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RTI
ANNOUNCES 2005 RESULTS
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QUARTER ENDED
    
    
    YEAR ENDEDDECEMBER 31,
    
    
    DECEMBER 31,2005
    
    2004
    
    
    2005
    
    2004Sales
    
    $
    99,850
    
    
    $
    60,210
    
    
    $
    346,906
    
    
    $
    209,643Cost of sales
    
    
    70,065
    
    
    
    52,987
    
    
    
    240,314
    
    
    
    184,592Gross profit
    
    
    29,785
    
    
    
    7,223
    
    
    
    106,592
    
    
    
    25,051Selling, general and
administrative expenses
    
    
    14,713
    
    
    
    13,410
    
    
    
    48,816
    
    
    
    38,974Research, technical and
product development expenses
    
    
    467
    
    
    
    316
    
    
    
    1,642
    
    
    
    1,181Other operating (income)  net
    
    
    
    
    
    
    (21
    )
    
    
    
    
    
    
    (538
    )Operating income (loss)
    
    
    14,605
    
    
    
    (6,482
    )
    
    
    56,134
    
    
    
    (14,566
    )Other (expense) income  net
    
    
    (130
    )
    
    
    56
    
    
    
    369
    
    
    
    9,432Interest income
    
    
    250
    
    
    
    46
    
    
    
    909
    
    
    
    138Income (loss) before income taxes
    
    
    14,725
    
    
    
    (6,380
    )
    
    
    57,412
    
    
    
    (4,996
    )Provision (benefit) for income taxes
    
    
    4,935
    
    
    
    (3,259
    )
    
    
    20,068
    
    
    
    (2,677
    )Income (loss) from continuing operations
    
    
    9,790
    
    
    
    (3,121
    )
    
    
    37,344
    
    
    
    (2,319
    )Income (loss) from discontinued operations, net of tax
    
    
    1,504
    
    
    
    (877
    )
    
    
    1,591
    
    
    
    (638
    )Net income (loss)
    
    $
    11,294
    
    
    $
    (3,998
    )
    
    $
    38,935
    
    
    $
    (2,957
    )Basis earnings (loss) per common shareContinuing operations
    
    $
    0.43
    
    
    $
    (0.14
    )
    
    $
    1.68
    
    
    $
    (0.11
    )Discontinued operations
    
    $
    0.07
    
    
    $
    (0.04
    )
    
    $
    0.07
    
    
    $
    (0.03
    )Net income (loss)
    
    $
    0.50
    
    
    $
    (0.18
    )
    
    $
    1.75
    
    
    $
    (0.14
    )Diluted earnings (loss) per common shareContinuing operations
    
    $
    0.43
    
    
    $
    (0.14
    )
    
    $
    1.66
    
    
    $
    (0.11
    )Discontinued operations
    
    $
    0.07
    
    
    $
    (0.04
    )
    
    $
    0.07
    
    
    $
    (0.03
    )Net income (loss)
    
    $
    0.50
    
    
    $
    (0.18
    )
    
    $
    1.73
    
    
    $
    (0.14
    )Weighted average sharesoutstanding (in thousands):Basic
    
    
    22,506
    
    
    
    21,706
    
    
    
    22,187
    
    
    
    21,310Diluted
    
    
    22,808
    
    
    
    21,706
    
    
    
    22,526
    
    
    
    21,310






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DECEMBER 31,
    
    
    DECEMBER 31,2005
    
    
    2004ASSETS:Current assetsCash and cash equivalents
    
    $
    53,353
    
    
    $
    62,701Investments
    
    
    2,410
    
    
    
    Accounts receivable
    
    
    54,212
    
    
    
    44,490Inventories
    
    
    223,394
    
    
    
    133,512Current deferred income tax assets
    
    
    3,778
    
    
    
    1,145Other current assets
    
    
    7,407
    
    
    
    6,918Total current assets
    
    
    344,554
    
    
    
    248,766Property,
plant and equipment, net
    
    
    80,056
    
    
    
