Titan’s Q1 Sales Up 34 Per Cent

US company Titan’s first quarter financial results show that the company achieved a 34 per cent increase in net sales. First quarter 2006 net sales were $182.6 million, compared to $136.1 million in first quarter 2005. Gross profit increased by 29 percent, or $7.0 million. First quarter 2006 gross profit was $31.1 million ($24.1 million Q1 2005).

Titan was able to achieve a 22 percent increase in income from operations for the first quarter 2006 to reach $17.2 million, ($14.1 million Q1 2005). First quarter income before taxes was $14.3 million for 2006 and $12.4 million for 2005. As a result of a higher effective tax rate of 40 percent ($5.7 million tax provision) in 2006, versus 10 percent ($1.2 million tax provision) in 2005, the company’s first quarter net income for 2006 was $8.6 million, ($11.2 million 2005). Titan also reduced total debt by $5.5 million in the quarter including short-term debt reduction of $3.3 million and long-term debt reduction of $2.2 million.