TOR Minerals International, Inc. Financial Ratios — TORM

Profitability (USD)

	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	122.01	-26.02	-10.77	- -	- -	- -
Return on Assets (%)	5.37	3.73	1.43	0.26	0.19	-13.58	-0.4	6.53	9.01	9.82	-3.01	-1.1	-15	1.23	-3.15
Return on Capital (%)	42.77	25.34	8.66	1.32	- -	- -	- -	151.33	75.51	50.27	- -	- -	- -	13.92	- -
Return on Invested Capital (%)	7.68	5.03	2.56	2.28	- -	- -	- -	8.92	11.7	12.44	- -	- -	- -	1.83	- -
Gross Margin (%)	24.16	21.54	19.44	19.71	18.57	12.93	15.75	21.79	22.66	21.15	7.51	14.16	5.06	13.25	9.12
EBITDA Margin (%)	12.11	8.83	8.86	8.57	8.78	-1.85	8.98	15.17	15.71	15.95	2.69	10.82	0.22	8.59	3.71
Operating Margin (%)	6.95	4.89	4.53	2.84	2.4	-9.57	1.49	9.04	10.65	11.59	-4.17	3.45	-7.51	1.93	-3.41
Incremental Operating Margin (%)	13.81	-2.95	-0.41	11.24	-3.72	- -	-250.5	35.79	15.64	14.07	- -	497.88	- -	252.33	- -
Pretax Margin (%)	5.49	4.22	2.92	0.36	0.1	-19.53	-0.55	7.43	9.47	10.68	-5.3	-1.59	-16.34	1.43	-3.72
Profit Margin (%)	5.24	3.62	1.48	0.36	0.25	-19.61	-0.56	7.38	9.35	8.88	-3.51	-1.19	-17.17	1.15	-2.92
Net Income to Common Margin (%)	5.24	3.44	1.29	0.13	0.04	-19.85	-0.81	7.18	9.31	8.88	-3.51	-1.19	-17.17	1.15	-2.92
Effective Tax Rate (%)	4.61	14.22	49.37	2.11	- -	- -	- -	0.69	1.24	16.92	- -	- -	- -	19.42	- -
Dvd Payout Ratio (%)	- -	-1.43	- -	- -	- -	- -	- -	- -	0.39	- -	- -	- -	- -	- -	- -
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	122.01	-26.02	-10.77	- -	- -	- -

Credit (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Total Debt	6	6	7	8	8	7	7	6	8	6	9	6	6	4	4
ST Debt	4	2	1	2	6	5	4	2	4	3	6	5	3	1	1
LT Debt	2	4	5	7	3	2	3	4	4	2	3	2	3	3	2
Total Debt/EBITDA	2.1	2.23	2.4	3.79	3.44	-15.61	3.01	1.2	1.19	0.63	7.52	1.26	78.14	1.23	2.45
Net Debt/EBITDA	1.97	2.1	1.85	3.27	3.2	-14.72	2.46	0.65	0.65	0.31	5.15	0.74	67.97	0.11	-0.11
Total Debt/EBIT	3.66	4.03	4.68	11.45	12.62	-3.02	18.11	2.02	1.75	0.86	-4.85	3.96	-2.25	5.49	-2.68
Net Debt/EBIT	3.43	3.8	3.62	9.89	11.74	-2.84	14.81	1.09	0.96	0.43	-3.33	2.31	-1.95	0.48	0.12
EBITDA to Interest Expense	- -	- -	- -	- -	- -	-0.89	3.89	10.72	13.69	19.19	3.18	14.28	0.38	18.66	12.92
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	-5.47	2.24	6.97	6.18	8.82	-7.69	8.45	-26.84	11.86	-14.75
EBIT to Interest Expense	- -	- -	- -	- -	- -	-4.62	0.65	6.38	9.27	13.94	-4.93	4.55	-13.38	4.19	-11.85
