also to productivity
improvements in all product lines, as our Operational Excellence
initiatives are showing results.???
Second quarter net sales in the Refractories segment, which primarily
serves the steel industry, increased 8 percent to $87.6 million from
$81.4 million in the first quarter of 2010. This increase was
attributable to volume growth from improved global steel industry
conditions and to several special projects in non-steel industries.
Foreign exchange had an unfavorable impact on sales of approximately
$1.7 million, or 2 percentage points. Second quarter operating income
for the Refractories segment, excluding special items, increased 63
percent to $9.6 million from $5.9 million in the prior period. Operating
income as reported was $9.3 million in the second quarter as compared
$5.8 million in the prior quarter.
Sales of Refractory Products and Systems for steel and other industrial
applications increased 9 percent in the second quarter to $68.3 million
from $62.6 million in the first quarter. Sales of Metallurgical Products
increased 3 percent in the second quarter to $19.3 million compared with
$18.8 million in the prior quarter.
Year-Over-Year Comparisons
The company's second quarter net income of $19.0 million compares to a
net loss of $40.9 million ($2.18 per share) in the second quarter of
2009. Earnings per share from continuing operations were $1.01 compared
with a loss of $1.99 per share in the prior year. Excluding special
items, earnings were $0.98 per share compared with $0.15 per share in
the prior year???a 553-percent increase.
Second quarter worldwide sales increased 23 percent from the $208.6
million recorded in the same period in 2009. Foreign exchange had a
favorable impact on sales of approximately $2.9 million, or 1 percentage
point. Operating income increased to $27.5 million from the $5.5 million
recorded in the second quarter of 2009, excluding special items. On an
as reported basis, the company had a loss from operations of $41.6
million in the second quarter of 2009.
Second quarter worldwide sales for the Specialty Minerals segment
increased 11 percent from the $152.0 million recorded in the second
quarter of 2009. Foreign exchange had a favorable impact on sales of
approximately $1.7 million, or 1 percentage point. Income from
operations increased 44 percent from the $13.2 million recorded in the
same period in 2009, excluding special items.
PCC sales increased 8 percent from the $127.7 million recorded in the
second quarter of 2009. Processed Minerals products second quarter sales
increased 23 percent from the $24.3 million in the same period last
year. The increased sales were attributable to volume growth in both
product lines.
Refractories segment sales in the second quarter of 2010 were up 55
percent from the $56.6 million recorded in the same period in 2009.
Foreign exchange had a favorable impact on sales of approximately $1.1
million or 1 percentage point. Refractory volumes increased 44 percent
from the second quarter of 2009 as a result of the improvement in steel
industry market conditions. The Refractory segment recorded operating
income of $9.6 million as compared with an operating loss of $7.1
million in the second quarter of 2009, excluding special items in both
periods.
Six Months
The net income for the six months was $34.3 million, or $1.83 per share,
compared with a net loss of $36.8 million, or $1.96 per share, in 2009.
Minerals Technologies' worldwide sales for the first six months of 2010
increased 22 percent to $509.2 million compared with $416.9 million in
the same period last year. Foreign exchange had a favorable impact on
sales of 2 percentage points of growth. Operating income for the six
months was $50.6 million compared with an operating loss of $34.3
million in the prior year. Included in the loss from operations in 2009
were an impairment of assets charge of $37.5 million and restructuring
costs of $10.1 million. Excluding special items, operating income was
$51.5 million for the first six months of 2010 compared with $13.3
million in the prior year.
The Specialty Minerals segment's worldwide sales for the first six
months of 2010 increased 15 percent to $340.3 million from $295.7
million for the same period in 2009. Specialty Minerals recorded income
from operations of $38.2 compared to $23.2 million for the first six
months of 2009, a 65-percent increase, in each case excluding special
items.
The Refractories segment's sales for the first six months of 2010 were
$168.9 million, a 39-percent increase over the $121.2 million recorded
for the same period in 2009. For the six months, excluding special
items, Refractories operating income was $15.5 million compared to an
operating loss of $9.0 million for the comparable period in 2009.
"The improvement in our financial performance is the result of the
actions we initiated in the second quarter of 2009, which significantly
reduced our cost base. We also saw improved conditions in the end
markets we serve, especially steel, and achieved higher productivity
throughout the company,??? said Mr. Muscari. ???We continue to generate
strong operating cash flow???$40 million in the second quarter. And, our
strong product development pipeline will provide us with additional
opportunities for future growth.???
----------
The company also declared a regular quarterly dividend of $0.05 per
share on its common stock. The dividend is payable on September 16, 2010
to shareholders of record on September 1, 2010.
