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<B><FONT size=4 face="serif">UNITED STATES<br>
</FONT><FONT size=3 face="serif">SECURITIES AND EXCHANGE COMMISSION<br>
</FONT><FONT size=2 face="serif">WASHINGTON, DC 20549</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=5 face="serif">FORM 8-K</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=2 face="serif">CURRENT REPORT PURSUANT</FONT></B><BR>
<B><FONT size=2 face="serif">TO SECTION 13 OR 15(D) OF THE</FONT></B><BR>
<B><FONT size=2 face="serif">SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>
<P style="text-align: center;">
<FONT size=3 face="serif">Date of report (Date of earliest event reported): </FONT><B><FONT size=3 face="serif">March 3, 2016</FONT></B></P>
<P style="text-align: center;">
<B><FONT size=5 face="serif">TOR Minerals International, Inc.<br>
</FONT></B><FONT size=2 face="serif">(Exact Name of Registrant as Specified in Its Charter)</FONT></P>
<P style="text-align: center;">
<B><FONT size=2 face="serif">Delaware<br>
</FONT></B><FONT size=2 face="serif">(State or Other Jurisdiction of Incorporation)</FONT></P>
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     <TD width=47%></TD></TR>
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<B><FONT size=2 face="serif">0-17321</FONT></B>&nbsp;</TD>
	<TD align=center>
<B><FONT size=2 face="serif">74-2081929</FONT></B>&nbsp;</TD>
</TR>
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	<TD align=center>
<FONT size=2 face="serif">(Commission File Number)</FONT>&nbsp;</TD>
	<TD align=center>
<FONT size=2 face="serif">(IRS Employer Identification No.)</FONT>&nbsp;</TD>
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	<TD colspan=2>
&nbsp;</TD>
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<B><FONT size=2 face="serif">722 Burleson Street</FONT></B>&nbsp;</TD>
	<TD align=left>
&nbsp;</TD>
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	<TD align=center>
<B><FONT size=2 face="serif">Corpus Christi, Texas</FONT></B>&nbsp;</TD>
	<TD align=center>
<B><FONT size=2 face="serif">78402</FONT></B>&nbsp;</TD>
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	<TD align=center>
<FONT size=2 face="serif">(Address of Principal Executive Offices)</FONT>&nbsp;</TD>
	<TD align=center>
<FONT size=2 face="serif">(Zip Code)</FONT>&nbsp;</TD>
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<B><FONT size=2 face="serif">(361) 883-5591<br>
</FONT></B><FONT size=2 face="serif">(Registrant&#146;s Telephone Number, Including Area Code)</FONT></P>
<P style="text-align: center;">
<B><FONT size=2 face="serif">N/A<br>
</FONT></B><FONT size=2 face="serif">(Former Name or Former Address, if Changed Since Last Report)</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="serif">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 (</FONT><I><FONT size=2 face="serif">see </FONT></I><FONT size=2 face="serif">General Instruction A.2. below):</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="serif">___ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </FONT></P>
<P style="text-align: left;">
<FONT size=2 face="serif">&nbsp;___Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </FONT></P>
<P style="text-align: left;">
<FONT size=2 face="serif">___ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </FONT></P>
<P style="text-align: left;">
<FONT size=2 face="serif">___ 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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&nbsp;</P>
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&nbsp;</P>
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&nbsp;</P>
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&nbsp;</P>
<P style="text-align: center;">
<FONT size=2 face="serif">1</FONT></P>
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<B><FONT size=2 face="serif">ITEM 2.02 </FONT></B><B><U><FONT size=2 face="serif">RESULTS OF OPERATIONS AND FINANCIAL CONDITION</FONT></U></B><FONT size=2 face="serif">.</FONT></P>
<P style="text-align: left;">
<FONT size=2 face="serif">On March 3, 2016, TOR Minerals International, Inc. (the &#147;Company&#148;), announced its announced its financial results for the fourth quarter and year-ended December 31, 2015.</FONT></P>
<P style="text-align: left;">
<B><U><FONT size=2 face="serif">Full-year 2015 summary</FONT></U></B></P>
<UL>
<LI>
<FONT size=2 face="serif">2015 net sales decreased 21% to &#36;37.1 million</FONT></LI>
<LI>
<FONT size=2 face="serif">2015 net loss of &#36;6.4 million, versus 2014 net loss of &#36;554,000</FONT></LI>
<LI>
<FONT size=2 face="serif">2015 loss per diluted share of (&#36;2.11) per share, versus net loss per diluted share of &#36;(0.18)</FONT></LI>
<LI>
<FONT size=2 face="serif">2015 Adjusted EBITDA of &#36;2.1 million, versus &#36;5.1 million during 2014</FONT></LI>
<LI>
<FONT size=2 face="serif">2015 cash flow from operations of &#36;3.4 million, versus 2014 cash flow from operations of &#36;4.6 million</FONT></LI>
