Titanium producer reports third-quarter loss

Friday, Oct. 24, 2003 | 11:05 a.m.

Titanium Metals Corp., known as Timet, on Thursday reported a third-quarter loss of $1.3 million, or 94 cents a share. Results were based on revenue of $83.6 million for the period.

The Denver-based titanium producer, which has a 400-employee plant in Henderson, said the results compared with a loss of $9.1 million, or $2.89 a share, on revenue of $82.8 million for the same period a year earlier.

The company said the results included a one-time charge of $6.8 million related to the termination of a purchase and sales agreement with Wyman-Gordon Co., a metal components company based in North Grafton, Mass., and the revision of a loss estimate resulting in a $1.7 million reduction in cost of sales.

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