FOR IMMEDIATE RELEASE APRIL 22, 2002

Contact:

Richard E. Leone
Manager - Investor Relations
330-544-7622

 

RTI INTERNATIONAL ANNOUNCES FIRST QUARTER RESULTS

 

Niles, Ohio – RTI International Metals, Inc., (NYSE: RTI) released results today for the first quarter of 2002.

The Company reported net income of $8.0 million, or $0.39 per share, on sales of $65.7 million. Results for the first quarter of 2001 were a net income of $3.9 million, or $0.19 per share, on sales of $66.2 million.

Under a long-term supply contract with Boeing Company, RTI receives an annual payment when shipments fall below agreed upon minimums in the prior year. Such payments were included in RTI’s first quarter earnings in both 2002 and 2001 amounting to $0.21 and $0.18 per share, respectively. In addition, during 2001, RTI received shares of stock from the demutualization of one of its insurance providers. The value of the shares appreciated further prior to being sold in the first quarter of 2002. That appreciation added $0.06 per share to first quarter 2002 earnings.

Titanium mill product shipments in the first quarter totaled 2.9 million pounds at an average realized price of $13.22 per pound, both modest gains over the preceding quarter. However, continuing cost improvements enabled the Titanium Group to earn operating income of $4.1 million on sales of $31.8 million.

The Fabrication & Distribution Group earned $0.2 million from operations on sales of $33.9 million, down from the preceding quarter due to continued softness in both domestic and European distribution.

Timothy G. Rupert, President & CEO, said, "The Titanium Group put in a strong performance this quarter due to aggressive cost cutting and our decision to produce some orders early in order to optimize operating levels. We still expect mill product operations to be adversely effected by reduced commercial aircraft build rates for at least the next several quarters. As a result, RMI plans to idle its Niles, Ohio, plant for three to four weeks in July. Conversely, RTI Energy Systems, Inc. continues to benefit from market activity in oil & gas, announcing a major contract to supply riser systems to a Unocal project in Indonesia earlier this month."

This news release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to changes in global political, economic, business, competitive, market, regulatory factors, the impact of the events of September 11, and the continuing War on Terrorism. 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, 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, defense, industrial, and consumer applications.

NOTE: RTI International Metals, Inc. has scheduled a conference call for Tuesday, April 23, 2002, at 11:00 a.m., Eastern 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 888-273-9887 in the United States, or 612-332-0418 Internationally, a few minutes prior to the start time and specify the RTI International Metals Conference Call. Replay of the call will be available until midnight, Eastern Time, on Friday, April 26, 2002, by dialing 800-475-6701 (U.S.), or 320-365-3844 (International), and Access Code 633032.

                    RTI INTERNATIONAL METALS, INC.
        CONDENSED CONSOLIDATED STATEMENT OF INCOME (Unaudited)
            (Dollars in thousands except per share amounts)


                                               QUARTER ENDED
                                                 MARCH 31
                                            -------------------
                                              2002       2001

Sales                                       $ 65,678   $ 66,239
Cost of sales                                 51,882     56,728
                                            ---------  --------
Gross profit                                  13,796      9,511
Selling, general and
 administrative expenses                       9,060      8,349
Research, technical and
 product development expenses                    360        362
                                            ---------  --------
Operating income                               4,376        800

Other income - net                             8,936      6,049
Interest expense                                 147        210
                                            ---------  --------
Income before income taxes and cumulative
 effect of change in accounting principle     13,165      6,639

Provision for income taxes                     5,134      2,581
                                            ---------  --------
Income before cumulative effect of change
 in accounting principle                       8,031      4,058
Cumulative effect of change in
 accounting principle                           --         (191)
                                            ---------  --------
Net income                                  $  8,031   $  3,867
                                            ---------  --------
                                            ---------  --------
Earnings per share:
Income before cumulative effect of change
 in accounting principle:
  Basic                                     $   0.39   $   0.19
                                            ---------  --------
                                            ---------  --------
  Diluted                                   $   0.38   $   0.19
                                            ---------  --------
                                            ---------  --------
Net income after the effect of change in
 accounting principle:
  Basic                                     $   0.39   $   0.19
                                            ---------  --------
                                            ---------  --------
  Diluted                                   $   0.38   $   0.18
                                            ---------  --------
                                            ---------  --------
Weighted Average Shares Outstanding
 (in thousands):
  Basic                                       20,768     20,891

  Diluted                                     20,898     21,184