</UL>
<DIV align="left">
<TABLE border=0 style="width:100%; border-top-width:0px; border-bottom-width:0px" cellspacing=0 cellpadding="0">
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	<TD align=left>
<B><FONT size=2 face="serif">Annual Sales Comparison by</FONT></B>&nbsp;</TD>
	<TD align=center>
&nbsp;</TD>
	<TD align=left style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>
	<TD align=left style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=center style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>
	<TD align=left style="border-right-style: none; border-right-width: medium">
&nbsp;</TD>
	<TD align=left style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=center colspan="2" style="border-left-style: none; border-left-width: medium">
<B><FONT size=2 face="serif">%Change</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;">
<B><FONT size=2 face="serif">Product Group (in 000's)</FONT></B>&nbsp;</TD>
	<TD align=center style="border-bottom:1px solid #000000;" colspan="2">
<p align="center">
<B><FONT size=2 face="serif">2015</FONT></B>&nbsp;</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD align=center style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium" colspan="2">
<p align="center">
<B><FONT size=2 face="serif">2014</FONT></B>&nbsp;</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000; border-left-style:none; border-left-width:medium" colspan="2">
<p align="center">
<B><FONT size=2 face="serif">2015 vs. 2014</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#c5d9f1" align=left>
<FONT size=2 face="serif">Specialty Aluminas</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=center>
<FONT size=2 face="serif">&#36;</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-right-style: none; border-right-width: medium">
<FONT size=2 face="serif">16,781</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=center style="border-left-style: none; border-left-width: medium">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-right-style: none; border-right-width: medium">
<FONT size=2 face="serif">21,698</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-left-style: none; border-left-width: medium">
<FONT size=2 face="serif">-23</FONT></TD>
	<TD bgcolor="#c5d9f1" align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left>
<FONT size=2 face="serif">Barium Sulfate and Other Products</FONT>&nbsp;</TD>
	<TD align=center>
&nbsp;</TD>
	<TD align=right style="border-right-style: none; border-right-width: medium">
<FONT size=2 face="serif">9,154</FONT>&nbsp;</TD>
	<TD align=right style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=center style="border-left-style: none; border-left-width: medium">
&nbsp;</TD>
	<TD align=right style="border-right-style: none; border-right-width: medium">
<FONT size=2 face="serif">9,546</FONT>&nbsp;</TD>
	<TD align=right style="border-style: none; border-width: medium">
&nbsp;</TD>
	<TD align=right style="border-left-style: none; border-left-width: medium">
<FONT size=2 face="serif">-4</FONT></TD>
	<TD align=left>
<FONT size=2 face="serif">%</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#c5d9f1" align=left>
<FONT size=2 face="serif">TiO</FONT><FONT size=1 face="serif">2 </FONT><FONT size=2 face="serif">Pigments</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=center style="border-bottom:1px solid #000000;">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-bottom:1px solid #000000;; border-right-style:none; border-right-width:medium">
<FONT size=2 face="serif">11,124</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=center style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-bottom:1px solid #000000;; border-right-style:none; border-right-width:medium">
<FONT size=2 face="serif">15,486</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-bottom:1px solid #000000;; border-left-style:none; border-left-width:medium">
<FONT size=2 face="serif">-28</FONT></TD>
	<TD bgcolor="#c5d9f1" align=left style="border-bottom:1px solid #000000;">
<FONT size=2 face="serif">%</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.000183pt">
<B><FONT size=2 face="serif">Total</FONT></B>&nbsp;</TD>
	<TD align=center style="border-bottom:3px double #000000; border-top-style:none; border-top-width:medium" style="TEXT-INDENT:0.000214pt">
<B><FONT size=2 face="serif">&#36;</FONT></B>&nbsp;</TD>
	<TD align=right style="border-bottom:3px double #000000; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<B><FONT size=2 face="serif">37,059</FONT></B>&nbsp;</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD align=center style="border-bottom:3px double #000000; border-left-style:none; border-left-width:medium; border-top-style:none; border-top-width:medium" style="TEXT-INDENT:0.000214pt">
<B><FONT size=2 face="serif">&#36;</FONT></B>&nbsp;</TD>
	<TD align=right style="border-bottom:3px double #000000; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