Interest Expense	- -	- -	- -	- -	- -	1	1	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	-9.09	-3.3	-1.99	-1.68	-1.61	-15.28	-16.56	-8.51	2.59	12.86	10.25	10.11	-4.08	-1.11	-4.21
Long-Term Debt/Equity (%)	10.31	16.43	23.79	26.64	10.95	8.96	11.41	15.03	11.46	5.72	7.57	4.46	13	9.64	8.47
Long-Term Debt/Capital (%)	43.02	76.22	87.29	84.45	36.9	97.87	242.05	161.25	43.09	18.37	19.81	14.29	73.2	74.09	120.88
Long-Term Debt/Total Assets (%)	6.43	11.09	16.04	17.4	7.46	5.87	8.05	10.87	7.98	4.28	5.52	3.34	9.48	7.63	6.72
Total Debt/Equity (%)	38.55	26.43	30.19	34.11	32.02	32.45	28.15	21.08	22.88	13.93	24.16	17.72	23.36	14.41	12.31
Total Debt/Capital (%)	160.81	122.64	110.78	108.15	107.91	354.54	597.44	226.14	86.05	44.75	63.22	56.74	131.52	110.74	175.75
Total Debt/Total Assets (%)	24.03	17.85	20.36	22.28	21.82	21.28	19.88	15.25	15.94	10.42	17.62	13.26	17.03	11.4	9.78
Net Debt to Equity	36.16	24.93	23.37	29.48	29.79	30.6	23.02	11.33	12.58	6.94	16.56	10.35	20.32	1.26	-0.54
Net Debt/Capital (%)	167.55	124.33	107.8	105.54	105.46	368.4	5,809.78	-5,743.4	76.35	28.64	54.03	43.37	138.02	-939.47	9.82
EBITDA	3	3	3	2	2	- -	2	5	6	9	1	5	- -	3	1
EBITDA-CapEx	1	-3	- -	1	1	-3	1	3	3	4	-3	3	-6	2	-2
Operating Income (Loss)	2	1	1	1	1	-2	- -	3	4	7	-2	2	-3	1	-1

Liquidity (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Cash Ratio	0.05	0.05	0.25	0.14	0.04	0.02	0.16	0.45	0.33	0.27	0.26	0.27	0.13	0.81	0.72
Current Ratio	1.35	1.8	2.5	2.52	1.83	1.6	2.18	3.21	2.75	3.03	2.62	2.87	3.09	4.3	3.57
Quick Ratio	0.68	0.86	1.01	0.71	0.47	0.27	0.68	1.14	0.82	0.65	0.67	0.76	0.7	1.58	1.58
CFO/Avg Current Liab	0.22	0.31	0.42	-0.16	0.12	0.17	0.32	0.61	-0.24	0.56	0.08	0.43	0.43	0.89	0.81
Common Equity/Total Assets	-9.09	-3.3	-1.99	-1.68	-1.61	-15.28	-16.56	-8.51	2.59	12.86	10.25	10.11	-4.08	-1.11	-4.21
Long-Term Debt/Equity (%)	10.31	16.43	23.79	26.64	10.95	8.96	11.41	15.03	11.46	5.72	7.57	4.46	13	9.64	8.47
Long-Term Debt/Capital (%)	43.02	76.22	87.29	84.45	36.9	97.87	242.05	161.25	43.09	18.37	19.81	14.29	73.2	74.09	120.88
Long-Term Debt/Total Assets (%)	6.43	11.09	16.04	17.4	7.46	5.87	8.05	10.87	7.98	4.28	5.52	3.34	9.48	7.63	6.72
Total Debt/Equity (%)	38.55	26.43	30.19	34.11	32.02	32.45	28.15	21.08	22.88	13.93	24.16	17.72	23.36	14.41	12.31
