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Titan board approves first-quarter dividend

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Titan International Inc.'s board of directors approved a first-quarter dividend of $.005 per share on its common stock. The dividend is payable April 15, 2005, to shareholders of record on March 31, 2005.

Titan's common stock closed at $14.36 a share on the New York Stock Exchange on March 9. That compares to a 52-week high of $15.77 and low of $4.85.

Titan reported a net loss of $1.3 million on net sales of $105.9 million for the fourth quarter ended Dec. 31. That compares to a net loss of $9.2 million on net sales of $81 million pro forma (adjusted to reflect the April 2004 sale of Titan Europe) for the same period in 2003.

A $5.3 million depreciation charge for idled assets marketed for sale was taken in the fourth quarter of last year. The assets include facilities in Greenwood, S.C., and Walcott, Iowa, and equipment in Titan's former tire manufacturing plants in Natchez, Miss., and Brownsville, Texas.

For the year, Titan posted net income of $11.1 million on net sales of $510.6 million.

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