Titan Reports Year End Financial Results
QUINCY, Ill., Feb. 27 Titan International, Inc.
has announced net sales of $113.4 million for the fourth quarter
ended December 31, 2000, compared to $134.4 million for the fourth quarter of
1999. Pro forma net sales would have been $112.4 million for the fourth
quarter of 1999, if adjusted for the April 2000 sale of certain assets of
Titan's Tennessee and Wisconsin facilities to Carlisle Tire and Wheel Company,
a subsidiary of Carlisle Companies Inc.
Net sales for the year 2000 were $543.1 million compared to $588.0 million
for 1999. Pro forma net sales for the year ended December 31, 2000, would
have been $512.4 million compared to $499.5 million in 1999 had the Carlisle
transaction occurred on January 1, 1999.
During the fourth quarter of 2000, Titan experienced a net loss of
($8.0) million compared to a net loss of ($6.0) million for the fourth quarter
of 1999. Net income for the twelve months ended December 31, 2000, was
$4.5 million compared to a net loss of ($11.4) million for 1999. Year-to-date
net income includes a gain recorded during the second quarter of 2000 related
to the sale of certain assets referred to above.
Diluted loss per share for the fourth quarter of 2000 was ($.38) versus
($.29) for the same quarter of the previous year. Diluted earnings per share
for the year 2000 were $.22 compared to a ($.55) loss per share for the year
1999.
"The economic downturn in the United States adversely impacted Titan's
fourth quarter results and it underscores the importance of Titan's innovative
approach to the off-highway wheel and tire industry," stated Maurice Taylor
Jr., Titan president and CEO. "Titan has positioned itself to take full
advantage of an upturn in the agricultural, earthmoving/construction and
consumer markets in which the company participates."
This press release includes forward looking statements that involve risks
and uncertainties, including risks as detailed in Titan International, Inc.'s
periodic filings with the Securities and Exchange Commission, including the
annual report on Form 10-K for the year ended December 31, 1999, and the most
recent quarterly report on Form 10-Q.
Titan International, Inc.
Consolidated Statements of Operations (Unaudited)
For the three and twelve months ended December 31, 2000 and 1999
Amounts in thousands except earnings per share data.
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
2000 1999 2000 1999
Net sales $113,368 $134,385 $543,069 $588,023
Cost of sales 108,879 125,307 502,924 526,329
Gross profit 4,489 9,078 40,145 61,694
Selling, general &
administrative 10,599 12,121 44,087 51,614
Research &
development 1,074 1,494 4,704 6,310
Income (loss)
from operations (7,184) (4,537) (8,646) 3,770
Interest expense 5,248 6,028 22,558 23,603
Gain on sale 0 0 (38,727) 0
Other income (985) (945) (1,179) (1,388)
Income (loss)
before taxes (11,447) (9,620) 8,702 (18,445)
Provision (benefit)
for income taxes (3,480) (3,655) 4,177 (7,009)
Net income (loss) ($7,967) ($5,965) $4,525 ($11,436)
Earnings (loss)
per common share:
Basic ($.38) ($.29) $.22 ($.55)
Diluted (.38) (.29) .22 (.55)
Average common
shares and
equivalents
outstanding:
Basic 20,720 20,647 20,694 20,752
Diluted 20,720 20,647 20,694 20,774
Titan International, Inc.
Segment Information
Revenues from external customers
Amounts in thousands
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
2000 1999 2000 1999
Agricultural $65,622 $57,801 $283,058 $254,754
Earthmoving/
Construction 36,272 36,503 162,591 157,736
Consumer 11,474 40,081 97,420 175,533
Total $113,368 $134,385 $543,069 $588,023
Other Financial Data
Amounts in thousands
Twelve Months Ended
Dec. 31,
2000 1999
Working capital $180,482 $170,783
Current assets 279,922 279,078
Total assets 586,007 637,181
Long-term debt 227,975 255,521
Stockholders' equity 228,705 228,866
Depreciation & amortization 37,221 38,615
Capital expenditures, net 28,769 39,098
