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1ST HALF: TITAN INTL'S SALES DOWN 9%, NET INCOME DROPS 171%
Source: Titan Int. News release

To view the complete report, click here.

Titan International, Inc. (NYSE: TWI) announces second quarter revenue and performance results.

CEO and Chairman, Maurice Taylor comments, "Our second quarter results show that while there are areas of strength, the overall business is impacted by slower demand. Demand for our agriculture, earthmoving and mining products have declined as a result of the uncertainty in the markets.

"Titan's new management team is aggressively reducing cost and adjusting manpower to the current business levels. The impairment charge and inventory writedown is attributed to Titan's super giant mining products.

These non cash charges are the first step in our transition to make the factory a $250 million operation producing specialized tires for construction, earthmoving and mining segments with operating profit targets of 20 percent.

I had previously announced the maximum revenue potential of our mining tire plant in Bryan, OH was between $500 and $600 million, however in light of the global downturn in the mining sector, we plan to realign our strategy to market demand. The management of the Bryan facility is moving to bring the operation into a profitable position.

Mr. Taylor adds, "Innovation is critical in a downward market cycle and Titan has leveraged its entrepreneurship to grow the business. Titan's new LSW tires and wheels are now being offered as an option for tractors, sprayers and combines by major OEM's.

Titan has established test sites at 180 farms for LSW tires and wheels, which I believe the time and investment will be repaid in the near future. We expect this business to gain traction and expand into all our regions in the next 3 to 4 years.

You can visit Titan's website, lswadvantage.com, to see the testimonials of end users who have experience with this new product. The expanded Grizz Squad marketing team will also begin calling on larger construction contractors in addition to farmers."


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