----------
Minerals Technologies will sponsor a conference call tomorrow, July 30,
at 11 a.m. The conference call will be broadcast live on the company web
site, which can be found at www.mineralstech.com.
####
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 2009 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.
####
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
|
(in thousands, except per share data)
|
|
(unaudited)
|
|
??
|
|
|
??
|
|
Quarter Ended
|
??
|
% Growth
|
??
|
Six Months Ended
|
??
|
% Growth
|
|
|
|
|
July 4,
|
??
|
|
April 4,
|
??
|
|
June 28,
|
|
|
??
|
|
|
|
July 4,
|
??
|
|
June 28,
|
|
|
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
Prior Qtr.
|
|
Prior Year
|
|
|
2010
|
|
|
2009
|
|
Prior Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Net sales
|
|
$
|
255,770
|
|
$
|
253,457
|
|
|
$
|
208,598
|
|
|
1
|
%
|
|
23
|
%
|
|
$
|
509,227
|
|
$
|
416,857
|
|
|
22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Cost of goods sold
|
|
|
200,725
|
|
|
202,089
|
??
|
|
|
176,192
|
??
|
|
(1
|
)%
|
|
14
|
%
|
|
|
402,814
|
|
|
351,207
|
??
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Production margin
|
|
|
55,045
|
|
|
51,368
|
|
|
|
32,406
|
|
|
7
|
%
|
|
70
|
%
|
|
|
106,413
|
|
|
65,650
|
|
|
62
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Marketing and administrative expenses
|
|
|
22,592
|
|
|
22,340
|
|
|
|
22,591
|
|
|
1
|
%
|
|
0
|
%
|
|
|
44,932
|
|
|
43,137
|
|
|
4
|
%
|
|
Research and development expenses
|
|
|
4,928
|
|
|
5,124
|
|
|
|
4,364
|
|
|
(4
|
)%
|
|
13
|
%
|
|
|
10,052
|
|
|
9,225
|
|
|
9
|
%
|
|
Impairment of assets
|
|
|
0
|
|
|
0
|
|
|
|
37,516
|
|
|
*
|
|
*
|
|
|
0
|
|
|
37,516
|
|
|
*
|
|
Restructuring and other charges
|
|
|
13
|
|
|
852
|
??
|
|
|
9,553
|
??
|
|
(98
|
)%
|
|
(100
|
)%
|
|
|
865
|
|
|
10,102
|
??
|
|
(91
|
)%
|
|
Income (loss) from operations
|
|
|
27,512
|
|
|
23,052
|
|
|
|
(41,618
|
)
|
|
19
|
%
|
|
*
|
|
|
50,564
|
|
|
(34,330
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Non-operating income (deductions) - net
|
|
|
535
|
|
|
(49
|
)
|
|
|
(3,535
|
)
|
|
*
|
|
*
|
|
|
486
|
|
|
(3,790
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Income (loss) from continuing operations, before tax
|
|
|
28,047
|
|
|
23,003
|
|
|
|
(45,153
|
)
|
|
22
|
%
|
|
*
|
|
|
51,050
|
|
|
(38,120
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Provision for taxes on income (loss)
|
|
|
8,414
|
|
|
6,901
|
??
|
|
|
(8,632
|
)
|
|
22
|
%
|
|
*
|
|
|
15,315
|
|
|
(6,680
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Income (loss) from continuing operations, net of tax
|
|
|
19,633
|
|
|
16,102
|
|
|
|
(36,521
|
)
|
|
22
|
%
|
|
*
|
|
|
35,735
|
|
|
(31,440
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Loss from discontinued operations, net of tax
|
|
|
0
|
|
|
0
|
??
|
|
|
(3,524
|
)
|
|
*
|
|
*
|
|
|
0
|
|
|
(3,612
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Consolidated net income (loss)
|
|
|
19,633
|
|
|
16,102
|
|
|
|
(40,045
|
)
|
|
22
|
%
|
|
*
|
|
|
35,735
|
|
|
(35,052
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Less: Net income attributable to non-controlling interests
|
|
|
674
|
|
|
733
|
??
|
|
|
862
|
??
|
|
(8
|
)%
|
|
(22
|
)%
|
|
|
1,407
|
|
|
1,698
|
??
|
|
(17
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Net Income (loss) attributable to Minerals Technologies Inc. (MTI)
|
|
$
|
18,959
|
|
$
|
15,369
|
??
