##### Table of Contents



UNITED STATES
 SECURITIES AND EXCHANGE
    COMMISSION
 WASHINGTON, D.C. 20549
  FORM 10-Q
    þ
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934  FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2007
   o
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    SECURITIES EXCHANGE ACT OF 1934  
  001-14437
  RTI INTERNATIONAL METALS,
    INC.
 (Exact name of registrant as
    specified in its charter)
  Ohio(State or other jurisdiction of
    incorporation or organization)

52-2115953(I.R.S. Employer
    Identification No.)1000 Warren Avenue, Niles, Ohio(Address of principal executive offices)

44446(Zip Code)   (330) 544-7700
 Registrants telephone number,
    including area code:
   Yes þ     No o
  Rule 12b-2
 þ o o
  Rule 12b-2
 Yes o     No þ




---



##### 



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
      INDEX
  
  PagePART I  FINANCIAL INFORMATIONItem 1.

Financial Statements


2Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2007 and 2006


2Condensed Consolidated Balance Sheets (Unaudited) as of September 30, 2007 and December 31, 2006


3Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three and Nine Months Ended September 30, 2007 and 2006


4Condensed Consolidated Statement of Shareholders Equity (Unaudited) for the Nine Months Ended September 30, 2007


5Condensed Notes to Consolidated Financial Statements


6Item 2.

Managements Discussion and Analysis of
    Financial Condition and Results of Operations


17Item 3.

Quantitative and Qualitative Disclosures About
    Market Risk


26Item 4.

Controls and Procedures


26PART II  OTHER INFORMATIONItem 1.

Legal Proceedings


27Item 1A.

Risk Factors


27Item 2.

Unregistered Sales of Equity Securities and Use
    of Proceeds


27Item 6.

Exhibits


27Signatures


28EX-10.1EX-31.1EX-31.2EX-32.1EX-32.2




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##### Table of Contents



PART IFINANCIAL
    INFORMATION
  Item 1.
    Financial
    Statements.  RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Consolidated Statements of Operations
    (Unaudited)
    (In thousands, except share and per share amounts)
  Three Months Ended


Nine Months EndedSeptember 30,


September 30,2007


2006


2007


2006Net sales

$
163,412


$
128,855


$
463,015


$
361,601Cost and expenses:Cost of sales


109,716



81,112



310,448



242,442Selling, general, and administrative expenses


16,343



13,262



49,562



43,394Research, technical, and product development expenses


403



288



1,255



1,133Operating income


36,950



34,193



101,750



74,632Other income (expense)


(1,035
)


(71
)


(1,940
)


182Interest income


1,179



816



3,626



1,940Interest expense


(386
)


(125
)


(898
)


(347
)Income before income taxes


36,708



34,813



102,538



76,407Provision for income taxes


12,016



11,766



34,823



27,491Net income

$
24,692


$
23,047


$
67,715


$
48,916Earnings per share:Basic

$
1.08


$
1.02


$
2.96


$
2.16Diluted

$
1.06


$
1.00


$
2.92


$
2.12Weighted-average shares outstanding:Basic


22,953,981



22,689,413



22,913,824



22,628,874Diluted


23,198,387



23,017,546



23,167,023



23,036,645   The accompanying notes are an integral part of these
    Condensed Consolidated Financial Statements.
 2




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Consolidated Balance Sheets
    (Unaudited)
    (In thousands, except share and per share amounts)
  September 30,