Total Debt/Capital (%)	160.81	122.64	110.78	108.15	107.91	354.54	597.44	226.14	86.05	44.75	63.22	56.74	131.52	110.74	175.75
Total Debt/Total Assets (%)	24.03	17.85	20.36	22.28	21.82	21.28	19.88	15.25	15.94	10.42	17.62	13.26	17.03	11.4	9.78
CFO/Total Liabilities	16.46	21.3	22.95	-6.8	7.29	12.66	25.77	35.64	-13.19	41.84	6.01	37.6	35.16	64.79	51.88
CFO/CapEx	0.73	0.43	0.98	-1.18	0.87	0.62	2.7	2.23	-0.54	1.18	0.2	2.21	0.62	4.02	1.25
Altman's Z-Score	3.42	3.73	3	2.02	1.78	0.44	0.78	2.38	2.89	3.3	2.45	2.69	1.8	3.12	1.15

Working Capital (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Accounts Receivable Turnover	6.5	5.71	6.9	7	7.57	8.3	8.5	8.53	9.31	12.74	10.83	9.9	8.77	10.85	9.89
Days Sales Outstanding	56.13	63.96	52.89	52.15	48.19	44	42.92	42.77	39.19	28.65	33.7	36.87	41.61	33.65	36.91
Inventory Turnover	3.85	4.4	3.97	2.3	2.04	1.9	1.95	2.41	2.14	2.15	1.95	1.96	2.06	2.59	3.39
Days Inventory Outstanding	94.85	82.98	91.97	158.93	179.08	192.43	187.5	151.38	170.81	169.82	187.14	186.22	177.21	140.94	107.77
Accounts Payable Turnover	8.79	8.3	10.71	12.57	11.52	10.55	9.49	13.1	13.66	12.49	10.25	11.99	10.09	13.68	13.67
Accounts Payable Turnover Days	41.54	43.95	34.09	29.04	31.67	34.59	38.48	27.86	26.72	29.23	35.61	30.45	36.19	26.68	26.7
Cash Conversion Cycle	109.43	102.99	110.78	182.04	195.6	201.85	191.94	166.29	183.27	169.24	185.23	192.63	182.63	147.91	117.98
Inventory to Cash Days	-38.72	-19.02	-39.08	-106.78	-130.88	-148.43	-144.57	-108.62	-131.62	-141.17	-153.44	-149.35	-135.6	-107.29	-70.87
Inventories	5	6	7	11	11	12	9	11	19	23	21	20	14	12	9
Raw Materials	2	4	5	6	7	6	5	7	14	15	14	9	7	6	4
Work In Process	- -	- -	1	1	1	1	1	1	2	3	2	6	4	2	1
Finished Goods	3	1	2	3	4	5	3	3	3	5	5	5	4	5	4
Other Inventory	1	1	- -	1	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Market Capitalization	37	46	31	22	17	1	1	19	33	30	30	22	14	21	- -
- Cash & Cash Equivalents	- -	- -	1	1	- -	- -	1	3	3	3	3	3	1	4	4
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	6	6	7	8	8	7	7	6	8	6	9	6	6	4	4
Enterprise Value	43	52	37	30	25	8	7	22	37	33	36	26	19	21	- -
Total Capital	4	5	6	8	8	2	1	3	9	13	15	11	5	4	2
Total Debt/Capital (%)	160.81	122.64	110.78	108.15	107.91	354.54	597.44	226.14	86.05	44.75	63.22	56.74	131.52	110.74	175.75
Total Debt / EV	0.14	0.12	0.19	0.28	0.34	0.89	0.99	0.26	0.21	0.17	0.26	0.24	0.33	0.19	-62.32