<B><FONT size=2 face="serif">46,730</FONT></B>&nbsp;</TD>
	<TD align=right style="border-bottom:medium none #000000;; border-left-style:none; border-left-width:medium; border-right-style:none; border-right-width:medium; border-top-style:none; border-top-width:medium">
&nbsp;</TD>
	<TD align=right style="border-bottom:3px double #000000; border-left-style:none; border-left-width:medium; border-top-style:none; border-top-width:medium">
<B><FONT size=2 face="serif">-21</FONT></B></TD>
	<TD align=left style="border-bottom:3px double #000000; border-top-style:none; border-top-width:medium">
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: justify;">
<FONT size=2 face="serif">During 2015, net sales decreased 21 percent primarily due to a decrease in volumes across all product categories and, to a lesser extent, from the negative effect of foreign currency translation and lower average selling prices. The negative effect of foreign currency translation was responsible for approximately 20 to 25 percent of the decrease in each of the three products groups. The decrease in specialty alumina sales was primarily due to lower unit volumes from a U.S. large customer, which was only partially offset by increased volumes in Europe and increased volumes of the Company&#146;s Haltex/ Optiload products. The decrease in TiO2 pigments sales was primarily due to lower unit volumes resulting from continued weakness in the global TiO2 market, as well as aggressive pricing pressure from producers of white TiO2 in China and other producers.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="serif">During 2015, gross margin decreased 9.1 percentage points to 5.1 percent of sales. Due to continued weakness in the TiO2 market, the Company recorded a &#36;1.7 million non-cash inventory adjustment to further reduce the carrying value of its TiO2 finished goods and raw materials, as well as a reserve for obsolescence inventory. The remaining year-over-year decrease in gross margin was related to lower average selling prices and lower utilization at the Company&#146;s plant in Malaysia. The Company also recorded a separate non-cash charge of &#36;2.9 million during the fourth quarter of 2015 related to the loss of disposal of its TiO2 feedstock production fixed assets, as management determined that it was more cost effective to continue purchasing feedstock material for its TiO2-based products from alternate sources than to resume production at its Malaysian facility. During 2015, operating expenses decreased seven percent to &#36;4.7 million, as lower salaries expense was partially offset by an increase in bad debt expense. During 2015, net loss was &#36;6.4 million, or (&#36;2.11) per diluted share, as compared to net loss of &#36;554,000, or (&#36;0.18) per diluted share, during the same period a year ago.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="serif">&#147;Our outlook for our Specialty Alumina business is positive. Despite the downturn in the European economy, specialty alumina sales volumes in Europe increased four percent year over year. In anticipation of growth from existing products and new large-volume applications, we invested in our Specialty Alumina production facilities during 2015, more than doubling the plant&#146;s capacity,&#148; commented Dr. Olaf Karasch, Chief Executive Officer. &#147;Our TiO2 business remained challenged by persistent pricing pressure from Chinese producers that is affecting the entire industry. While difficult market conditions are expected to persist in the TiO2 industry, we have taken significant cost out of our TiO2 business such that we believe that we can produce income from this segment at low volume levels. Despite the revenue challenges and significant non-cash charges, our operations delivered a substantial cash flow during 2015, generating &#36;3.4 million in cash flow from operations, which was re-invested to add capacity to our alumina operations.&#148;</FONT></P>
<P style="text-align: center;">
<FONT size=2 face="serif">2</FONT></P>
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<P style="text-align: left;">
<B><U><FONT size=2 face="serif">Fourth quarter summary</FONT></U></B></P>
<UL>
<LI>
<FONT size=2 face="serif">4Q15 net sales decreased 19% to &#36;8.0 million</FONT></LI>
<LI>
<FONT size=2 face="serif">4Q15 net loss of &#36;5.9 million, versus 4Q14 net loss of &#36;1.7 million</FONT></LI>
<LI>
<FONT size=2 face="serif">4Q15 loss per share of (&#36;1.97), versus 4Q14 net loss per diluted share of (&#36;0.57)</FONT></LI>
<LI>
<FONT size=2 face="serif">4Q15 cash flow from operations of &#36;37,000, versus 4Q14 cash used in operations of (&#36;53,000)</FONT></LI>
</UL>
<DIV align="left">
<TABLE border=0 style="width:100%" cellspacing=0>
<TR valign="bottom">
	<TD align=left width="58%">
<B><FONT size=2 face="serif">Quarterly Sales Comparison by</FONT></B>&nbsp;</TD>
	<TD align=left width="4%">
&nbsp;</TD>
