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Titan Announces Third Quarter Financial Results

21 October 1999

Titan Announces Third Quarter Financial Results

    QUINCY, Ill., Oct. 21 -- Titan International, Inc.
has announced net sales of $136.0 million for the third quarter
ended September 30, 1999, compared to $149.2 million for the third quarter of
1998.  Year to date net sales were $453.6 million compared to $517.8 million
for the same time period of 1998.
    Titan's financial results were negatively impacted by the significant
downturn in the agricultural economy.  Net loss for the third quarter was
$(5.9) million, compared to net income of $0.4 million for the third
quarter of 1998.  Diluted loss per share was $(.28) versus earnings per
share of $.02 in the third quarter of 1998.
    "While 1999 has been a difficult year for Titan, we are taking measures
to position the company for long term growth," stated Maurice Taylor
Jr., Titan president and CEO.  "The strategic realignment of our
corporate management into one cohesive group will reduce costs and
heighten Titan's focus on LSW wheel and tire assemblies for the major
agricultural equipment manufacturers as they increase their production
in the year 2000."
    Titan recently announced that it is negotiating an agreement with
Caterpillar Inc. to supply LSW wheel and tire assemblies for Caterpillar
skid steer loaders.  This business combined with the current LSW volume
being supplied to Deere & Company will generate a meaningful impact on
Titan's earnings in 2000.  Titan has invested significant resources over
the past three years to develop the patent-pending LSW series which now
includes assemblies for agricultural, construction and consumer
equipment.
    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, Europe and South America.

                          Titan International, Inc.
              Consolidated Statements of Operations (Unaudited)
       For the three and nine months ended September 30, 1999 and 1998

                              Three Months Ended          Nine Months Ended
                                  Sept. 30,                   Sept. 30,
                              1999          1998         1999          1998

    Net sales             $135,983      $149,186     $453,638      $517,830
    Cost of sales          125,824       130,166      401,022       439,086

      Gross profit          10,159        19,020       52,616        78,744

    Selling, general &
     administrative         12,541        12,538       39,493        38,845
    Research &
     development             1,563         1,465        4,816         5,431
      Income (loss)
       from operations      (3,945)        5,017        8,307        34,468

    Interest expense         5,951         4,678       17,575        13,397
    Other income              (437)         (334)        (443)         (683)
      Income (loss)
       before taxes         (9,459)          673       (8,825)       21,754

    Provision
     (benefit) for
     income taxes           (3,595)          256       (3,354)        8,267

      Net income (loss)    $(5,864)         $417      $(5,471)      $13,487

    Earnings (loss) per
     common share:
      Basic                  $(.28)         $.02         $(.26)        $.62
      Diluted                 (.28)          .02          (.26)         .62

    Average common shares
     and equivalents
     outstanding:
      Basic                 20,647        21,657       20,787        21,687
      Diluted               20,735        21,725       20,816        21,856

Amounts in thousands except earnings per share data.