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<title>TOR Minerals - Earnings Release for Q1 2005</title>



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<p class=MsoTitle align="center"><b><font size="2">UNITED STATES</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size="2">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size="2">Washington, DC 20549</font></b></p>





<p class=MsoNormal align=center style='text-align:center'><b><font size="2">FORM 8&#8209;K</font></b></p>





<p class=MsoNormal align=center style='text-align:center'><b><font size="2">CURRENT REPORT
PURSUANT<br>
TO SECTION 13 OR 15(D) OF THE<br>
SECURITIES EXCHANGE ACT OF 1934</font></b></p>





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  <p class=MsoNormal align=right style='text-align:right'><font size="2">Date of report (Date of
  earliest event reported):</font></p>
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  <p class=MsoNormal><b><font size="2">May
  4, 2005</font></b></p>
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<p class=MsoNormal align=center style='text-align:center'><b><font size="2">TOR Minerals International, Inc.</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><font size="2">(Exact Name of Registrant as Specified in Its Charter)</font></p>



<p class=MsoNormal align=center style='text-align:center'><b><font size="2">Delaware</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><font size="2">(State or Other Jurisdiction of Incorporation)</font></p>



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  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">0-17321</font></b></p>
  </td>
  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">74-2081929</font></b></p>
  </td>
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  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size="2">(Commission File Number)</font></p>
  </td>
  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size="2">(IRS Employer Identification
  No.)</font></p>
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  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>
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  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">722 Burleson Street<br>
  Corpus Christi, Texas</font></b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b><font size="2"><br>
  78402</font></b></p>
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  <p class=MsoNormal align=center style='text-align:center'><font size="2">(Address of Principal
  Executive Offices)</font></p>
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  <td width=288 valign=top style='width:3.0in;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size="2">(Zip Code)</font></p>
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<p class=MsoNormal align=center style='text-align:center'><b><font size="2">(361) 883-5591</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><font size="2">(Registrant&#8217;s Telephone Number, Including Area Code)</font></p>



<p class=MsoNormal align=center style='text-align:center'><b><font size="2">N/A</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><font size="2">(Former Name or Former Address,
if Changed Since Last Report)</font></p>



<p class=MsoNormal style='text-align:justify;line-height:13.0pt'><font size="2">Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (<i>see </i>General
Instruction A.2. below):</font></p>



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  <p class=MsoNormal style='line-height:13.0pt'><font size="2">Written communications pursuant to Rule 425 under the
  Securities Act (17 CFR 230.425)</font></p>
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  <p class=MsoNormal style='line-height:13.0pt'><font size="2">Soliciting material pursuant to Rule 14a-12 under the
  Exchange Act (17 CFR 240.14a-12)</font></p>
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	<font size="2">___</font></p>
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  <td width=601 valign=top style='width:450.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='line-height:13.0pt'><font size="2">Pre-commencement communications pursuant to Rule
  14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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	<font size="2">___</font></p>
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  <td width=601 valign=top style='width:450.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal style='line-height:13.0pt'><font size="2">Pre-commencement communications pursuant to Rule
  13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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<p class=MsoNormal><b><font size="2">ITEM
2.02&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font> <u><font size="2">RESULTS
OF OPERATIONS AND FINANCIAL CONDITION</font></u></b></p>

<p class=MsoNormal style='text-align:justify'><font size="2">The
information in this Current Report and in the accompanying exhibit is being
furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;), or incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such a filing. </font> </p>



<p class=MsoNormal style='text-align:justify'><font size="2">On
May 4, 2005, TOR Minerals International, Inc. issued a press release announcing
financial results for the quarter ended March 31, 2005.&nbsp; A copy of this
press release is attached hereto as <u>Exhibit 99.1</u>.</font></p>



<p class=MsoNormal style='text-align:justify'><b><font size="2">ITEM 9.01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</font> <u><font size="2">FINANCIAL
STATEMENTS AND EXHIBITS</font></u></b></p>



