Printer Friendly

TIMET ANNOUNCES 1992 RESULTS

 DENVER, March 16 /PRNewswire/ -- Titanium Metals Corp. ("TIMET"), one of the world's leading producers of titanium, reported an operating loss for the fourth quarter of 1992 of $.3 million on a 23 percent increase in sales to $44.7 million from 1991. For the year, the company reported an operating loss of $9.7 million on sales of $153.9 million compared to operating income of $4.8 million on sales of $155.7 million in 1991.
 TITANIUM METALS CORP.
 Summary of Financial Data
 Quarter ended Year ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Net sales $44.7 $36.3 $153.9 $155.7
 Operating income (loss) ($.3) ($2.1) ($9.7) $4.8
 The company's 1992 shipments increased 32 percent compared to pounds shipped in 1991, partially reflecting an increase in market share. Overall market demand for titanium products used in the military and commercial aerospace industries and certain other industrial markets remains at depressed levels. The company estimates that total U.S. industry shipments of titanium mill products increased only 3 percent in 1992 after declining substantially in 1991. TIMET's average selling prices during 1992 were approximately 15 percent lower than in 1991 and changes in product mix also adversely affected operations. However, the company's continuing cost reduction efforts have been favorable.
 TIMET's 1992 net sales and operating results are subject to final audit and adjustment.
 TIMET, headquartered in Denver, is a world leader in the production and distribution of titanium sponge, ingot and a broad array of titanium mill products through its manufacturing facilities in Nevada, Ohio and Tennessee, and Service Centers located throughout the United States and in England, Germany and France. TIMET supplies titanium worldwide to commercial and military airframe and engine manufacturers, power utilities and the chemical, petroleum, automotive, pulp/paper, medical, navy/marine and sports equipment markets.
 -0- 3/16/93
 /CONTACT: Mark A. Wallace, VP-finance of TIMET, 303-296-5651/


CO: Titanium Metals Corp. ST: Colorado IN: ARO SU: ERN

MS-KJ -- DV008 -- 6797 03/16/93 18:06 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 16, 1993
Words:337
Previous Article:GANTOS, INC. REPORTS FISCAL YEAR 1992 EARNINGS
Next Article:McDONNELL DOUGLAS AWARDED ASTOVL DEMONSTRATION CONTRACT
Topics:


Related Articles
TIMET REPORTS OPERATING PROFIT FOR 1991
TREMONT ANNOUNCES THIRD QUARTER 1993 RESULTS
TREMONT ANNOUNCES 1993 RESULTS
TREMONT ANNOUNCES 1993 RESULTS
TREMONT ANNOUNCES COMPLETION OF A $65 MILLION TIMET CREDIT FACILITY
TREMONT REPORTS FIRST QUARTER RESULTS
TIMET Announces the Formation of TIMET Savoie
TIMET Discusses Outlook for Remainder of 1998
Timet Announces Second Quarter Results.
TIMET Announces Increase to Existing Credit Facility.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters