QUINCY, Ill. (July 28, 2005) — Titan International Inc.'s net sales grew 11.9 percent in the second quarter as income from operations rose 12.6 percent.
Quincy-based Titan reported net sales of $134.7 million, up from $121.2 last year. For the first half of the year, net sales of $270.8 million were 13.4 percent ahead of the 2003 pro-forma revenue—factoring out sales of Titan Europe, which was divested in April 2004.
Net income decreased in the quarter to $4.2 million from $5.64 million the prior period. Adjusted for certain items such as the tax rate and absence of idled assets' depreciation, net income rose to $7.52 million from $5.64 million last year. Income from operations, excluding certain items, rose to $14.3 million from $12.7 million the prior period.
“With Titan's sixth consecutive quarter of strong income from operations and the exchange of a portion of the senior convertible notes, Titan's debt balance of $111.1 million at quarter end was the lowest since our first year as a public company in 1993,” said Maurice Taylor Jr., Titan's chairman and CEO.