<HTML>
<HEAD>
charset=windows-1252">
<META NAME="Generator" CONTENT="Microsoft Word 97">
<TITLE>x8kmay13</TITLE>
<META NAME="Template" CONTENT="C:\Program Files\Microsoft Office\Office\html.dot">
</HEAD>
<BODY LINK="#0000ff" VLINK="#800080">

<P>charset=windows-1252" </P>
<B><FONT SIZE=5><P ALIGN="CENTER">UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
</FONT>WASHINGTON, D.C. 20549</P>
<FONT FACE="Arial Black" SIZE=6 COLOR="#808080"><P ALIGN="CENTER">___________</P>
</FONT><FONT SIZE=6><P ALIGN="CENTER">FORM 8-K<BR>
</FONT><FONT FACE="Arial Black" SIZE=6 COLOR="#808080">___________</P>
</B></FONT><P ALIGN="CENTER">&nbsp;</P>
<B><P ALIGN="CENTER">CURRENT REPORT</P>
<P ALIGN="CENTER">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934<BR>
Date of Report (Date of earliest event reported): May 13, 2003<BR>
Commission file Number: 0-17321</P>
<FONT FACE="Arial Black" SIZE=6 COLOR="#808080"><P ALIGN="CENTER">___________</P>
</FONT><FONT SIZE=5><P ALIGN="CENTER">TOR MINERALS INTERNATIONAL, INC.<BR>
</B></FONT>(Exact name of registrant as specified in its charter)</P>
<B><FONT FACE="Arial Black" SIZE=6 COLOR="#808080"><P ALIGN="CENTER">___________</P>
</B></FONT><P ALIGN="CENTER">&nbsp;</P>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=672>
<TR><TD WIDTH="50%" VALIGN="TOP">
<B><P ALIGN="CENTER">Delaware</B></TD>
<TD WIDTH="50%" VALIGN="TOP">
<B><P ALIGN="CENTER">74-2081929</B></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<P ALIGN="CENTER">(State or other jurisdiction of corporation)</TD>
<TD WIDTH="50%" VALIGN="TOP">
<P ALIGN="CENTER">(I.R.S. Employer Identification No.)</TD>
</TR>
</TABLE>

<B><P ALIGN="CENTER">722 Burleson<BR>
Corpus Christi, Texas 78402<BR>
</B>(Address of principal executive offices and zip code)</P>
<B><P ALIGN="CENTER">(361) 883-5591<BR>
</B>(Registrant's telephone number, including area code)</P>
<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">ITEM 7. EXHIBITS</P>
<P ALIGN="JUSTIFY">Exhibits: The following exhibit to this Current Report on Form 8-K is not being filed but is being furnished pursuant to Item 9 below:</P>
<P ALIGN="JUSTIFY">99.1 Investor Presentation provided May 13, 2003</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">ITEM 9. REGULATION FD DISCLOSURE.</P>
<P ALIGN="JUSTIFY">The following information (including the attached exhibit) is furnished under this "Item 9. Regulation FD Disclosure." As provided in General Instructions B.2 and B.6 of Form 8-K, such information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">On May 13, 2003, the registrant provided certain historical financial information previously filed in its Forms 10-KSB for the fiscal years ended December 31, 2001 and 2002, along with projections as to its anticipated financial performance in the future, at a presentation made at a meeting of certain of its stockholders and others in the investment community. The full text of the presentation is attached hereto as Exhibit No. 99.1.</P>
<P ALIGN="JUSTIFY">&nbsp;The presentation includes 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 the assumptions made by the Company in preparing the forward looking information as a result of various factors, including market conditions, general economic conditions, including the risks of a general business slow down or recession, raw materials and labor, competition, advances in technology and other factors.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="CENTER">___________</P>
<P>SIGNATURES</P>
<P ALIGN="JUSTIFY">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.</P>
<P>&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=632>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="73%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">TOR MINERALS INTERNATIONAL, INC.<BR>
_____________________<BR>
(Registrant)</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="73%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P>Date: May 14, 2003</FONT></TD>
<TD WIDTH="73%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="CENTER">RICHARD BOWERS<BR>
</U>Richard Bowers<BR>
President and CEO</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="73%" VALIGN="TOP">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
</TR>
<TR><TD WIDTH="27%" VALIGN="TOP">
<FONT SIZE=2><P>Date: May 14, 2003</FONT></TD>
<TD WIDTH="73%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="CENTER">BARBARA RUSSELL<BR>
</U>Barbara Russell, Controller<BR>
(Principal Accounting Officer)</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">EXHIBIT INDEX</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=638>
<TR><TD WIDTH="50%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="JUSTIFY">Exhibit No.</U></FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<U><FONT SIZE=2><P ALIGN="JUSTIFY">Description</U></FONT></TD>
</TR>
<TR><TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">99.1</FONT></TD>
<TD WIDTH="50%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Presentation made on May 13, 2003</FONT></TD>
</TR>
</TABLE>

