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Titan International 1Q Results

Titan International has reported its figures for the first quarter of the year. Sales were $129.0 million (1Q 2002: $123.7 m), but the company’s net loss grew to $5.9 million, compared to $2.9 million. This was blamed on increased raw material costs and increased employee benefit and insurance costs, which added over $4 million to expenditure in the quarter.NYSE Warns TitanTo add to the increase in losses, Titan has been notified by the New York Stock Exchange that its common stock has fallen below the NYSE’s listing criteria relating to minimum share price. This requires that the stock must trade at a minimum average price of $1 over a 30-day period. Titan has six months to return to compliance, but the company is confident that, should its shares cease to be traded on the NYSE, it will be able to find an alternative trading venue.

9th May 2003/by Tyrepress Editors

Titan International 2002 Results

Titan International has reported its 2002 financial results. Turnover for the year was $462.8 million (2001: $457.5 m), while operating results showed a loss of $14.1 million (2001 loss: $33.5 m). The net loss was $35.9 million for the year (2001 loss: 34.8 m) and this figure includes two investment losses, totalling $12.4 million. Titan’s President and CEO Maurice Taylor Jr., pointed to the improvement in operating results as evidence that Titan’s quest to rebound are proving successful and he paid tribute to the company’s workforce for their efforts.

4th March 2003/by Tyrepress Editors

Generation Power At Titan Technologies

Titan Technologies (Albuquerque/USA) has announced that its ability to generate electricity by using the gas and carbon black byproducts generated by its tyre recycling process has sparked considerable interest from tyre shredding operations across North America.Titan had been researching the use of its plants to generate electrical power. Titan addressing costs and developing scrubbers to eliminate emissions from combustion of the oil, gas and carbon black produced by the process. Once these costs have been determined, Titan will develop an electrical generation business pro forma for different locations. At this time, Titan believes that a TRTM plant is an economically viable electrical generation system. Ronald L. Wilder, Titan’s president, added, “All cities and countries have major waste tyre problems and most, if not all, will need additional electrical generation. There can be special benefits if additional power comes from recyclable waste tyres”.Titan’s current claim is that the BTU output of a Titan Technologies tyre recycling plant processing 100 tons of scrap tyres per day is almost 3 billion BTU/day in excess of the energy required to operate the recycling plant. This excess will generate approximately 20 mega watts of continuous electrical power.

15th January 2003/by Tyrepress Editors

Sales Increase For Titan

The third quarter saw Titan International reports sales increase of $104.7 million compared to $100.5 million for the third quarter of 2001. Year-to-date net sales were $354.2 million compared to $356.9 million for the first three quarters of 2001. The operating results showed a slight improvement, with a loss of $(7.8) million for the quarter, compared to a loss of $(8.0) million in third quarter 2001. Year-to-date loss from operations was $(2.7) million, compared to a loss from operations of $(8.8) million for the 2001 time period.

5th November 2002/by Tyrepress Editors

2001 Net Loss For Titan International

Titan International has published its 2001 financial results. In the fourth quarter, Titan’s net sales were $100.6 million (Q4 2000: $113.4 m). For 2001as a whole, sales were $457.5 m ($543.1 m). The net loss for Q4 was $21.5 m ($8.0 m) and Titan turned in a net loss for the year of $34.8 m, compared to a net income in 2000 of $4.5 m. President and CEO Maurice Taylor Jr. described 2001 as “difficult for all manufacturers.” On the positive side, Titan settled two long-running (39 months and 40 months) labour disputes and received approval to offer agricultural tyres and wheels through the Case New Holland dealership network.

21st February 2002/by Tyrepress Editors

Wheels and Brake Applications by Titan Europe

For this year’s Agritechnica, Titan Europe is focusing interest on its two main agricultural product areas: high speed wheel and tyre systems and brake applications for high speeds. The newly developed Titan “Relocator” wheel for high speed road use, will take centre stage at the show along with the new range of wedge ramp brakes, developed by the Italian Sirmac division of Titan, and which have made a significant impact on tractors of the power range 60 to 300 HP.

28th December 2001/by Tyrepress Editors

Tie-Up Between Titan And Case New Holland

In the USA, Titan tyres and wheels will be available from any of the thousands of Case New Holland dealers. CNH is the second largest North American company in farm equipment sales. Titan’s aim is to generate an additional $100 million of business over the next few years and the offer may be extended to other equipment dealers.

28th December 2001/by Tyrepress Editors

2000 Figures From Titan International

Titan International has announced net sales for the fourth quarter of $113.4m, down from the previous fourth quarter of $134.4m. Net sales for the year 2000 were $543.1m, compared to $588m for the previous year. The fourth quarter (2000) loss recorded was $8m, as against $6m for the same quarter 1999. The full year results showed a net income of 4.5m against a loss of $11.4m in the previous year.

30th November 2001/by Tyrepress Editors

40-Month Strike Settled At Titan Tire

The 40-month long strike by United Steelworkers of America against the Titan Tire Corporation at its Des Moines plant has been settled, with union members approving a labour agreement effective up to the year 2006. Maurice Taylor Jr., president and CEO of Titan International, said the company will now focus on growth and returning to pre-strike profit levels.

30th November 2001/by Tyrepress Editors

Military Deal For Titan

Titan Tire has won a contract to supply in excess of 45 million US Dollars with of bolt together two-piece wheels to the United States Army. This is claimed to be the largest military contract Titan has ever won.

30th November 2001/by Tyrepress Editors

Sales Down And Net Loss For Titan In 3rd Quarter

Titan International’s financial figures for the third quarter have been released. Turnover was $100.5 million, compared with $119.8 m for the same period last year. Titan recorded a net loss for the quarter of $9.5 m (Q3 2000: $7.4 m). The net loss for the year to date was $13.3 m, compared to a net profit for YTD last year of $12.5 m. President and CEO Maurice Taylor Jr. was optimistic that Titan would turn the corner next year, pointing to the end of the 40-month strike at the Des Moines plant and the gaining of a $45 million military contract as positive factors.

30th November 2001/by Tyrepress Editors

Titan Sales Dropped

Sales of tyre and wheel manufacturer Titan (Quincy/Illinois, USA) have dropped last year to US$ 588 million (1998: US$ 660,8 million). Striking and a bad condition of the American agriculture are assumed to be responsible for the figures showing an EBIT of US$ -11.4 million compared to US$ 8.4 million in 1998.

7th December 2000/by Tyrepress Editors

Titan Tire Guilty In Trucker Death

Titan Tire (Iowa/USA) has been found responsible and fined for safety violations connected with an explosion at the Titan plant, in which a trucker was killed on Nov. 24,1999.

7th December 2000/by Tyrepress Editors

Titan Announces Dividend

Titan International (Quincy, Illinois), manufacturer of wheels and tyres for off-highway vehicles, has announced a cash dividend of $ 0.015 for the first quarter of 2000. In 1999 Titan’s sales declined and a net loss was recorded.

7th December 2000/by Tyrepress Editors

Titan Sells Assets

Titan International (Quincy, Illinois) has sold its OE business in lawn, garden and ATV wheels and tyres to the Carlisle Corporation for approximately $ 95 million.

7th December 2000/by Tyrepress Editors