December 31,2007


2006ASSETSCurrent assets:Cash and cash equivalents

$
96,335


$
40,026Investments






85,035Receivables, less allowance for doubtful accounts of $710 and
    $1,548


100,371



92,517Inventories, net


290,819



241,638Deferred income taxes


7,019



2,120Other current assets


3,589



5,818Total current assets


498,133



467,154Property, plant, and equipment, net


141,561



102,470Goodwill


50,474



48,622Other intangible assets, net


17,367



15,581Deferred income taxes


9,119



9,076Other noncurrent assets


1,605



1,010Total assets

$
718,259


$
643,913LIABILITIES AND SHAREHOLDERS EQUITYCurrent liabilities:Accounts payable

$
47,904


$
34,055Accrued wages and other employee costs


18,128



17,475Billings in excess of costs and estimated earnings


10,990



21,147Income taxes payable


1,653



5,253Deferred income taxes






10,255Current portion of long-term debt


1,067



459Current liability for post-retirement benefits


2,783



2,783Current liability for pension benefits


580



580Other accrued liabilities


16,208



9,436Total current liabilities


99,313



101,443Long-term debt


16,445



13,270Noncurrent liability for post-retirement benefits


33,146



32,445Noncurrent liability for pension benefits


12,922



22,285Deferred income taxes


334



5,422Other noncurrent liabilities


7,001



6,867Total liabilities


169,161



181,732Shareholders equity:Common stock, $0.01 par value; 50,000,000 shares
    authorized; 23,588,471 and 23,440,127 shares issued;
    23,083,433 and 22,967,284 shares outstanding


236



234Additional paid-in capital


300,931



289,448Treasury stock, at cost; 505,038 and 472,843 shares


(7,801
)


(5,285
)Accumulated other comprehensive loss


(20,993
)


(31,226
)Retained earnings


276,725



209,010Total shareholders equity


549,098



462,181Total liabilities and shareholders equity

$
718,259


$
643,913   The accompanying notes are an integral part of these
    Condensed Consolidated Financial Statements.
 3




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
    (In thousands)
  Nine Months EndedSeptember 30,2007


2006OPERATING ACTIVITIES:Net income

$
67,715


$
48,916Adjustment for non-cash items included in net income:Depreciation and amortization


11,130



10,596Deferred income taxes


(21,270
)


Stock-based compensation


5,804



3,668Excess tax benefits from stock-based compensation activity


(3,964
)


(2,933
)Other


(826
)


455Changes in assets and liabilities:Receivables


(4,505
)


(20,426
)Inventories


(45,859
)


(13,903
)Accounts payable


14,311



2,198Income taxes payable


(1,124
)


6,122Billings in excess of costs and estimated earnings


(10,157
)


(1,695
)Other current liabilities


8,097



1,271Other assets and liabilities


(5,677
)


3,186Cash provided by operating activities


13,675



37,455INVESTING ACTIVITIES:Proceeds from disposal of property, plant, and equipment


523



102Purchase of investments


(1,408
)


Proceeds from sale of investments


86,442



2,410Capital expenditures


(45,176
)


(20,935
)Cash provided by (used in) investing activities


40,381



(18,423
)FINANCING ACTIVITIES:Proceeds from exercise of employee stock options


1,533



2,124Excess tax benefits from stock-based compensation activity


3,964



2,933Financing fees


(845
)


Borrowings on long-term debt


1,577



Repayments on long-term debt


(266
)


Purchase of common stock held in treasury


(2,516
)


(896
)Cash provided by financing activities


3,447



4,161Effect of exchange rate changes on cash and cash equivalents


(1,194
)


(200
)Increase in cash and cash equivalents


56,309



22,993Cash and cash equivalents at beginning of period


40,026



53,353Cash and cash equivalents at end of period

$
96,335


$
76,346   The accompanying notes are an integral part of these
    Condensed Consolidated Financial Statements.
 4




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Consolidated Statements of Changes In
    Shareholders Equity
    (Unaudited)
    (In thousands, except share amounts)
  Accum.Shares of














OtherCommon





Additional








CompStock


Common


Paid-in


Treasury


Retained


Income/





ComprehensiveOutstanding


Stock


Capital


Stock


Earnings


(Loss)


Total


IncomeBalance at December 31, 2006


22,967,284


$
234


$
289,448


$
(5,285
)

$
209,010


$
(31,226
)

$
462,181Shares issued for directors compensation


5,279























Shares issued for restricted stock award plans


54,946



1



















1Stock-based compensation expense recognized










5,804















5,804Treasury stock purchased at cost


(32,195
)










(2,516
)










(2,516
)Exercise of employee options


88,119



1



1,532















1,533Tax benefits from stock-based compensation activity










4,147















4,147Net income


















67,715







67,715


$
67,715Benefit plan amortization






















1,996



1,996



1,996Foreign currency translation






















8,237



8,237



8,237Comprehensive income





























$
77,948Balance at September 30, 2007


23,083,433


$
236


$
300,931


$
(7,801
)