<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="RIGHT">EXHIBIT 99.1</P>
<P>&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;The presentation includes 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 the assumptions made by the Company in preparing the forward looking information as a result of various factors, including market conditions, general economic conditions, including the risks of a general business slow down or recession, raw materials and labor, competition, advances in technology and other factors.</P>
<P>&nbsp;</P>
<P ALIGN="JUSTIFY">TOR Minerals International, Inc. (Nasdaq: TORM) is a specialty chemical company that manufactures and markets mineral products for use as pigments, pigment extenders, flame retardants, and support structures used in the manufacture of paints, coatings, plastics, solid surface products, catalysts and many other products.</P>
<P ALIGN="JUSTIFY">TOR operates manufacturing plants on three continents. Both subsidiary companies are wholly owned by TOR.</P><DIR>

<P ALIGN="JUSTIFY">&nbsp;TOR Minerals Malaysia, Sdn. Bhd. (TMM) operates a 50,000 ton-per-year synthetic rutile plant in Ipoh, Malaysia. TMM's synthetic rutile is used both at TMM and at the TOR Minerals International, Inc. (TMI) Corpus Christi, Texas plant to make the Company's signature HITOX&#61650; TiO<SUB>2</SUB> pigment. TMM also sells synthetic rutile to third parties who use it to make white TiO<SUB>2</SUB> pigment.</P>
<P ALIGN="JUSTIFY">&nbsp;TOR Processing and Trade, B.V. (TP&amp;T) operates a specialty aluminas plant in Hattem, The Netherlands. TP&amp;T specializes in making high purity, high whiteness, flame retardant aluminas under the ALUPREM&#61650; brand name. TP&amp;T also manufactures transition aluminas (boehmite) used as catalyst support, in printing inks and in high quality paper production. TOR bought TP&amp;T as a start-up in May of 2001.</P>
<P ALIGN="JUSTIFY">&nbsp;TOR Minerals International, Inc. (TMI) has its headquarters and a manufacturing plant in Corpus Christi, Texas where it makes HITOX TiO<SUB>2</SUB> pigment, a line of BARTEX&#61650; , barium sulfate pigment extenders and HALTEX&#61650; alumina fire retardants. Plans are in the works to construct processing lines for the ALUPREM aluminas and transition aluminas in Corpus Christi.</P></DIR>

