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Press Release: Minerals Technologies Reports -4-

· 02/04/2021 17:01
Free cash flow $ 71.9 $ 40.1 $ 66.6 $174.5 $173.3 ----- ----- ----- ----- ----- Depreciation, depletion and amortization expense $ 23.7 $ 23.9 $ 24.8 $ 93.9 $ 98.4 ----- ----- ----- ----- ----- "Adjusted EBITDA" is a non-GAAP financial measure and refers to earnings before interest, taxes, depreciation and amortization (EBITDA), excluding special items. The following is a presentation of the Company's non-GAAP EBITDA and Adjusted EBITDA for the quarterly periods ended December 31, 2020, September 27, 2020 and December 31, 2019 and the twelve month periods ended December 31, 2020 and December 31, 2019, and a reconciliation to net income for such periods. The Company's management believes these non-GAAP measures provide meaningful supplemental information regarding its performance and facilitates investors' understanding of historic 5 ) operating trends. Quarter Ended Twelve Months Ended --------------------------------- --------------------- (millions of dollars) Dec. 31, Sep. 27, Dec. 31, Dec. 31, Dec. 31, 2020 2020 2019 2020 2019 --------- --------- --------- --------- --------- Net income $ 31.1 $ 28.3 $ 29.0 $112.4 $132.7 Add back: Depreciation, depletion and amortization 23.7 23.9 24.8 93.9 98.4 Interest expense, net 10.7 10.1 9.9 38.2 43.2 Equity in earnings of affiliates, net of tax (0.2) (0.5) (0.4) (2.2) (1.9) Net income attributable to non-controlling interests 0.9 1.0 0.6 3.4 3.7 Provision for taxes on income 6.8 7.0 5.8 24.4 22.8 ----- ----- ----- ----- ----- EBITDA 73.0 69.8 69.7 270.1 298.9 Add special items: Restructuring and other charges 0.0 1.3 0.0 7.6 13.2 Acquisition-related expenses 2.6 0.2 0.0 3.1 0.0 Cybersecurity incident costs 4.0 0.0 0.0 4.0 0.0 Litigation expense 0.0 1.5 5.3 10.4 10.9 Write-off of receivables due to UK customer bankruptcy 0.0 0.0 0.0 0.0 2.5 Non-cash pension settlement charge 1.0 1.1 0.0 6.4 0.0 ----- ----- ----- ----- ----- Adjusted EBITDA $ 80.6 $ 73.9 $ 75.0 $301.6 $325.5 % of sales 18.7% 19.0% 17.0% 18.9% 18.2% The following table reflects the components of 6 ) non-operating income and deductions: (millions of dollars) Quarter Ended Twelve Months Ended --------------------------------- --------------------- Dec. 31, Sep. 27, Dec. 31, Dec. 31, Dec. 31, 2020 2020 2019 2020 2019 --------- --------- --------- --------- --------- Interest income $ 0.7 $ 0.5 $ 0.6 $ 1.9 $ 2.3 Interest expense (11.4) (10.6) (10.5) (40.1) (45.5) Non-cash pension settlement charge (1.0) (1.1) 0.0 (6.4) 0.0 Foreign exchange (losses) gains (2.2) 0.9 (1.3) 1.3 0.4 Other deductions (2.0) (2.4) (1.5) (6.6) (8.6) ----- ----- ----- ----- ----- Non-operating deductions, net $(15.9) $(12.7) $(12.7) $(49.9) $(51.4) ----- ----- ----- ----- ----- Included in non-operating deductions for the three-month and twelve month periods ended December 31, 2020 are non-cash pension settlement costs of $1.0 million and $6.4 million, respectively, associated with some of our pension plans in the U.S. 7 ) The analyst conference call to discuss operating results for the fourth quarter is scheduled for Friday, February 5, 2021 at 11:00 am E.T. 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 Twelve Months Ended % Growth --------------------------------------- ------- ---------------- -------------------------- ------- ------------- Dec. Sep. Dec. Dec. Dec. SALES DATA 31, % of 27, % of 31, % of 31, % of 31, % of Total Total Total Prior Prior Total Total 2020 Sales 2020 Sales 2019 Sales Qtr Year 2020 Sales 2019 Sales Prior Year ----- -------- ----- ------- ----- ------- ------- ------- ------- ------- ------- ------- ------------- United States $215.0 50% $199.9 51% $233.8 53% 8% (8)% $ 822.5 52% $ 962.4 54% (15)% International 216.8 50% 188.4 49% 206.4 47% 15% 5% 772.3 48% 828.6 46% (7)% ----- --- ----- --- ----- --- --- --- ------- --- ------- --- ---- --- Net Sales $431.8 100% $388.3 100% $440.2 100% 11% (2)% $1,594.8 100% $1,791.0 100% (11)% ----- --- ----- --- ----- --- --- --- ------- --- ------- --- ---- --- Metalcasting $ 77.3 18% $ 66.3 17% $ 73.2 17% 17% 6% $ 258.1 16% $ 291.2 16% (11)% Household, Personal Care & Specialty Products 102.2 24% 93.9 24% 96.2 22% 9% 6% 380.2 24% 376.6 21% 1% Environmental Products 10.3 2% 16.9 4% 14.6 3% (39)% (29)% 58.6 4% 86.6 5% (32)% Building Materials 12.4 3% 13.5 3% 17.4 4% (8)% (29)% 55.9 4% 68.9 4% (19)% ----- --- ----- --- ----- --- --- --- ------- --- ------- --- ---- --- Performance Materials Segment $202.2 47% $190.6 49% $201.4 46% 6% 0% $ 752.8 47% $ 823.3 46% (9)% ----- --- ----- --- ----- --- --- --- ------- --- ------- --- ---- --- Paper PCC $ 83.3 19% $ 74.5 19% $ 93.0 21% 12% (10)% $ 308.4 19% $ 364.9 20% (15)% Specialty PCC 19.6 5% 17.3 4% 16.0 4% 13% 23% 69.3 4% 69.1 4% 0% ----- --- ----- --- ----- --- --- --- ------- --- ------- --- ---- ---- PCC Products $102.9 24% $ 91.8 24% $109.0 25% 12% (6)% $ 377.7 24% $ 434.0 24% (13)% ----- --- ----- --- ----- --- --- --- ------- --- ------- --- ---- --- Ground Calcium Carbonate $ 22.9 5% $ 23.2 6% $ 21.2 5% (1)% 8% $ 89.3 6% 91.3 5% (2)% Talc 13.1 3% 10.1 3% 11.6 3% 30% 13% 43.9 3% 49.1 3% (11)%

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February 04, 2021 17:01 ET (22:01 GMT)