    82,593Goodwill
    
    
    48,646
    
    
    
    46,618Other intangible assets, net
    
    
    16,581
    
    
    
    16,040Noncurrent deferred income tax assets
    
    
    5,451
    
    
    
    8,930Other noncurrent assets
    
    
    6,463
    
    
    
    6,464Total assets
    
    $
    501,751
    
    
    $
    409,411LIABILITIES
AND SHAREHOLDERS EQUITY:Current liabilitiesAccounts payable
    
    $
    25,620
    
    
    $
    14,253Accrued wages and other employee costs
    
    
    10,953
    
    
    
    4,863Billings in excess of costs and estimated earnings
    
    
    13,352
    
    
    
    4,708Accrued liabilities
    
    
    11,959
    
    
    
    6,498Total current liabilities
    
    
    61,884
    
    
    
    30,322Long-term debt
    
    
    
    
    
    
    Accrued postretirement benefit cost
    
    
    21,070
    
    
    
    20,811Accrued pension cost
    
    
    25,595
    
    
    
    21,090Deferred income taxes
    
    
    6,516
    
    
    
    5,918Other noncurrent liabilities
    
    
    7,034
    
    
    
    7,312Total liabilities
    
    
    122,099
    
    
    
    85,453Total shareholders equity
    
    
    379,652
    
    
    
    323,958Total liabilities and shareholders equity
    
    $
    501,751
    
    
    $
    409,411
 
 FOR THE YEAR ENDEDDECEMBER 31,
    
    
    DECEMBER 31,2005
    
    
    2004Cash (used) provided by operating activities(including
depreciation and amortization of $13,263 and $12,448respectively)
    
    $
    (10,709
    )
    
    $
    20,682Cash used in investing activities
    
    
    (12,150
    )
    
    
    (29,401
    )Cash provided by financing activities
    
    
    13,328
    
    
    
    3,450Effect of exchange rate changes on cash and cash equivalents
    
    
    183
    
    
    
    Decrease in cash and cash equivalents
    
    $
    (9,348
    )
    
    $
    (5,269
    )Cash and cash equivalents at beginning of period
    
    
    62,701
    
    
    
    67,970Cash and cash equivalents at end of period
    
    $
    53,353
    
    
    $
    62,701
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QUARTER ENDED
    
    
    YEAR ENDEDDECEMBER 31,
    
    
    DECEMBER 31,2005
    
    2004
    
    
    2005
    
    2004Total salesTitanium Group
    
    $
    96,922
    
    
    $
    42,886
    
    
    $
    334,765
    
    
    $
    147,719Fabrication and Distribution Group
    
    
    79,780
    
    
    
    55,406
    
    
    
    274,095
    
    
    
    191,763$
    176,702
    
    
    $
    98,292
    
    
    $
    608,860
    
    
    $
    339,482Inter and intra segment salesTitanium Group
    
    $
    59,720
    
    
    $
    28,930
    
    
    
    204,585
    
    
    
    99,050Fabrication and Distribution Group
    
    
    17,132
    
    
    
    9,152
    
    
    
    57,369
    
    
    
    30,789$
    76,852
    
    
    $
    38,082
    
    
    $
    261,954
    
    
    $
    129,839Total sales to external customersTitanium Group
    
    $
    37,202
    
    
    $
    13,956
    
    
    $
    130,180
    
    
    $
    48,669Fabrication and Distribution Group
    
    
    62,648
    
    
    
    46,254
    
    
    
    216,726
    
    
    
    160,974$
    99,850
    
    
    $
    60,210
    
    
    $
    346,906
    
    
    $
    209,643Operating income/(loss)Titanium Group
    
    $
    11,158
    
    
    
    ($3,837
    )
    
    $
    40,834
    
    
    $
    (11,044
    )Fabrication and Distribution Group
    
    
    3,447
    
    
    
    (2,645
    )
    
    
    15,300
    
    
    
    (3,522
    )$
    14,605
    
    
    $
    (6,482
    )
    
    $
    56,134
    
    
    $
    (14,566
    )
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