Titan’s Promising Third Quarter

Titan International has reported net sales of $116.5 million for the third quarter ended 30 September. Sales were up 47 per cent from $79.2 million recorded in the third quarter of 2003.

Income from operations was $9.9 million, up from a loss of $(5.1) million compared with 2003. Year-to-date income from operations for 2004 was $34.3 million compared to a loss of $(12.4) million for the same time period last year. Titan recorded net income of $1.5 million for the quarter and $12.4 million year-to-date for 2004, compared to a net loss of $(13.4) million and $(27.4) million in 2003, respectively.

Diluted earnings per share were $.09 for the quarter and $.65 year-to-date 2004, versus loss per share of $(0.64) for the quarter and $(1.31) year-to-date in the previous year.

“Clearly we are pleased with the great strides Titan has made since third quarter last year, especially considering Titan Europe Plc’s sales are no longer consolidated with those of Titan International. Titan’s commitment to product innovation, manufacturing efficiencies and focused sales has led to a healthy profit for the third quarter, which is typically impacted by seasonal equipment manufacturer shutdowns,” stated Maurice Taylor Jr., Titan president and CEO. “Many of our customers are still forecasting sales growth through 2005, and Titan is ready to meet the wheel and tyre needs of the agricultural, construction and consumer industries. The refinancing of the company’s debt allowed us to secure extended terms through 2009, ensuring the continued financial strength of Titan.”