Titan International 1Q Results

Titan International has reported its figures for the first quarter of the year. Sales were $129.0 million (1Q 2002: $123.7 m), but the company’s net loss grew to $5.9 million, compared to $2.9 million. This was blamed on increased raw material costs and increased employee benefit and insurance costs, which added over $4 million to expenditure in the quarter.NYSE Warns TitanTo add to the increase in losses, Titan has been notified by the New York Stock Exchange that its common stock has fallen below the NYSE’s listing criteria relating to minimum share price. This requires that the stock must trade at a minimum average price of $1 over a 30-day period. Titan has six months to return to compliance, but the company is confident that, should its shares cease to be traded on the NYSE, it will be able to find an alternative trading venue.