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Titan International Inc. Reports Record Q3 Revenue & Adjusted Profit

Stocks in this article: TWI

The SEC’s Regulation G applies to any public disclosure or release of material information that includes a non-GAAP financial measure. The non-GAAP financial measure should be considered supplemental to, not a substitute for, the financial measures calculated in accordance with GAAP. It has limitations in that it does not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, this measure may not be comparable to non-GAAP financial measures reported by other companies.

The non-GAAP financial measure of adjusted net income assists investors with analyzing our business results as well as with predicting future performance. In addition, this non-GAAP financial measure is reviewed by management in order to evaluate the financial performance of each segment as well as the Company as a whole. We believe that the presentation of this non-GAAP financial measure will permit investors to assess the performance of the Company on the same basis as management.

As a result, one should not consider this measure in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.

The table below provides a reconciliation of the non-GAAP financial measures with the most directly comparable GAAP financial measures for September 30, 2012.

Three Months Ended Nine Months Ended
September 30 September 30
2012   2011 2012   2011
Net Income attributable to Titan $19,579 $21,163   $99,054   $43,691  


Europe acquisition costs 2,790 0 2,836 0
Unrecognized tax benefit 2,360 0 4,348 0
Supply Agreement Term Income-net of tax 0 0 (17,248 ) 0
Noncash convertible debt charge 0 0 0 16,135
CEO incentive compensation-net of tax 0 (6,702 ) 5,127   (2,985 )
Adjusted Net Income $24,729 $14,461   $94,117   $56,841  
Adjusted earnings per common share:
Basic $0.59 $0.34 $2.23 $1.37
Diluted $0.49 $0.29 $1.83 $1.14
Average common shares outstanding:
Basic 42,180 42,028 42,148 41,512
Diluted 53,326 53,061 53,315 52,970

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