Titan Revises Financial Guidance to Reflect Impact of SureBeam IPO And Announces Preliminary First Quarter Results

Apr 10, 2001, 01:00 ET from Titan Corporation

    SAN DIEGO, April 10 /PRNewswire/ -- The Titan Corporation (NYSE:   TTN)
 today announced that as a result of the successful initial public offering of
 its majority owned subsidiary, SureBeam (Nasdaq:   SURE), it has revised Titan's
 financial guidance to reflect the execution of SureBeam's planned sales,
 advertising and branding campaign.  The announcement of the revised guidance
 for Titan coincides with the conclusion of the quiet period surrounding the
 SureBeam IPO.  Titan had previously indicated that its financial guidance for
 2001 assumed that SureBeam was not yet a public company.  Titan also indicated
 that should SureBeam become a public company, SureBeam would aggressively
 begin their sales, advertising, and branding campaign, which would
 significantly increase SureBeam's operating expenses.  Total operating
 expenses for SureBeam excluding deferred compensation are now expected to
 increase by approximately $22 million for the year 2001.  These investments
 are expected to result in a significant increase in revenues and profits for
 SureBeam in 2002 and to establish SureBeam as the industry food safety
 standard.
     The Company also announced preliminary results for the first quarter ended
 March 31, 2001 which include a significant loss for SureBeam and lower than
 expected results in its two commercial IT services businesses, Cayenta and
 AverCom, one of four businesses in Titan's Emerging Technologies and
 Businesses Segment.  Both Cayenta and AverCom have experienced the same demand
 issues as a result of economic uncertainty as other companies in the
 commercial information technology services and e-business software application
 sectors.  The Company's core government information technology business, Titan
 Systems, remained unaffected by economic conditions and is expected to meet or
 exceed revenue and profit expectations for the quarter.  The Company expects
 to report revenues for the Titan Corporation of between $256 and $260 million
 and pro forma earnings per share excluding deferred compensation and goodwill
 amortization of $0.01 to $0.02.
     In conjunction with this announcement, the company will host a conference
 call today at 8 a.m. PDT.  The call will be broadcast live over the Internet
 and investors interested in listening to the webcast should log on to the
 "Investor Relations" section of the Titan website at www.titan.com, ten
 minutes prior to the call.  The call will be archived on the Titan website
 after the call is completed.
 
     Headquartered in San Diego, California, The Titan Corporation creates,
 builds and launches technology-based businesses, offering innovative technical
 solutions.  Three of Titan's four core businesses develop and deploy
 communications and information technology solutions and services.  In
 addition, Titan markets the leading technology for the electronic
 pasteurization of food products and is continually identifying promising
 technologies suitable for commercialization.  The company has 7,800 employees,
 annualized sales of approximately $1.1 billion and total backlog in excess of
 $2.2 billion.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: The statements contained in this release, which are not historical
 facts, are forward-looking statements within the meaning of Section 27A of the
 Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
 Examples of such forward-looking statements include the expected financial
 results for the first quarter.  These statements are subject to risks and
 uncertainties that could cause actual results to differ materially from those
 set forth in or implied by forward-looking statements.  These risks and
 uncertainties include the risks that financial results may differ from what
 the Company currently expects."
 
                   Investor Relations Contact: Rochelle Bold,
      Vice President Investor Relations (858) 552-9400 or invest@titan.com
 
        If you would like to receive press releases via electronic mail,
                        please contact invest@titan.com
 
          Press Releases and other Titan information are available on
       The Titan Corporation's World Wide Web site: http://www.titan.com
 
 

SOURCE Titan Corporation
    SAN DIEGO, April 10 /PRNewswire/ -- The Titan Corporation (NYSE:   TTN)
 today announced that as a result of the successful initial public offering of
 its majority owned subsidiary, SureBeam (Nasdaq:   SURE), it has revised Titan's
 financial guidance to reflect the execution of SureBeam's planned sales,
 advertising and branding campaign.  The announcement of the revised guidance
 for Titan coincides with the conclusion of the quiet period surrounding the
 SureBeam IPO.  Titan had previously indicated that its financial guidance for
 2001 assumed that SureBeam was not yet a public company.  Titan also indicated
 that should SureBeam become a public company, SureBeam would aggressively
 begin their sales, advertising, and branding campaign, which would
 significantly increase SureBeam's operating expenses.  Total operating
 expenses for SureBeam excluding deferred compensation are now expected to
 increase by approximately $22 million for the year 2001.  These investments
 are expected to result in a significant increase in revenues and profits for
 SureBeam in 2002 and to establish SureBeam as the industry food safety
 standard.
     The Company also announced preliminary results for the first quarter ended
 March 31, 2001 which include a significant loss for SureBeam and lower than
 expected results in its two commercial IT services businesses, Cayenta and
 AverCom, one of four businesses in Titan's Emerging Technologies and
 Businesses Segment.  Both Cayenta and AverCom have experienced the same demand
 issues as a result of economic uncertainty as other companies in the
 commercial information technology services and e-business software application
 sectors.  The Company's core government information technology business, Titan
 Systems, remained unaffected by economic conditions and is expected to meet or
 exceed revenue and profit expectations for the quarter.  The Company expects
 to report revenues for the Titan Corporation of between $256 and $260 million
 and pro forma earnings per share excluding deferred compensation and goodwill
 amortization of $0.01 to $0.02.
     In conjunction with this announcement, the company will host a conference
 call today at 8 a.m. PDT.  The call will be broadcast live over the Internet
 and investors interested in listening to the webcast should log on to the
 "Investor Relations" section of the Titan website at www.titan.com, ten
 minutes prior to the call.  The call will be archived on the Titan website
 after the call is completed.
 
     Headquartered in San Diego, California, The Titan Corporation creates,
 builds and launches technology-based businesses, offering innovative technical
 solutions.  Three of Titan's four core businesses develop and deploy
 communications and information technology solutions and services.  In
 addition, Titan markets the leading technology for the electronic
 pasteurization of food products and is continually identifying promising
 technologies suitable for commercialization.  The company has 7,800 employees,
 annualized sales of approximately $1.1 billion and total backlog in excess of
 $2.2 billion.
 
     "Safe Harbor" Statement under the Private Securities Litigation Reform Act
 of 1995: The statements contained in this release, which are not historical
 facts, are forward-looking statements within the meaning of Section 27A of the
 Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
 Examples of such forward-looking statements include the expected financial
 results for the first quarter.  These statements are subject to risks and
 uncertainties that could cause actual results to differ materially from those
 set forth in or implied by forward-looking statements.  These risks and
 uncertainties include the risks that financial results may differ from what
 the Company currently expects."
 
                   Investor Relations Contact: Rochelle Bold,
      Vice President Investor Relations (858) 552-9400 or invest@titan.com
 
        If you would like to receive press releases via electronic mail,
                        please contact invest@titan.com
 
          Press Releases and other Titan information are available on
       The Titan Corporation's World Wide Web site: http://www.titan.com
 
 SOURCE  Titan Corporation

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