TIMET Announces First Quarter Results

Apr 20, 2001, 01:00 ET from Titanium Metals Corporation

    DENVER, April 20 /PRNewswire Interactive News Release/ -- Titanium Metals
 Corporation ("TIMET") (NYSE:   TIE) reported a loss before special items for the
 first quarter of 2001 of $3.8 million, or $.12 per share, compared to a loss
 before special and extraordinary items in the first quarter of 2000 of
 $8.3 million or $.26 per share.  TIMET's net loss for the first quarter of
 2001 was $3.6 million, or $.12 per share, compared to a net loss of
 $15.1 million, or $.48 per share, for the same quarter in 2000.
     Sales of $124 million in the first quarter of 2001 were 18% higher than
 the year-ago period.  This resulted principally from the net effects of an 18%
 increase in mill product sales volume, a 4% decrease in mill product selling
 prices (expressed in U.S. dollars using actual foreign currency exchange rates
 prevailing during the respective periods) and changes in product mix.  In
 billing currencies (which exclude the effects of foreign currency
 translation), mill product selling prices decreased 1%.  Melted product (ingot
 and slab) sales volume increases of 75% from year-ago levels were partially
 offset by selling price decreases of 3%.
     As compared to the fourth quarter of 2000, sales were impacted by an 8%
 increase in mill product sales volume, a 3% increase in mill product selling
 prices (expressed in U.S. dollars) and changes in product mix.  In billing
 currencies, mill product selling prices increased 2%.  Melted product sales
 volume in the first quarter of 2001 was unchanged compared to the fourth
 quarter of 2000, while selling prices increased 7%.  TIMET's backlog at March
 31, 2001 was approximately $290 million, compared to $185 million at the end
 of March 2000 and $245 at year-end 2000.
     J. Landis Martin, Chairman and CEO of TIMET said, "Shipments and margins
 in the first quarter were slightly better than anticipated.  Industry trends
 continue to indicate that our operating results should improve this year
 compared to 2000 levels.  The increase in our backlog during the first quarter
 is consistent with our expectation of higher sales volumes and improved
 pricing over the course of this year."
 
     The statements in this release and the conference call relating to matters
 that are not historical facts are forward-looking statements that represent
 management's beliefs and assumptions based on currently available information.
 Forward-looking statements can be identified by the use of words such as
 "believes," "intends," "may," "will," "looks," "should," "could, "
 "anticipates,"  "expects" or comparable terminology or by discussions of
 strategy or trends.  Although the Company believes that the expectations
 reflected in such forward-looking statements are reasonable, it cannot give
 any assurances that these expectations will prove to be correct.  Such
 statements by their nature involve substantial risks and uncertainties that
 could significantly affect expected results.  Actual future results could
 differ materially from those described in such forward-looking statements, and
 the Company disclaims any intention or obligation to update or revise any
 forward-looking statements, whether as a result of new information, future
 events or otherwise.  Among the factors that could cause actual results to
 differ materially are risks and uncertainties including, but not limited to,
 the cyclicality of the commercial aerospace industry, the performance of The
 Boeing Company and other aerospace manufacturers under their long-term
 purchase agreements with the Company, the difficulty in forecasting demand for
 titanium products, global economic conditions, global productive capacity for
 titanium, changes in product pricing and costs, the impact of long-term
 contracts with vendors or the ability of the Company to reduce or increase
 supply or achieve lower costs, the possibility of labor disruptions,
 fluctuations in currency exchange rates, control by certain stockholders and
 possible conflicts of interest, uncertainties associated with new product
 development, the supply of raw materials and services, changes in raw material
 and other operating costs (including supply costs) and other risks and
 uncertainties included in the Company's filings with the Securities and
 Exchange Commission.  Should one or more of these risks materialize (or the
 consequences of such a development worsen), or should the underlying
 assumptions prove incorrect, actual results could differ materially from those
 forecasted or expected.  The Company assumes no duty to update any forward-
 looking statements.
 
     As previously announced, TIMET will host a conference call to discuss its
 first quarter results on Friday, April 20, 2001 at 11:00 AM (EDT). On the
 conference call will be J. Landis Martin, Chairman and Chief Executive
 Officer, and Mark A. Wallace, Chief Financial Officer.  Participants can
 access the call by dialing 800-450-0821 (domestic) and 612-332-0806
 (international).
 
