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RTI Metals Delays Filing 2004 Annual Report
NILES, Ohio -- RTI International Metals Inc. (NYSE:RTI) yesterday notified the Securities and Exchange Commission that it needs an extension on filing its 2004 annual report, and when the final numbers are tallied, the company's loss will be slightly higher than the $2.8 million estimated in February.RTI's annual report was due March 16. The company attributed the delay on new accounting regulations, systems and personnel. RTI also said resources were diverted by last year's work stoppage at the Niles plant of its RMI Titanium Co. subsidiary and the acquisition of Claro Precision Inc. of Texas."Based upon the information currently known," RTI said in a news release, "the results of operations for 2004 may require adjustment from the unaudited results," disclosed Feb. 1. Then RTI said it would report a net loss of $2.8 million for 2004. Now the company says after it makes certain adjustments to its books, the 2004 loss will be $0.7 million higher, or 3 cents per share.The adjustments relate to how RTI accounts for leases on some buildings in Houston, which the SEC recommended in a Feb. 7 letter to RTI, the company said.Also incomplete is management's assessment of internal controls over financial reporting, as required by the Sarbanes-Oxley Act. RTI said it "identified several significant deficiencies," which it is remedying.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. Visit RTI International metals at www.rtiintl.com. "