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Titan Reports Third Quarter Financial Results

19 October 2000

Titan Reports Third Quarter Financial Results

    QUINCY, Ill., Oct. 19 Titan International, Inc.
has announced net sales of $119.8 million for the third quarter
ended September 30, 2000, compared to $136.0 million for the third quarter of
1999.  Year to date net sales were $429.7 million compared to $453.6 million
for the first three quarters of 1999.  During the second quarter of 2000,
Titan sold certain assets of two facilities to Carlisle Tire and Wheel
Company, a subsidiary of Carlisle Companies Inc.  Third quarter 1999 net sales
adjusted to reflect the remaining facilities were $114.7 million.
    During the third quarter, Titan experienced a loss from operations of
($6.9) million, compared to a loss of ($3.9) million for the third quarter of
1999.  Third quarter 1999 loss from operations would have been ($7.1) million
adjusting for the previously mentioned transaction.
    Net loss for the third quarter of 2000 was ($7.4) million compared to a
net loss of ($5.9) million for the third quarter of 1999.  Net income for the
nine months ended September 30, 2000, was $12.5 million compared to a net loss
of ($5.5) million for the same period of 1999.  Year to date net income
includes a gain recorded during the second quarter of 2000 related to the sale
of certain assets as mentioned above.
    Diluted loss per share for the third quarter of 2000 was ($.36) versus
($.28) for the same quarter of the previous year.  Diluted earnings per share
year to date for 2000 were $.60 compared to a ($.26) loss per share for the
same period of 1999.
    "The operating results of third quarter were clearly not satisfactory,"
stated Maurice Taylor Jr., Titan president and CEO.  "The reduced demand from
some of our major customers, combined with unfavorable European currency
fluctuations and increased energy costs during the third quarter negatively
impacted Titan's profits.  With increasing production from our tire plants and
evidence of stronger demand from some of our customers, I expect improving
results as we look into the future."
    

                          Titan International, Inc.
              Consolidated Statements of Operations (Unaudited)
       For the three and nine months ended September 30, 2000 and 1999

                            Three Months Ended           Nine Months Ended
                                Sept. 30,                    Sept. 30,
                             2000         1999          2000          1999

    Net sales             $119,798      $135,983     $429,701      $453,638
    Cost of sales          115,472       125,824      394,045       401,022
    Gross profit             4,326        10,159       35,656        52,616

    Selling, general &
     administrative         10,343        12,541       33,488        39,493
    Research & development     833         1,563        3,630         4,816
    Income (loss) from
     operations             (6,850)       (3,945)      (1,462)        8,307

    Interest expense         5,119         5,951       17,310        17,575
    Gain on sale                 0             0      (38,727)            0
    Other expense (income)      38          (437)        (194)         (443)
    Income (loss) before
     taxes                 (12,007)       (9,459)      20,149        (8,825)

    Provision (benefit)
     for income taxes       (4,562)       (3,595)       7,657        (3,354)

    Net income (loss)      ($7,445)      ($5,864)     $12,492       ($5,471)

    Earnings (loss) per
     common share:
      Basic                  ($.36)        ($.28)        $.60         ($.26)
      Diluted                 (.36)         (.28)         .60          (.26)

    Average common shares
     and equivalents
     outstanding:
      Basic                 20,693        20,647       20,685        20,859
      Diluted               20,693        20,735       20,685        20,859

    Amounts in thousands except earnings per share data.