$
276,725


$
(20,993
)

$
549,098   The accompanying notes are an integral part of these
    Condensed Consolidated Financial Statements.
 5




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Notes to Consolidated Financial Statements
    (Unaudited)
    (In thousands, except share and per share amounts, unless
    otherwise indicated)
  Note 1
    BASIS OF
    PRESENTATION:  Form 10-Q Regulation S-X.
  Form 10-K.
  Note 2
    ORGANIZATION:   6




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Notes to Consolidated Financial Statements
    (Unaudited)
    (In thousands, except share and per share amounts, unless
    otherwise indicated)
  Note 3
    STOCK-BASED
    COMPENSATION:  Stock
    Options
    Stock Options

SharesOutstanding at December 31, 2006


403,194Granted


62,700Forfeited


(3,836
)Expired


(2,901
)Exercised


(88,119
)Outstanding at September 30, 2007


371,038Exercisable at September 30, 2007


236,792     2007Risk-free interest rate


4.84
%Expected dividend yield


0.00
%Expected lives (in years)


5.0Expected volatility


42.00
%   Restricted
    Stock
    Nonvested Restricted Stock Awards

SharesNonvested at December 31, 2006


166,254Granted


60,225Vested


(104,837
)Nonvested at September 30, 2007


121,642   Note 4
    INCOME
    TAXES:     7




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Notes to Consolidated Financial Statements
    (Unaudited)
    (In thousands, except share and per share amounts, unless
    otherwise indicated)
        Accounting for Uncertainty in
    Income Taxesan interpretation of FASB Statement 109
        Note 5
    EARNINGS
    PER SHARE:  Earnings Per Share
 8




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Notes to Consolidated Financial Statements
    (Unaudited)
    (In thousands, except share and per share amounts, unless
    otherwise indicated)
      Three Months Ended


Nine Months EndedSeptember 30,


September 30,2007


2006


2007


2006Numerator:Net income

$
24,692


$
23,047


$
67,715


$
48,916Denominator:Basic weighted-average shares outstanding


22,953,981



22,689,413



22,913,824



22,628,874Effect of diluted securities


244,406



328,133



253,199



407,771Diluted weighted-average shares outstanding


23,198,387



23,017,546



23,167,023



23,036,645Earnings per share:Basic

$
1.08


$
1.02


$
2.96


$
2.16Diluted

$
1.06


$
1.00


$
2.92


$
2.12     Note 6
    INVENTORIES:  last-in, first-in,
  September 30,


December 31,2007


2006Raw materials and supplies

$
112,370


$
70,662Work-in-process
    and finished goods


267,396



210,629LIFO reserve


(88,947
)


(39,653
)Total inventories

$
290,819


$
241,638  9




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Notes to Consolidated Financial Statements
    (Unaudited)
    (In thousands, except share and per share amounts, unless
    otherwise indicated)
    Note 7
    GOODWILL
    AND OTHER INTANGIBLE ASSETS:  Goodwill and Intangible
    Assets
  Goodwill.
  TranslationAdjustment/December 31, 2006


Other


September 30, 2007Titanium Group

$
2,591


$
(43
)

$
2,548Fabrication & Distribution Group


46,031



1,895



47,926Total goodwill

$
48,622


$
1,852


$
50,474   Intangibles.
    TranslationDecember 31, 2006


Amortization


Adjustment


September 30, 2007Titanium Group

$



$



$



$
Fabrication & Distribution Group


15,581



(689
)


2,475



17,367Total intangible assets

$
15,581


$
(689
)

$
2,475


$
17,367   Note 8
    BILLINGS
    IN EXCESS OF COSTS AND ESTIMATED EARNINGS:    Note 9
    OTHER
    INCOME (EXPENSE):   10




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Notes to Consolidated Financial Statements
    (Unaudited)
    (In thousands, except share and per share amounts, unless
    otherwise indicated)
    Note 10
    EMPLOYEE
    BENEFIT PLANS:    Pension Benefits