	<TD align=left width="9%">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=left width="3%">
&nbsp;</TD>
	<TD align=left width="9%">
&nbsp;</TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=left width="14%" colspan="2">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="border-bottom:1px solid #000000;" width="58%">
<B><FONT size=2 face="serif">Product Group (in 000's)</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;" colspan="3">
<p align="center">
<B><FONT size=2 face="serif">4Q15</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:1px solid #000000;" colspan="3">
<p align="center">
<B><FONT size=2 face="serif">4Q14</FONT></B>&nbsp;</TD>
	<TD align=right style="border-bottom:1px solid #000000;" width="14%" colspan="2">
<p align="center">
<B><FONT size=2 face="serif">%Change</FONT></B></TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#c5d9f1" align=left width="58%">
<FONT size=2 face="serif">Specialty Aluminas</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=left width="4%">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right width="9%">
<FONT size=2 face="serif">3,830</FONT></TD>
	<TD bgcolor="#c5d9f1" align=left width="1%">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=left width="3%">
<FONT size=2 face="serif">&#36;</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right width="9%">
<FONT size=2 face="serif">5,012</FONT></TD>
	<TD bgcolor="#c5d9f1" align=left width="1%">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right width="8%">
<FONT size=2 face="serif">-24</FONT></TD>
	<TD bgcolor="#c5d9f1" align=left width="6%">
<FONT size=2 face="serif">%</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<FONT size=2 face="serif">Barium Sulfate and Other Products</FONT>&nbsp;</TD>
	<TD align=left width="4%">
&nbsp;</TD>
	<TD align=right width="9%">
<FONT size=2 face="serif">1,978</FONT></TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=left width="3%">
&nbsp;</TD>
	<TD align=right width="9%">
<FONT size=2 face="serif">1,943</FONT></TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=2 face="serif">2</FONT></TD>
	<TD align=left width="6%">
<FONT size=2 face="serif">%</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD bgcolor="#c5d9f1" align=left width="58%">
<FONT size=2 face="serif">TiO</FONT><FONT size=1 face="serif">2 </FONT><FONT size=2 face="serif">Pigments</FONT>&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=left style="border-bottom:1px solid #000000;" width="4%">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-bottom:1px solid #000000;" width="9%">
<FONT size=2 face="serif">2,185</FONT></TD>
	<TD bgcolor="#c5d9f1" align=left style="border-bottom:1px solid #000000;" width="1%">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=left style="border-bottom:1px solid #000000;" width="3%">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-bottom:1px solid #000000;" width="9%">
<FONT size=2 face="serif">2,934</FONT></TD>
	<TD bgcolor="#c5d9f1" align=left style="border-bottom:1px solid #000000;" width="1%">
&nbsp;</TD>
	<TD bgcolor="#c5d9f1" align=right style="border-bottom:1px solid #000000;" width="8%">
<FONT size=2 face="serif">-26</FONT></TD>
	<TD bgcolor="#c5d9f1" align=left style="border-bottom:1px solid #000000;" width="6%">
<FONT size=2 face="serif">%</FONT>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left style="TEXT-INDENT:0.000183pt" width="58%">
<B><FONT size=2 face="serif">Total</FONT></B>&nbsp;</TD>
	<TD align=left style="border-bottom:3px double #000000; border-top-style:none; border-top-width:medium" style="TEXT-INDENT:0.000214pt" width="4%">
<B><FONT size=2 face="serif">&#36;</FONT></B>&nbsp;</TD>
	<TD align=right style="border-bottom:3px double #000000; border-top-style:none; border-top-width:medium" width="9%">
<B><FONT size=2 face="serif">7,993</FONT></B></TD>
	<TD align=left style="border-bottom:3px double #000000; border-top-style:none; border-top-width:medium" width="1%">
&nbsp;</TD>
	<TD align=left style="border-bottom:3px double #000000; border-top-style:none; border-top-width:medium" style="TEXT-INDENT:0.000214pt" width="3%">
<B><FONT size=2 face="serif">&#36;</FONT></B>&nbsp;</TD>
	<TD align=right style="border-bottom:3px double #000000; border-top-style:none; border-top-width:medium" width="9%">
<B><FONT size=2 face="serif">9,889</FONT></B></TD>
	<TD align=left style="border-bottom:3px double #000000; border-top-style:none; border-top-width:medium" width="1%">
&nbsp;</TD>
	<TD align=right style="border-bottom:3px double #000000; border-top-style:none; border-top-width:medium" width="8%">
<B><FONT size=2 face="serif">-19</FONT></B></TD>
	<TD align=left style="border-bottom:3px double #000000; border-top-style:none; border-top-width:medium" width="6%">
<B><FONT size=2 face="serif">%</FONT></B>&nbsp;</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: justify;">
