Release Details

Company Records Pre-Tax Restructuring and Impairment Charges of $55 million

NEW YORK--(BUSINESS WIRE)--Jul. 23, 2009-- Minerals Technologies Inc.(NYSE: MTX) announced today a restructuring program that will focus on its Refractories business but also includes other select operations. As a result, the company will curtail significant losses in the business segment most deeply affected by the ongoing worldwide economic recession and improve near-term performance. This restructuring program reflects the company’s on-going strategy to be optimally positioned for profitability in changing economic conditions. The company will take special charges of $55 million in the second quarter, the majority of which relate to the Refractories business, which has been hard hit by the downturn in the worldwide steel industry, resulting in a loss of $2.18 per share for the second quarter. Excluding these special items, diluted earnings per share were $0.15 per share.

"The downturn in the worldwide steel industry, which has resulted in nearly a 50-percent reduction in demand in the United States, our largest market, has had a severe impact on our Refractories operations,” said Joseph C. Muscari, chairman and chief executive officer. "We will consolidate operations and reduce our workforce in the Refractories business to meet this reduction in demand. We have also, however, taken restructuring charges in our other businesses and support functions, which will allow us to operate more effectively at these lower levels of demand and will position Minerals Technologies to achieve greater profitability as the economic environment improves.”

RESTRUCTURING

The major components of the restructuring program include consolidation of operations, rationalization of some product lines, and streamlining management structures for a more cost-effective business model.

In the Refractories segment, the company will consolidate North American refractory operations in Old Bridge, New Jersey, into Bryan, Ohio, and Baton Rouge, Louisiana, improving manufacturing efficiencies and reducing transportation costs. The company will also rationalize its North American specialty shapes product line and European refractory operations. In Asia, Minerals Technologies will consolidate refractory operations and actively seek a regional alliance to aid in the marketing of its high value products there as a result of difficulties penetrating that market.

In the Paper PCC business, the company recorded an impairment charge at its satellite PCC facility in Millinocket, Maine, which has been idle since September of 2008 and where the start-up of the company’s satellite facility has become unlikely.

The company recorded a restructuring charge to reflect severance and other costs related to plant consolidations as well as streamlining the management structure to operate more efficiently in the current economic environment. In discontinued operations, the company recorded impairment charges to recognize the lower market value of its Mt. Vernon, Indiana, operations, which have been held for sale since October of 2007.

The company anticipates annualized savings from the restructuring actions to be between $16 million and $20 million upon completion of the program in the second quarter of 2010.

SECOND QUARTER EARNINGS

Comparisons to First Quarter 2009

Due to the restructuring activities, the company reported a second quarter net loss of $40.9 million ($2.18 per share), compared to net income of $4.2 million or $0.22 per share in the first quarter of 2009. Excluding special items, net income for the second quarter was $2.9 million or $0.15 per share, a 40-percent decrease from the $0.25 per share in the first quarter of 2009.

The company's worldwide sales in the second quarter were $208.6 million, a slight increase over the $208.3 million reported in the first quarter of 2009, of which foreign exchange had a favorable impact on sales of approximately $2.5 million or 1 percentage point of growth. Operating income, excluding special items, was $5.5 million, a 29-percent decrease from the $7.8 million reported in the first quarter of 2009.

For the second quarter, worldwide sales in the company's Specialty Minerals segment, which consists of precipitated calcium carbonate (PCC) and Processed Minerals, were $152.0 million compared with $143.6 million in the first quarter of 2009, a 6-percent increase, which was primarily the result of volume increases for both product lines. Foreign exchange had a favorable impact on sequential sales growth for the quarter of approximately 1 percentage point. Income from operations for the Specialty Minerals segment, excluding special items, was $13.2 million, a 32-percent increase over the $10.0 million recorded in the previous quarter.

Worldwide sales of PCC, which is used mainly in the manufacturing processes of the paper industry, were $127.7 million, a 4-percent increase over the $123.1 million recorded in the first quarter of 2009. This increase was associated primarily with higher PCC volumes, reflecting a slight increase in North American paper shipments.

