Titan International Reports Positive First Quarter Results

Apr 24, 2001, 01:00 ET from Titan International, Inc.

    QUINCY, Ill., April 24 /PRNewswire Interactive News Release/ -- Titan
 International, Inc. (NYSE:   TWI) has announced net sales of $136.0 million for
 the first quarter ended March 31, 2001, compared to $164.3 million for the
 first quarter of 2000.  Net income for the first quarter was $0.2 million,
 compared to $1.1 million for the first quarter of 2000.  Diluted earnings per
 share for the first quarter of 2001 were $.01 versus $.05 for the same quarter
 of the previous year.
     Pro forma net sales for the quarter ended March 31, 2000, would have been
 $140.5 million if adjusted for the April 2000 sale of certain assets.  Pro
 forma net losses would have been ($1.0) million for the first quarter of
 2000 if adjusted for the sale of assets mentioned above.
     "Market conditions created a difficult quarter for Titan, but cost cutting
 measures undertaken last year resulted in a positive outcome.  In addition,
 net income increased when compared to the pro forma net loss for last year,
 demonstrating that Titan is continuing to move forward even though the
 market remained depressed," stated Maurice Taylor Jr., Titan president and
 CEO.  "Sales of the LSW assemblies continue to increase with potential for
 future growth.  Titan has a strong competitive position in our markets and we
 will continue to expand by being the lowest cost producer with the largest
 range of products.  The customers for agricultural and construction machinery
 are looking for quality specialty wheels and tires for their equipment and
 these markets will be Titan's focus for LSW assemblies.  With our emphasis on
 wheels and tires for agriculture and construction, it is imperative that a
 worldwide distribution network be developed to ensure rapid delivery.  We
 expect to have these plans completed and largely implemented this year."
     Titan is a global supplier of mounted wheel and tire systems for
 off-highway equipment used in agriculture, construction, mining, military,
 recreation and grounds care.  Titan has manufacturing and distribution
 facilities worldwide.
 
                             Titan International, Inc.
                 Consolidated Statements of Operations (Unaudited)
                 For the three months ended March 31, 2001 and 2000
 
                                                         Three Months Ended
                                                             March 31,
                                                       2001           2000
 
     Net sales                                       $136,047       $164,327
     Cost of sales                                    120,599        143,431
       Gross profit                                    15,448         20,896
 
     Selling, general & administrative                 10,822         11,286
     Research & development                               801          1,550
       Income from operations                           3,825          8,060
 
     Interest expense                                   5,639          6,563
     Gain on sale of assets                            (1,619)             0
     Other income                                        (633)          (216)
       Income before taxes                                438          1,713
 
     Provision for income taxes                           210            651
 
       Net income                                        $228         $1,062
 
     Earnings per common share:
       Basic                                             $.01           $.05
       Diluted                                            .01            .05
 
     Average common shares and equivalents
      outstanding:
       Basic                                           20,625         20,666
       Diluted                                         20,625         20,666
 
     Amounts in thousands except earnings per share data.
 
 
                                Segment Information
                    Revenues from external customers (Unaudited)
                                Amounts in thousands
 
                                                        Three Months Ended
                                                             March 31,
                                                       2001           2000
 
     Agricultural                                     $76,828        $72,140
     Earthmoving/Construction                          42,999         41,206
     Consumer                                          16,220         50,981
       Total                                         $136,047       $164,327
 
                          Other Financial Data (Unaudited)
                                Amounts in thousands
 
                                                    March 31,       March 31,
                                                       2001           2000
 
     Working capital                                 $223,528       $218,814
     Current assets                                   318,974        320,979
     Total assets                                     610,276        677,090
     Long-term debt                                   254,293        303,305
     Stockholders' equity                             225,478        227,839
     Depreciation & amortization                        9,486         10,126
     Capital expenditures, net                          5,217          8,274
 
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SOURCE Titan International, Inc.
    QUINCY, Ill., April 24 /PRNewswire Interactive News Release/ -- Titan
 International, Inc. (NYSE:   TWI) has announced net sales of $136.0 million for
 the first quarter ended March 31, 2001, compared to $164.3 million for the
 first quarter of 2000.  Net income for the first quarter was $0.2 million,
 compared to $1.1 million for the first quarter of 2000.  Diluted earnings per
 share for the first quarter of 2001 were $.01 versus $.05 for the same quarter
 of the previous year.
     Pro forma net sales for the quarter ended March 31, 2000, would have been
 $140.5 million if adjusted for the April 2000 sale of certain assets.  Pro
 forma net losses would have been ($1.0) million for the first quarter of
 2000 if adjusted for the sale of assets mentioned above.
     "Market conditions created a difficult quarter for Titan, but cost cutting
 measures undertaken last year resulted in a positive outcome.  In addition,
 net income increased when compared to the pro forma net loss for last year,
 demonstrating that Titan is continuing to move forward even though the
 market remained depressed," stated Maurice Taylor Jr., Titan president and
 CEO.  "Sales of the LSW assemblies continue to increase with potential for
 future growth.  Titan has a strong competitive position in our markets and we
 will continue to expand by being the lowest cost producer with the largest
 range of products.  The customers for agricultural and construction machinery
 are looking for quality specialty wheels and tires for their equipment and
 these markets will be Titan's focus for LSW assemblies.  With our emphasis on
 wheels and tires for agriculture and construction, it is imperative that a
 worldwide distribution network be developed to ensure rapid delivery.  We
 expect to have these plans completed and largely implemented this year."
     Titan is a global supplier of mounted wheel and tire systems for
 off-highway equipment used in agriculture, construction, mining, military,
 recreation and grounds care.  Titan has manufacturing and distribution
 facilities worldwide.
 
                             Titan International, Inc.
                 Consolidated Statements of Operations (Unaudited)
                 For the three months ended March 31, 2001 and 2000
 
                                                         Three Months Ended
                                                             March 31,
                                                       2001           2000
 
     Net sales                                       $136,047       $164,327
     Cost of sales                                    120,599        143,431
       Gross profit                                    15,448         20,896
 
     Selling, general & administrative                 10,822         11,286
     Research & development                               801          1,550
       Income from operations                           3,825          8,060
 
     Interest expense                                   5,639          6,563
     Gain on sale of assets                            (1,619)             0
     Other income                                        (633)          (216)
       Income before taxes                                438          1,713
 
     Provision for income taxes                           210            651
 
       Net income                                        $228         $1,062
 
     Earnings per common share:
       Basic                                             $.01           $.05
       Diluted                                            .01            .05
 
     Average common shares and equivalents
      outstanding:
       Basic                                           20,625         20,666
       Diluted                                         20,625         20,666
 
     Amounts in thousands except earnings per share data.
 
 
                                Segment Information
                    Revenues from external customers (Unaudited)
                                Amounts in thousands
 
                                                        Three Months Ended
                                                             March 31,
                                                       2001           2000
 
     Agricultural                                     $76,828        $72,140
     Earthmoving/Construction                          42,999         41,206
     Consumer                                          16,220         50,981
       Total                                         $136,047       $164,327
 
                          Other Financial Data (Unaudited)
                                Amounts in thousands
 
                                                    March 31,       March 31,
                                                       2001           2000
 
     Working capital                                 $223,528       $218,814
     Current assets                                   318,974        320,979
     Total assets                                     610,276        677,090
     Long-term debt                                   254,293        303,305
     Stockholders' equity                             225,478        227,839
     Depreciation & amortization                        9,486         10,126
     Capital expenditures, net                          5,217          8,274
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X42112338
 
 SOURCE  Titan International, Inc.