<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED) OCTOBER 17, 1996
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THE TITAN CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE 1-6035 95-288754
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(STATE OR OTHER JURISDICTION OF (COMMISSION (I.R.S. EMPLOYER
INCORPORATION OR ORGANIZATION) FILE NO.) IDENTIFICATION NO.)
3033 SCIENCE PARK ROAD
SAN DIEGO, CALIFORNIA 92121
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE (619) 552-9900
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(FORMER NAME OR FORMER ADDRESS,
IF CHANGED SINCE LAST REPORT.)
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ITEM 5. OTHER EVENTS
On October 17, 1996 The Titan Corporation, a Delaware corporation
(the "Company"), reported preliminary unaudited results for the three months
and nine months ended September 30, 1996 as set forth below.
THE TITAN CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Revenues $34,854 $34,983 $95,188 $99,455
Costs and expenses:
Cost of revenues 28,965 27,637 75,931 74,423
Selling, general and
administrative expense 6,923 5,723 19,142 17,544
Research and development expense 1,343 1,299 3,722 4,774
Other income, net -- (773) -- (773)
------- ------- ------- -------
Total costs and expenses 37,231 33,886 98,795 95,968
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Operating profit (loss) (2,377) 1,097 (3,607) 3,487
Interest expense - net (699) (367) (1,838) (793)
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Income (loss) before income taxes (3,076) 730 (5,445) 2,694
Income tax provision (benefit) (1,107) 260 (1,865) 970
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Net income (loss) (1,969) 470 (3,580) 1,724
Dividend requirements on
preferred stock 219 174 585 521
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Net income (loss) applicable
to common stock $(2,188) $296 $(4,165) $1,203
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Net income (loss) per average
common share $(.14) $.02 $(.28) $.09
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------- ------- ------- -------
Average common shares outstanding 16,107 14,214 14,981 13,962
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</TABLE>
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THE TITAN CORPORATION
SEGMENT INFORMATION
(in thousands of dollars)
<TABLE>
<CAPTION>
Three months ended Nine months ended
September 30, September 30,
1996 1995 1996 1995
<S> <C> <C> <C> <C>
Revenues:
Communications Systems $895 $1,698 $2,736 $5,774
Software Systems 3,306 7,732 13,986 26,060
Defense Systems 25,229 18,665 62,169 49,037
Emerging Technologies 5,424 6,888 16,297 18,584
------- ------- ------- -------
$34,854 $34,983 $95,188 $99,455
------- ------- ------- -------
------- ------- ------- -------
Operating Profit (Loss):
Communications Systems $(2,373) $(1,215) $(6,665) $(4,049)
Software Systems (478) 716 (344) 5,788
Defense Systems 1,656 1,078 6,383 3,439
Emerging Technologies 211 326 (56) 608
Segment operating profit (loss)
before Corporate (984) 905 (682) 5,786
Corporate (1,393) 192 (2,925) (2,299)
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$(2,377) $1,097 $(3,607) $3,487
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------- ------- ------- ------
</TABLE>
THE TITAN CORPORATION
KEY FINANCIAL DATA
(in thousands of dollars)
September 30, December 31,
1996 1995
Cash and cash equivalents $3,145 $5,833
Total current assets 64,702 63,273
Lines of credit 22,949 9,200
Long-term debt 5,872 4,281
Redeemable preferred stock 3,000 ---
Stockholders' equity 47,437 38,639
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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.
THE TITAN CORPORATION
DATE: October 22, 1996 By: /s/ Gene W. Ray
--------------------------------
Gene W. Ray
President and Chief Executive Officer