Sales of Processed Minerals products were $24.3 million, up 19 percent over the $20.5 million recorded in the previous quarter. This increase was primarily due to seasonal demand in this product line during the second quarter. Processed Minerals products, which include ground calcium carbonate and talc, are used in the building materials, polymers, ceramics, paints and coatings, glass and other manufacturing industries.

“The performance improvement in the Specialty Minerals segment was due not only to the volume increases in both the PCC and Processed Minerals products lines,” said Mr. Muscari, “but also to a 12-percent improvement in productivity in our Specialty PCC, ground calcium carbonate and talc operations, as our Operational Excellence initiatives are beginning to show results.”

In the company's Refractories segment, sales in the second quarter of 2009 were $56.6 million, a 13-percent decline from the $64.7 million recorded in the first quarter of 2009. This decline was primarily related to volume decreases of approximately 9 percent. The Refractory segment, which provides products and services primarily to the worldwide steel industry, recorded an operating loss of $7.1 million, excluding special items, compared with a loss of $1.9 million for the first quarter. The increase in operating loss was primarily due to sales volume declines, to consumption of higher-cost magnesium oxide, the primary raw material for refractories products, and to manufacturing inefficiencies caused by low utilization rates in the refractory manufacturing facilities.

Year-Over-Year Comparisons

Second Quarter

The company's second quarter net loss of $40.9 million ($2.18 per share) compares with a net income of $23.3 million, or $1.22 per share in the second quarter of 2008. Excluding special items, earnings were $0.15 per share as compared with $1.01 per share in the prior year.

Second quarter worldwide sales declined 30 percent from the $299.8 million recorded in the same period in 2008. Foreign exchange had an unfavorable impact on sales of approximately $16.2 million or 5 percentage points. Operating income, excluding special items, declined 81 percent from the $29.7 million recorded in the second quarter of 2008.

Second quarter worldwide sales for the Specialty Minerals segment declined 20 percent from the $189.1 million recorded in the second quarter of 2008. Foreign exchange had an unfavorable impact on sales of approximately $11.2 million, or 6 percentage points. Income from operations, excluding special items, declined 35 percent from the $20.3 million recorded in the same period in 2008.

PCC sales declined 19 percent from the $158.0 million recorded in the second quarter of 2008 on a volume decline of 16 percent. Processed Minerals products second quarter sales were down 22 percent from the $31.1 million in the same period last year, as volumes declined 25 percent.

Refractories segment sales in the second quarter of 2009 were 49 percent down from the $110.7 million recorded in the same period in 2008. Foreign exchange had an unfavorable impact on sales of approximately $5.0 million or 5 percentage points. Refractory volumes declined dramatically from the second quarter of 2008 and were in line with the reduction in steel production. The Refractory segment recorded an operating loss of $7.1 million, excluding special items, compared to operating income of $9.6 million in the second quarter of 2008.

Six Months

The net loss for the six months was $36.8 million, or $1.96 per share. In the same period in 2008, the company recorded net income of $40.5 million, or $2.12 per share. Excluding special items, earnings were $0.40 per share as compared with $1.94 per share in the prior year.

Minerals Technologies' worldwide sales for the first six months of 2009 decreased 28 percent to $416.9 million from $577.3 million in the same period last year. Foreign exchange had an unfavorable impact on sales of 5 percentage points of growth. Operating loss for the six months was $34.3 million compared to operating income of $55.9 million reported for the first six months of 2008. Included in the loss from operations in 2009 were an impairment of assets charge of $37.5 million and restructuring costs of $10.1 million. Excluding special items, operating income for the first six months of 2009 was $13.3 million.

The Specialty Minerals segment's worldwide sales for the first six months of 2009 decreased 20 percent to $295.7 million from $369.9 million for the same period in 2008. Specialty Minerals recorded income from operations, excluding special items, of $23.2 million for the first six months of 2009, a 42-percent decrease from the $39.8 million recorded for the same period in 2008.