EV/Sales	1.77	1.7	1.12	1.14	0.89	0.32	0.27	0.71	0.9	0.58	0.79	0.56	0.51	0.54	- -
EV/EBITDA	14.59	19.27	12.62	13.34	10.13	- -	3.03	4.67	5.71	3.65	29.27	5.17	237.89	6.34	- -
EV/EBIT	25.41	34.79	24.65	40.31	37.13	- -	18.27	7.84	8.43	5.02	- -	16.23	- -	28.24	- -
EV/Cash Flow to Firm	26.91	22.29	14.36	- -	27.67	4.05	2.15	5.36	- -	5.38	32.42	5.43	5.12	4.21	- -
EV/Free Cash Flow to Firm	11.39	6.66	7.12	- -	12.85	1.85	1.65	3.82	17.68	2.99	6.78	3.8	2.03	3.39	- -
Diluted Market Cap	38	48	32	22	17	1	1	28	51	37	30	22	14	21	- -
Diluted Enterprise Value	44	54	38	30	25	8	7	31	55	40	36	26	19	21	- -
EV per Share	30.18	33.51	23.37	19.03	15.85	25.98	17.44	11.54	17.71	11.85	12.07	8.68	6.31	6.21	- -
TTM Sales	24	30	33	26	28	25	24	31	41	57	46	47	37	38	39
TTM EBITDA	3	3	3	2	2	- -	2	5	6	9	1	5	- -	3	1
TTM Operating Income	2	1	1	1	1	-2	- -	3	4	7	-2	2	-3	1	-1
TTM Cash Flow to Firm	2	2	3	-1	1	2	3	4	-1	6	1	5	4	5	4
TTM Free Cash Flow to Firm	4	8	5	- -	2	4	4	6	2	11	5	7	9	6	7

Multiples (USD)

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	2003 Y	2004 Y	2005 Y	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y
As of date	12/31/2003	12/31/2004	12/31/2005	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017

Price/Free Cash Flow	10.1	6.16	6.26	-163.21	8.72	0.28	0.31	5.19	31.33	3.46	5.86	3.39	1.48	3.49	- -
EV/EBIT	25.41	34.79	24.65	40.31	37.13	- -	18.27	7.84	8.43	5.02	- -	16.23	- -	28.24	- -
Enterprise Value	43	52	37	30	25	8	7	22	37	33	36	26	19	21	- -
Low Price	5.35	18.3	19.75	7.2	8.5	2.25	0.6	2.5	8.02	10.47	9.75	7.12	4.43	3.15	5.15
EV/Sales	1.77	1.7	1.12	1.14	0.89	0.32	0.27	0.71	0.9	0.58	0.79	0.56	0.51	0.54	- -
EV/EBITDA	14.59	19.27	12.62	13.34	10.13	- -	3.03	4.67	5.71	3.65	29.27	5.17	237.89	6.34	- -
Price/Earnings	29.15	44.06	72.95	674.37	1,526.99	- -	- -	8.47	8.52	5.98	- -	- -	- -	46.38	- -
Price/Earnings Average	19.13	36.58	100.59	531.68	1,735.28	-0.49	-4.62	5.48	8.03	8.26	-21.1	-51.55	-2.81	36.97	- -
Price/Earnings High	34.9	90.41	127.8	854.84	2,483.14	-0.72	-8.49	11.96	13.5	10.58	-25.56	-60.88	-3.54	47.14	- -
Price/Earnings Low	5.98	27.01	72.95	341.93	1,213.03	-0.14	-1.16	2.14	4.36	5.79	-18.11	-38.74	-2.1	23.95	- -
Price/Book Value	-15.88	-41.6	-45.65	-34.77	-27	-0.2	-0.19	-5.97	26.26	4.3	5.51	4.61	-9.07	-52.14	- -