Other Post-Retirement BenefitsThree Months


Nine Months


Three Months


Nine MonthsEnded


Ended


Ended


EndedSeptember 30,


September 30,


September 30,


September 30,2007


2006


2007


2006


2007


2006


2007


2006Service cost

$
503


$
509


$
1,509


$
1,527


$
121


$
112


$
363


$
336Interest cost


1,728



1,619



5,184



4,857



508



397



1,523



1,192Expected return on plan assets


(2,019
)


(2,014
)


(6,057
)


(6,043
)














Amortization ofprior service cost


173



208



520



624



303



44



910



131Amortization of unrealized gains and losses


557



621



1,670



1,863







96







289Net periodic benefit cost

$
942


$
943


$
2,826


$
2,828


$
932


$
649


$
2,796


$
1,948     Note 11
    COMMITMENTS
    AND CONTINGENCIES:    Environmental
    Matters
  96-1, Environmental Remediation Liabilities Accounting for Contingencies
   11




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Notes to Consolidated Financial Statements
    (Unaudited)
    (In thousands, except share and per share amounts, unless
    otherwise indicated)
        Environmental


EnvironmentalAssets


LiabilitiesBalance at December 31, 2006

$
1,252


$
(3,553
)Environmental-related income (expense)


20



(1,035
)Cash paid (received)


(400
)


1,711Balance at September 30, 2007

$
872


$
(2,877
)     Other
    Matters
         12




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Notes to Consolidated Financial Statements
    (Unaudited)
    (In thousands, except share and per share amounts, unless
    otherwise indicated)
  Accounting for Contingencies
    Note 12
    LONG-TERM
    DEBT:    September 30, 2007


December 31, 2006RTI Claro credit agreement

$
15,796


$
13,729Interest-free loan agreement


1,716



Total debt


17,512



13,729Less: Current portion


(1,067
)


(459
)Long-term debt

$
16,445


$
13,270     15-year
 13




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Notes to Consolidated Financial Statements
    (Unaudited)
    (In thousands, except share and per share amounts, unless
    otherwise indicated)
    Note 13
    SEGMENT
    REPORTING:      just-in-time
   14




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Notes to Consolidated Financial Statements
    (Unaudited)
    (In thousands, except share and per share amounts, unless
    otherwise indicated)
    Three Months Ended


Nine Months EndedSeptember 30,


September 30,2007


2006


2007


2006Net sales:Titanium Group

$
68,603


$
53,853


$
184,461


$
154,040Intersegment sales


41,808



40,789



135,808



105,647Total Titanium Group net sales


110,411



94,642



320,269



259,687Fabrication & Distribution Group


94,809



75,002



278,554



207,561Intersegment sales


1,441



1,290



5,226



4,600Total Fabrication & Distribution Group net sales


96,250



76,292



283,780



212,161Eliminations


43,249



42,079



141,034



110,247Total consolidated net sales

$
163,412


$
128,855


$
463,015


$
361,601Operating income:Titanium Group before corporate allocations

$
28,691


$
26,066


$
77,565


$
59,714Corporate allocations


(2,799
)


(1,657
)


(8,716
)


(6,474
)Total Titanium Group operating income


25,892



24,409



68,849



53,240Fabrication & Distribution Groupbefore corporate allocations


14,993



13,507



45,341



33,883Corporate allocations


(3,935
)


(3,723
)


(12,440
)


(12,491
)Total Fabrication & DistributionGroup operating income


11,058



9,784



32,901



21,392Total consolidated operating income

$
36,950


$
34,193


$
101,750


$
74,632Income before income taxes:Titanium Group

$
26,524


$
24,809


$
70,992


$
54,235Fabrication & Distribution Group


10,184



10,004



31,546



22,172Total consolidated income before income taxes

$
36,708


$
34,813


$
102,538


$
76,407   September 30,


December 31,2007


2006Total assets:Titanium Group

$
265,428


$
228,305Fabrication & Distribution Group


354,035



294,436General corporate assets


98,796



121,172Total consolidated assets

$
718,259


$
643,913  15




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##### Table of Contents



RTI
    INTERNATIONAL METALS, INC. AND SUBSIDIARIES
    Condensed Notes to Consolidated Financial Statements
    (Unaudited)
    (In thousands, except share and per share amounts, unless
    otherwise indicated)
  Note 14
    NEW
    ACCOUNTING STANDARDS:  Accounting for Uncertainty in
    Income Taxes  an interpretation of FASB Statement
    109.
  Fair Value Measurements
  The
    Fair Value Option for Financial Assets and Financial
    Liabilities-Including an amendment of FASB Statement
    No. 115 instrument-by-instrument
 16




