Titan reports second quarter gains
Titan International Inc.'s net sales for the second quarter of 2005 totaled $134.7 million, an 11% increase over the same period last year.
Titan's income from operations was $14.3 million versus $12.7 million during 2Q 2004.
The company's debt declined $52.3 million to a balance of $111.1 million, the lowest debt level since Titan's first year as a public company in 1993.
The Quincy, Ill.-based tire and wheel manufacturer's adjusted net income for the second quarter was $7.5 million, a 33% increase over the same period last year.
In addition, Titan's year-to-date net sales jumped 13% to $32.1 million when compared to 2004 year-to-date sales.
The company recorded a charge for the noncash convertible debt of $7.2 million for the second quarter and year-to-date 2005, say Titan officials, versus no expense recorded for these time periods during 2004.