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RTI Reports Record Revenues As Part Of 2012 Results

RTI International Company Description

RTI International Metals, Inc., headquartered in Pittsburgh, specializes in advanced titanium, meeting the requirements of the world's most technologically sophisticated applications in commercial aerospace, defense, propulsion, energy, industrial, chemical, and medical markets. For over 60 years, RTI has been taking titanium further through advanced manufacturing, engineering, machining, and forming processes. RTI delivers titanium mill products, extruded shapes, form-ready parts, and highly engineered components through our downstream integrated supply chain. RTI has locations in the United States, Canada, Europe, and Asia.

 
RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
(In thousands, except share and per share amounts)
 
         

Three Months Ended

Year Ended

December 31,

December 31,

2012   2011 2012   2011
 
Net sales $ 196,406 $ 141,945 $ 738,608 $ 529,679
Cost and expenses:
Cost of sales 156,023 116,873 588,077 429,007
Selling, general, and administrative expenses 23,456 19,556 90,970 71,020

Research, technical, and product development expenses

983 945 4,164 3,392
Asset and asset-related charges (income)   (1,250 )   -     367     (1,501 )
Operating income 17,194 4,571 55,030 27,761
Other income (expense) (818 ) 257 (484 ) 19
Interest income 15 240 148 1,151
Interest expense   (4,731 )   (4,073 )   (17,926 )   (16,796 )
 
Income before income taxes 11,660 995 36,768 12,135
Provision for income taxes   4,558     980     13,253     5,583  
Net Income $ 7,102   $ 15   $ 23,515   $ 6,552  
 
Earnings per share:
Basic $ 0.23   $ -   $ 0.78   $ 0.22  
Diluted $ 0.23   $ -   $ 0.77   $ 0.22  
 
Weighted-average shares outstanding:
Basic   30,156,178     30,030,281     30,127,275     30,017,677  
Diluted   30,296,176     30,181,071     30,257,688     30,257,185  
 

RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands, except share and per share amounts)
 
        December 31,

ASSETS

2012   2011
 
Current assets:
Cash and cash equivalents $ 97,190 $ 156,842
Short-term investments - 164,255
Receivables, less allowance for doubtful accounts of $762 and $872 108,767 89,359
Inventories, net 405,289 275,059
Deferred income taxes 28,899 18,674
Other current assets   10,709     9,932  
Total current assets 650,854 714,121
Property, plant, and equipment, net 375,996 289,434
Marketable securities - 12,683
Goodwill 137,251 55,864
Other intangible assets, net 56,495 22,576
Deferred income taxes 33,287 27,424
Other noncurrent assets   5,844     5,173  
Total assets $ 1,259,727   $ 1,127,275  
 

LIABILITIES AND SHAREHOLDERS' EQUITY

 
Current liabilities:
Accounts payable $ 93,656 $ 59,591
Accrued wages and other employee costs 34,433 27,260
Unearned revenues 26,164 18,071
Other accrued liabilities   22,550     20,085  
Total current liabilities 176,803 125,007
Long-term debt 198,337 186,981
Liability for post-retirement benefits 45,066 41,388
Liability for pension benefits 20,711 20,830
Deferred income taxes 51,452 13,606
Unearned revenues 9,991 7,956
Other noncurrent liabilities   11,798     8,755  
Total liabilities   514,158     404,523  
Commitments and Contingencies
Shareholders’ equity:

Common stock, $0.01 par value; 50,000,000 shares authorized; 31,136,899 and 30,948,209 shares issued; 30,354,324 and 30,198,780 shares outstanding

311 309
Additional paid-in capital 484,798 479,245
Treasury stock, at cost; 782,575 and 749,249 shares (18,399 ) (17,657 )
Accumulated other comprehensive loss (44,722 ) (39,211 )
Retained earnings   323,581     300,066  
Total shareholders’ equity   745,569     722,752  
Total liabilities and shareholders’ equity $ 1,259,727   $ 1,127,275  
 

RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
          Year Ended
December 31,
2012   2011

Cash provided by operating activities (including adjustments for depreciation and amortization of $41,170 and $22,488 for the years ended December 31, 2012 and 2011, respectively)

$ 7,243 $ 14,835
 
Cash used in investing activities (1) (67,568 ) (235,046 )
 
Cash provided by (used in) financing activities   (575 )   350  
 
Effect of exchange rate changes on cash and cash equivalents   1,248     (248 )
 
Decrease in cash and cash equivalents (59,652 ) (220,109 )
Cash and cash equivalents at beginning of period   156,842     376,951  
Cash and cash equivalents at end of period $ 97,190   $ 156,842  
 
(1)   Includes cash used for the purchase of RTI Remmele Engineering, Inc. of $182,555 and net cash provided by the sale of available-for-sale investments of $176,771 in the current year compared to net purchases of investments of $160,409 in 2011.

 
RTI INTERNATIONAL METALS, INC. AND SUBSIDIARIES
Selected Operating Segment Information
(Unaudited)
(In thousands)
 
    Three Months Ended   Year Ended
December 31, December 31,
2012   2011 2012   2011
Net sales:
Titanium Group $ 39,537 $ 43,762 $ 159,571 $ 160,745
Intersegment sales   37,065     37,299     178,405     151,976  
Total Titanium Group sales 76,602 81,061 337,976 312,721
 
Fabrication Group $ 101,297 $ 40,026 335,299 150,500
Intersegment sales   17,827     19,134     80,366     61,604  
Total Fabrication Group sales 119,124 59,160 415,665 212,104
 
Distribution Group $ 55,572 $ 58,157 243,738 218,434
Intersegment sales   1,069     144     3,773     1,200  
Total Distribution Group sales 56,641 58,301 247,511 219,634
 
Eliminations   55,961     56,577     262,544     214,780  
Total consolidated net sales $ 196,406   $ 141,945   $ 738,608   $ 529,679  
 
Operating income (loss):
Titanium Group before corporate allocations $ 13,251 $ 9,559 $ 38,308 $ 40,034
Corporate allocations   (2,966 )   (3,442 )   (12,077 )   (11,058 )
Total Titanium Group operating income 10,285 6,117 26,231 28,976
 
Fabrication Group before corporate allocations $ 8,022 $ 1,272 27,010 3,113
Corporate allocations   (3,950 )   (4,468 )   (14,493 )   (14,338 )
Total Fabrication Group operating income (loss) 4,072 (3,196 ) 12,517 (11,225 )
 
Distribution Group before corporate allocations $ 4,833 $ 4,325 24,274 18,598
Corporate allocations   (1,996 )   (2,675 )   (7,992 )   (8,588 )
Total Distribution Group operating income   2,837     1,650     16,282     10,010  
 
Total consolidated operating income $ 17,194   $ 4,571   $ 55,030   $ 27,761  




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