|
|
$
|
(40,907
|
)
|
|
23
|
%
|
|
*
|
|
$
|
34,328
|
|
$
|
(36,750
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Basic
|
|
|
18,700
|
|
|
18,766
|
|
|
|
18,728
|
|
|
|
|
|
|
|
18,734
|
|
|
18,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Diluted
|
|
|
18,749
|
|
|
18,835
|
|
|
|
18,728
|
|
|
|
|
|
|
|
18,793
|
|
|
18,715
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to MTI
|
|
$
|
1.01
|
|
$
|
0.82
|
|
|
$
|
(1.99
|
)
|
|
23
|
%
|
|
*
|
|
$
|
1.83
|
|
$
|
(1.77
|
)
|
|
*
|
|
Loss from discontinued operations attributable to MTI
|
|
|
0.00
|
|
|
0.00
|
??
|
|
|
(0.19
|
)
|
|
*
|
|
*
|
|
|
0.00
|
|
|
(0.19
|
)
|
|
*
|
|
Net income (loss) attributable to MTI common shareholders
|
??
|
$
|
1.01
|
|
$
|
0.82
|
??
|
|
$
|
(2.18
|
)
|
|
23
|
%
|
|
*
|
|
$
|
1.83
|
|
$
|
(1.96
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations attributable to MTI
|
|
$
|
1.01
|
|
$
|
0.82
|
|
|
$
|
(1.99
|
)
|
|
23
|
%
|
|
*
|
|
$
|
1.83
|
|
$
|
(1.77
|
)
|
|
*
|
|
Income (loss) from discontinued operations attributable to MTI
|
|
|
0.00
|
|
|
0.00
|
??
|
|
|
(0.19
|
)
|
|
*
|
|
*
|
|
|
0.00
|
|
|
(0.19
|
)
|
|
*
|
|
Net income (loss) attributable to MTI common shareholders
|
??
|
$
|
1.01
|
|
$
|
0.82
|
??
|
|
$
|
(2.18
|
)
|
|
23
|
%
|
|
*
|
|
$
|
1.83
|
|
$
|
(1.96
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Cash dividends declared per common share
|
|
$
|
0.05
|
|
$
|
0.05
|
??
|
|
$
|
0.05
|
??
|
|
|
|
|
|
$
|
0.10
|
|
$
|
0.10
|
??
|
|
|
|
??
|
|
* Percentage not meaningful
|
|
??
|
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
|
NOTES TO CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
??
|
|
1)
|
??
|
For comparative purposes, the quarterly periods ended July 4, 2010,
April 4, 2010, and June 28, 2009 consisted of 91 days, 94 days, and
91 days, respectively. The six month periods ended July 4, 2010 and
June 28, 2009 consisted of 185 days and 179 days, respectively.
|
|
??
|
|
??
|
|
2)
|
|
In the fourth quarter of 2008, as a result of the worldwide economic
downturn, the Company initiated an additional restructuring program
primarily consisting of severance and other related costs. The
reduction in force represented approximately 340 employees and
reflected both permanent reductions and temporary layoffs. The
restructuring charges recorded were as follows (millions of dollars):
|
|
??
|
|
|
|
2008 Restructuring Program
|
??
|
|
Quarter Ended
|
??
|
|
Six Months Ended
|
|
|
|
|
|
|
July 4,
|
??
|
|
April 4,
|
??
|
|
June 28,
|
|
|
July 4,
|
??
|
|
June 28,
|
|
|
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
Restructuring and other costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance and other employee benefits
|
|
$
|
0.0
|
|
|
$
|
0.0
|
|
|
$
|
0.6
|
|
|
$
|
0.0
|
|
|
$
|
1.0
|
|
|
|
|
Other exit costs
|
|
|
0.0
|
??
|
|
|
0.0
|
??
|
|
|
0.1
|
??
|
|
|
0.0
|
??
|
|
|
0.1
|
??
|
|
|
|
|
|
$
|
0.0
|
??
|
|
$
|
0.0
|
??
|
|
$
|
0.7
|
??
|
|
$
|
0.0
|
??
|
|
$
|
1.1
|
??
|
|
??
|
|
|
|
During the second quarter of 2009, as a result of the continuation
of the severe downturn in the worldwide steel industry, the
Company initiated a restructuring program, primarily in the
Refractories Segment, to improve efficiencies through
consolidation of manufacturing operations and reduction of costs.
