Titan International posts $2.9 million net loss
Titan International Inc. reported a net loss of $2.9 million for the first quarter ended March 31, 2002. During the first quarter of 2001, Titan posted net income of $200,000.
Titan also reported net sales of $123.7 million for the quarter, down 9% from the same period in 2001.
"The year-over-year sales comparison reflects the general economic downturn," said Morry Taylor, Titan's CEO and president. "However, on the positive side, inventory levels continue to decrease, and our efforts to streamline administrative costs are taking hold.
"As the economy strengthens, Titan will be ready to respond to our customers' increased orders with innovative wheel and tire assemblies and fresh, mutually profitable business approaches."