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  </td>
  <td width=512 valign=top style='width:384.3pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Financial
  Statements of Businesses Acquired.<br>
  Not applicable.</font></p>
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  <td width=49 valign=top style='width:36.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">(b)</font></p>
  </td>
  <td width=512 valign=top style='width:384.3pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Pro
  Forma Financial Information.<br>
  Not applicable.</font></p>
  </td>
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  <td width=49 valign=top style='width:36.9pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">(c)</font></p>
  </td>
  <td width=512 valign=top style='width:384.3pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Exhibits.<br>
  99.1&nbsp; Press Release, dated May 4,
  2005, announcing financial results<br>
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for the quarter ended March
  31, 2005.</font></p>
  </td>
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<p class=MsoNormal><i><font size="2">&nbsp;</font></i></p>



<p class=MsoNormal align=center style='text-align:center'><b><font size="2">SIGNATURES</font></b></p>



<p class=MsoNormal style='text-align:justify'><font size="2">Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></p>





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  <p class=MsoNormal align=center style='text-align:center'><font size="2">TOR MINERALS INTERNATIONAL, INC.<br>
  <b>_____________________<br>
  </b>(Registrant)</font></p>
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  <p class=MsoNormal><font size="2">Date:&nbsp; May &nbsp;6,
  2005</font></p>
  </td>
  <td width=366 valign=top style='width:274.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p align="center"><u><font size="2">LAWRENCE W. HAAS</font></u></td>
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  </td>
  <td width=366 valign=top style='width:274.5pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size="2">Lawrence W. Haas<br>
  Treasurer and CFO</font></p>
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<p class=MsoNormal align=center style='text-align:center'><b><font size="2">EXHIBIT INDEX</font></b></p>



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  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">Exhibit No.</font></b></p>
  </td>
  <td width=535 valign=top style='width:401.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:left; text-indent:66px'><b>
	<font size="2">Description&nbsp;</font></b></p>
  </td>
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  <td width=103 valign=top style='width:77.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal align=center style='text-align:center'><font size="2">99.1</font></p>
  </td>
  <td width=535 valign=top style='width:401.4pt;padding:0in 5.4pt 0in 5.4pt'>
  <p class=MsoNormal><font size="2">Press Release, dated May 4,
  2005, announcing financial results <br>
  for the quarter ended March 31, 2005</font></p>
  </td>
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<p class=MsoNormal align=right style='text-align:right'><b>Exhibit 99.1</b></p>

<p class=MsoNormal><b><font size="2">&nbsp;</font></b></p>

<p class=MsoNormal><b><font size="2">&nbsp;</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size="2">TOR MINERALS INTERNATIONAL REPORTS</font></b></p>

<p class=MsoNormal align=center style='text-align:center'><b><font size="2">FIRST QUARTER 2005 FINANCIAL RESULTS</font></b></p>





<p class=MsoNormal style='text-align:justify'><font size="2">Corpus
Christi, Texas, May 4, 2005, - TOR Minerals International (NASDAQ: TORM) today
announced its financial results for the quarter ended March 31,
2005.&nbsp;&nbsp; The Company reported net income of $455,000, or $0.05 per
fully diluted share, on net sales of $7,139,000.&nbsp;&nbsp; This compares with
net income of $241,000, or $0.03 per fully diluted share, on net sales of
$6,004,000 for the quarter ended March 31, 2004.</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">&#8220;First
quarter results were in line with our internal expectations,&quot; said Richard
Bowers, president and Chief Executive Officer of TOR Minerals.&nbsp;
&quot;Demand&nbsp;for both our HITOX <sup>&reg;</sup> and ALUPREUM <sup>&reg;</sup>
product lines is strong, as customers continue to realize the performance and
value our products bring to the marketplace.&quot; </font> </p>



<p class=MsoNormal style='text-align:justify'><font size="2">The
Company said that the new HITOX production system in Corpus Christi was brought
online during the quarter and is now fully functional.&nbsp; &quot;We are now
experiencing the product improvements and cost savings that we anticipated when
we installed the new process, and we expect the second quarter financial
results will reflect the cost savings of the new process,&quot; said Mr.
Bowers. </font> </p>



<p class=MsoNormal style='text-align:justify'><font size="2">TOR
Minerals will host a conference call at 4 p.m. Central Time on May 4 to further
discuss first quarter results. The call will be simultaneously webcast, and can
be accessed&nbsp;on the company's homepage at www.torminerals.com.</font></p>



