FOR IMMEDIATE RELEASE OCTOBER 28, 1999
CONTACT:
Richard E. Leone
Manager - Investor Relations
330.544.7622
RTI INTERNATIONAL
ANNOUNCES THIRD QUARTER RESULT Niles, Ohio -
RTI International Metals, Inc., (NYSE: RTI) released results today for the third
quarter 1999. The Company reported
a net loss of $1.3 million or $0.06 per share, exclusive of a charge related
to new market development of $1.2 million. Including the charge, the net loss
totaled $2.5 million or $0.12 per share on sales of $51.4 million. The results
for the comparable 1998 period were a net income of $15.7 million, or $0.76
per share, on sales of $81.0 million. Commenting on
the $1.2 million charge in a prerelease on September 29, 1999, Timothy G. Rupert,
President and CEO, said that it would be taken "in connection with our
continuing efforts to develop new products and markets in oil and gas exploration.
These are expenses which will benefit future projects but will not be recovered
by the projects in which they were incurred." Mill product
shipments for the quarter at the Company's RMI Titanium Company subsidiary
totaled 2.1 million pounds at an average price of $14.67 per pound. Shipments
and financial results for the quarter were negatively impacted by the effects
of continuing softness in the Company's primary markets. Reduced build
rates, as well as excess inventories in the commercial aircraft industry supply
chain, have reduced demand for titanium products. RTI International
Metals, Inc., headquartered in Niles, Ohio, through its various subsidiaries,
manufactures and distributes titanium and specialty metal mill products, and
extruded shapes, as well as engineered systems for energy-related markets, and
environmental engineering services. The Company's products are used for
aerospace, industrial and consumer applications. NOTE: RTI
International Metals, Inc. has scheduled a conference call for Monday, November
1, 1999, at 11:30 a.m., Eastern Standard Time, to discuss this press release.
Timothy G. Rupert, President and CEO, John H. Odle, Executive Vice President,
and Lawrence W. Jacobs, Vice President and Chief Financial Officer, will represent
RTI. To participate in the call, please dial 800-260-0712 a few minutes prior
to the start time and specify the RTI International Metals, Inc. Conference
Call. Replay of the call will be available until Friday, November 5, 1999, at
midnight, Eastern Standard Time, by dialing 800-475-6701, Access Code 479272. RTI INTERNATIONAL METALS, INC.
CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited)
(Dollars in thousands, except per share data)
QUARTER NINE MONTHS
ENDED SEPT.30, ENDED SEPT.30,
|
1999 |
1998 |
1999 |
1998 |
|
|
Sales |
$ 51,383 |
$ 81,027 |
$178,019 |
$266,608 |
|
Cost of sales |
47,884 |
55,779 |
153,409 |
191,664 |
|
Gross profit |
3,499 |
25,248 |
24,610 |
74,944 |
|
Selling, general and |
||||
|
Administrative |
|
|||
|
Expenses |
5,781 |
4,130 |
18,080 |
11,946 |
|
Research, technical and |
||||
|
product development |
||||
|
Expenses |
1,071 |
1,099 |
3,145 |
2,920 |
|
Operating income (loss) |
(3,353) |
20,019 |
3,385 |
60,078 |
|
Other income net |
136 |
808 |
812 |
2,231 |
|
Interest expense |
(694) |
-- |
(1,864) |
(57) |
|
Income (loss) before |
||||
|
income taxes |
(3,911) |
20,827 |
2,333 |
62,252 |
|
Provision (credit) for |
||||
|
income taxes |
(1,428) |
5,124 |
870 |
1,086 |
|
Net income (loss) |
$ (2,483) |
$ 15,703 |
$ 1,463 |
$ 61,166 |
|
Net income (loss) |
||||
|
per common share: |
||||
|
Basic |
$ (0.12) |
$ 0.76 |
$ 0.07 |
$ 2.98 |
|
Diluted |
$ N/A |
$ 0.76 |
$ 0.07 |
$ 2.97 |
|
Weighted Average Shares |
||||
|
(in millions): |
||||
|
Basic |
20.8 |
20.5 |
20.8 |
20.5 |
|
Diluted |
20.9 |
20.6 |
20.9 |
20.6 |
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