<P ALIGN="JUSTIFY">The assemblage of mineral processing assets that TOR created in the past three years is beginning to prove its worth. The company is in transition and is experiencing rapid growth. A five-year contract was recently signed with a major TiO<SUB>2</SUB> producer that will result in the sale of significant tonnages of synthetic rutile over a period of five years. The company is also in possession of orders for boehmite that are substantial to the extent that the Netherlands' plant is at capacity; and, the sales of HITOX pigment will increase thirty percent in 2003. Couple this new business with the rapid growth in the ALUPREM line and you find a company that is experiencing significant increases in gross revenues and net profits.</P>
<P ALIGN="JUSTIFY">We hope that, as a new friend, you will watch us and perhaps join us as a shareholder.</P>
</FONT><P><HR></P>
<FONT SIZE=2><P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY"><!-- The following table was generated by the Internet Assistant Wizard for Microsoft Excel. --><!-- ------------------------- --><!-- START OF CONVERTED OUTPUT --><!-- ------------------------- --></P></FONT>
<TABLE CELLSPACING=0 BORDER=0 WIDTH=621>
<TR><TD VALIGN="MIDDLE" COLSPAN=6 BGCOLOR="#ffff00">
<B><U><FONT SIZE=4><P ALIGN="CENTER">Highlights</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" ROWSPAN=2 BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="CENTER">(in thousands, except EPS)</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Actual</B></U></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Projected</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2001</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2002</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2003</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2004</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2005</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Net Revenues</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 14,601 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 16,269 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 23,910 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 31,432 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 35,671 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Net Income</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ (578)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 309 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 2,673 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 4,779 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 4,235 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Basic Earnings per Share</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ (0.10)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.05 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.38 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.67 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.60 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Shares Outstanding</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">5,507 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">6,154 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">7,086 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">7,086 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">7,086 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Return on Net Revenues</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">4%</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">2%</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">11%</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">15%</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">12%</FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Cash &amp; Cash Equivalents</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 204 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 121 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 768 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1,308 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 3,487 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Total Assets</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 21,442 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 21,497 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 23,014 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 2,614 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 28,355 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Stockholders' Equity</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 11,169 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 13,869 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 16,833 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 21,612 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 25,847 </FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 WIDTH=621>
<TR><TD VALIGN="MIDDLE" COLSPAN=6 BGCOLOR="#ffff00">
<B><U><FONT SIZE=4><P ALIGN="CENTER">Revenue by Product</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" ROWSPAN=2 BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="CENTER">(in thousands)</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Actual</B></U></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Projected</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2001</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2002</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2003</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2004</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2005</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>HITOX (TiO<SUB>2</SUB>)</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 9,918 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 10,141 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 11,935 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 13,117 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 13,492 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>SR (Synthetic Rutile)</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 50 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 183 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 5,750 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 9,800 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 12,960 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>ALUPREM (Alumina)</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1,834 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 3,202 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 5,548 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 8,533 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 9,238 </FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 WIDTH=621>
<TR><TD VALIGN="MIDDLE" COLSPAN=6 BGCOLOR="#ffff00">
<B><U><FONT SIZE=4><P ALIGN="CENTER">Income</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" ROWSPAN=2 BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="CENTER">(in thousands, except EPS)</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Actual</B></U></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Projected</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2001</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2002</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2003</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2004</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2005</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Net Revenues</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 14,601 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 16,269 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 23,910 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 31,432 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 35,671 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Net Income</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ (578)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 309 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 2,673 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 4,779 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 4,235 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Basic Earnings per Share</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ (0.10)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.05 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.38 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.67 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 0.60 </FONT></TD>
</TR>
</TABLE>


<TABLE CELLSPACING=0 BORDER=0 WIDTH=621>
<TR><TD VALIGN="MIDDLE" COLSPAN=6 BGCOLOR="#ffff00">
<B><U><FONT SIZE=4><P ALIGN="CENTER">Balance Sheet</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" ROWSPAN=2 BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="CENTER">(in thousands)</FONT></TD>
<TD WIDTH="22%" VALIGN="BOTTOM" COLSPAN=2 BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Actual</B></U></FONT></TD>
<TD WIDTH="34%" VALIGN="BOTTOM" COLSPAN=3 BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">Projected</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2001</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2002</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2003</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2004</B></U></FONT></TD>
<TD WIDTH="11%" VALIGN="BOTTOM" BGCOLOR="#ffff00">
<B><U><FONT SIZE=2><P ALIGN="CENTER">2005</B></U></FONT></TD>
</TR>
<TR><TD VALIGN="MIDDLE" COLSPAN=6 BGCOLOR="#ffff00">
<B><FONT SIZE=2><P>Assets</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Cash &amp; Short-term Investments</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 204 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 121 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 768 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1,308 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 3,487 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Accounts Receivable</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">1,943 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">2,628 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">3,671 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">7,682 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">7,778 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Inventories</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">4,988 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">4,615 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">3,966 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">3,831 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">3,822 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Prepaid Expenses</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">95 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">253 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">125 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">125 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">125 </U></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>
<DIR>

