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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
October 18, 1996
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(Date of Report, date of earliest event reported)
TITANIUM METALS CORPORATION
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(Exact name of Registrant as specified in its charter)
Delaware 0-28538 13-5630895
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1999 Broadway, Suite 4300, Denver, CO 80202
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(Address of principal executive offices) (Zip Code)
(303) 296-5600
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(Registrant's telephone number, including area code)
Not Applicable
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(Former name or address, if changed since last report)
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Item 5: Other Events
On October 17, 1996, the Registrant issued the press release
attached hereto as Exhibit 99.1, which is incorporated herein by reference.
The press release relates to the Registrant's Third Quarter 1996 Results.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
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99.1 Press release dated October 17, 1996
issued by Registrant.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TITANIUM METALS CORPORATION
(Registrant)
By: /s/ John R. Burt
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John R. Burt
Corporate Attorney
and Assistant Secretary
Date: October 18, 1996
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Exhibit Index
Item No. Exhibit List
-------- -----------------------------------------
99.1 Press release dated October 17, 1996
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EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE: CONTACT:
Titanium Metals Corporation Mark A. Wallace
1999 Broadway, Suite 4300 Vice President - Finance
Denver, Colorado 80202 (303) 296-5651
TIMET REPORTS THIRD QUARTER 1996 RESULTS
DENVER, COLORADO . . . October 17, 1996 . . . Titanium Metals
Corporation ("TIMET") (NASDAQ: TIMT) reported third quarter net income of
$13.3 million, or $.42 per share, compared to a net loss of $.3 million, or
$.02 per share, for the same quarter in 1995. For the first nine months of
1996, the Company reported net income of $23.5 million, or $.89 per share,
compared to a net loss of $6.5 million, or $.42 per share, for the same period
in 1995. TIMET's 1996 results include acquisitions of the titanium businesses
of IMI plc, CEZUS and TISTO. In October of 1996, TIMET completed the
acquisition of Axel Johnson Metals.
The significant improvement in earnings was driven by price and
volume increases in both the commercial aerospace and golf markets. TIMET's
operating income for the third quarter and the first nine months of 1996 was
$17.8 million and $38.4 million, respectively. The operating results included
special charges related to the acquisition and integration of IMI's titanium
businesses of $.4 million in the third quarter and $4.7 million for the first
nine months of 1996. TIMET's net sales for the first nine months of 1996 were
$349.8 million, up 43% from the same period in 1995 (all percentage
comparisons are proforma for the effects of acquisitions). Mill product
shipments for the first nine months of 1996 were 19.6 million pounds, a 23%
increase over the same period in 1995. Selling prices in the third quarter of
1996 were up approximately 13% to an average mill product price of $14.09 per
pound compared to the third quarter of 1995.
The statements in this release relating to matters that are not
historical facts are forward looking statements that involve risks and
uncertainties, including, but not limited to, the cyclicality of the
commercial aerospace industry, future global economic conditions, global
productive capacity, competitive products, and other risks and uncertainties
detailed in the Company's Securities and Exchange Commission filings.
TIMET, headquartered in Denver, Colorado, is a leading integrated
producer of titanium metal products.
o o o o o
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TITANIUM METALS CORPORATION
SUMMARY OF CONSOLIDATED OPERATIONS
(In millions, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Quarter Ended Nine Months Ended
---------------------------- ---------------------------
October 1, September 29, October 1, September 29,
------------ ------------- ------------ -------------
1995 1996* 1995 1996*
---- ---- ---- ----
<S> <C> <C> <C> <C>
Sales $ 47.9 $ 123.4 $ 135.2 $ 349.8
Cost of sales 43.6 100.8 127.5 294.2
Selling, administrative and development costs 3.0 6.5 9.1 18.6
Equity in earnings of joint ventures 1.0 2.2 2.7 6.0
Other income (expense) .1 (.1) .5 .1
Special charges - .4 - 4.7
------------ ------------- ----------- -------------
Operating income 2.4 17.8 1.8 38.4
General corporate income (expense), net - .2 (.2) .6
Interest expense 2.6 .4 7.9 7.3
------------ ------------- ----------- -------------
Income (loss) before income taxes and
preacquisition earnings (0.2) 17.6 (6.3) 31.7
Income tax expense .1 4.3 .2 7.8
Preacquisition earnings - - - (.4)
------------ ------------- ----------- -------------
Net income (loss) $ (0.3) $ 13.3 $ (6.5) $ 23.5
============ ============= =========== =============
Net income (loss) per common share $ (.02) $ .42 $ (.42) $ .89
============ ============= =========== =============
Weighted average common shares outstanding 15.7 31.5 15.3 26.3
============ ============= =========== =============
</TABLE>
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* Includes the results of the IMI titanium business acquired on
February 15, 1996, TISTO acquired on July 9, 1996 and
TIMET Savoie (CEZUS) formed on August 1, 1996.