<FONT size=2 face="serif">During the fourth quarter, net sales decreased 19 percent to &#36;8.0 million, as we experienced a 24 percent decrease in Specialty Aluminas and a 26 percent decrease in TiO2 Pigments, which was partially offset by a 2 percent increase in our Barium Sulfate and Other Products sales. The decrease in Specialty Alumina sales was primarily due to lower unit volumes from a large customer and the negative effect of foreign currency translation, which was only partially offset by increased volumes in Europe and increase volumes of the Company&#146;s Haltex/ Optiload products. In addition to the negative effect of foreign currency translation, the decrease in TiO2 pigment sales was due to lower volume and lower average selling price related to the continued pricing pressure from Chinese producers. Despite the negative effect of foreign currency translation, sales of Barium Sulfate and Other Products increased two percent during the fourth quarter. The increase in sales of Barium Sulfate and Other Products was due to both new business and expanded use by existing customers.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="serif">Year-over-year comparisons during the fourth quarter income/(loss) were made difficult due to significant non-cash charges during both periods. During the fourth quarter, operating expenses increased 22 percent to &#36;4.4 million, primarily related to the non-cash loss on disposal of assets at the Company&#146;s Malaysian subsidiary related to the SR production. During the fourth quarter, net loss available to common shareholders was &#36;5.9 million, or (&#36;1.97) per diluted share, as compared to net loss of &#36;1.7 million, or (&#36;0.57) per diluted share, during the same period a year ago.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="serif">&#147;Due to the strategic moves we have made to diversify our revenue base, position the company for growth and lower our cost structure in an effort improve returns, we are better positioned to weather the headwinds that have resulted in disappointing financial comparisons this year, and remain optimistic about our business for the next several years,&#148; said Dr. Karasch. &#147;We expect our specialty alumina and barium sulfate business to resume volume growth from current levels and we remain optimistic about the outlook for these categories for the next several years. To meet anticipated demand for existing and new specialty alumina applications, we are completing the process of expanding our production capacity. Growth in other areas of our business has diversified our revenue base and resulted in our TiO2 business having less impact on our overall results. In addition, by significantly lowering our cost structure and inventory requirements, we are better positioned to generate positive contribution from our TiO2 business despite difficult market conditions that are likely to persist for the next several years. Overall, we intend to drive improvement in returns with faster inventory turnover and lower production costs, while refocusing investment in areas that can provide opportunities for greater growth and contribute attractive returns.&#148;</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="serif">TOR Minerals will host a conference call at 5:00 p.m. Eastern, 4:00 p.m. Central Time, on March 3, 2016, to further discuss fourth quarter and full year results. The call will be simultaneously webcast, and can be accessed via the News section on the Company's website, </FONT><U><FONT size=2 face="serif">www.torminerals.com</FONT></U><FONT size=2 face="serif">. Investors and interested parties may participate in the call by dialing 877-407-8033 and referring to conference ID # 13630651.</FONT></P>
<P style="text-align: justify;">
<FONT size=2 face="serif">Headquartered in Corpus Christi, Texas, TOR Minerals International is a global manufacturer and marketer of specialty mineral and pigment products for high performance applications with manufacturing and regional offices located in the United States, Netherlands and Malaysia.</FONT></P>
<P style="text-align: justify;">
&nbsp;</P>
<P style="text-align: justify;">
&nbsp;</P>
<P style="text-align: center;">
<FONT size=2 face="serif">3</FONT></P>
</DIV>

<HR noshade color=#BAFCF9 align="center" width="100%"><DIV STYLE="page-break-before: always">&nbsp;</div>




<A name="page_4"></A><BR>

<a name="_bclPageBorder4"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: justify;">
<I><FONT size=2 face="serif">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 present slowdown in U.S. construction and the risks of a general business slow down or recession, the increasing cost of energy, raw materials and labor, competition, the receptivity of the markets for our anticipated new products, advances in technology, changes in foreign currency rates, freight price increase, commodity price increases, delays in delivery of required equipment and other factors.</FONT></I></P>
<P style="text-align: justify;">
