-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, EceJBk1fow4Dmxexaya0vWggZM3ZdB7IT9aPzb+uF21OD5WSKVXgE2fnLWD+X6XA +mdWZ+da9sx9hQr/ygR47A== 0000950152-04-000511.txt : 20040127 0000950152-04-000511.hdr.sgml : 20040127 20040127161638 ACCESSION NUMBER: 0000950152-04-000511 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040127 ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040127 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RTI INTERNATIONAL METALS INC CENTRAL INDEX KEY: 0001068717 STANDARD INDUSTRIAL CLASSIFICATION: ROLLING DRAWING & EXTRUDING OF NONFERROUS METALS [3350] IRS NUMBER: 522115953 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14437 FILM NUMBER: 04546589 BUSINESS ADDRESS: STREET 1: 1000 WARREN AVE CITY: NILES STATE: OH ZIP: 44446 BUSINESS PHONE: 2165447700 MAIL ADDRESS: STREET 1: 1000 WARREN AVE CITY: NILES STATE: OH ZIP: 44446 8-K 1 j0530001e8vk.txt RTI INTERNATIONAL UNITED STATES 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: JANUARY 27, 2004 RTI INTERNATIONAL METALS, INC. (Exact name of registrant as specified in its charter) Ohio 1-14437 52-2115953 (State or Other (Commission (IRS Employer Jurisdiction of incorporation) File Number) Identification Number) 1000 WARREN AVENUE NILES, OHIO, 44446 (Address of Principal Executive Offices) (330) 544-7700 (Registrant's Telephone Number, including Area Code) ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits The following exhibit is filed with this report on Form 8-K: Exhibit No. Description - ----------- ----------- 99.1 Press release announcing earnings for the year ended December 31, 2003. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. RTI INTERNATIONAL METALS, INC. By: /s/ Lawrence W. Jacobs ----------------------------------- Name: Lawrence W. Jacobs Title: Vice President and Chief Financial Officer Date: January 27, 2004 EXHIBIT INDEX Number Description Method of Filing - ------ ----------- ---------------- 99.1 Press release dated January 26, 2004 Filed herewith EX-99.1 3 j0530001exv99w1.txt EX-99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE Contact: - --------------------- -------- January 26, 2004 Richard E. Leone Manager-Investor Relations 330-544-7622 www.rti-intl.com RTI INTERNATIONAL ANNOUNCES 2003 ANNUAL RESULTS Niles, Ohio - RTI International Metals, Inc., (NYSE: RTI) released results today for the fourth quarter and year of 2003. Net income for the fourth quarter of 2003 was $1.9 million, or $0.09 per share, on sales of $47.7 million. The same period in 2002 resulted in a net income of $0.6 million, or $0.03 per share, on revenues of $64.2 million. Mill product shipments for the quarter were 1.4 million pounds versus 2.1 million pounds in the year earlier period and 1.7 million pounds during the third quarter of 2003. Despite lower shipping volumes, earnings improved over the prior periods in part due to lower labor expense. During the quarter, a labor contract at RMI Titanium Company's Niles, Ohio plant expired and a new agreement was rejected by the United Steelworkers. The plant is now operated by salaried personnel at a significantly lower cost. The Company reported net income for the year 2003 of $4.7 million, or $0.23 per share, on sales of $205.5 million. Results for the year 2002 were a net income of $15.1 million, or $0.73 per share, on sales of $270.9 million. Both 2003 and 2002 included payments under a supply agreement that requires minimum purchases by The Boeing Company, resulting in other income of approximately $8 million and $7 million, respectively. Titanium mill product shipments for 2003 totaled 5.9 million pounds, down 41% from 2002, reflecting the significant weakness in commercial aerospace markets. Realized prices for the year averaged $15.95 per pound compared to $14.36 in 2002, due to a greater content of flat rolled products in the 2003 product mix. Despite a strong fourth quarter performance, the Titanium Group had an operating loss for the year of $2.0 million on sales of $148.0 million, including $91.2 million of inter-company sales. In 2002, the Group recorded an $11.0 million operating profit on sales of $196.6 million, including inter-company sales of $107.8 million. (more) January 26, 2004 Page 2 of 5 The Fabrication & Distribution Group had operating earnings of $0.7 million on sales of $148.8 million in 2003 compared to $4.3 million and $182.0 million respectively in 2002. Lack of demand from commercial aerospace markets affected a number of units within the Group. Those with greater exposure to energy and defense markets fared better. The Company also announced today that in accordance with its terms, the Department of Energy has terminated "for convenience" its contract with RMI for the remediation of a former RMI facility that had performed processing for the government. Approximately two-thirds of the facility, owned by RMI, has been free released by the Ohio Department of Health. Remaining soil removal is expected to take approximately 18-24 months. The DOE is responsible for the cost of the remaining cleanup. Remediation earnings contributed approximately $0.6 million to RTI's net income in 2003 and $0.7 million in 2002. Commenting on the Company's results, Timothy G. Rupert, President and CEO, said, "Due to market conditions, we expected 2003 to be a difficult year and it turned out to be so. Cash generation was again our strong suit, with over $30 million coming from operating activities. "The outlook for commercial aerospace remains soft. On the positive side, inventories within the supply chain appear to have been worked down and the availability of titanium scrap has tightened due to reduced generation and increased consumption by the steel industry, perhaps creating an improved pricing environment. Nonetheless, we are prepared for another tough year in 2004 and will be focusing on the expense side of our business, where we continue to lower our cost of production, and on growing our ability to add value." 