TITANIUM METALS CORP

CIK:0001011657|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) In Millions, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Net sales	$ 257.7	$ 262.5	$ 816.2	$ 786.6
Cost of sales	207.4	207.4	646.5	620.4
Gross margin	50.3	55.1	169.7	166.2
Selling, general, administrative and development expense	17.7	17.1	52.6	48.6
Other income, net	0.1	0.5	1.4	12.5
Operating income	32.7	38.5	118.5	130.1
Other non-operating income (expense), net	(1.0)	3.5	0.2	4.5
Income before income taxes	31.7	42.0	118.7	134.6
Provision for income taxes	12.3	16.1	40.9	47.1
Net income	19.4	25.9	77.8	87.5
Noncontrolling interest in net income of subsidiary	0.8	0.9	3.5	2.1
Net income attributable to TIMET stockholders	$ 18.6	$ 25.0	$ 74.3	$ 85.4
Basic and diluted earnings per share attributable to TIMET stockholders	$ 0.11	$ 0.14	$ 0.42	$ 0.48
Weighted average shares outstanding:
Basic	175.1	176.9	175.1	179.0
Diluted	175.1	176.9	175.1	179.1
Cash dividends per common share	$ 0.075	$ 0.075	$ 0.225	$ 0.150

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Millions, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from operating activities:
Net income	$ 77.8	$ 87.5
Depreciation and amortization	40.8	37.4
Gain on settlement		(10.6)
Deferred income taxes	4.3	8.4
Other, net	2.5	1.5
Change in assets and liabilities:
Receivables	(6.3)	(45.9)
Inventories	(159.9)	(119.1)
Accounts payable and accrued liabilities	(1.5)	42.5
Income taxes	(5.5)	4.4
Other, net	(20.4)	(20.3)
Net cash used in operating activities	(68.2)	(14.2)
Cash flows from investing activities:
Capital expenditures	(53.9)	(32.2)
Marketable securities:
Purchases of affiliate securities		(35.1)
Purchases of mutual funds and other	(15.8)	(207.0)
Proceeds from sale of mutual funds and other	6.4	212.2
Notes receivable from affiliates:
Loans	(38.8)	(84.5)
Collections of principal payments	65.1	76.0
Other, net	5.7	(2.0)
Net cash used in investing activities	(31.3)	(72.6)
Indebtedness:
Borrowings	246.8
Repayments	(144.0)
Treasury stock purchases	(1.4)	(76.8)
Dividends paid:
Common stock	(39.3)	(26.8)
Noncontrolling interest in subsidiary		(3.4)
Other, net	(0.1)	(0.1)
Net cash (used in) provided by financing activities	62.0	(107.1)
Effect of exchange rate changes on cash	0.9	(0.6)
Net cash used during period	(36.6)	(194.5)
Cash and cash equivalents at beginning of period	47.3	283.4
Cash and cash equivalents at end of period	10.7	88.9
Income taxes	42.2	34.3
Interest	$ 1.2	$ 0.2

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) In Millions, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 10.7	$ 47.3
Marketable securities	9.9
Accounts and other receivables	165.6	156.1
Notes receivable from affiliates	2.4	27.0
Inventories	844.8	677.5
Refundable income taxes	3.3	0.8
Deferred income taxes	41.3	40.8
Other	8.4	10.0
Total current assets	1,086.4	959.5
Marketable securities	85.8	138.0
Notes receivable from affiliates	19.5	21.2
Property and equipment, net	402.4	385.8
Deferred income taxes	16.2	22.8
Other	102.8	94.7
Total assets	1,713.1	1,622.0
Current liabilities:
Accounts payable	81.9	84.9
Accrued and other current liabilities	91.7	88.4
Income taxes payable	6.4	9.3
Current maturities of long-term debt	0.5
Total current liabilities	180.5	182.6
Long-term debt	104.8	2.5
Accrued OPEB cost	10.6	10.8
Accrued pension cost	101.5	110.0
Deferred income taxes	55.8	75.2
Other	10.8	9.5
Total liabilities	464.0	390.6
TIMET stockholders' equity:
Common stock	1.7	1.8
Additional paid-in capital	426.7	428.0
Retained earnings	920.7	885.7
Accumulated other comprehensive loss	(116.7)	(97.2)
Total TIMET stockholders' equity	1,232.4	1,218.3
Noncontrolling interest in subsidiary	16.7	13.1
Total equity	1,249.1	1,231.4
Total liabilities and equity	1,713.1	1,622.0
Commitments and contingencies (Note 13)