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Titan Announces Q1 1998 Sales

21 April 1998

Titan Announces Record Sales for the First Quarter of 1998

    QUINCY, Ill., April 21 -- Titan International, Inc.
has announced record net sales of $187.4 million for the first
quarter ended March 31, 1998, compared to $180.2 million for the first quarter
of 1997.  Diluted earnings per share for the first quarter of 1998 increased
six percent to $.38 from $.36 for the same quarter of the previous year.
    "Titan's first quarter sales were the highest in the history of the
company," stated Maurice Taylor, Jr., Titan president and CEO.  "Titan
continues to aggressively expand its production capability to meet the growing
demand of our customers.  Earnings growth will follow as this additional
manufacturing capacity comes on line."
    Income from operations for the quarter grew to $17.6 million, a four
percent increase over $16.9 million for the quarter in 1997.  Net income for
the first quarter of 1998 was $8.3 million, compared to $9.3 million for the
first quarter of 1997.  The decrease in net income is primarily due to the
increased interest expense related to the $150 million debt offering in March
1997.
    Titan is a global supplier of mounted wheel and tire systems for
off-highway equipment used in agriculture, construction, mining, military,
recreation and grounds care.  Titan has manufacturing and distribution
facilities throughout the United States and Europe.


                          Titan International, Inc.
              Consolidated Statements of Operations (Unaudited)
              For the three months ended March 31, 1998 and 1997

                                                    Three Months Ended
                                                         March 31,

                                                     1998         1997
    Net sales                                      $187,428    $180,208
    Cost of sales                                   154,932     150,970
     Gross profit                                    32,496      29,238

    Selling, general & administrative                12,706      11,711
    Research & development                            2,228         667
     Income from operations                          17,562      16,860

    Interest expense                                  4,139       2,460
    Other (income) expense                               33        (521)
     Income before taxes                             13,390      14,921

    Provision for income taxes                        5,088       5,670

     Net income                                      $8,302      $9,251

    Earnings per common share:
     Basic                                             $.38        $.36
     Diluted                                            .38         .36

    Average common shares and equivalents
     outstanding:
     Basic                                           21,676      25,499
     Diluted                                         21,903      25,582

    Amounts in thousands except earnings per share data.

SOURCE  Titan International, Inc.