FOR IMMEDIATE RELEASE APRIL 19, 2000
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 2000.
The Company reported first quarter net income of $1.6 million, or $0.08 per share, on sales of $70.5 million. The results for the comparable 1999 period were a net income of $3.7 million, or $0.18 per share, on sales of $67.5 million.
First quarter results primarily reflect the continuing weakness in demand for RTI's mill products from commercial aerospace markets. First quarter 2000 mill product shipments totaled 2.8 million pounds at an average price of $16.60 per pound.
Commenting on the quarter, Timothy G. Rupert, President and CEO, said, "We are pleased with first quarter results. While several of RTI's markets remained soft, our Fabrication and Distribution Group's performance improved significantly from last quarter and the Titanium Group maintained its profitability on increased volume."
RTI's first quarter earnings do not include the recently announced claim settlement with Boeing. The settlement, valued at $0.18 per share after tax, will be included in the Company's second quarter, 2000 results.
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, April 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) 611-1148 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 Thursday, April 27, 2000, by dialing (800) 475-6701, Access Code 513971.
RTI
INTERNATIONAL METALS, INC.
Condensed
Consolidated
Statement of Income (Unaudited)
(Dollars in thousands
except per share data)
|
|
Quarter
Ended |
|
|
|
2000
|
1999
|
|
Sales.......................................................
|
$ 70,508 |
$ 67,450 |
|
Cost
of sales...........................................
|
59,748 |
54,112 |
|
Gross Profit............................................ |
10,760 |
13,338 |
|
Selling,
general and administrative
expenses...............................................
|
|
|
|
Research,
technical and product
development expenses..........................
|
393 |
1,028 |
|
Operating
income ..................................
|
3,223 |
6,291 |
|
Other
income-net...................................
|
149 |
332 |
|
Interest
expense.....................................
|
(773) |
(683) |
|
Income
before income taxes...................
|
2,599 |
5,940 |
|
Provision
(credit) for income taxes ....... |
1,014 |
2,198 |
|
Net
income.............................................
|
$
1,585 |
$
3,742 |
|
|
|
|
|
Net
income per common share: |
|
|
|
Basic..................................................
|
$
0.08 |
$
0.18 |
|
Diluted...............................................
|
$
0.08 |
$
0.18 |
|
Weighted
average shares outstanding (thousands):
|
|
|
|
Basic..................................................
|
20,836 |
20,744 |
|
Diluted...............................................
|
20,898 |
20,826 |
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