Titan increases yearly sales but posts loss
Titan International Inc. recorded a net loss of $35.9 million on net sales of $462.8 million in 2002. That compares to a net loss of $34.8 million on sales of $457.5 million in 2001.
Titan also suffered a $14.1 million loss in operating results, compared to a net loss of $33.5 million in 2001.
"With a 58% improvement in annual operating results, Titan's work force should be commended for (its) on-going efforts," says Morry Taylor, Titan's CEO and president. "Although Titan's stock has been battered lately, this is not an accurate reflection of the determination and practical strategies being undertaken to return Titan to profitability.
"Efforts to cut manufacturing costs will persist, and product prices must increase to offset rising insurance costs. Titan's fourth-quarter sales growth should continue into 2003."
For the fourth quarter, Titan recorded net sales of $108.6 million, compared to $100.6 million in 2001. The company reduced its net loss for the quarter vs. 2001, and also improved its fourth-quarter operating results from a loss of $24.7 million in 2001 to a loss of $11.3 million last year.
Titan's stock was selling at $.81 a share as of Feb. 27th. Its 52-week high and low is $5.50 and $.60, respectively.