Titan reports first-quarter loss despite increase in sales
Titan International Inc. reported a net loss of $5.9 million on sales of $129 million in the first quarter of 2002. That compares to a net loss of $2.9 million on sales of $123.7 million during the same period a year ago.
"Titan's first-quarter numbers were negatively impacted by higher raw material prices, combined with increased employee benefit and insurance costs accounting for over $4 million in additional expenditures compared to the same quarter last year," says Morry Taylor, CEO and president.
"In response, planned price increases and further efficiencies should result in improved margins for our products, while we also continue our pursuit of unconventional sales channels. These measures will help Titan withstand the economic pressure expected to persist throughout 2003 in the company's three market segments: agricultural, earthmoving/construction and consumer."
Diluted loss per share for the quarter was $.28 vs. a diluted loss of $.14 for the same quarter the previous year. Titan's stock was trading for $.93 a share at the close of the day on April 29.