<FONT SIZE=2><P>Total Current Assets</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">7,230 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">7,617 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">8,530 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">12,946 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">15,212 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Property, Plant &amp; Equipment, net</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">12,687 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">12,456 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">13,159 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">11,985 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">11,860 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Other Assets</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">1,525 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">1,424 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">1,325 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">1,283 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">1,283 </U></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<B><FONT SIZE=2><P ALIGN="RIGHT">$ 21,442 </B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<B><FONT SIZE=2><P ALIGN="RIGHT">$ 21,497 </B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<B><FONT SIZE=2><P ALIGN="RIGHT">$ 23,014 </B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<B><FONT SIZE=2><P ALIGN="RIGHT">$ 26,214 </B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<B><FONT SIZE=2><P ALIGN="RIGHT">$ 28,355 </B></FONT></TD>
</TR>
<TR><TD VALIGN="MIDDLE" COLSPAN=6 BGCOLOR="#ffff00">
<B><FONT SIZE=2><P>Liabilities and Shareholders' Equity</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Accounts Payable &amp; Accrued Expenses</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1,551 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1,887 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1,867 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1,864 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">$ 1,847 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Short-term Credit Facilities</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">3,320 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">3,905 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">2,813 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">1,767 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Current Portion of Long-term Debt</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">1,894 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">644 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">380 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">310 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">310 </U></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>
<DIR>

<FONT SIZE=2><P>Total Current Liabilities</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">6,765 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">6,436 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">5,060 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">3,941 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">2,157 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Long-term Debt</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">826 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">887 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">1,121 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">661 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">351 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Convertible Subordinated Debentures</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">2,682 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">306 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">- </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>
<DIR>

<FONT SIZE=2><P>Total Liabilities</DIR>
</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">10,273 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">7,629 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">6,181 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">4,602 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">2,508 </FONT></TD>
</TR>
<TR><TD VALIGN="MIDDLE" COLSPAN=6 BGCOLOR="#ffff00">
<B><FONT SIZE=2><P>Shareholders' Equity</B></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Common Stock $0.25 par Value</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">1,399 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">1,721 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">1,771 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">1,771 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">1,771 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Additional Paid-In Capital</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">15,447 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">17,447 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">17,757 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">17,757 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">17,757 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Accumulated Income (Deficit)</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">(5,677)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">(5,368)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">(2,695)</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">2,084 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">6,319 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Other Comprehensive Income</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">- </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">68 </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">- </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">- </U></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<U><FONT SIZE=2><P ALIGN="RIGHT">- </U></FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00"><DIR>

<FONT SIZE=2><P>Total Shareholders' Equity</DIR>
</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">11,169 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">13,868 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">16,833 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">21,612 </FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P ALIGN="RIGHT">25,847 </FONT></TD>
</TR>
<TR><TD WIDTH="44%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<FONT SIZE=2><P>&nbsp;</FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<B><FONT SIZE=2><P ALIGN="RIGHT">$ 21,442 </B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<B><FONT SIZE=2><P ALIGN="RIGHT">$ 21,497 </B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<B><FONT SIZE=2><P ALIGN="RIGHT">$ 23,014 </B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<B><FONT SIZE=2><P ALIGN="RIGHT">$ 26,214 </B></FONT></TD>
<TD WIDTH="11%" VALIGN="MIDDLE" BGCOLOR="#ffff00">
<B><FONT SIZE=2><P ALIGN="RIGHT">$ 28,355 </B></FONT></TD>
</TR>
</TABLE>

