QUINCY, Ill. (July 30, 2004) — Titan International Inc. reported net income of $5.64 million for the second quarter, up substantially from a net loss of $8.19 million last year.
Quincy-based Titan also reported net sales of $121.2 million, compared with $131 million last year. Excluding Titan Europe Plc's sales from the previous quarter, this year's sales are an increase of 28.9 percent from $94 million in 2003. In April Titan Europe was admitted to trading as a separate public company on London's AIM market. A wholly owned subsidiary of Titan is the largest stockholder, retaining a 30-percent interest.
For the first six months of the year, Titan reported sales of $288.2 million, up from $260 million last year. Net income also rose to $10.9 million from a loss of $14.1 million in 2003.
“The first half of 2004 has shown solid progress for Titan, and the strength of our order book is evidence of our customers' preference for Titan products,” said Maurice Taylor Jr., president and CEO. “This was the right time to secure Titan's refinancing and position the company to take advantage of growth opportunities. The outlook through 2005 is positive, and Titan is prepared to meet these challenges.”
Early in the third quarter, Titan secured a new $100 million revolving credit facility, terminating the former revolver and loan agreements. The company also sold 5.25 percent convertible senior unsecured notes due in 2009 for $115 million principal amount.