<I><FONT size=2 face="serif">Non-GAAP Financial Measures and Pro-Forma Results</FONT></I></P>
<P style="text-align: justify;">
<I><FONT size=2 face="serif">This press release includes the following financial measure defined as "non-GAAP financial measures" by the Securities and Exchange Commission: Adjusted-EBITDA. Adjusted-EBITDA may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of this non-GAAP financial measures to the nearest comparable GAAP measures is provided in the table below.</FONT></I></P>
<P style="text-align: justify;">
<I><FONT size=2 face="serif">Non-GAAP EBITDA includes items such as impairment charges, allowance for doubtful accounts, non-cash charges related to inventory impairments and non-cash charges related to the disposal of assets. The Company believes this non-GAAP measure provides useful information to both management and investors by excluding certain expenses, gains and losses or net purchases of property and equipment, as the case may be, which may not be indicative of its core operation results and business outlook.</FONT></I></P>
<P style="text-align: left;">
<FONT size=2 face="serif">A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.</FONT></P>
<P style="text-align: center;">
<FONT size=2 face="serif">4</FONT></P>
</DIV>

<HR noshade color=#BAFCF9 align="center" width="100%"><DIV STYLE="page-break-before: always">&nbsp;</div>




<A name="page_5"></A><BR>

<a name="_bclPageBorder5"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<P style="text-align: left;">
<B><FONT size=2 face="serif">ITEM 9.01 </FONT></B><B><U><FONT size=2 face="serif">FINANCIAL STATEMENTS AND EXHIBITS</FONT></U></B></P>
<TABLE border=0 cellspacing=0 width="100%">
<TR>
	<TD nowrap valign=top width="6%">
<FONT size=2 face="serif">(a)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="serif">Financial Statements of Businesses Acquired. Not applicable.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="6%">
<FONT size=2 face="serif">(b)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="serif">Pro Forma Financial Information. Not applicable.</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="6%">
<FONT size=2 face="serif">(c)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="serif">Shell company transaction Not applicable</FONT>	</TD>
</TR>
<TR>
	<TD nowrap valign=top width="6%">
<FONT size=2 face="serif">(d)</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="94%">
<FONT size=2 face="serif">Exhibits.</FONT>	</TD>
</TR>
<TR>
<TD width="6%">&nbsp;</TD>	<TD width="94%">
<FONT size=2 face="serif">The following exhibit is furnished in accordance with the provisions of Item 601 of Regulation S-B: Exhibit</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: left;">
<U><FONT size=2 face="serif">Number</FONT></U></P>
<P style="text-align: left;">
<U><FONT size=2 face="serif">Description</FONT></U></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="serif">99.1</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="serif">Press Release, dated March 3, 2016 reporting the Company&#146;s fourth quarter and year-end 2015 financial results</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: center;">
<B><FONT size=2 face="serif">SIGNATURES</FONT></B></P>
<P style="text-align: left;">
<FONT size=2 face="serif">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>
<P style="text-align: center;">
<FONT size=2 face="serif">TOR MINERALS INTERNATIONAL, INC.</FONT><BR>
<B><FONT color="#808080" size=2 face="serif">_____________________</FONT></B><BR>
<FONT size=2 face="serif">(Registrant)</FONT></P>
<DIV align="left">
<TABLE border=0 style="width:100%" cellspacing=0>
<TR>
     <TD width=46%></TD>
     <TD width=53%></TD></TR>
<TR valign="top">
	<TD width=46%><P><FONT size=2 face="serif">Date: March 3, 2016</FONT></P>
</TD>
	<TD width=53% colspan=1><P><B><U><FONT size=2 face="serif">/s/ BARBARA RUSSELL<br>
	</FONT></U></B><FONT size=2 face="serif">Barbara Russell <br>
	Chief Financial Officer</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: center;">
<B><FONT size=2 face="serif">EXHIBIT INDEX</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="serif">Exhibit No.</FONT></B></P>
<P style="text-align: left;">
<B><FONT size=2 face="serif">Description</FONT></B></P>
<TABLE border=0 cellspacing=0>
<TR>
	<TD nowrap valign=top width="2%">
<FONT size=2 face="serif">99.1</FONT>&nbsp; &nbsp; &nbsp; 	</TD>
	<TD width="98%">
<FONT size=2 face="serif">Press Release, dated March 3, 2016 reporting the Company&#146;s fourth quarter and year-end 2015 financial results s</FONT>	</TD>
</TR>
</TABLE>
<P style="text-align: center;">
<FONT size=2 face="serif">5</FONT></P>
</DIV>


</BODY>

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k2015q4earningsrelease.htm - Prepared by EDGARX.com
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):
March 3, 2016
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))
1
ITEM 2.02
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
.
