FOR IMMEDIATE RELEASE JULY 19, 2000
Contact:
Richard E. Leone
Manager - Investor Relations
330.544.7622
RTI INTERNATIONAL ANNOUNCES SECOND QUARTER RESULTS
Niles, Ohio – RTI International Metals, Inc., (NYSE: RTI) released results today for the second quarter 2000.
The Company reported second quarter net income of $4.8 million, or $0.23 per share, on sales of $63.3 million. The results for the comparable 1999 period were a net income of $0.2 million, or $0.01 per share, on sales of $59.2 million.
During the second quarter, the Company settled a claim related to a long term contract with Boeing Commercial Aircraft. Boeing had failed to meet minimum purchase obligations under the agreement in 1999, the first year of a 5 - year contract. The settlement added $0.18 per share to second quarter results.
Second quarter results primarily reflect the continuing weakness in demand for RTI’s mill products from commercial aerospace markets. Second quarter 2000 mill product shipments totaled 2.4 million pounds at an average price of $15.74 per pound. Second quarter 1999 mill product shipments were 2.1 million pounds at an average price of $16.18 per pound.
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 Thursday, July 20, 2000, at 11:00 a.m., Eastern Daylight Savings 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 CFO, will represent RTI. To participate in the call, please dial toll free (800) 547-5079 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 midnight, Eastern Daylight Savings Time, on Friday, July 28, 2000, by dialing (800) 475-6701, Access Code 529603.
RTI
INTERNATIONAL METALS, INC.
Condensed
Consolidated
Statement of Income (Unaudited)
(Dollars in thousands
except per share data)
|
|
Quarter
Ended |
Six
Months |
||
|
|
2000
|
1999
|
2000
|
1999
|
|
Sales.......................................................
|
$ 63,345 |
$ 59,186 |
$ 133,853 |
$ 126,636 |
|
Cost
of sales...........................................
|
54,419 |
51,413 |
114,167 |
105,525 |
|
Gross Profit............................................ |
8,926 |
7,773 |
19,686
|
21,111
|
|
Selling,
general and administrative
expenses...............................................
|
|
|
|
|
|
Research,
technical and product
development expenses..........................
|
356 |
1,046 |
749 |
2,074 |
|
Operating
income ..................................
|
1,779 |
447 |
5,002 |
6,738 |
|
Other
income-net...................................
|
6,504 |
344 |
6,653 |
676 |
|
Interest
expense.....................................
|
(363) |
(487) |
(1,136) |
(1,170) |
|
Income
before income taxes...................
|
7,920 |
304 |
10,519 |
6,244 |
|
Provision
(credit) for income taxes ....... |
3,085 |
100 |
4,099 |
2,298 |
|
Net
income.............................................
|
$
4,835 |
$
204 |
$
6,420 |
$
3,946 |
|
|
|
|
|
|
|
Net
income per common share: |
|
|
|
|
|
Basic..................................................
|
$
0.23 |
$
0.01 |
$
0.31 |
$
0.19 |
|
Diluted...............................................
|
$
0.23 |
$
0.01 |
$
0.31 |
$
0.19 |
|
Weighted
average shares outstanding (thousands): |
|
|
|
|
|
Basic..................................................
|
20,853 |
20,758 |
20,845 |
20,751 |
|
Diluted...............................................
|
21,028 |
20,908 |
20,957 |
20,834 |
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