The Refractories segment's sales for the first six months of 2009 were $121.2 million, a 42-percent decrease from the $207.4 million in the previous year. For the six months, Refractories operating loss, excluding special items, was $9.0 million compared to operating income of $18.8 million for the comparable period in 2008.

"We have taken additional significant steps to stem the losses in the refractories segment and to position the company for higher profitability,” said Mr. Muscari. “Our Specialty Minerals segment has stabilized and we continue to generate strong operating cash flow—$39 million in the second quarter—under these difficult business conditions. Our strong cash position and solid balance sheet differentiates MTI from many other companies and provides us with additional opportunities for future growth.”

The company also declared a regular quarterly dividend of $0.05 per share on its common stock. The dividend is payable on September 17, 2009 to shareholders of record on September 2, 2009.

Minerals Technologies will sponsor a conference call tomorrow, July 24, at 11 a.m. The conference call will be broadcast live on the company web site, which can be found at www.mineralstech.com.

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which describe or are based on current expectations. Actual results may differ materially from these expectations. In addition, any statements that are not historical fact (including statements containing the words "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. The company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. Forward-looking statements in this document should be evaluated together with the many uncertainties that affect our businesses, particularly those mentioned in the risk factors and other cautionary statements in our 2008 Annual Report on Form 10-K and in our other reports filed with the Securities and Exchange Commission.

For further information about Minerals Technologies Inc. look on the internet at http://www.mineralstech.com.

CONSOLIDATED STATEMENTS OF OPERATIONS
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(in thousands, except per share data)
(unaudited)
				Quarter Ended								% Growth					Six Months Ended					% Growth
				June 28,			Mar 29,			June 29,							June 28,			June 29,
				2009			2009			2008		Prior Year		Prior Qtr.			2009			2008		Prior Year
	Net sales		$	208,598		$	208,259		$	299,794		(30)%		0%		$	416,857		$	577,314		(28)%
	Cost of goods sold			176,192			175,015			237,512		(26)%		1%			351,207			454,297		(23)%
	Production margin			32,406			33,244			62,282		(48)%		(3)%			65,650			123,017		(47)%
	Marketing and administrative expenses			22,591			20,546			26,590		(15)%		10%			43,137			52,630		(18)%
	Research and development expenses			4,364			4,861			6,014		(27)%		(10)%			9,225			12,134		(24)%
	Impairment of assets			37,516			0			0		*		*			37,516			0		*
	Restructuring and other charges			9,553			549			899		*		*			10,102			2,331		*
	Income (loss) from operations			(41,618)			7,288			28,779		*		*			(34,330)			55,922		*
	Non-operating deductions - net			(3,535)			(255)			(724)		*		*			(3,790)			(2,238)		69%
	Income (loss) from continuing operations, before tax			(45,153)			7,033			28,055		*		*			(38,120)			53,684		*
	Provision for taxes on income			(8,632)			1,952			8,653		*		*			(6,680)			16,598		*
	Income (loss) from continuing operations, net of tax			(36,521)			5,081			19,402		*		*			(31,440)			37,086		*
	Income (loss) from discontinued operations, net of tax			(3,524)			(88)			4,646		*		*			(3,612)			5,022		*
	Consolidated net income (loss)			(40,045)			4,993			24,048		*		*			(35,052)			42,108		*
	Less: Net income attributable to non-controlling interests			(862)			(836)			(713)		21%		3%			(1,698)			(1,566)		8%
	Net Income (loss) attributable to Minerals Technologies Inc. (MTI)		$	(40,907)		$	4,157		$	23,335		*		*		$	(36,750)		$	40,542		*
	Weighted average number of common
	shares outstanding:
	Basic			18,728			18,703			18,937							18,715			19,006
	Diluted			18,728			18,724			19,065							18,715			19,114
	Earnings per share:
	Basic:
	Income (loss) from continuing operations attributable to MTI		$	(1.99)		$	0.23		$	0.99		*		*		$	(1.77)		$	1.87		*
	Income (loss) from discontinued operations attributable to MTI			(0.19)			(0.01)			0.24		*		*			(0.19)			0.26		*
	Net income (loss) attributable to MTI common shareholders		$	(2.18)		$	0.22		$	1.23		*		*		$	(1.96)		$	2.13		*
	Diluted:
	Income (loss) from continuing operations attributable to MTI		$	(1.99)		$	0.23		$	0.98		*		*		$	(1.77)		$	1.86		*
	Income (loss) from discontinued operations attributable to MTI			(0.19)			(0.01)			0.24		*		*			(0.19)			0.26		*
	Net income (loss) attributable to MTI common shareholders		$	(2.18)		$	0.22		$	1.22		*		*		$	(1.96)		$	2.12		*
	Cash dividends declared per common share		$	0.05		$	0.05		$	0.05						$	0.10		$	0.10
	* Percentage not meaningful