On March 3, 2016, TOR Minerals International, Inc. (the "Company"), announced its announced its financial results for the fourth quarter and year-ended December 31, 2015.
Full-year 2015 summary
2015 net sales decreased 21% to $37.1 million
2015 net loss of $6.4 million, versus 2014 net loss of $554,000
2015 loss per diluted share of ($2.11) per share, versus net loss per diluted share of $(0.18)
2015 Adjusted EBITDA of $2.1 million, versus $5.1 million during 2014
2015 cash flow from operations of $3.4 million, versus 2014 cash flow from operations of $4.6 million
Annual Sales Comparison by
%Change
Product Group (in 000's)
2015
2014
2015 vs. 2014
Specialty Aluminas
$
16,781
$
21,698
-23
%
Barium Sulfate and Other Products
9,154
9,546
-4
%
TiO
2
Pigments
11,124
15,486
-28
%
Total
$
37,059
$
46,730
-21
%
During 2015, net sales decreased 21 percent primarily due to a decrease in volumes across all product categories and, to a lesser extent, from the negative effect of foreign currency translation and lower average selling prices. The negative effect of foreign currency translation was responsible for approximately 20 to 25 percent of the decrease in each of the three products groups. The decrease in specialty alumina sales was primarily due to lower unit volumes from a U.S. large customer, which was only partially offset by increased volumes in Europe and increased volumes of the Company's Haltex/ Optiload products. The decrease in TiO2 pigments sales was primarily due to lower unit volumes resulting from continued weakness in the global TiO2 market, as well as aggressive pricing pressure from producers of white TiO2 in China and other producers.
During 2015, gross margin decreased 9.1 percentage points to 5.1 percent of sales. Due to continued weakness in the TiO2 market, the Company recorded a $1.7 million non-cash inventory adjustment to further reduce the carrying value of its TiO2 finished goods and raw materials, as well as a reserve for obsolescence inventory. The remaining year-over-year decrease in gross margin was related to lower average selling prices and lower utilization at the Company's plant in Malaysia. The Company also recorded a separate non-cash charge of $2.9 million during the fourth quarter of 2015 related to the loss of disposal of its TiO2 feedstock production fixed assets, as management determined that it was more cost effective to continue purchasing feedstock material for its TiO2-based products from alternate sources than to resume production at its Malaysian facility. During 2015, operating expenses decreased seven percent to $4.7 million, as lower salaries expense was partially offset by an increase in bad debt expense. During 2015, net loss was $6.4 million, or ($2.11) per diluted share, as compared to net loss of $554,000, or ($0.18) per diluted share, during the same period a year ago.
"Our outlook for our Specialty Alumina business is positive. Despite the downturn in the European economy, specialty alumina sales volumes in Europe increased four percent year over year. In anticipation of growth from existing products and new large-volume applications, we invested in our Specialty Alumina production facilities during 2015, more than doubling the plant's capacity," commented Dr. Olaf Karasch, Chief Executive Officer. "Our TiO2 business remained challenged by persistent pricing pressure from Chinese producers that is affecting the entire industry. While difficult market conditions are expected to persist in the TiO2 industry, we have taken significant cost out of our TiO2 business such that we believe that we can produce income from this segment at low volume levels. Despite the revenue challenges and significant non-cash charges, our operations delivered a substantial cash flow during 2015, generating $3.4 million in cash flow from operations, which was re-invested to add capacity to our alumina operations."