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##### Table of Contents



Item 2.
    Managements
    Discussion and Analysis of Financial Condition and Results of
    Operations.  Forward-Looking
    Statements
    
    statements regarding the future availability and prices of raw
    materials,
    competition in the titanium industry,
    demand for the Companys products,
    the historic cyclicality of the titanium and commercial
    aerospace industries,
    changes in defense spending,
    the success of new market development,
    long-term supply agreements,
    waivers to and legislative challenges to the Specialty Metals
    Clause of the Berry Amendment,
    global economic activities,
    outcome of pending U.S. Customs investigation,
    the successful completion of our expansion projects,
    the Companys order backlog and the conversion of that
    backlog into revenue, and
    other statements contained herein that are not historical facts.    Overview
       17




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##### Table of Contents



Duty
    Drawback Investigation
        Accounting for
    Contingencies
 18




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##### Table of Contents



Three
    Months Ended September 30, 2007 Compared To Three Months
    Ended September 30, 2006
  Net Sales.
  Three Months Ended September 30,


$ Increase/


% Increase/(In millions except percents)

2007


2006


(Decrease)


(Decrease)Titanium Group

$
68.6


$
53.9


$
14.7



27.3
%Fabrication & Distribution Group


94.8



75.0



19.8



26.4
%Total consolidated net sales

$
163.4


$
128.9


$
34.5



26.8
%       Gross Profit.
  Three Months Ended September 30,


$ Increase/


% Increase/(In millions except percents)

2007


2006


(Decrease)


(Decrease)Titanium Group

$
30.6


$
28.1


$
2.5



8.9
%Fabrication & Distribution Group


23.1



19.6



3.5



17.9
%Total consolidated gross profit

$
53.7


$
47.7


$
6.0



12.6
%     start-up
 19




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##### Table of Contents



Selling, General, and Administrative
    Expenses.
  Three MonthsEnded September 30,


$ Increase/


% Increase/(In millions except percents)

2007


2006


(Decrease)


(Decrease)Titanium Group

$
4.3


$
3.4


$
0.9



26.5
%Fabrication & Distribution Group


12.0



9.9



2.1



21.2
%Total consolidated SG&A expenses

$
16.3


$
13.3


$
3.0



22.6
%     Research, Technical, and Product Development
    Expenses.
  Operating Income.
  Three Months Ended September 30,


$ Increase/


% Increase/(In millions except percents)

2007


2006


(Decrease)


(Decrease)Titanium Group

$
25.9


$
24.4


$
1.5



6.1
%Fabrication & Distribution Group


11.1



9.8



1.3



13.3
%Total operating income

$
37.0


$
34.2


$
2.8



8.2
%     start-up
  Other Income (Expense).
 20




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##### Table of Contents



Interest Income and Interest Expense.
  Provision for Income Taxes.
  Nine
    Months Ended September 30, 2007 Compared To Nine Months
    Ended September 30, 2006
  Net Sales.
  Nine MonthsEnded September 30,


$ Increase/


% Increase/(Inmillions except percents)

2007


2006


(Decrease)


(Decrease)Titanium Group

$
184.5


$
154.0


$
30.5



19.8
%Fabrication & Distribution Group


278.5



207.6



70.9



34.2
%Total consolidated net sales

$
463.0


$
361.6


$
101.4



28.0
%       Gross Profit.
  Nine MonthsEnded September 30,


$ Increase/


% Increase/(In millions except percents)

2007


2006


(Decrease)


(Decrease)Titanium Group

$
83.4


$
65.8


$
17.6



26.7
%Fabrication & Distribution Group


69.2



53.4



15.8



29.6
%Total consolidated gross profit

$
152.6


$
119.2


$
33.4



28.0
%  21




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##### Table of Contents



start-up
  Selling, General, and Administrative
    Expenses.
  Nine Months Ended September 30,


