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Titan's Losses Widen Despite Record Sales |
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Written by Administrator
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Saturday, 01 December 2007 |
RICHARDSON, TX – Titan Global Holdings on Friday reported
and net operating losses of $23.8 million on record revenues of $111 million for
2007.
The net loss widened from a $5.1 million loss last year.
Titan reported $9.3 million in operating cash flow during
fiscal 2007, a $9.6 million increase from cash operations over 2006.
Titan's PCB operations lost $10.5
million on revenues of $23.6 million, up 15% from the prior year. Net
operating losses for the division include $8.7 million of non-cash
derivative expenses incurred during fiscal 2007. A year ago, the
division lost $5.4 million. Its top 10 customers accounted for 45% of
sales in its Electronics group. The unit has 185 full-time employees,
159 of which are involved in manufacturing and engineering.
“Fiscal year 2007 was a year of transformation and
repositioning for Titan,” said Bryan Chance, president and CEO of Titan Global
Holdings. “During fiscal 2007 we transformed Titan through the refinance of the
company’s operations, the addition of key management talent, the repositioning
of the communications division and the strategic additions of new divisions.” |
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