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
June 25, 1998
(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)
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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 June 25, 1998, the Registrant issued the press release attached
hereto as Exhibit 99.1, which is incorporated herein by reference. The press
release contains the Registrant's discussion of its outlook for the remainder of
1998.
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 June 25, 1998 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/ Robert E. Musgraves
Robert E. Musgraves
Vice President, General Counsel
and Secretary
Date: July 1, 1998
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EXHIBIT 99.1
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 DISCUSSES OUTLOOK FOR REMAINDER OF 1998
DENVER, COLORADO . . . June 25, 1998 . . . Titanium Metals Corporation
("TIMET") (NASDAQ: TIMT) announced today that it expects full-year 1998 results
to be 8%-12% below current analysts' estimates of $2.90 per diluted share. For
the second quarter ended June 30, 1998, TIMET expects to report earnings of
$.07-$.10 below analysts' estimates of $.63-$.64 per diluted share, prior to an
expected charge of approximately $.11 related to the previously announced
closure of its Pomona, California casting and melting facility.
TIMET said its lowered expectations are due primarily to reduced shipments
resulting from lower customer order levels as a result of customer inventory
adjustments in response to changes in commercial aircraft production rates, as
well as production shortfalls at TIMET locations in the U.S. and U.K. The lower
production rates are the result of problems that began in the first quarter and
continued into part of the second quarter related to its Swansea, Wales plant,
lower sheet production from equipment recently transferred from Morristown,
Tennessee to Toronto, Ohio, and a temporary press outage in Witton, England.
TIMET said the issues at Witton and Swansea have been resolved and it expects
sheet production to reach normal levels in the fourth quarter.
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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, changes
in product pricing, and other risks and uncertainties included in the Company's
filings with the Securities and Exchange Commission. Actual results can differ
materially from those forecasted or expected.
TIMET, headquartered in Denver, Colorado, is a leading worldwide integrated
producer of titanium metal products.
NOTE: A conference call for the investment community will be held at 10:00
A.M., Eastern Daylight Time, on Friday, June 26, 1998. On the conference call
will be J. Landis Martin, Chairman and Chief Executive Officer, Andrew R. Dixey,
President and Chief Operating Officer, and J. Thomas Montgomery, Jr., Vice
President-Finance and Treasurer. Participants can access the call by dialing 1-
800-288-8960 (domestically) and 612-332-0523 (internationally). A taped replay
of the call will be available until 5:00 P.M., Eastern Daylight Time, on July
26, 1998, by dialing 1-800-475-6701 (domestically) and 320-365-3844
(internationally), and using the access code of 396838.
oo o o o
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