This realignment was put in place to better position ourselves
strategically for improved profitability when the economy
recovers. As part of this program, the Company consolidated its
Old Bridge, New Jersey, operation into Bryan, Ohio, and Baton
Rouge, Louisiana, in order to improve operational efficiencies and
reduce logistics for key raw materials; rationalized its North
American specialty shapes product line; rationalized some of its
European operations; recorded further impairment charges of its
Asian refractory operations as a result of continued difficulties
in market penetration as well as consolidated its Asian operations
and is actively seeking a regional alliance to aid in marketing
its high value products; recognized impairment charges for
refractory application equipment in North America and Europe due
to customer underutilized assets under depressed volume
conditions; recorded an impairment of assets charge for the
Company's PCC facility in Millinocket, Maine and recorded a
restructuring charge reflecting the severance costs related to
plant consolidations as well as streamlining the management
structure to operate more efficiently.
|
|
??
|
|
|
|
The impairment charges recorded in association with this program
were as follows:
|
|
|
|
|
|
|
June 28,
|
|
|
|
|
Impairment of assets:
|
|
|
2009
|
|
|
|
|
Americas Refractories:
|
|
$
|
9.5
|
|
|
|
|
Europe Refractories:
|
|
|
11.5
|
|
|
|
|
Asia Refractories:
|
|
|
10.0
|
|
|
|
|
North America Paper PCC:
|
|
|
6.5
|
|
|
|
|
Total Impairment of assets charge
|
|
$
|
37.5
|
|
|
??
|
|
??
|
|
|
|
Included in impairment of assets charge for Europe refractories was
a $6.0 million charge for certain intangible assets from the 2006
acquisition of a business in Turkey.
|
|
??
|
|
|
|
The Company also recorded impairment charges of $5.6 million in
discontinued operations (see Note 5) to reflect the lower market
value of its Mt. Vernon, Indiana, operations and recorded currency
translation losses of $2.3 million realized upon liquidation of its
facility in Gomez Palacio, Mexico (see Note 6).
|
|
??
|
|
|
|
The restructuring charges recorded in association with this program
are as follows (millions of dollars):
|
|
??
|
|
|
|
2009 Restructuring Program
|
|
|
Quarter Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
|
July 4,
|
|
|
April 4,
|
|
|
June 28,
|
|
|
July 4,
|
|
|
June 28,
|
|
|
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
Restructuring and other costs
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance and other employee benefits
|
|
$
|
0.5
|
|
|
$
|
0.1
|
|
|
$
|
8.4
|
|
|
$
|
0.6
|
|
|
$
|
8.4
|
|
|
|
|
Other exit costs
|
|
|
(0.5
|
)
|
|
|
0.0
|
??
|
|
|
0.5
|
??
|
|
|
(0.5
|
)
|
|
|
0.5
|
??
|
|
|
|
|
|
$
|
0.0
|
??
|
|
$
|
0.1
|
??
|
|
$
|
8.9
|
??
|
|
$
|
0.1
|
??
|
|
$
|
8.9
|
??
|
|
??
|
|
??
|
|
|
|
Other Exit Costs
|
|
|
Quarter Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
|
July 4,
|
|
|
April 4,
|
|
|
June 28,
|
|
|
July 4,
|
|
|
June 28,
|
|
|
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
Other exit costs
|
|
$
|
0.0
|
??
|
|
$
|
0.8
|
??
|
|
$
|
0.0
|
??
|
|
$
|
0.8
|
??
|
|
$
|
0.0
|
??
|
|
|
|
|
|
$
|
0.0
|
??
|
|
$
|
0.8
|
??
|
|
$
|
0.0
|
??
|
|
$
|
0.8
|
??
|
|
$
|
0.0
|
??
|
|
??
|
|
??
|
|
|
|
Other exit costs represent early lease termination costs associated
with announced closures in 2010 of our satellite facilities in
Franklin, Virginia, and Plymouth, North Carolina, due to closure of
the host mills at these locations.
|
|
??
|
|
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 quarterly periods ended July 4, 2010, April 4, 2010 and June
28, 2009 and the six month periods ended July 4, 2010 and June 28,
2009 and a reconciliation to net income (loss) 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.
|
|
??
|
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
??