<p class=MsoNormal style='text-align:justify'><font size="2">Based
in Corpus Christi, Texas, TOR Minerals is an international manufacturer of
specialty mineral products for high performance applications with plants and
regional offices located in the United States, Netherlands and Malaysia.</font></p>



<p class=MsoBodyText style='text-align:justify;text-indent:.5in'><i>
<font size="2">&nbsp;</font></i></p>

<p class=MsoBodyText style='text-align:justify;text-indent:.5in'><i>
<font size="2">This statement provides forward-looking information as
that term is defined in the Private Securities Litigation Reform Act of 1995,
and, therefore, is subject to certain risks and uncertainties.&nbsp; There can
be no assurance that the actual results, business conditions, business
developments, losses and contingencies and local and foreign factors will not
differ materially from those suggested in the forward-looking statements as a
result of various factors, including market conditions, general economic
conditions, including the risks of a general business slow down or recession,
the increasing cost of energy, raw materials and labor, competition, advances in
technology, changes in foreign currency rates, freight price increases,
commodity price increases, delays in delivery of requirement equipment and
other factors.</font></i></p>



<p class=MsoBodyText style='text-align:justify'><font size="2">Contact
for Further Information:</font></p>

<p class=MsoBodyText style='text-align:justify'><font size="2">David
Mossberg</font></p>

<p class=MsoBodyText style='text-align:justify'><font size="2">Beacon
Street Group Investor Relations</font></p>

<p class=MsoBodyText style='text-align:justify'><font size="2">(817)
459-2346</font></p>

<p class=MsoBodyText><font size="2">Tables Follow</font></p>



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  padding:0in .85pt 0in .85pt;height:15.0pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">TOR MINERALS INTERNATIONAL, INC.</font></b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">CONSOLIDATED CONDENSED STATEMENTS OF INCOME</font></b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">(in thousands, except per share amounts)</font></b></p>
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  <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p>
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  <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p>
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  <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p>
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  <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p>
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  <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">Three Months Ended</font></b></p>
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  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">March 31,</font></b></p>
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  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:15.0pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">2005</font></b></p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:15.0pt'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">2004</font></b></p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal><b><font size="2">NET SALES</font></b></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">$</font></b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">7,139&nbsp; </font> </b></p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;$
	</font> </b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">6,004&nbsp; </font> </b></p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><font size="2">&nbsp;&nbsp; Cost of
  products sold</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">5,364&nbsp; </font> </p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">4,485&nbsp; </font> </p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:22.5pt'>
  <td width=287 nowrap style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal style='text-indent:30.1pt'><b><font size="2">GROSS
  MARGIN</font></b></p>
  </td>
  <td width=14 nowrap style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">1,775&nbsp; </font> </b></p>
  </td>
  <td width=15 nowrap style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">1,519&nbsp; </font> </b></p>
  </td>
  <td width=20 nowrap style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='height:22.5pt'>
  <td width=287 nowrap style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal style='text-indent:30.1pt'><b><font size="2">GROSS
  MARGIN %</font></b></p>
  </td>
  <td width=14 nowrap style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">25%</font></b></p>
  </td>
  <td width=15 nowrap style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">25%</font></b></p>
  </td>
  <td width=20 nowrap style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='height:.25in'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:.25in'>
  <p class=MsoNormal><font size="2">&nbsp;&nbsp; Selling,
  administrative and general</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:.25in'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:.25in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">1,128&nbsp; </font> </p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:.25in'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:.25in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">1,203&nbsp; </font> </p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:.25in'>

  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal><b><font size="2">OPERATING INCOME</font></b></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">647&nbsp; </font> </b></p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">316&nbsp; </font> </b></p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='height:28.5pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:28.5pt'>
  <p class=MsoNormal><font size="2">OTHER INCOME (EXPENSE):</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:28.5pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:28.5pt'>

  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:28.5pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:28.5pt'>

