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November 30, 2009

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Layoffs ordered at Timet

Thursday, Aug. 1, 2002 | 11:34 a.m.

DENVER -- Titanium Metals Corp. today reported a loss of $12.3 million, 39 cents per share, for the quarter ended June 30, citing weak demand from aircraft manufacturers.

The Denver-based company said it will temporarily idle certain U.S. plants during the last half of 2002, and lay off 25 of the 400 employees at its Henderson plant.

Mark Wallace, chief financial officer, said the Las Vegas-area staff reductions come as the sponge plant, which extracts titanium from ore, reduces operations from 100 percent of capacity to about 70 percent.

The second quarter loss compares to a loss of $2.3 million, or 7 cents a share, before special items in the same period of 2001. Sales of $94.3 million in the second quarter were 21 percent lower than the year-ago period.

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