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED STATEMENTS OF OPERATIONS
1)		Sales decreased in the United States 30% in the second quarter of 2009 as compared with the second quarter of 2008. International sales decreased 31% in the second quarter 2009 as compared with the comparable period of the prior year. Sales in the United States decreased 27% in the first six months of 2009 as compared with prior year. International sales decreased 28% for the first six months of 2009 as compared with the first six months of 2008. Sequentially, sales declined 1% in the United States and increased 2% internationally from the first quarter of 2009.
2)		In the third quarter of 2007, the Company initiated a plan to realign its business operations to improve profitability and increase shareholder value. The realignment consisted of exiting certain businesses and consolidating some product lines to better position the Company for future success by focusing on the Company’s core strengths. Major components of this realignment included exiting certain product lines which are reflected in discontinued operations, modification of the PCC coating product line from a merchant business model to a satellite business model, consolidation of certain manufacturing facilities and the write down of other underutilized assets worldwide. In addition, as part of this program, the Company initiated a plan to reduce its workforce by approximately 7 percent to better control operating expenses and improve efficiencies. Additional charges were recorded in 2008 and the first quarter 2009 associated with this realignment as follows:
					Three Months Ended										Six Months Ended
					June 28,			Mar 29,			June 29,				June 28,			June 29,
					2009			2009			2008				2009			2008
		Restructuring and other costs
		Severance and other employee benefits		$	0.0		$	0.1		$	0.9			$	0.1		$	1.8
		Other exit costs			0.0			0.0			0.0				0.0			0.5
				$	0.0		$	0.1		$	0.9			$	0.1		$	2.3
		In the fourth quarter of 2008, as a result of the worldwide economic downturn, the Company initiated an additional restructuring program primarily consisting of severance and other related costs. The reduction in force represented approximately 340 employees and reflected both permanent reductions and temporary layoffs. The restructuring charges recorded were as follows:
					Three Months Ended										Six Months Ended
					June 28,			Mar 29,			June 29,				June 28,			June 29,
					2009			2009			2008				2009			2008
		Restructuring and other costs
		Severance and other employee benefits		$	0.6		$	0.4		$	0.0			$	1.0		$	0.0
		Other exit costs			0.1			0.0			0.0				0.1			0.0
				$	0.7		$	0.4		$	0.0			$	1.1		$	0.0
3)		During the second quarter of 2009, as a result of the continuation of the severe downturn in the worldwide steel industry, the Company initiated a restructuring program, primarily in the Refractories Segment, to improve efficiencies through consolidation of manufacturing operations and reduction of costs. This realignment was put in place to better position ourselves strategically for improved profitability when the economy recovers. As part of this program, the Company will consolidate its Old Bridge, New Jersey operation into Bryan, Ohio and Baton Rouge, Louisiana, in order to improve operational efficiencies and reduce logistics for key raw materials; rationalize its North American specialty shapes product line; rationalize some of its European operations; record further impairment charges of its Asian refractory operations as a result of continued difficulties in market penetration as well as consolidate its Asian operations and actively seek a regional alliance to aid in marketing its high value products; recognize impairment charges for refractory application equipment in North America and Europe due to customer underutilized assets under depressed volume conditions; impairment of the Company's PCC facility in Millinocket, Maine, which has been idle since September 2008 and where the start-up of the satellite facility is unlikely; and record a restructuring charge reflecting the severance costs related to plant consolidations as well as streamlining the corporate and divisional management structures to operate more efficiently.
		The impairment and restructuring charges recorded in association with this program are as follows:
		Impairment of assets:
		Americas Refractories:		$	9.5
		Europe Refractories:			11.5
		Asia Refractories:			10.0
		North America Paper PCC:			6.5
		Total Impairment of assets charge			37.5
		Restructuring and other costs
		Severance and other employee benefits		$	8.4
		Other exit costs			0.5
				$	8.9
		Included in impairment of assets charge for Europe refractories is a $6.0 million charge for certain intangible assets from its 2006 acquisition of a business in Turkey.
		The Company also recorded impairment charges of $5.6 million in discontinued operations (see Note 5) to reflect the lower market value of its Mt. Vernon, Indiana operations and recorded currency translation losses of $2.3 million realized upon liquidation of its facility in Gomez Palacio, Mexico (see Note. 6).