  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:28.5pt'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><font size="2">&nbsp;&nbsp; Interest
  expense, net</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">(88)</font></p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">(17)</font></p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><font size="2">&nbsp;&nbsp; Other, net</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">3&nbsp; </font> </p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">(4)</font></p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><b><font size="2">INCOME BEFORE INCOME TAX</font></b></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">562&nbsp; </font> </b></p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">295&nbsp; </font> </b></p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal style='text-indent:10.0pt'><font size="2">Taxes</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">107&nbsp; </font> </p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">54&nbsp; </font> </p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal><b><font size="2">NET INCOME</font></b></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;$
	</font> </b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border:none;border-top:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">455&nbsp; </font> </b></p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;$
	</font> </b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border:none;border-top:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">241&nbsp; </font> </b></p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='height:14.25pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal style='text-indent:20.0pt'><font size="2">Preferred
  stock dividends</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">15&nbsp; </font> </b></p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">11&nbsp; </font> </b></p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:14.25pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><b><font size="2">Income available to
  Common Shareholders</font></b></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;$
	</font> </b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;
  padding:0in .85pt 0in .85pt;height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">440&nbsp; </font> </b></p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;$
	</font> </b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border-top:solid windowtext 1.0pt;
  border-left:none;border-bottom:double windowtext 2.25pt;border-right:none;
  padding:0in .85pt 0in .85pt;height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'><b>
	<font size="2">230&nbsp; </font> </b></p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><b><font size="2">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><font size="2">Earnings per common share:</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><font size="2">&nbsp;&nbsp; Basic</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">$</font></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">0.06&nbsp; </font> </p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">$</font></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">0.03&nbsp; </font> </p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><font size="2">&nbsp;&nbsp; Diluted</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">$</font></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">0.05&nbsp; </font> </p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">$</font></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">0.03&nbsp; </font> </p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:26.25pt'>
  <td width=287 valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:26.25pt'>
  <p class=MsoNormal><font size="2">Weighted average common
  shares and equivalents outstanding:</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:26.25pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:26.25pt'>

  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:26.25pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:26.25pt'>

  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:26.25pt'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><font size="2">&nbsp;&nbsp; Basic</font></p>
  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">7,795&nbsp; </font> </p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">7,600&nbsp; </font> </p>
  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><font size="2">&nbsp;&nbsp; Diluted</font></p>
  </td>
  <td width=14 nowrap valign=top style='width:10.2pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">8,119&nbsp; </font> </p>
  </td>
  <td width=15 nowrap valign=top style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal><sup><font face="Times New Roman" size="2">(1)</font></sup></p>
  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">7,947&nbsp; </font> </p>
  </td>
  <td width=20 nowrap valign=top style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><sup><font size="2">(2)</font></sup></p>
  </td>
 </tr>
 <tr style='height:15.0pt'>
  <td width=287 nowrap valign=bottom style='width:215.05pt;border:none;
  border-bottom:solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:15.0pt'>

  </td>
  <td width=14 nowrap valign=bottom style='width:10.2pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;border:none;border-bottom:
  solid windowtext 1.0pt;padding:0in .85pt 0in .85pt;height:15.0pt'>

  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:15.0pt'>

  </td>
 </tr>
 <tr style='height:46.5pt'>
  <td width=388 colspan=3 valign=top style='width:291.15pt;padding:0in .85pt 0in .85pt;
  height:46.5pt'>
  <p class=MsoNormal><sup><font size="2">(1)&nbsp; </font> </sup><font size="2">168,000&nbsp; common shares related to the 200,000
  convertible preferred shares outstanding were excluded in the
  computation of diluted earnings per share as the effect would be
  antidilutive.</font></p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:46.5pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:46.5pt'>

  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:46.5pt'>

  </td>
 </tr>
 <tr style='height:49.5pt'>
  <td width=388 colspan=3 valign=bottom style='width:291.15pt;padding:0in .85pt 0in .85pt;
  height:49.5pt'>
  <p class=MsoNormal><sup><font size="2">(2)</font></sup><font size="2">&nbsp; 122,000&nbsp; common shares related to the
  200,000 convertible preferred shares outstanding were excluded in the
  computation of diluted earnings per share as the effect would be
  antidilutive.</font></p>
  </td>
  <td width=15 nowrap valign=bottom style='width:11.0pt;padding:0in .85pt 0in .85pt;
  height:49.5pt'>

  </td>
  <td width=88 nowrap valign=bottom style='width:65.9pt;padding:0in .85pt 0in .85pt;
  height:49.5pt'>

  </td>
  <td width=20 nowrap valign=bottom style='width:15.0pt;padding:0in .85pt 0in .85pt;
  height:49.5pt'>