|
|
|
|
(millions of dollars)
|
|
|
Quarter Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
|
July 4,
|
|
|
April 4,
|
|
|
June 28,
|
|
|
July 4,
|
|
|
June 28,
|
|
|
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
Net Income attributable to MTI, as reported
|
|
$
|
19.0
|
|
|
$
|
15.4
|
|
|
$
|
(40.9
|
)
|
|
$
|
34.3
|
|
|
$
|
(36.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
|
|
Special items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment of assets
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
43.1
|
|
|
|
0.0
|
|
|
|
43.1
|
|
|
|
|
Restructuring and other costs
|
|
|
0.0
|
|
|
|
0.9
|
|
|
|
9.6
|
|
|
|
0.9
|
|
|
|
10.1
|
|
|
|
|
Currency translation losses upon liquidation of foreign entity
|
|
0.0
|
|
|
|
0.0
|
|
|
|
2.3
|
|
|
|
0.0
|
|
|
|
2.3
|
|
|
|
|
Gain on sale of previously impaired assets
|
|
|
(0.2
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
(0.2
|
)
|
|
|
0.0
|
|
|
|
|
Settlement related to customer contract termination
|
|
|
(0.8
|
)
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
(0.8
|
)
|
|
|
0.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
|
|
Related tax effects on special items
|
|
|
0.4
|
|
|
|
(0.3
|
)
|
|
|
(11.2
|
)
|
|
|
0.1
|
|
|
|
(11.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
|
|
Net income attributable to MTI, excluding special items
|
|
$
|
18.4
|
|
|
$
|
16.0
|
|
|
$
|
2.9
|
|
|
$
|
34.3
|
|
|
$
|
7.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
|
|
Basic earnings per share, excluding special items
|
|
$
|
0.98
|
|
|
$
|
0.85
|
|
|
$
|
0.15
|
|
|
$
|
1.83
|
|
|
$
|
0.40
|
|
|
|
|
Diluted earnings per share, excluding special items
|
|
$
|
0.98
|
|
|
$
|
0.85
|
|
|
$
|
0.15
|
|
|
$
|
1.83
|
|
|
$
|
0.40
|
|
|
??
|
|
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 quarterly periods ended July 4,
2010, April 4, 2010 and June 28, 2009 and the six month periods
ended July 4, 2010 and June 28, 2009. 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.
|
|
??
|
|
|
|
(millions of dollars)
|
|
|
Quarter Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
|
July 4,
|
|
|
April 4,
|
|
|
June 28,
|
|
|
July 4,
|
|
|
June 28,
|
|
|
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
Cash flow from operations
|
|
$
|
42.3
|
|
|
$
|
33.2
|
|
|
$
|
39.2
|
|
|
$
|
75.5
|
|
|
$
|
62.8
|
|
|
|
|
Capital expenditures
|
|
|
7.7
|
??
|
|
|
8.3
|
??
|
|
|
1.1
|
??
|
|
|
16.0
|
??
|
|
|
9.4
|
??
|
|
|
|
Free cash flow
|
|
$
|
34.6
|
??
|
|
$
|
24.9
|
??
|
|
$
|
38.1
|
??
|
|
$
|
59.5
|
??
|
|
$
|
53.4
|
??
|
|
??
|
|
5)
|
|
During the fourth quarter of 2007, the Company exited its Synsil??
Products product line and reclassified such operations as
discontinued. In addition, the Company reclassified to discontinued
operations its two Midwest plants located in Mt. Vernon, Indiana,
and Wellsville, Ohio. In 2008, the Company sold its Synsil Plants
and its operations at Wellsville, Ohio. In the fourth quarter of
2009, the Company sold its facility at Mt. Vernon, Indiana.
|
|
??
|
|
|
|
The following table details selected financial information for the
businesses included within discontinued operations in the
Consolidated Statements of Operations (millions of dollars):
|
|
??
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
|
July 4,
|
|
|
April 4,
|
|
|
June 28,
|
|
|
July 4,
|
|
|
June 28,
|
|
|
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
|
|
Net sales
|
|
$
|
0.0
|
??
|
|
$
|
0.0
|
??
|
|
$
|
4.5
|
??
|
|
$
|
0.0
|
??
|
|
$
|
7.8
|
??
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
|
|
Production margin
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.2
|
|
|
|
0.0
|
|
|
|
0.3
|
|
|
|
|
Total expenses
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.2
|
|
|
|
|
|
|
0.4
|
|
|
|
|
Impairment of assets
|
|
|
0.0
|
??
|
|
|
0.0
|
??
|
|
|
5.6
|
??
|
|
|
0.0
|
??
|
|
|
5.6
|
??
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
|
|
Income (loss) from operations
|
|
|
0.0
|
??
|
|
|
0.0
|
??
|
|
|
(5.6
|
)
|
|
|
0.0
|
??
|
|
|
(5.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
|
|
Benefit for taxes on income
|
|
|
0.0
|
??
|
|
|
0.0
|
??
|
|
|
(2.1
|
)
|
|
|
0.0
|
??
|
|
|
(2.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
|
|
Income (loss) from discontinued operations, net of tax
|
|
$
|
0.0
|
??
|
|
$
|
0.0
|
??
|
|
$
|
(3.5
|
)
|
|
$
|
0.0
|
??
|
|
$
|
(3.6
|
)
|
|
??
|
|
??
|
|
6)
|
|
The following table reflects the components of non-operating income
and deductions (millions of dollars):
|
|
??