2
Fourth quarter summary
4Q15 net sales decreased 19% to $8.0 million
4Q15 net loss of $5.9 million, versus 4Q14 net loss of $1.7 million
4Q15 loss per share of ($1.97), versus 4Q14 net loss per diluted share of ($0.57)
4Q15 cash flow from operations of $37,000, versus 4Q14 cash used in operations of ($53,000)
Quarterly Sales Comparison by
Product Group (in 000's)
4Q15
4Q14
%Change
Specialty Aluminas
$
3,830
$
5,012
-24
%
Barium Sulfate and Other Products
1,978
1,943
2
%
TiO
2
Pigments
2,185
2,934
-26
%
Total
$
7,993
$
9,889
-19
%
During the fourth quarter, net sales decreased 19 percent to $8.0 million, as we experienced a 24 percent decrease in Specialty Aluminas and a 26 percent decrease in TiO2 Pigments, which was partially offset by a 2 percent increase in our Barium Sulfate and Other Products sales. The decrease in Specialty Alumina sales was primarily due to lower unit volumes from a large customer and the negative effect of foreign currency translation, which was only partially offset by increased volumes in Europe and increase volumes of the Company's Haltex/ Optiload products. In addition to the negative effect of foreign currency translation, the decrease in TiO2 pigment sales was due to lower volume and lower average selling price related to the continued pricing pressure from Chinese producers. Despite the negative effect of foreign currency translation, sales of Barium Sulfate and Other Products increased two percent during the fourth quarter. The increase in sales of Barium Sulfate and Other Products was due to both new business and expanded use by existing customers.
Year-over-year comparisons during the fourth quarter income/(loss) were made difficult due to significant non-cash charges during both periods. During the fourth quarter, operating expenses increased 22 percent to $4.4 million, primarily related to the non-cash loss on disposal of assets at the Company's Malaysian subsidiary related to the SR production. During the fourth quarter, net loss available to common shareholders was $5.9 million, or ($1.97) per diluted share, as compared to net loss of $1.7 million, or ($0.57) per diluted share, during the same period a year ago.
"Due to the strategic moves we have made to diversify our revenue base, position the company for growth and lower our cost structure in an effort improve returns, we are better positioned to weather the headwinds that have resulted in disappointing financial comparisons this year, and remain optimistic about our business for the next several years," said Dr. Karasch. "We expect our specialty alumina and barium sulfate business to resume volume growth from current levels and we remain optimistic about the outlook for these categories for the next several years. To meet anticipated demand for existing and new specialty alumina applications, we are completing the process of expanding our production capacity. Growth in other areas of our business has diversified our revenue base and resulted in our TiO2 business having less impact on our overall results. In addition, by significantly lowering our cost structure and inventory requirements, we are better positioned to generate positive contribution from our TiO2 business despite difficult market conditions that are likely to persist for the next several years. Overall, we intend to drive improvement in returns with faster inventory turnover and lower production costs, while refocusing investment in areas that can provide opportunities for greater growth and contribute attractive returns."
TOR Minerals will host a conference call at 5:00 p.m. Eastern, 4:00 p.m. Central Time, on March 3, 2016, to further discuss fourth quarter and full year results. The call will be simultaneously webcast, and can be accessed via the News section on the Company's website,
www.torminerals.com
. Investors and interested parties may participate in the call by dialing 877-407-8033 and referring to conference ID # 13630651.
Headquartered in Corpus Christi, Texas, TOR Minerals International is a global manufacturer and marketer of specialty mineral and pigment products for high performance applications with manufacturing and regional offices located in the United States, Netherlands and Malaysia.
3
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 present slowdown in U.S. construction and the risks of a general business slow down or recession, the increasing cost of energy, raw materials and labor, competition, the receptivity of the markets for our anticipated new products, advances in technology, changes in foreign currency rates, freight price increase, commodity price increases, delays in delivery of required equipment and other factors.
Non-GAAP Financial Measures and Pro-Forma Results
This press release includes the following financial measure defined as "non-GAAP financial measures" by the Securities and Exchange Commission: Adjusted-EBITDA. Adjusted-EBITDA may be different from non-GAAP financial measures used by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles. Reconciliations of this non-GAAP financial measures to the nearest comparable GAAP measures is provided in the table below.
Non-GAAP EBITDA includes items such as impairment charges, allowance for doubtful accounts, non-cash charges related to inventory impairments and non-cash charges related to the disposal of assets. The Company believes this non-GAAP measure provides useful information to both management and investors by excluding certain expenses, gains and losses or net purchases of property and equipment, as the case may be, which may not be indicative of its core operation results and business outlook.
A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
4
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS
(a)
Financial Statements of Businesses Acquired. Not applicable.
(b)
Pro Forma Financial Information. Not applicable.
(c)
Shell company transaction Not applicable
(d)
Exhibits.
The following exhibit is furnished in accordance with the provisions of Item 601 of Regulation S-B: Exhibit
Number
Description
99.1
Press Release, dated March 3, 2016 reporting the Company's fourth quarter and year-end 2015 financial results
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: March 3, 2016
/s/ BARBARA RUSSELL
Barbara Russell
Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
99.1
Press Release, dated March 3, 2016 reporting the Company's fourth quarter and year-end 2015 financial results s
5