  </td>
 </tr>
</table>





<div class=MsoNormal align=center style='text-align:center'>

<hr size=2 width="100%" noshade color=navy align=center>

</div>



<font size="2">



<br clear=all
style='page-break-before:always'>












</font>












<table class=MsoNormalTable border=0 cellspacing=0 cellpadding=0
 style='width:561px;margin-left:4.65pt;border-collapse:collapse'>
 <tr style='height:12.75pt'>
  <td nowrap colspan=5 valign=bottom style='width:559px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">TOR MINERALS INTERNATIONAL, INC.</font></b></p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td nowrap colspan=5 valign=bottom style='width:559px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">CONSOLIDATED CONDENSED BALANCE SHEETS</font></b></p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td nowrap colspan=5 valign=bottom style='width:559px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">March 31, 2005 and December 31, 2004</font></b></p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td nowrap colspan=5 valign=bottom style='width:559px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">(in thousands)</font></b></p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">March 31,</font></b></p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">December 31,</font></b></p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;2005
	</font></b> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><b><font size="2">&nbsp;2004
	</font></b> </p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:88px;border-bottom:
  1.0pt solid windowtext;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=center style='text-align:center'><font size="2">&nbsp;(Un-Audited)
	</font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:101px;border-bottom:
  1.0pt solid windowtext;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal><b><u><font size="2">ASSETS</font></u></b></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal><font size="2">Current assets</font></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">$</font></p>
  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">11,740&nbsp; </font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;$
	</font> </p>
  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">12,446&nbsp; </font> </p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal><font size="2">Property, plant and
  equipment, net</font></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">20,311&nbsp; </font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">18,988&nbsp; </font> </p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal><font size="2">Goodwill, net</font></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">1,892&nbsp; </font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">1,981&nbsp; </font> </p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal><font size="2">Other assets</font></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:88px;border-bottom:
  1.0pt solid windowtext;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">19&nbsp; </font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:101px;border-bottom:
  1.0pt solid windowtext;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">219&nbsp; </font> </p>
  </td>
 </tr>
 <tr style='height:21.0pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:21.0pt'>
  <p class=MsoNormal style='text-indent:50.0pt'><font size="2">Total
  Assets</font></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:21.0pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">$</font></p>
  </td>
  <td nowrap valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:88px;border-bottom:
  2.25pt double windowtext;height:21.0pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">33,962&nbsp; </font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:21.0pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;$
	</font> </p>
  </td>
  <td nowrap valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:101px;border-bottom:
  2.25pt double windowtext;height:21.0pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">33,634&nbsp; </font> </p>
  </td>
 </tr>
 <tr style='height:13.5pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:13.5pt'>

  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:13.5pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:13.5pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:12px;height:13.5pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:13.5pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal><b><u><font size="2">LIABILITIES AND
  SHAREHOLDERS' EQUITY</font></u></b></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal><font size="2">Current liabilities</font></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">$</font></p>
  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">6,816&nbsp; </font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;$
	</font> </p>
  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">6,911&nbsp; </font> </p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal><font size="2">Long-term debt, excluding
  current maturities</font></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">4,047&nbsp; </font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">3,731&nbsp; </font> </p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal><font size="2">Deferred tax liability</font></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:88px;border-bottom:
  1.0pt solid windowtext;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">372&nbsp; </font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='border-left:medium none; border-right:medium none; border-top:medium none; width:101px;border-bottom:
  1.0pt solid windowtext;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">279&nbsp; </font> </p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal style='text-indent:30.0pt'><font size="2">Total
  Liabilities</font></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">11,235&nbsp; </font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">10,921&nbsp; </font> </p>
  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
 </tr>
 <tr style='height:12.75pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>
  <p class=MsoNormal><font size="2">Shareholders' equity</font></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:12.75pt'>

  </td>
  <td nowrap valign=bottom style='width:88px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">22,727&nbsp; </font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>