Price/Book Value Average	-10.42	-34.54	-62.94	-27.41	-30.69	-0.47	-0.17	-3.86	24.73	5.93	6.29	5.87	-11.92	-41.55	- -
Price/Book Value High	-19.01	-85.36	-79.97	-44.08	-43.91	-0.69	-0.31	-8.43	41.58	7.6	7.62	6.93	-15.03	-52.99	- -
Price/Book Value Low	-3.25	-25.5	-45.65	-17.63	-21.45	-0.14	-0.04	-1.5	13.45	4.16	5.4	4.41	-8.91	-26.92	- -
Price/Tangible Book Value	2.52	2.23	1.45	0.97	0.69	0.05	0.05	0.7	0.97	0.74	0.77	0.62	0.51	0.73	- -
Price/Tangible Book Value Average	1.65	1.85	2.01	0.77	0.79	0.11	0.04	0.45	0.92	1.02	0.88	0.79	0.67	0.58	- -
Price/Tangible Book Value High	3.01	4.57	2.55	1.23	1.13	0.16	0.07	0.99	1.54	1.31	1.07	0.94	0.84	0.74	- -
Price/Tangible Book Value Low	0.52	1.37	1.45	0.49	0.55	0.03	0.01	0.18	0.5	0.71	0.76	0.6	0.5	0.38	- -
Price/Sales	1.53	1.52	0.94	0.85	0.6	0.04	0.04	0.61	0.79	0.53	0.65	0.48	0.37	0.54	- -
Price/Sales Average	1	1.26	1.3	0.67	0.68	0.1	0.04	0.39	0.75	0.73	0.74	0.61	0.48	0.43	- -
Price/Sales High	1.83	3.11	1.65	1.08	0.98	0.14	0.07	0.86	1.26	0.94	0.9	0.72	0.61	0.54	- -
Price/Sales Low	0.31	0.93	0.94	0.43	0.48	0.03	0.01	0.15	0.41	0.51	0.64	0.46	0.36	0.28	- -
Price/Cash Flow	23.28	19.85	12.13	-24.84	18.68	0.72	0.43	5.14	-16.97	5.24	34.7	4.92	3.88	4.26	- -
Price/Cash Flow Average	15.28	16.48	16.73	-19.58	21.23	1.64	0.36	3.33	-15.99	7.24	39.65	6.27	5.1	3.4	- -
Price/Cash Flow High	27.87	40.74	21.26	-31.48	30.38	2.43	0.67	7.27	-26.88	9.27	48.03	7.4	6.43	4.33	- -
Price/Cash Flow Low	4.77	12.17	12.13	-12.59	14.84	0.47	0.09	1.3	-8.69	5.07	34.03	4.71	3.82	2.2	- -
Price/Free Cash Flow Average	6.63	5.12	8.63	-128.67	9.9	0.63	0.27	3.36	29.51	4.77	6.7	4.31	1.95	2.78	- -
Price/Free Cash Flow High	12.1	12.65	10.97	-206.88	14.17	0.94	0.49	7.34	49.62	6.11	8.12	5.1	2.46	3.55	- -
Price/Free Cash Flow Low	2.07	3.78	6.26	-82.75	6.92	0.18	0.07	1.31	16.04	3.35	5.75	3.24	1.46	1.8	- -
EV/Sales Average	1.24	1.44	1.48	0.96	0.97	0.38	0.27	0.49	0.85	0.78	0.88	0.69	0.63	0.44	- -
EV/Sales High	2.07	3.29	1.83	1.37	1.27	0.43	0.3	0.96	1.36	0.99	1.04	0.8	0.75	0.55	- -
EV/Sales Low	0.55	1.11	1.12	0.72	0.77	0.31	0.24	0.25	0.51	0.56	0.77	0.54	0.51	0.29	- -
EV/EBITDA Average	10.25	16.36	16.66	11.23	11.07	-20.46	2.96	3.25	5.42	4.91	32.71	6.39	291.22	5.08	-0.04
EV/EBITDA High	17.07	37.33	20.64	16	14.42	-22.99	3.31	6.33	8.66	6.2	38.53	7.41	349.41	6.45	-0.04