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONSOLIDATED STATEMENTS OF OPERATIONS
4)		To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's non-GAAP income (loss), excluding special items, for the three month and six month periods ended June 28, 2009 and June 29, 2008 and the three month period ended March 29, 2008. The Company's management believes these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the ongoing operating results and thereby affect the comparability of results between periods. The Company feels inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends.
					Three Months Ended										Six Months Ended
					June 28,			Mar 29,			June 29,				June 28,			June 29,
					2009			2009			2008				2009			2008
		Net Income attributable to MTI, as reported		$	(40.9)		$	4.2		$	23.3			$	(36.8)		$	40.5
		Special items:
		Impairment of assets			43.1			0.0			0.0				43.1			0.0
		Restructuring and other costs			9.6			0.5			0.9				10.1			2.3
		Currency translation losses			2.3			0.0			0.0				2.3			0.0
		Gain on sale of assets			0.0			0.0			(6.5)				0.0			(6.5)
		Related tax effects on special items			(11.2)			(0.1)			1.6				(11.3)			0.7
		Net income attributable to MTI, excluding special items		$	2.9		$	4.6		$	19.3			$	7.4		$	37.0
		Basic earnings per share, excluding special items		$	0.15		$	0.25		$	1.02			$	0.40		$	1.95
		Diluted earnings per share, excluding special items		$	0.15		$	0.25		$	1.01			$	0.40		$	1.94
5)		During the fourth quarter of 2007, the Company exited its Synsil® Products product line and reclassified such operations as discontinued. In addition, the Company reclassified to discontinued operations its two Midwest plants located in Mt. Vernon, Indiana and Wellsville, Ohio. In 2008, the Company sold its Synsil Plants and its operations at Wellsville, Ohio. All remaining assets are classified as held for disposal as for the three-month and six-month periods ended June 28, 2009 and June 9, 2008 and the three-month period ended March 29,2009
		The following table details selected financial information for the businesses included within discontinued operations in the Consolidated Statements of Income (millions of dollars):
					Three Months Ended										Six Months Ended
					June 28,			Mar 29,			June 29,				June 28,			June 29,
					2009			2009			2008				2009			2008
		Net sales		$	4.5		$	3.3		$	6.4			$	7.8		$	12.7
		Production margin			0.2			0.1			0.7				0.3			1.5
		Total expenses			0.2			0.2			0.2				0.4			0.5
		Impairment of assets			5.6			0.0			0.0				5.6			0.0
		Restructuring charges (reversals)			0.0			0.0			(0.2)				0.0			0.3
		Income (loss) from operations			(5.6)			(0.1)			0.7				(5.7)			1.3
		Provision for taxes on income			(2.1)			0.0			0.3				(2.1)			0.6
		Income (loss) from operations, net of tax			(3.5)			(0.1)			0.4				(3.6)			0.7
		Pre-tax gains on sales of discontinued business			0.0			0.0			6.5				0.0			6.5
		Provision for taxes on gains			0.0			0.0			(2.2)				0.0			(2.2)
		Income (loss) from discontinued operations, net of tax		$	(3.5)		$	(0.1)		$	4.7			$	(3.6)		$	5.0
		The Company recorded impairment of assets charges of $5.6 million to recognize the lower market value of its Mt. Vernon, Indiana facility.
6)		The following table reflects the components of non-operating income and deductions (thousands of dollars):
					Three Months Ended										Six Months Ended
					June 28,			Mar 29,			June 29,				June 28,			June 29,
					2009			2009			2008				2009			2008
		Interest income		$	0.8		$	0.7		$	1.0			$	1.6		$	2.1
		Interest expense			(0.9)			(0.9)			(1.1)				(1.8)			(2.6)
		Foreign exchange gains (losses)			(1.2)			0.0			(0.3)				(1.2)			(1.1)
		Currency translation loss			(2.3)			0.0			0.0				(2.3)			0.0
		Other deductions			0.1			(0.1)			(0.3)				(0.1)			(0.6)
		Non-operating income (deductions), net		$	(3.5)		$	(0.3)		$	(0.7)			$	(3.8)		$	(2.2)
		Included in other deductions for the three-month and six-month period ended June 28, 2009 is a foreign currency translation loss of $2.3 million recognized upon liquidation of the Company's operations at Gomez Palacio, Mexico.
7)		The analyst conference call to discuss operating results for the fourth quarter is scheduled for Friday July 24, 2009 at 11:00 am and will be broadcast over the Company's website (www.mineralstech.com). The broadcast will remain on the Company's website for no less than one year.