  </td>
  <td nowrap valign=bottom style='width:101px;height:12.75pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">22,713&nbsp; </font> </p>
  </td>
 </tr>
 <tr style='height:22.5pt'>
  <td width=341 nowrap valign=bottom style='width:255.9pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal style='text-indent:50.0pt'><font size="2">Total
  Liabilities &amp; Shareholders' Equity</font></p>
  </td>
  <td width=9 nowrap valign=bottom style='width:6.7pt;padding:0in .85pt 0in .85pt;
  height:22.5pt'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">$</font></p>
  </td>
  <td nowrap valign=bottom style='width:88px;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt double windowtext;border-right:medium none;
  height:22.5pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">33,962&nbsp; </font> </p>
  </td>
  <td nowrap valign=bottom style='width:12px;height:22.5pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='text-align:right'><font size="2">&nbsp;$
	</font> </p>
  </td>
  <td nowrap valign=bottom style='width:101px;border-top:1.0pt solid windowtext;
  border-left:medium none;border-bottom:2.25pt double windowtext;border-right:medium none;
  height:22.5pt; padding-left:.85pt; padding-right:.85pt; padding-top:0in; padding-bottom:0in'>
  <p class=MsoNormal align=right style='margin-right:.7pt;text-align:right'>
	<font size="2">33,634&nbsp; </font> </p>
  </td>
 </tr>
</table>



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<hr size=2 width="100%" noshade color=navy align=center>

