Zemex Announces First Quarter 2001 Earnings Results
Zemex Corp. recently reported first quarter net income of $0.08 per share, up from a loss per share of $0.21 for the corresponding period of 2000. Although revenue, year over year, declined from $19.7 million in the first quarter of 2000 to $16.6 million in 2001, the corporation's gross margin improved from 29.7 to 31.1%. The decline in revenue was due to the shedding of marginal business in Alumitech, the suspension of operations of Zemex Mica Corp., and the sale of two of the company's talc conversion facilities during the quarter. Over the first quarter of 2001, feldspar operations continued to perform very well. This material serves the sanitaryware and tile industries, which in turn serve the housing market. The "low iron sand" product, developed in the mid 1990s, has shown a good increase over the tonnage sold in the first quarter of 2000 and should continue at this elevated rate over the full year.