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
November 2, 1999
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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)
<PAGE>
Item 5: Other Events
On November 2, 1999 the Registrant issued the press release attached
hereto as Exhibit 99.1, which is incorporated herein by reference. The press
release relates to an announcement by Registrant regarding Registrant's
suspension of its common stock dividend and the continuation of preferred
payments.
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 November 2, 1999 issued by Registrant
<PAGE>
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: November 2, 1999
EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT:
Titanium Metals Corporation J. Thomas Montgomery, Jr.
1999 Broadway, Suite 4300 Vice President-Finance & Treasurer
Denver, CO 80202 303-296-5600
TIMET SUSPENDS COMMON DIVIDEND:
CONTINUES PREFERRED PAYMENTS
DENVER, COLORADO . . . November 2, 1999 . . . Titanium Metals Corporation
(NYSE:TIE) announced today that its board of directors has voted to suspend the
regular quarterly dividend on its common stock in view of, among other things,
the continuing weakness in overall market demand for titanium metal products.
The board of directors also decided to continue payment of quarterly
interest on the Company's 6 5/8% Convertible Junior Subordinated Debentures for
the fourth quarter 1999, which will result in the continued payment of the
quarterly distribution on the Preferred Securities, Beneficial Unsecured
Convertible Securities (BUCS)SM of TIMET Capital Trust I as regularly scheduled,
with a payment date of December 1, 1999, to holders of record as of November 15,
1999. The board will re-evaluate the continuation of interest payments on the
debentures on a quarter-by-quarter basis.
J. Landis Martin, Chairman & Chief Executive Officer, stated, "We
remain optimistic about the long term future of the titanium metals business,
but felt it was not prudent to continue paying dividends on our common stock
under the current business circumstances. We will continue to evaluate future
payments on our preferred securities as business conditions develop through
2000." Martin continued, "Unfortunately, the demand for titanium products
remains at a depressed level, with a number of the Company's major customers
canceling and pushing out previously scheduled orders. We are continuing our
efforts to return to profitability by focusing improving our manufacturing
processes and reducing our overall costs, as well as continuing our efforts to
work closely with the Company's major customers to solidify our volume position
for 2000."
Titanium Metals Corporation, headquartered in Denver, Colorado, is a
leading worldwide integrated producer of titanium metal products. Information on
TIMET is available on the World Wide Web at http://www.timet.com/.
* * * * *
Beneficial Unsecured Convertible Securities (BUCS) and BUCS are registered
service marks of Salomon Smith Barney Inc
