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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