|
|
|
|
|
|
|
Quarter Ended
|
|
|
Six Months Ended
|
|
|
|
|
|
|
July 4,
|
|
|
April 4,
|
|
|
June 28,
|
|
|
July 4,
|
|
|
June 28,
|
|
|
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
|
2010
|
|
|
2009
|
|
|
|
Interest income
|
|
$
|
0.6
|
|
|
$
|
0.5
|
|
|
$
|
0.8
|
|
|
$
|
1.1
|
|
|
$
|
1.6
|
|
|
|
|
Interest expense
|
|
|
(0.7
|
)
|
|
|
(0.8
|
)
|
|
|
(0.9
|
)
|
|
|
(1.5
|
)
|
|
|
(1.8
|
)
|
|
|
|
Foreign exchange gains (losses)
|
|
|
(0.4
|
)
|
|
|
0.8
|
|
|
|
(1.2
|
)
|
|
|
0.4
|
|
|
|
(1.2
|
)
|
|
|
|
Currency translation loss upon liquidation of foreign entity
|
|
0.0
|
|
|
|
0.0
|
|
|
|
(2.3
|
)
|
|
|
0.0
|
|
|
|
(2.3
|
)
|
|
|
|
Gain on sale of previously impaired assets
|
|
|
0.2
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.2
|
|
|
|
0.0
|
|
|
|
|
Settlement related to customer contract termination
|
|
|
0.8
|
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
0.8
|
|
|
|
0.0
|
|
|
|
|
Other deductions
|
|
|
0.0
|
??
|
|
|
(0.5
|
)
|
|
|
0.1
|
??
|
|
|
(0.5
|
)
|
|
|
(0.1
|
)
|
|
|
|
Non-operating income (deductions), net
|
|
$
|
0.5
|
??
|
|
$
|
0.0
|
??
|
|
$
|
(3.5
|
)
|
|
$
|
0.5
|
??
|
|
$
|
(3.8
|
)
|
|
??
|
|
??
|
|
7)
|
|
The analyst conference call to discuss operating results for the
second quarter is scheduled for Friday, July 30, 2010 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.
|
|
??
|
|
SUPPLEMENTARY DATA
|
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
|
(millions of dollars)
|
|
(unaudited)
|
|
??
|
|
|
??
|
|
Quarter Ended
|
??
|
% Growth
|
??
|
|
Six Months Ended
|
??
|
% Growth
|
|
SALES DATA
|
|
|
July 4,
|
??
|
|
April 4,
|
??
|
|
June 28,
|
|
|
??
|
|
|
|
July 4,
|
??
|
|
June 28,
|
|
|
|
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
Prior Qtr
|
|
Prior Year
|
|
|
2010
|
|
|
2009
|
|
Prior Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
United States
|
|
$
|
138.6
|
|
|
$
|
136.6
|
|
|
$
|
110.7
|
|
|
1
|
%
|
|
25
|
%
|
|
$
|
275.1
|
|
|
$
|
222.8
|
|
|
23
|
%
|
|
International
|
|
|
117.2
|
??
|
|
|
116.9
|
??
|
|
|
97.9
|
??
|
|
0
|
%
|
|
20
|
%
|
|
|
234.1
|
??
|
|
|
194.1
|
??
|
|
21
|
%
|
|
Net Sales
|
|
$
|
255.8
|
??
|
|
$
|
253.5
|
??
|
|
$
|
208.6
|
??
|
|
1
|
%
|
|
23
|
%
|
|
$
|
509.2
|
??
|
|
$
|
416.9
|
??
|
|
22
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Paper PCC
|
|
$
|
123.2
|
|
|
$
|
130.7
|
|
|
$
|
115.6
|
|
|
(6
|
)%
|
|
7
|
%
|
|
$
|
253.9
|
|
|
$
|
228.2
|
|
|
11
|
%
|
|
Specialty PCC
|
|
|
15.2
|
??
|
|
|
14.4
|
??
|
|
|
12.1
|
??
|
|
6
|
%
|
|
26
|
%
|
|
|
29.6
|
??
|
|
|
22.6
|
??
|
|
31
|
%
|
|
PCC Products
|
|
$
|
138.4
|
??
|
|
$
|
145.1
|
??
|
|
$
|
127.7
|
??
|
|
(5
|
)%
|
|
8
|
%
|
|
$
|
283.5
|
??
|
|
$
|
250.8
|
??
|
|
13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Talc
|
|
$
|
11.4
|
|
|
$
|
10.2
|
|
|
$
|
7.8
|
|
|
12
|
%
|
|
46
|
%
|
|
$
|
21.6
|
|
|
$
|
14.5
|
|
|
49
|
%
|
|
Ground Calcium Carbonate
|
|
|
18.4
|
??
