Titanium Group Ltd. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2011
February 07, 2012 at 05:59 am EST
Titanium Group Ltd. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2011. For the fourth quarter of 2011, the company posted operating income of $6.1 million on sales of $81.1 million, including intersegment sales of $37.3 million. During the same period in 2010, this Group had operating income of $0.3 million on sales of $61.5 million, including intersegment sales of $20.2 million. The operating income for the fourth quarter of 2010 was negatively impacted by an $8.3 million accrual associated with the disputed Tronox contract.
For the year, sales were $312.7 million, including intersegment sales of $152.0 million, versus sales of $230.2 million and intersegment sales of $87.3 million in 2010. The Group had operating income of $29.0 million compared to operating income of $18.4 million in 2010, which included the receipt of a $15.4 million customer payment with no associated cost of sales.