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 ongoing impact of global events on the commercial aerospace industry, military spending, future global economic conditions, competitive nature of the markets for specialty metals, 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. (more) January 26, 2004 Page 3 of 5 RTI International Metals, headquartered in Niles, Ohio, is one of the world's largest producers of titanium. Through its various subsidiaries, RTI manufactures and distributes titanium and specialty metal mill products, extruded shapes, formed parts and engineered systems for aerospace, industrial, defense, energy, chemical and consumer applications for customers around the world. NOTE: RTI International Metals, Inc. has scheduled a conference call for Wednesday, January 28, 2004, at 11:00 a.m., Eastern Time, to discuss this press release. To participate in the call, please dial toll free (USA) 888-428-4469 or (International) 612-332-0107 a few minutes prior to the start time and specify the RTI International Metals Conference Call. Replay of the call will be available until 11:59 p.m., Eastern Time, on Saturday, January 31, 2004, by dialing (USA) 800-475-6701 or (International) 320-365-3844 and Access Code 715450. (more) January 26, 2004 Page 4 of 5 RTI INTERNATIONAL METALS, INC. CONSOLIDATED STATEMENT OF INCOME (Unaudited) (Dollars in thousands)
QUARTER ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, -------------------------- --------------------------- 2003 2002 2003 2002 --------- --------- --------- --------- Sales $ 47,739 $ 64,164 $ 205,527 $ 270,890 Cost of sales 36,443 55,588 175,076 221,868 --------- --------- --------- --------- Gross profit 11,296 8,576 30,451 49,022 Selling, general and administrative expenses 8,040 7,617 31,402 32,333 Research, technical and product development expenses 276 278 1,306 1,355 Other operating income - net -- -- 967 -- --------- --------- --------- --------- Operating income 2,980 681 (1,290) 15,334 Other income - net 147 540 9,433 9,747 Interest expense 203 213 672 686 --------- --------- --------- --------- Income before income taxes 2,924 1,008 7,471 24,395 Provision for income taxes 1,029 383 2,757 9,270 --------- --------- --------- --------- Net income $ 1,895 $ 625 $ 4,714 $ 15,125 ========= ========= ========= ========= Net income per common share: Basic $ 0.09 $ 0.03 $ 0.23 $ 0.73 ========= ========= ========= ========= Diluted $ 0.09 $ 0.03 $ 0.22 $ 0.72 ========= ========= ========= ========= Weighted average shares outstanding (in thousands): Basic 20,853 20,776 20,830 20,773 Diluted 21,123 20,918 20,996 20,924
(more) January 26, 2004 Page 5 of 5 RTI INTERNATIONAL METALS, INC. CONSOLIDATED BALANCE SHEET (Unaudited) (Dollars in thousands)
DECEMBER 31, DECEMBER 31, 2003 2002 ------------ ------------ ASSETS: Current assets Cash and cash equivalents $ 67,970 $ 40,666 Accounts receivable 30,855 38,830 Inventories 153,497 154,159 Current deferred income tax assets 5,251 2,356 Other current assets 3,284 5,934 -------- -------- Total current assets 260,857 241,945 Property, plant and equipment net 85,505 92,554 Goodwill 34,133 34,133 Noncurrent deferred income tax assets 5,677 4,271 Other noncurrent assets 23,978 23,317 -------- -------- Total assets $410,150 $396,220 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY: Current liabilities Accounts payable $ 14,008 $ 14,711 Accrued liabilities 19,826 11,018 -------- -------- Total current liabilities 33,834 25,729 Long-term debt -- -- Accrued pension cost 33,251 33,021 Accrued postretirement benefit cost 20,428 19,873 Deferred income taxes -- -- Other noncurrent liabilities 5,421 6,424 -------- -------- Total liabilities 92,934 85,047 Total shareholders' equity 317,216 311,173 -------- -------- Total liabilities and shareholders' equity $410,150 $396,220 ======== ========
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (Dollars in thousands)
YEAR ENDED DECEMBER 31, ------------------------- 2003 2002 -------- -------- Cash provided by operating activities (including depreciation and amortization of $12,197 and $12,306 respectively) $ 30,765 $ 41,259 Cash used in investing activities (3,965) (7,603) Cash used in financing activities 504 (1,026) -------- -------- Increase/(decrease) in cash and cash equivalents 27,304 32,630 Cash and cash equivalents at beginning of period 40,666 8,036 -------- -------- Cash and cash equivalents at end of period $ 67,970 $ 40,666 ======== ========
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