|
|
|
16.8
|
??
|
|
|
16.5
|
??
|
|
10
|
%
|
|
12
|
%
|
|
|
35.2
|
??
|
|
|
30.4
|
??
|
|
16
|
%
|
|
Processed Minerals Products
|
|
$
|
29.8
|
??
|
|
$
|
27.0
|
??
|
|
$
|
24.3
|
??
|
|
10
|
%
|
|
23
|
%
|
|
$
|
56.8
|
??
|
|
$
|
44.9
|
??
|
|
27
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Specialty Minerals Segment
|
|
$
|
168.2
|
??
|
|
$
|
172.1
|
??
|
|
$
|
152.0
|
??
|
|
(2
|
)%
|
|
11
|
%
|
|
$
|
340.3
|
??
|
|
$
|
295.7
|
??
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Refractory products
|
|
$
|
68.3
|
|
|
$
|
62.6
|
|
|
$
|
46.7
|
|
|
9
|
%
|
|
46
|
%
|
|
$
|
130.8
|
|
|
$
|
100.1
|
|
|
31
|
%
|
|
Metallurgical Products
|
|
|
19.3
|
??
|
|
|
18.8
|
??
|
|
|
9.9
|
??
|
|
3
|
%
|
|
95
|
%
|
|
|
38.1
|
??
|
|
|
21.1
|
??
|
|
81
|
%
|
|
Refractories Segment
|
|
$
|
87.6
|
??
|
|
$
|
81.4
|
??
|
|
$
|
56.6
|
??
|
|
8
|
%
|
|
55
|
%
|
|
$
|
168.9
|
??
|
|
$
|
121.2
|
??
|
|
39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Net Sales
|
|
$
|
255.8
|
??
|
|
$
|
253.5
|
??
|
|
$
|
208.6
|
??
|
|
1
|
%
|
|
23
|
%
|
|
$
|
509.2
|
??
|
|
$
|
416.9
|
??
|
|
22
|
%
|
|
??
|
|
??
|
|
SEGMENT OPERATING INCOME (LOSS) DATA
|
|
??
|
|
Specialty Minerals Segment
|
|
$
|
19.3
|
??
|
|
$
|
18.4
|
??
|
|
$
|
4.3
|
??
|
|
5
|
%
|
|
349
|
%
|
|
$
|
37.7
|
??
|
|
$
|
14.1
|
??
|
|
167
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Refractories Segment
|
|
$
|
9.3
|
??
|
|
$
|
5.8
|
??
|
|
$
|
(45.3
|
)
|
|
60
|
%
|
|
*
|
|
$
|
15.1
|
??
|
|
$
|
(47.5
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Unallocated Corporate Expenses
|
|
$
|
(1.1
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
(0.6
|
)
|
|
(8
|
)%
|
|
83
|
%
|
|
$
|
(2.2
|
)
|
|
$
|
(0.9
|
)
|
|
144
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Consolidated
|
|
$
|
27.5
|
??
|
|
$
|
23.0
|
??
|
|
$
|
(41.6
|
)
|
|
19
|
%
|
|
*
|
|
$
|
50.6
|
??
|
|
$
|
(34.3
|
)
|
|
*
|
|
??
|
|
??
|
|
SEGMENT RESTRUCTURING and IMPAIRMENT COSTS
|
|
??
|
|
Specialty Minerals Segment
|
|
$
|
(0.3
|
)
|
|
$
|
0.8
|
??
|
|
$
|
8.9
|
??
|
|
(138
|
)%
|
|
*
|
|
$
|
0.5
|
??
|
|
$
|
9.1
|
??
|
|
(95
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Refractories Segment
|
|
$
|
0.3
|
??
|
|
$
|
0.1
|
??
|
|
$
|
38.2
|
??
|
|
200
|
%
|
|
(99
|
)%
|
|
$
|
0.4
|
??
|
|
$
|
38.5
|
??
|
|
(99
|
)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Consolidated
|
|
$
|
0.0
|
??
|
|
$
|
0.9
|
??
|
|
$
|
47.1
|
??
|
|
(100
|
)%
|
|
(100
|
)%
|
|
$
|
0.9
|
??
|
|
$
|
47.6
|
??
|
|
(98
|
)%
|
|
??
|
|
??