$ Increase/


% Increase/(In millions except percents)

2007


2006


(Decrease)


(Decrease)Titanium Group

$
13.4


$
11.4


$
2.0



17.5
%Fabrication & Distribution Group


36.2



32.0



4.2



13.1
%Total consolidated SG&A expenses

$
49.6


$
43.4


$
6.2



14.3
%     Research, Technical, and Product Development
    Expenses.
  Operating Income.
  Nine Months Ended September 30,


$ Increase/


% Increase/(In millions except percents)

2007


2006


(Decrease)


(Decrease)Titanium Group

$
68.9


$
53.2


$
15.7



29.5
%Fabrication & Distribution Group


32.9



21.4



11.5



53.7
%Total operating income

$
101.8


$
74.6


$
27.2



36.5
%      22




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##### Table of Contents



Other Income (Expense).
  Interest Income and Interest Expense.
  Provision for Income Taxes.
  Liquidity
    and Capital Resources
    Cash provided by operating activities.
  Cash provided by (used in) investing
    activities.
  Cash provided by financing activities.
 23




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##### Table of Contents



Credit
    Agreement
    15-year
    Backlog
    Environmental
    Matters
  96-1, Environmental Remediation Liabilities Accounting for Contingencies
   24




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##### Table of Contents



New
    Accounting Standards
  Accounting for Uncertainty in
    Income Taxes  an interpretation of FASB Statement
    109.
  Fair Value
    Measurements
  The
    Fair Value Option for Financial Assets and Financial
    Liabilities-Including an amendment of FASB Statement
    No. 115 instrument-by-instrument
 25




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##### Table of Contents



Item 3.
    Quantitative
    and Qualitative Disclosures about Market Risk.  Form 10-K
  Item 4.
    Controls
    and Procedures.  Rules 13a-15(e) 15d-15(e)
   26




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##### Table of Contents



PART IIOTHER
    INFORMATION
  Item 1.
    Legal
    Proceedings    Accounting for Contingencies
  Item 1A.
    Risk
    Factors.  Form 10-K Form 10-K,
  The
    outcome of the U.S. Customs investigation of our previously
    filed duty drawback claims.
    Item 2.
    Unregistered
    Sales of Equity Securities and Use of Proceeds.      Item 6.
    Exhibits.   27




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##### Table of Contents



SIGNATURES
         By
    /s/  William
    T. Hull   Senior Vice President and Chief Financial Officer
 28




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##### Table of Contents



INDEX TO
    EXHIBITS
  ExhibitNo.

Description10
.1

Supplemental Long-Term Supply Agreement, dated
    September 17, 2007, between the Company and EADS
    Deutschland GmbH as Lead Buyer for the European Aeronautic
    Defense Space group of companies, filed herewith.10
.2

Credit Agreement dated September 27, 2007, incorporated by
    reference to Exhibit 10.1 to the Companys Current
    Report on
    Form 8-K
    for the event dated September 27, 2007.10
.3

Credit Amending Agreement dated September 27, 2007,
    incorporated by reference to Exhibit 10.2 to the
    Companys Current Report on
    Form 8-K
    for the event dated September 27, 2007.31
.1

Certification of Chief Executive Officer required by
    Item 307 of
    Regulation S-K
    as promulgated by the Securities and Exchange Commission and
    pursuant to Section 302 of Sarbanes-Oxley Act of 2002,
    filed herewith.31
.2

Certification of Principal Financial Officer required by
    Item 307 of
    Regulation S-K
    as promulgated by the Securities and Exchange Commission and
    pursuant to Section 302 of Sarbanes-Oxley Act of 2002,
    filed herewith.32
.1

Certification of Chief Executive Officer Pursuant to
    18 U.S.C. Section 1350, as Adopted Pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002, filed
    herewith.32
.2

Certification of Principal Financial Officer Pursuant to
    18 U.S.C. Section 1350, as Adopted Pursuant to
    Section 906 of the Sarbanes-Oxley Act of 2002, filed
    herewith.  29