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"RTI International Nets $400,000 for Second Quarter"
"NILES, Ohio -- RTI International Metals Inc. reports net income for the second quarter of $400,000, or 2 cents per share, on sales of $55.6 million. Results included a $700,000 credit to the company's second quarter tax provision to reflect a change in estimate of 2004 tax liability.In the second quarter of 2003 RTI reported net income of $1 million, or 5 cents per share, on sales of $49.1 million.The Titanium Group's second quarter performance included a $3 million operating loss at itsĀ plant here, where non-represented personnel have been operating the facility since October 2003 when former hourly employees declined a new contract offer. More than 300 workers have since been locked out, and at press time, no new bargaining sessions have been scheduled between management and members of United Steelworkers of America Local 2155. The Niles plant had an operating loss of $4 million in the first quarter of this year.During the second quarter, the Titanium Group posted sales of $35 million, including intercompany sales of $22.1 million, generating an operating loss of $2.1 million, an improvement of $2 million over the first quarter of this year. Titanium mill product shipments for the second quarter were 1.5 million pounds at an average realized price of $14.02 per pound. During the second quarter of 2003, the Group had operating income of $1.3 million on sales of $40.8 million, including $27 million of intercompany sales.The Fabrication & Distribution Group had operating income of $1.7 million on sales of $51.7 million during the second quarter, a $2.7 million improvement from the first quarter of 2004. The second quarter turnaround was due to the resolution of production problems on several RTI Energy projects and the continued strong performance of the Group's domestic distribution units. Results from the comparable period in 2003 were an operating loss of $700,000 on sales of $38.4 million."RTI's operating performance improved considerably in the second quarter," comments Timothy G. Rupert, president and chief operating officer. "We are particularly proud of the group operating our Niles plant, who are not only getting the job done with half as many people, but are continuously improving on their own performance. The effects of the long downturn in commercial aerospace markets persist. New aircraft orders, which have received much attention in the media lately, should provide our industry with increased levels of operations and pricing in future periods. Until then, our goal will be to make the best of what aerospace has to offer, while growing our non-aerospace business and reducing production costs throughout."RTI International Metals is one of the world's largest producers of titanium. Through its various subsidiaries, RTI manufactures and distributes titanium and specialty metal mill products, extruded shapes, formed parts and engineered systems for aerospace, industrial, defense, energy, chemical and consumer applications for customers around the world.Visit RTI International Metals: www.rtiintl.com"