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
April 22, 1997
(Date of Report, date of earliest event reported)
TITANIUM METALS CORPORATION
(Exact name of Registrant as specified in its charter)
Delaware 0-28538 13-5630895
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
1999 Broadway, Suite 4300, Denver, CO 80202
(Address of principal executive offices) (Zip Code)
(303) 296-5600
(Registrant's telephone number, including area code)
Not Applicable
(Former name or address, if changed since last report)
Item 5: Other Events
On April 21, 1997, 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 first quarter earnings for 1997.
Item 7: Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item No. Exhibit List
99.1 Press release dated April 21, 1997 issued by Registrant.
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
John R. Burt
Corporate Attorney
and Assistant Secretary
Date: April 22, 1997
PRESS RELEASE
FOR IMMEDIATE RELEASE: CONTACT:
Titanium Metals Corporation J. Thomas Montgomery, Jr.
1999 Broadway, Suite 4300 Vice President - Finance
Denver, Colorado 80202 (303) 296-5617
TIMET REPORTS HIGHER FIRST QUARTER EARNINGS
DENVER, COLORADO . . . April 21, 1997 . . . Titanium Metals Corporation
( TIMET ) (NASDAQ: TIMT) reported first quarter net income of $15.8 million, or
$.49 per fully diluted share, compared to net income of $2.1 million, or $.10
per share, in 1996. Operating income for the 1997 first quarter was $26.5
million, up from $6.8 million in 1996. The significant improvement in TIMET s
earnings was driven by price increases and a 17% increase in mill product volume
compared to the first quarter of 1996.
Sales were $167 million in the 1997 quarter, up 35% from last year
(percentage comparison proforma for the effect of an October 1996 acquisition).
Mill product shipments in the first quarter of 1997 were 7.4 million pounds.
Selling prices have continued to increase, and the average price of mill
products shipped during the first quarter of 1997 was $16.00.
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 included in the
Company s filings with the Securities and Exchange Commission.
TIMET, headquartered in Denver, Colorado, is a leading worldwide
integrated producer of titanium metal products.
TITANIUM METALS CORPORATION
SUMMARY OF CONSOLIDATED OPERATIONS
Three months ended March 31, 1996 and 1997
(In millions, except per share data)
(Unaudited)
1996 1997
Net sales $ 107.6 $ 167.0
Cost of sales 92.5 130.3
Selling, administrative and development 5.5 10.1
costs
Earnings of joint ventures and other 1.4 (.1)
(expense)
Special charges 4.2 ---
Operating income 6.8 26.5
General corporate income (expense) (.1) 1.0
Interest expense 3.5 4.0
Pretax income 3.2 23.5
Income tax expense (benefit) (.7) 7.1
Minority interest .4 .6
Net income $ 2.1 $ 15.8
Fully diluted net income $ 2.1 $ 18.0
Earnings per common share $ .10 $ .50
Fully diluted earnings per share $ .10 $ .49
Average common shares outstanding 20.5 $ 31.5
Average fully diluted shares outstanding 20.5 36.9