|
|
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 July 4, 2010, April 4,
2010 and June 28, 2009, and the six-month periods ended July 4,2010
and June 28,2009, 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
|
|
|
Six Months Ended
|
|
% Growth
|
|
SEGMENT OPERATING INCOME,
|
|
|
July 4,
|
|
|
April 4,
|
|
|
June 28,
|
|
|
|
|
|
|
July 4,
|
|
|
June 28,
|
|
|
|
EXCLUDING SPECIAL ITEMS
|
|
|
2010
|
|
|
2010
|
|
|
2009
|
|
Prior Qtr.
|
|
Prior Year
|
|
|
2010
|
|
|
2009
|
|
Prior Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Specialty Minerals Segment
|
|
$
|
19.0
|
??
|
|
$
|
19.2
|
??
|
|
$
|
13.2
|
??
|
|
(1
|
)%
|
|
44
|
%
|
|
$
|
38.2
|
??
|
|
$
|
23.2
|
??
|
|
65
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Refractories Segment
|
|
$
|
9.6
|
??
|
|
$
|
5.9
|
??
|
|
$
|
(7.1
|
)
|
|
63
|
%
|
|
*
|
|
$
|
15.5
|
??
|
|
$
|
(9.0
|
)
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Unallocated Corporate Expenses
|
|
$
|
(1.1
|
)
|
|
$
|
(1.2
|
)
|
|
$
|
(0.6
|
)
|
|
(8
|
)%
|
|
83
|
%
|
|
$
|
(2.2
|
)
|
|
$
|
(0.9
|
)
|
|
144
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
??
|
|
Consolidated
|
|
$
|
27.5
|
??
|
|
$
|
23.9
|
??
|
|
$
|
5.5
|
??
|
|
15
|
%
|
|
400
|
%
|
|
$
|
51.5
|
??
|
|
$
|
13.3
|
??
|
|
287
|
%
|
|
??
|
|
* Percentage not meaningful
|
|
??
|
|
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
|
??
|
|
ASSETS
|
|
??
|
|
(In Thousands of Dollars)
|
??
|
|
|
??
|
|
|
|
|
|
|
July 4,
|
|
|
December 31,
|
|
|
|
|
2010*
|
|
|
2009**
|
|
??
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash & cash equivalents
|
|
$
|
336,777
|
|
$
|
310,946
|
|
Short-term investments
|
|
|
10,034
|
|
|
8,940
|
|
Accounts receivable, net
|
|
|
178,518
|
|
|
173,665
|
|
Inventories
|
|
|
81,724
|
|
|
82,483
|
|
Prepaid expenses and other current assets
|
|
|
22,630
|
|
|
24,679
|
|
Total current assets
|
|
|
629,683
|
|
|
600,713
|
|
|
|
|
|
|
|
??
|
|
Property, plant and equipment
|
|
|
1,203,896
|
|
|
1,223,710
|
|
Less accumulated depreciation
|
|
|
866,914
|
|
|
864,332
|
|
Net property, plant & equipment
|
|
|
336,982
|
|
|
359,378
|
|
|
|
|
|
|
|
??
|
|
Goodwill
|
|
|
66,628
|
|
|
68,101
|
|
Other assets and deferred charges
|
|
|
38,661
|
|
|
43,946
|
|
|
|
|
|
|
|
??
|
|
|
|
|
|
|
|
??
|
|
Total assets
|
|
$
|
1,071,954
|
|
$
|
1,072,138
|
|
??
|
|
??
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
??
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Short-term debt
|
|
$
|
3,267
|
|
$
|
6,892
|
|
Current maturities of long-term debt
|
|
|
4,600
|
|
|
4,600
|
|
Accounts payable
|
|
|
85,103
|
|
|
74,513
|
|
Restructuring liabilities
|
|
|
5,383
|
|
|
8,282
|
|
Other current liabilities
|
|
|
53,773
|
|
|
58,627
|
|
Total current liabilities
|
|
|
152,126
|
|
|
152,914
|
|
|
|
|
|
|
|
??
|
|
Long-term debt
|
|
|
92,621
|
|
|
92,621
|
|
Other non-current liabilities
|
|
|
82,611
|
|
|
78,860
|
|
Total liabilities
|
|
|
327,358
|
|
|
324,395
|
|
|
|
|
|
|
|
??
|
|
Total MTI shareholders' equity
|
|
|
720,035
|
|
|
724,161
|
|
Non-controlling Interest
|
|
|
24,561
|
|
|
23,582
|
|
Total shareholders' equity
|
|
|
744,596
|
|
|
747,743
|
|
|
|
|
|
|
|
??
|
|
Total liabilities and shareholders' equity
|
|
$
|
1,071,954
|
|
$
|
1,072,138
|
|
??
|
|
??
|
|
* ??Unaudited
|
|
** Condensed from audited financial statements.
|
|
|