     TIMET, headquartered in Denver, Colorado, is a leading worldwide
 integrated producer of titanium metal products.  Information on TIMET is
 available on the World Wide Web at http://www.timet.com/.
 
 
                          TITANIUM METALS CORPORATION
 
                       SUMMARY OF CONSOLIDATED OPERATIONS
 
                      (In millions, except per share data)
                                  (Unaudited)
 
 
                                                         Three Months Ended
                                                             March 31,
                                                         2001        2000
 
     Net sales                                         $124.0       $104.7
     Cost of sales                                      116.7        108.0
     Selling, administrative and development costs       10.7         11.3
     Other expense (income)                              (1.4)          .1
     Restructuring charge (credit)                        (.2)         3.7
 
       Operating loss                                    (1.8)       (18.4)
     General corporate income                             1.7          2.6
     Interest expense                                     1.5          2.3
 
       Pretax loss                                       (1.6)       (18.1)
     Income tax benefit                                   (.6)        (6.4)
     Minority interest - Convertible Preferred
      Securities, net of tax                              2.2          2.2
     Other minority interest                               .4           .3
 
     Loss before extraordinary item                      (3.6)       (14.2)
     Extraordinary item -- early
       extinguishment of debt, net of tax                  --          (.9)
 
       Net loss                                         $(3.6)     $ (15.1)
 
     Basic and diluted loss per share:
       Before extraordinary item                       $ (.12)       $(.45)
       Extraordinary item                                  --         (.03)
 
                                                       $ (.12)       $(.48)
     Basic and diluted weighted
      average shares outstanding                         31.4         31.4
 
     Mill product shipments:
       Volume (metric tons)                             3,185        2,700
       Average price ($ per kilogram)                 $ 29.45      $ 30.90
 
     Melted product shipments:
       Volume (metric tons)                             1,030          590
       Average price ($ per kilogram)                 $ 14.25      $ 14.15
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X15817722
 
 

SOURCE Titanium Metals Corporation
    DENVER, April 20 /PRNewswire Interactive News Release/ -- Titanium Metals
 Corporation ("TIMET") (NYSE:   TIE) reported a loss before special items for the
 first quarter of 2001 of $3.8 million, or $.12 per share, compared to a loss
 before special and extraordinary items in the first quarter of 2000 of
 $8.3 million or $.26 per share.  TIMET's net loss for the first quarter of
 2001 was $3.6 million, or $.12 per share, compared to a net loss of
 $15.1 million, or $.48 per share, for the same quarter in 2000.
     Sales of $124 million in the first quarter of 2001 were 18% higher than
 the year-ago period.  This resulted principally from the net effects of an 18%
 increase in mill product sales volume, a 4% decrease in mill product selling
 prices (expressed in U.S. dollars using actual foreign currency exchange rates
 prevailing during the respective periods) and changes in product mix.  In
 billing currencies (which exclude the effects of foreign currency
 translation), mill product selling prices decreased 1%.  Melted product (ingot
 and slab) sales volume increases of 75% from year-ago levels were partially
 offset by selling price decreases of 3%.
     As compared to the fourth quarter of 2000, sales were impacted by an 8%
 increase in mill product sales volume, a 3% increase in mill product selling
 prices (expressed in U.S. dollars) and changes in product mix.  In billing
 currencies, mill product selling prices increased 2%.  Melted product sales
 volume in the first quarter of 2001 was unchanged compared to the fourth
 quarter of 2000, while selling prices increased 7%.  TIMET's backlog at March
 31, 2001 was approximately $290 million, compared to $185 million at the end
 of March 2000 and $245 at year-end 2000.
     J. Landis Martin, Chairman and CEO of TIMET said, "Shipments and margins
 in the first quarter were slightly better than anticipated.  Industry trends
 continue to indicate that our operating results should improve this year
 compared to 2000 levels.  The increase in our backlog during the first quarter
 is consistent with our expectation of higher sales volumes and improved
 pricing over the course of this year."
 