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[{"type": "8-K", "sequence": "1", "filename": "x05q1pr.htm", "description": "PRESS RELEASE - FIRST QUARTER 2005 EARNINGS RELEASE", "secsgml_size_bytes": 71781}]
{"company-data": {"conformed-name": "TOR MINERALS INTERNATIONAL INC", "cik": "0000842295", "assigned-sic": "2810", "irs-number": "742081929", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-17321", "film-number": "05804404"}, "business-address": {"street1": "722 BURLESON", "city": "CORPUS CHRISTI", "state": "TX", "zip": "78402", "phone": "3618825175"}, "mail-address": {"street1": "722 BURLESON", "city": "CORPUS CHRISTI", "state": "TX", "zip": "78402"}, "former-company": {"former-conformed-name": "HITOX CORPORATION OF AMERICA", "date-changed": "19920703"}}
TOR Minerals - Earnings Release for Q1 2005
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8‑K
CURRENT REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of
  earliest event reported):
May
  4, 2005
TOR Minerals International, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware
(State or Other Jurisdiction of Incorporation)
0-17321
74-2081929
(Commission File Number)
(IRS Employer Identification
  No.)
722 Burleson Street
Corpus Christi, Texas
78402
(Address of Principal
  Executive Offices)
(Zip Code)
(361) 883-5591
(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address,
if Changed Since Last Report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing
obligation of the registrant under any of the following provisions (
see
General
Instruction A.2. below):
___
Written communications pursuant to Rule 425 under the
  Securities Act (17 CFR 230.425)
___
Soliciting material pursuant to Rule 14a-12 under the
  Exchange Act (17 CFR 240.14a-12)
___
Pre-commencement communications pursuant to Rule
  14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
___
Pre-commencement communications pursuant to Rule
  13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM
2.02
RESULTS
OF OPERATIONS AND FINANCIAL CONDITION
The
information in this Current Report and in the accompanying exhibit is being
furnished and shall not be deemed "filed" for purposes of Section
18 of the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), or incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly set
forth by specific reference in such a filing.
On
May 4, 2005, TOR Minerals International, Inc. issued a press release announcing
financial results for the quarter ended March 31, 2005.  A copy of this
press release is attached hereto as
Exhibit 99.1
.
ITEM 9.01
FINANCIAL
STATEMENTS AND EXHIBITS
(a)
Financial
  Statements of Businesses Acquired.
Not applicable.
(b)
Pro
  Forma Financial Information.
Not applicable.
(c)
Exhibits.
99.1  Press Release, dated May 4,
  2005, announcing financial results
for the quarter ended March
  31, 2005.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
TOR MINERALS INTERNATIONAL, INC.
_____________________
(Registrant)
Date:  May  6,
  2005
LAWRENCE W. HAAS
Lawrence W. Haas
Treasurer and CFO
EXHIBIT INDEX
Exhibit No.
Description
99.1
Press Release, dated May 4,
  2005, announcing financial results
for the quarter ended March 31, 2005
Exhibit 99.1
TOR MINERALS INTERNATIONAL REPORTS
FIRST QUARTER 2005 FINANCIAL RESULTS
Corpus
Christi, Texas, May 4, 2005, - TOR Minerals International (NASDAQ: TORM) today
announced its financial results for the quarter ended March 31,
2005.   The Company reported net income of $455,000, or $0.05 per
fully diluted share, on net sales of $7,139,000.   This compares with
net income of $241,000, or $0.03 per fully diluted share, on net sales of
$6,004,000 for the quarter ended March 31, 2004.
"First
quarter results were in line with our internal expectations," said Richard
Bowers, president and Chief Executive Officer of TOR Minerals. 
"Demand for both our HITOX
®
and ALUPREUM
®
product lines is strong, as customers continue to realize the performance and
value our products bring to the marketplace."
The
Company said that the new HITOX production system in Corpus Christi was brought
online during the quarter and is now fully functional.  "We are now
experiencing the product improvements and cost savings that we anticipated when
we installed the new process, and we expect the second quarter financial
results will reflect the cost savings of the new process," said Mr.
Bowers.
TOR
Minerals will host a conference call at 4 p.m. Central Time on May 4 to further
discuss first quarter results. The call will be simultaneously webcast, and can
be accessed on the company's homepage at www.torminerals.com.
Based
in Corpus Christi, Texas, TOR Minerals is an international manufacturer of
specialty mineral products for high performance applications with plants and
regional offices located in the United States, Netherlands and Malaysia.
This statement provides forward-looking information as
that term is defined in the Private Securities Litigation Reform Act of 1995,
and, therefore, is subject to certain risks and uncertainties.  There can
be no assurance that the actual results, business conditions, business
developments, losses and contingencies and local and foreign factors will not
differ materially from those suggested in the forward-looking statements as a
result of various factors, including market conditions, general economic
conditions, including the risks of a general business slow down or recession,
the increasing cost of energy, raw materials and labor, competition, advances in
technology, changes in foreign currency rates, freight price increases,
commodity price increases, delays in delivery of requirement equipment and
other factors.
Contact
for Further Information:
David
Mossberg
Beacon
Street Group Investor Relations
(817)
459-2346
Tables Follow
TOR MINERALS INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(in thousands, except per share amounts)
Three Months Ended
March 31,
2005
2004
NET SALES
$
7,139
$
6,004
Cost of
  products sold
5,364
4,485
GROSS
  MARGIN
1,775
1,519
GROSS
  MARGIN %
25%
25%
Selling,
  administrative and general
1,128
1,203
OPERATING INCOME
647
316
OTHER INCOME (EXPENSE):
Interest
  expense, net
(88)
(17)
Other, net
3
(4)
INCOME BEFORE INCOME TAX
562
295
Taxes
107
54
NET INCOME
$
455
$
241
Preferred
  stock dividends
15
11
Income available to
  Common Shareholders
$
440
$
230
Earnings per common share:
Basic
$
0.06
$
0.03
Diluted
$
0.05
$
0.03
Weighted average common
  shares and equivalents outstanding:
Basic
7,795
7,600
Diluted
8,119
(1)
7,947
(2)
(1)
168,000  common shares related to the 200,000
  convertible preferred shares outstanding were excluded in the
  computation of diluted earnings per share as the effect would be
  antidilutive.
(2)
122,000  common shares related to the
  200,000 convertible preferred shares outstanding were excluded in the
  computation of diluted earnings per share as the effect would be
  antidilutive.
TOR MINERALS INTERNATIONAL, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
March 31, 2005 and December 31, 2004
(in thousands)
March 31,
December 31,
2005
2004
(Un-Audited)
ASSETS
Current assets
$
11,740
$
12,446
Property, plant and
  equipment, net
20,311
18,988
Goodwill, net
1,892
1,981
Other assets
19
219
Total
  Assets
$
33,962
$
33,634
LIABILITIES AND
  SHAREHOLDERS' EQUITY
Current liabilities
$
6,816
$
6,911
Long-term debt, excluding
  current maturities
4,047
3,731
Deferred tax liability
372
279
Total
  Liabilities
11,235
10,921
Shareholders' equity
22,727
22,713
Total
  Liabilities & Shareholders' Equity
$
33,962
$
33,634