Minerals Technologies Inc (MTX) SEC Filing 10-K Annual report for the fiscal year ending Wednesday, December 31, 2008

MINERALS TECHNOLOGIES'  FOURTH QUARTER 

 DILUTED EARNINGS PER SHARE WERE $0.41, EXCLUDING SPECIAL ITEMS,

REPORTED EARNINGS WERE $0.31 PER SHARE

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FULL YEAR 2008 EARNINGS PER SHARE WERE A RECORD $3.44 

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Board Declares Regular Quarterly Dividend of $0.05 per Share 

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Highlights:  

       NEW YORK , February 5 - Minerals Technologies Inc. (NYSE: MTX) today reported net income of $5.7 million, or $0.31 per share, for the fourth quarter 2008, compared with $16.8 million, or $0.86 per share in the same period of 2007. Earnings per share were $0.41 excluding restructuring charges and a gain on a sale of an idle facility.  

            "The company achieved its highest annual earnings in 2008, with the first three quarters setting record highs," said Joseph C. Muscari, chairman and chief executive officer. "In the fourth quarter, however, the precipitous downturn in our paper, steel, construction and automotive end markets resulted in a significant drop in demand for our products. As a result, our earnings per share decreased 64-percent from the fourth quarter of 2007 and 69-percent from the third quarter of 2008." 

He continued: "In October when the financial crisis occurred and the economic downturn followed, we took rapid, decisive steps to maintain the company's competitiveness by conserving cash and containing costs. In addition to a reduction in workforce, our actions included shortening work weeks, reducing overtime and continuing our aggressive expense control measures. The result was that even in this weak economic environment, the company still generated $53 million in cash flow from operations and free cash flow of $46 million during the fourth quarter." 

During the fourth quarter, the company recorded a pre-tax restructuring charge of