     The statements in this release and the conference call relating to matters
 that are not historical facts are forward-looking statements that represent
 management's beliefs and assumptions based on currently available information.
 Forward-looking statements can be identified by the use of words such as
 "believes," "intends," "may," "will," "looks," "should," "could, "
 "anticipates,"  "expects" or comparable terminology or by discussions of
 strategy or trends.  Although the Company believes that the expectations
 reflected in such forward-looking statements are reasonable, it cannot give
 any assurances that these expectations will prove to be correct.  Such
 statements by their nature involve substantial risks and uncertainties that
 could significantly affect expected results.  Actual future results could
 differ materially from those described in such forward-looking statements, and
 the Company disclaims any intention or obligation to update or revise any
 forward-looking statements, whether as a result of new information, future
 events or otherwise.  Among the factors that could cause actual results to
 differ materially are risks and uncertainties including, but not limited to,
 the cyclicality of the commercial aerospace industry, the performance of The
 Boeing Company and other aerospace manufacturers under their long-term
 purchase agreements with the Company, the difficulty in forecasting demand for
 titanium products, global economic conditions, global productive capacity for
 titanium, changes in product pricing and costs, the impact of long-term
 contracts with vendors or the ability of the Company to reduce or increase
 supply or achieve lower costs, the possibility of labor disruptions,
 fluctuations in currency exchange rates, control by certain stockholders and
 possible conflicts of interest, uncertainties associated with new product
 development, the supply of raw materials and services, changes in raw material
 and other operating costs (including supply costs) and other risks and
 uncertainties included in the Company's filings with the Securities and
 Exchange Commission.  Should one or more of these risks materialize (or the
 consequences of such a development worsen), or should the underlying
 assumptions prove incorrect, actual results could differ materially from those
 forecasted or expected.  The Company assumes no duty to update any forward-
 looking statements.
 
     As previously announced, TIMET will host a conference call to discuss its
 first quarter results on Friday, April 20, 2001 at 11:00 AM (EDT). On the
 conference call will be J. Landis Martin, Chairman and Chief Executive
 Officer, and Mark A. Wallace, Chief Financial Officer.  Participants can
 access the call by dialing 800-450-0821 (domestic) and 612-332-0806
 (international).
 
     TIMET, headquartered in Denver, Colorado, is a leading worldwide
 integrated producer of titanium metal products.  Information on TIMET is
 available on the World Wide Web at http://www.timet.com/.
 
 
                          TITANIUM METALS CORPORATION
 
                       SUMMARY OF CONSOLIDATED OPERATIONS
 
                      (In millions, except per share data)
                                  (Unaudited)
 
 
                                                         Three Months Ended
                                                             March 31,
                                                         2001        2000
 
     Net sales                                         $124.0       $104.7
     Cost of sales                                      116.7        108.0
     Selling, administrative and development costs       10.7         11.3
     Other expense (income)                              (1.4)          .1
     Restructuring charge (credit)                        (.2)         3.7
 
       Operating loss                                    (1.8)       (18.4)
     General corporate income                             1.7          2.6
     Interest expense                                     1.5          2.3
 
       Pretax loss                                       (1.6)       (18.1)
     Income tax benefit                                   (.6)        (6.4)
     Minority interest - Convertible Preferred
      Securities, net of tax                              2.2          2.2
     Other minority interest                               .4           .3
 
     Loss before extraordinary item                      (3.6)       (14.2)
     Extraordinary item -- early
       extinguishment of debt, net of tax                  --          (.9)
 
       Net loss                                         $(3.6)     $ (15.1)
 
     Basic and diluted loss per share:
       Before extraordinary item                       $ (.12)       $(.45)
       Extraordinary item                                  --         (.03)
 
                                                       $ (.12)       $(.48)
     Basic and diluted weighted
      average shares outstanding                         31.4         31.4
 
     Mill product shipments:
       Volume (metric tons)                             3,185        2,700
       Average price ($ per kilogram)                 $ 29.45      $ 30.90
 
     Melted product shipments:
       Volume (metric tons)                             1,030          590
       Average price ($ per kilogram)                 $ 14.25      $ 14.15
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X15817722
 
 SOURCE  Titanium Metals Corporation