SUPPLEMENTARY DATA
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
(millions of dollars)
(unaudited)
			Quarter Ended								% Growth					Six Months Ended						% Growth
SALES DATA			June 28,			Mar 29,			June 29,							June 28,			June 29,
			2009			2009			2008		Prior Year		Prior Qtr.			2009			2008			Prior Year
United States		$	110.7		$	112.2		$	158.3		(30)%		(1)%		$	222.8		$	306.8		$	(27)%
International			97.9			96.1			141.5		(31)%		2%			194.1			270.5			(28)%
Net Sales		$	208.6		$	208.3		$	299.8		(30)%		0%		$	416.9		$	577.3		$	(28)%
Paper PCC		$	115.6		$	112.5		$	142.2		(19)%		3%		$	228.2		$	280.0		$	(19)%
Specialty PCC			12.1			10.6			15.8		(23)%		14%			22.6			31.1			(27)%
PCC Products		$	127.7		$	123.1		$	158.0		(19)%		4%		$	250.8		$	311.1		$	(19)%
Talc		$	7.8		$	6.6		$	9.5		(18)%		18%		$	14.5		$	18.7		$	(22)%
Ground Calcium Carbonate			16.5			13.9			21.6		(24)%		19%			30.4			40.1			(24)%
Processed Minerals Products		$	24.3		$	20.5		$	31.1		(22)%		19%		$	44.9		$	58.8		$	(24)%
Specialty Minerals Segment		$	152.0		$	143.6		$	189.1		(20)%		6%		$	295.7		$	369.9		$	(20)%
Refractory products		$	46.7		$	53.5		$	89.8		(48)%		(13)%		$	100.1		$	168.9		$	(41)%
Metallurgical Products			9.9			11.2			20.9		(53)%		(12)%			21.1			38.5			(45)%
Refractories Segment		$	56.6		$	64.7		$	110.7		(49)%		(13)%		$	121.2		$	207.4		$	(42)%
Net Sales		$	208.6		$	208.3		$	299.8		(30)%		0%		$	416.9		$	577.3		$	(28)%
																			0.05
SEGMENT OPERATING INCOME (LOSS) DATA
Specialty Minerals Segment		$	4.3		$	9.8		$	20.1		(79)%		(56)%		$	14.1		$	38.5		$	(63)%
Refractories Segment		$	(45.3)		$	(2.2)		$	8.9		*		*		$	(47.5)		$	17.8		$	*
Unallocated Corporate Expenses		$	(0.6)		$	(0.3)		$	(0.2)		200%		100%		$	(0.9)		$	(0.4)		$	125%
Consolidated		$	(41.6)		$	7.3		$	28.8		*		*		$	(34.3)		$	55.9		$	*
SEGMENT RESTRUCTURING and
IMPAIRMENT COSTS
Specialty Minerals Segment		$	8.9		$	0.2		$	0.2		*		*		$	9.1		$	1.3		$	*
Refractories Segment		$	38.2		$	0.3		$	0.7		*		*		$	38.5		$	1.0		$	*
Consolidated		$	47.1		$	0.5		$	0.9		*		*		$	47.6		$	2.3		$	*
To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's non-GAAP operating income, excluding special items for the three-month periods ended June 28, 2009, March 29, 2009 and June 29, 2008 and the six-month periods ended June 28, 2009 and June 29, 2008. The Company's management believe these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of ongoing operating results and thereby affect the comparability of results between periods. The Company feels inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends.
			Quarter Ended								% Growth					Six Months Ended						% Growth
SEGMENT OPERATING INCOME,			June 28,			Mar 29,			June 29,							June 28,			June 29,
EXCLUDING SPECIAL ITEMS			2009			2009			2008		Prior Year		Prior Qtr.			2009			2008			Prior Year
Specialty Minerals Segment		$	13.2		$	10.0		$	20.3		(35)%		32%		$	23.2		$	39.8			(42)%
Refractories Segment		$	(7.1)		$	(1.9)		$	9.6		(174)%		(274)%		$	(9.0)		$	18.8			(148)%
Consolidated		$	5.5		$	7.8		$	29.7		(81)%		(29)%		$	13.3		$	58.2			(77)%
* Percentage not meaningful

MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
		ASSETS
		(In Thousands of Dollars)
					June 28,			December 31,
					2009*			2008**
		Current assets:
		Cash & cash equivalents		$	226,735		$	181,876
		Short-term investments			13,960			9,258
		Accounts receivable, net			166,110			163,475
		Inventories			99,525			133,983
		Prepaid expenses and other current assets			27,367			23,281
		Assets held for disposal			17,461			19,674
		Total current assets			551,158			531,547
		Property, plant and equipment			1,212,776			1,324,230
		Less accumulated depreciation			838,800			894,637
		Net property, plant & equipment			373,976			429,593
		Goodwill			67,830			66,414
		Prepaid pension costs			552			483
		Other assets and deferred charges			21,117			39,583
		Total assets		$	1,014,633		$	1,067,620
		LIABILITIES AND SHAREHOLDERS' EQUITY
		Current liabilities:
		Short-term debt		$	9,499		$	14,984
		Current maturities of long-term debt			4,000			4,000
		Accounts payable			62,580			67,393
		Restructuring liabilities			12,628			6,840
		Other current liabilities			46,478			56,902
		Liabilities of assets held for disposal-current			793			734
		Total current liabilities			135,978			150,853
		Long-term debt			97,221			97,221
		Other non-current liabilities			54,434			84,715
		Total liabilities			287,633			332,789
		Total MTI shareholders' equity			701,811			711,584
		Noncontrolling Interest			25,189			23,247
		Total shareholders' equity			727,000			734,831
		Total liabilities and shareholders' equity		$	1,014,633		$	1,067,620
*		Unaudited
**		Condensed from audited financial statements.

 

 

Source: Minerals Technologies Inc.

Minerals Technologies Inc.
Rick Honey, 212-878-1831