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TITAN ANNOUNCES SECOND QUARTER RESULTS

 SAN DIEGO, Aug. 13 /PRNewswire/ -- The Titan Corp. (NYSE: TTN) today reported revenues of $31,595,000 for the second quarter of 1993, compared with revenues of $35,199,000 for the second quarter of 1992. Net loss for the second quarter of 1993 was $10,542,000, compared to net income of $873,000 in the comparable year-earlier period. Loss per common share was $0.92 in the second quarter of 1993 compared to earnings per common share of $0.06 in the second quarter of 1992.
 The loss for the second quarter was principally due to growth in the total estimated cost at completion on a large fixed price full scale engineering development contract for the Navy which is expected to be finished during the first half of 1994. Prior to the determination of the growth in the estimated cost at completion for the quarter, the company had submitted to the government an approximately $13.9 million proposal on the essential terms for successfully completing the development phase of the contract. Negotiations with the government have begun. Although there can be no assurance of the outcome of those negotiations, and the company has elected to not recognize any value with respect to this proposal this quarter, we expect to ultimately receive a substantial portion.
 For the first six months of 1993, revenues were $63,641,000, as compared to $69,148,000 in the comparable year-earlier period, with net loss of $10,037,000 compared to net income of $1,580,000. Loss per common share was $0.90 for the six-month period in 1993 as compared to earnings per common share of $0.11 in 1992.
 As a result of the loss the company is no longer in compliance with certain financial covenants in its bank credit agreements. The company is working with its banks to restructure its credit agreements.
 Excluding the engineering development contract referred to above, Titan revenues grew 23 percent in the second quarter of 1993 compared to the second quarter of 1992. The company's new commercial businesses, while requiring substantial investments, continue to grow and show considerable potential for the future. For example, the Titan Scan facility for medical sterilization opened at the end of the second quarter and Client Server software development for a major telecommunications company has more than doubled this year.
 In addition, the company has retained an investment banking firm to assist in assessing financial and operational alternatives.
 The Titan Corp., headquartered in San Diego, designs, manufactures and installs high technology information and electronic products and systems for government, commercial and international clients.
 THE TITAN CORP.
 1993 Second Quarter Results
 (Unaudited)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Revenues $31,595,000 $35,199,000 $63,641,000 $69,148,000
 Income (loss) before
 cumulative effect
 of accounting
 change ($10,542,000) $873,000 ($11,737,000) $1,580,000
 Cumulative effect
 of accounting
 change(a) --- --- 1,700,000 ---
 Net income (loss)($10,542,000) $873,000 ($10,037,000) $1,580,000
 Per average common
 share:
 Income (loss)
 before cumulative
 effect of
 accounting change ($.92) $.06 ($1.04) $.11
 Cumulative effect of
 accounting change(a) --- --- .14 ---
 Net income (loss) ($.92) $.06 ($.90) $.11
 (a) Effective Jan. 1, 1993, the company adopted Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes."
 -0- 8/13/93
 /CONTACT: Stephen P. Meyer, senior VP and CFO of Titan, 619-552-9639/
 (TTN)


CO: Titan Corp. ST: California IN: CPR SU: ERN

MF-LM -- LA039 -- 2779 08/13/93 20:25 EDT
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Date:Aug 13, 1993
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