Announcement – Earnings Conference Call ScheduledJun 30, 2011 - Press Releases
Tronox to Host July 7 Earnings Conference Call to Discuss Full-Year 2010 and First Quarter 2011
Financial and Operational Results
Company Also Announces it has Exercised its Option to Buy into the Expansion of the Tiwest Titanium Dioxide Pigment Plant in Western Australia
Oklahoma City, Oklahoma, June 30, 2011 – Tronox Incorporated (TROX.PK) (Tronox) announced today that it will release its full-year 2010 and first quarter 2011 earnings on Thursday, July 7, 2011, at 8 a.m. EDT followed by an 11 a.m. EDT conference call to discuss its financial and operating results for those periods. The Company also noted that beginning with the second quarter of 2011 it expects to release current financial information on a quarterly basis.
Dennis L. Wanlass, Tronox Chief Executive Officer, said “Since the Company emerged from bankruptcy earlier this year, we have been working diligently to complete our 2010 and first quarter 2011 financial reports. We are pleased that we have achieved this goal and look forward to providing our shareholders and the public with information related to our performance for these periods and to resuming regular quarterly reporting.”
Tronox also announced that, effective today, its subsidiary, Tronox Western Australia Pty Ltd, has funded its interest in the expansion of the Tiwest titanium dioxide pigment plant in Kwinana, Western Australia, that was commissioned last year. In June 2010, the Tiwest Joint Venture partners Exxaro Resources Limited (Exxaro) and Tronox announced that the Joint Venture had successfully commissioned the Tiwest Kwinana TiO2 plant expansion, which has allowed Tiwest to expand production from 110,000 tonnes per year to approximately 150,000 tonnes per year. Pursuant to the terms of the Development Agreement dated March 25, 2008, Exxaro funded the expansion and Tronox had the option to contribute its share of the capital cost up to two years following commissioning. Since the expansion was commissioned, Exxaro received the financial benefit from the sale of the expanded production. By exercising its option to buy into the expansion, Tronox will receive its proportional 50% benefit of the expanded production from July 1, 2011.
Wanlass said, “We anticipate continued robust demand growth in the Asia-Pacific region, and our decision to invest in the Tiwest expansion enables Tronox to benefit from our 50% interest in the production from this strategically important asset.”
Additional Information on Financial Reporting
The Company also announced that it is in the process of preparing audited financial statements for the years ended December 31, 2008 and 2009. Among other things, three years of audited financial statements are required to file a registration statement with the Securities and Exchange Commission (the “SEC”) in order to register and list the Company’s common stock for trading on a stock exchange. In order to complete the audited financial statements for 2008 and 2009, the Company will need to establish appropriate reserves for certain historic environmental and tort liabilities which the Company previously disclosed were understated. These legacy liabilities were resolved in the Company’s plan of reorganization through the creation of several environmental and tort trusts which became effective on February 14, 2011, when the Company emerged from bankruptcy. As a result, the Company does not have any ongoing obligation or responsibility for these legacy liabilities. Substantially all of these legacy liabilities arose from the historic operations of Tronox’s former parent company and not from the current operations of Tronox. These financial statements are substantially complete except for the accounting for the legacy environmental and tort liabilities. While the Company cannot estimate at this time when the accounting for these legacy liabilities will be complete and it will be able to finalize its audited financial statements for the years ended December 31, 2008 and 2009, it hopes to have the work completed prior to the end of 2011. A discussion of the accounting for these legacy liabilities will be posted to the Company’s website along with the Company’s 2010 audited financial statements and the financial and operating reports for the first quarter 2011.
Conference Call/Webcast Information
Interested parties may listen to the Tronox’s full-year 2010 and first quarter 2011 conference call via Tronox’s website at www.tronox.com or by calling 1-866-564-7444 in the United States or 719-325-2177 outside the United States. The code for both dial-in numbers will be 6461675. A replay of the call will be available for seven days at 1-888-203-1112 in the United States or 719-457-0820 outside the United States. The code for the replay will be 6461675. The webcast will be archived for 30 days on the company’s website. Information on earnings also will be available on the company’s website homepage at https://www.tronox.com
Headquartered in Oklahoma City, Tronox is one of the five largest producers and marketers of titanium dioxide pigment. Titanium dioxide pigment is an inorganic white pigment used in paint, coatings, plastics, paper and many other everyday products. The company’s pigment plants, which are located in the United States, Australia and the Netherlands, supply high-performance products to approximately 1,100 customers in 100 countries. In addition, Tronox produces electrolytic products, including sodium chlorate, electrolytic manganese dioxide, boron trichloride, elemental boron and lithium manganese oxide. For information on Tronox, visit https://www.tronox.com.
On February 14, 2011, Tronox Incorporated (along with certain subsidiaries ) emerged from Chapter 11 Reorganization. Information regarding Tronox’s reorganization can be found under the “Reorganization” tab on the Company’s website at https://www.tronox.com .
Forward-looking statements: Some information in this news release includes “forward-looking statements.” These forward-looking statements include those statements preceded by, followed by or that otherwise include the words “believes,” “will,” “expects”, “plans,” “hopes” or similar words.
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|Media Contact:||Robert Gibney