<P><!-- ------------------------- --><!-- END OF CONVERTED OUTPUT --><!-- ------------------------- --><FONT SIZE=2>&nbsp; </P></FONT></BODY>
</HTML>
[{"type": "8-K", "sequence": "1", "filename": "x8kmay13.htm", "description": "INVESTOR PRESENTATION - MAY 13, 2003", "secsgml_size_bytes": 36963}]
{"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": "03698680"}, "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"}}
charset=windows-1252">
x8kmay13
charset=windows-1252"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 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 13, 2003
Commission file Number: 0-17321
___________
TOR MINERALS INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
___________
Delaware
74-2081929
(State or other jurisdiction of corporation)
(I.R.S. Employer Identification No.)
722 Burleson
Corpus Christi, Texas 78402
(Address of principal executive offices and zip code)
(361) 883-5591
(Registrant's telephone number, including area code)
ITEM 7. EXHIBITS
Exhibits: The following exhibit to this Current Report on Form 8-K is not being filed but is being furnished pursuant to Item 9 below:
99.1 Investor Presentation provided May 13, 2003
ITEM 9. REGULATION FD DISCLOSURE.
The following information (including the attached exhibit) is furnished under this "Item 9. Regulation FD Disclosure." As provided in General Instructions B.2 and B.6 of Form 8-K, such information shall not be deemed to be "filed" for purposes of Section 18 of the Securities Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
On May 13, 2003, the registrant provided certain historical financial information previously filed in its Forms 10-KSB for the fiscal years ended December 31, 2001 and 2002, along with projections as to its anticipated financial performance in the future, at a presentation made at a meeting of certain of its stockholders and others in the investment community. The full text of the presentation is attached hereto as Exhibit No. 99.1.
The presentation includes 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 the assumptions made by the Company in preparing the forward looking information as a result of various factors, including market conditions, general economic conditions, including the risks of a general business slow down or recession, raw materials and labor, competition, advances in technology and other factors.
___________
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 14, 2003
RICHARD BOWERS
Richard Bowers
President and CEO
Date: May 14, 2003
BARBARA RUSSELL
Barbara Russell, Controller
(Principal Accounting Officer)
EXHIBIT INDEX
Exhibit No.
Description
99.1
Presentation made on May 13, 2003
EXHIBIT 99.1
The presentation includes 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 the assumptions made by the Company in preparing the forward looking information as a result of various factors, including market conditions, general economic conditions, including the risks of a general business slow down or recession, raw materials and labor, competition, advances in technology and other factors.
TOR Minerals International, Inc. (Nasdaq: TORM) is a specialty chemical company that manufactures and markets mineral products for use as pigments, pigment extenders, flame retardants, and support structures used in the manufacture of paints, coatings, plastics, solid surface products, catalysts and many other products.
TOR operates manufacturing plants on three continents. Both subsidiary companies are wholly owned by TOR.
TOR Minerals Malaysia, Sdn. Bhd. (TMM) operates a 50,000 ton-per-year synthetic rutile plant in Ipoh, Malaysia. TMM's synthetic rutile is used both at TMM and at the TOR Minerals International, Inc. (TMI) Corpus Christi, Texas plant to make the Company's signature HITOX TiO
2
pigment. TMM also sells synthetic rutile to third parties who use it to make white TiO
2
pigment.
TOR Processing and Trade, B.V. (TP&T) operates a specialty aluminas plant in Hattem, The Netherlands. TP&T specializes in making high purity, high whiteness, flame retardant aluminas under the ALUPREM brand name. TP&T also manufactures transition aluminas (boehmite) used as catalyst support, in printing inks and in high quality paper production. TOR bought TP&T as a start-up in May of 2001.
TOR Minerals International, Inc. (TMI) has its headquarters and a manufacturing plant in Corpus Christi, Texas where it makes HITOX TiO
2
pigment, a line of BARTEX , barium sulfate pigment extenders and HALTEX alumina fire retardants. Plans are in the works to construct processing lines for the ALUPREM aluminas and transition aluminas in Corpus Christi.
The assemblage of mineral processing assets that TOR created in the past three years is beginning to prove its worth. The company is in transition and is experiencing rapid growth. A five-year contract was recently signed with a major TiO
2
producer that will result in the sale of significant tonnages of synthetic rutile over a period of five years. The company is also in possession of orders for boehmite that are substantial to the extent that the Netherlands' plant is at capacity; and, the sales of HITOX pigment will increase thirty percent in 2003. Couple this new business with the rapid growth in the ALUPREM line and you find a company that is experiencing significant increases in gross revenues and net profits.
We hope that, as a new friend, you will watch us and perhaps join us as a shareholder.
Highlights
(in thousands, except EPS)
Actual
Projected
2001
2002
2003
2004
2005
Net Revenues
$ 14,601
$ 16,269
$ 23,910
$ 31,432
$ 35,671
Net Income
$ (578)
$ 309
$ 2,673
$ 4,779
$ 4,235
Basic Earnings per Share
$ (0.10)
$ 0.05
$ 0.38
$ 0.67
$ 0.60
Shares Outstanding
5,507
6,154
7,086
7,086
7,086
Return on Net Revenues
4%
2%
11%
15%
12%
Cash & Cash Equivalents
$ 204
$ 121
$ 768
$ 1,308
$ 3,487
Total Assets
$ 21,442
$ 21,497
$ 23,014
$ 2,614
$ 28,355
Stockholders' Equity
$ 11,169
$ 13,869
$ 16,833
$ 21,612
$ 25,847
Revenue by Product
(in thousands)
Actual
Projected
2001
2002
2003
2004
2005
HITOX (TiO
2
)
$ 9,918
$ 10,141
$ 11,935
$ 13,117
$ 13,492
SR (Synthetic Rutile)
$ 50
$ 183
$ 5,750
$ 9,800
$ 12,960
ALUPREM (Alumina)
$ 1,834
$ 3,202
$ 5,548
$ 8,533
$ 9,238
Income
(in thousands, except EPS)
Actual
Projected
2001
2002
2003
2004
2005
Net Revenues
$ 14,601
$ 16,269
$ 23,910
$ 31,432
$ 35,671
Net Income
$ (578)
$ 309
$ 2,673
$ 4,779
$ 4,235
Basic Earnings per Share
$ (0.10)
$ 0.05
$ 0.38
$ 0.67
$ 0.60
Balance Sheet
(in thousands)
Actual
Projected
2001
2002
2003
2004
2005
Assets
Cash & Short-term Investments
$ 204
$ 121
$ 768
$ 1,308
$ 3,487
Accounts Receivable
1,943
2,628
3,671
7,682
7,778
Inventories
4,988
4,615
3,966
3,831
3,822
Prepaid Expenses
95
253
125
125
125
Total Current Assets
7,230
7,617
8,530
12,946
15,212
Property, Plant & Equipment, net
12,687
12,456
13,159
11,985
11,860
Other Assets
1,525
1,424
1,325
1,283
1,283
$ 21,442
$ 21,497
$ 23,014
$ 26,214
$ 28,355
Liabilities and Shareholders' Equity
Accounts Payable & Accrued Expenses
$ 1,551
$ 1,887
$ 1,867
$ 1,864
$ 1,847
Short-term Credit Facilities
3,320
3,905
2,813
1,767
-
Current Portion of Long-term Debt
1,894
644
380
310
310
Total Current Liabilities
6,765
6,436
5,060
3,941
2,157
Long-term Debt
826
887
1,121
661
351
Convertible Subordinated Debentures
2,682
306
-
-
-
Total Liabilities
10,273
7,629
6,181
4,602
2,508
Shareholders' Equity
Common Stock $0.25 par Value
1,399
1,721
1,771
1,771
1,771
Additional Paid-In Capital
15,447
17,447
17,757
17,757
17,757
Accumulated Income (Deficit)
(5,677)
(5,368)
(2,695)
2,084
6,319
Other Comprehensive Income
-
68
-
-
-
Total Shareholders' Equity
11,169
13,868
16,833
21,612
25,847
$ 21,442
$ 21,497
$ 23,014
$ 26,214
$ 28,355