FOR IMMEDIATE RELEASE OCTOBER 23, 2000
Contact:
Richard E. Leone
Manager-Investor Relations
330.544.7622
RTI INTERNATIONAL ANNOUNCES THIRD QUARTER RESULTS
Niles, Ohio – RTI International Metals, Inc., (NYSE: RTI) released results today for the third quarter 2000.
The Company reported third quarter net income of $0.4 million, or $0.02 per share, on sales of $61.7 million. The results for the comparable 1999 period were a net loss of $2.5 million, or $0.12 per share, on sales of $51.4 million.
Third quarter results primarily reflect the continuing weakness in demand for RTI’s mill products from commercial aerospace markets and the failure of the F-22 program to take expected deliveries. Third quarter 2000 mill product shipments totaled 2.3 million pounds at an average price of $15.90 per pound.
Timothy G. Rupert, President and CEO, said, "Third quarter results were not as good as we had expected, although they were substantially improved over the same period a year ago. The failure of the F-22 program to take expected deliveries reduced shipments of flat products during the quarter. With demand for mill products still weak, we were unable to offset this effect in other areas." Rupert added, "We expect both aerospace and non-aerospace markets to improve as we move into next year. In the meantime, our goal will be to maintain profitable operations each quarter during this downturn."
This news release contains forward-looking statements that involve risks and uncertainties. These include but are not limited to the cyclical nature of the commercial aerospace industry, chemical processing, oil and gas industries, uncertain defense spending, and the competitive market for specialty metals. Other risks and uncertainties have previously been included in the Company’s filings with the Securities and Exchange Commission, copies of which are available from the SEC or from RTI Investor Relations.
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, military, and consumer applications.
NOTE: RTI International Metals, Inc. has scheduled a conference call for Tuesday, October 24, 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) 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 midnight, Eastern Daylight Savings Time, on Friday, October 27, 2000, by dialing (800) 475-6701, Access Code 545249.
RTI
INTERNATIONAL METALS, INC.
Condensed
Consolidated
Statement of Income (Unaudited)
(Dollars in thousands
except per share data)
|
|
Quarter
Ended |
Nine
Months Ended |
||
|
|
2000
|
1999
|
2000
|
1999
|
|
Sales.......................................................
|
$ 61,723 |
$ 51,383 |
$ 195,576 |
$ 178,019 |
|
Cost
of sales...........................................
|
53,089 |
47,884 |
167,256 |
153,409 |
|
Gross Profit............................................ |
8,634 |
3,499 |
28,320
|
24,610
|
|
Selling,
general and administrative
expenses...............................................
|
|
|
|
|
|
Research,
technical and product
development expenses..........................
|
270 |
1,071 |
1,019 |
3,145 |
|
Operating
income ..................................
|
1,697 |
(3,353) |
6,699 |
3,385 |
|
Other
income-net...................................
|
159 |
136 |
6,812 |
812 |
|
Interest
expense.....................................
|
(619) |
(694) |
(1,755) |
(1,864) |
|
Income
before income taxes...................
|
1,237 |
(3,911) |
11,756 |
2,333 |
|
Provision
(credit) for income taxes ....... |
839 |
(1,428) |
4,938 |
870 |
|
Net
income.............................................
|
$ 398 |
$ (2,483) |
$
6,818 |
$
1,463 |
|
|
|
|
|
|
|
Net
income per common share: |
|
|
|
|
|
Basic..................................................
|
$
0.02 |
$
(0.12) |
$
0.33 |
$
0.07 |
|
Diluted...............................................
|
$
0.02 |
$
(0.12) |
$
0.32 |
$
0.07 |
|
Weighted
average shares outstanding (thousands):
|
|
|
|
|
|
Basic..................................................
|
20,853 |
20,762 |
20,847 |
20,755 |
|
Diluted...............................................
|
21,090 |
20,762 |
21,000 |
20,858 |
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