EV/EBITDA Low	4.56	12.63	12.62	8.43	8.73	-16.72	2.65	1.67	3.25	3.54	28.81	4.98	234.88	3.33	-0.04
EV/EBIT Average	17.85	29.53	32.55	33.95	40.55	-3.95	17.84	5.46	8	6.76	-21.1	20.04	-8.37	22.6	0.04
EV/EBIT High	29.74	67.39	40.32	48.36	52.83	-4.44	19.94	10.62	12.78	8.54	-24.86	23.25	-10.04	28.69	0.04
EV/EBIT Low	7.94	22.8	24.65	25.49	31.98	-3.23	15.96	2.81	4.79	4.87	-18.58	15.63	-6.75	14.81	0.04
Last Price	26.1	29.85	19.75	14.2	10.7	3.4	2.8	9.91	15.66	10.82	9.94	7.44	4.51	6.1	5.65
High Price	31.25	61.25	34.6	18	17.4	11.55	4.4	14	24.8	19.13	13.76	11.19	7.47	6.2	8.4
Enterprise Value Average	30	44	48	25	27	10	6	15	35	44	40	32	23	17	- -
Enterprise Value High	50	100	60	36	35	11	7	30	56	56	48	37	28	21	- -
Enterprise Value Low	13	34	37	19	21	8	6	8	21	32	36	25	19	11	- -

Shares Outstanding	1	2	2	2	2	2	2	2	2	3	3	3	3	4	4
Diluted Weighted Avg Shares	1	2	2	2	2	- -	- -	3	3	3	3	3	3	3	- -
Basic Weighted Avg Shares	1	2	2	2	2	- -	- -	2	2	3	3	3	3	3	- -
Revenue per Share	17.09	19.7	20.91	16.64	17.81	80.28	63.97	16.29	19.73	20.37	15.33	15.5	12.3	11.39	- -
EBITDA per Share	2.07	1.74	1.85	1.43	1.56	-1.48	5.75	2.47	3.1	3.25	0.41	1.68	0.03	0.98	- -
Operating Income per Share	1.19	0.96	0.95	0.47	0.43	-7.68	0.95	1.47	2.1	2.36	-0.64	0.53	-0.92	0.22	- -
Basic EPS, GAAP	0.9	0.68	0.27	0.02	0.01	-15.93	-0.52	1.17	1.84	1.81	-0.54	-0.18	-2.11	0.13	- -
Basic EPS from Cont Ops	0.9	0.71	0.31	0.06	0.05	-15.74	-0.36	1.2	1.85	1.81	-0.54	-0.18	-2.11	0.13	- -
Diluted EPS, GAAP	0.87	0.65	0.26	0.02	0.01	-15.93	-0.52	0.8	1.18	1.48	-0.54	-0.18	-2.11	0.13	- -
Diluted EPS from Cont Ops	0.87	0.69	0.3	0.06	0.05	-15.74	-0.36	0.82	1.19	1.48	-0.54	-0.18	-2.11	0.13	- -
Dividend per Share	- -	0.03	0.04	0.04	0.04	0.19	0.16	0.03	0.01	- -	- -	- -	- -	- -	- -
Cash Flow per Share	1.12	1.5	1.63	-0.57	0.57	4.75	6.58	1.93	-0.92	2.06	0.29	1.51	1.16	1.43	- -
Free Cash Flow per Basic Share	-0.41	-2.02	-0.03	-1.06	-0.09	-2.85	4.15	1.06	-2.62	0.31	-1.12	0.83	-0.72	1.07	- -
Cash & Equivalents per Share	0.27	0.22	0.82	0.57	0.24	0.61	2.65	1.34	1.63	1.01	0.97	0.88	0.27	1.1	- -
Book Value per Share	-1.64	-0.72	-0.43	-0.41	-0.4	-16.65	-14.39	-1.66	0.6	2.52	1.8	1.61	-0.5	-0.12	- -
Tangible Book Value per Share	10.37	13.4	13.58	14.61	15.46	71.42	61.38	14.12	16.08	14.65	12.84	11.95	8.88	8.37	- -

TOR Minerals International, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)