REGION
REGION
RTI reports $2.2M lossfor third quarter
WEATHERSFIELD -- RTI International Metals, parent company of RMI Titanium, reported a third quarter loss of $2.2 million, or 10 cents per share, on sales of $53.9 million, compared with a loss of $2.5 million, or 12 cents per share, on sales of $50.2 million in its third quarter of 2003.
RTI's titanium group shipped 1.6 million pounds of mill product but lost $1 million on its sales of $37.6 million, down from a $3.6 million loss on sales of $38.8 million in the same period a year ago.
The titanium group's results included a $1.4 million operating loss at RMI, where 340 hourly workers have been locked out in a labor dispute for one year as of today. RTI said the loss was a "significant improvement" over the third quarter, 2003 loss of $3.4 million.
RTI's fabrication and distribution group lost $1.5 million on sales of $50.7 million in the quarter, compared with a $600,000 loss on sales of $36.2 million a year ago.
The company said its third-quarter results included $2.4 million in expenses related to implementation of the Sarbanes-Oxley Act, a law designed to enhance corporate responsibility, enhance financial disclosures, and combat corporate and accounting fraud.
NATION
Cingular's acquisitionof AT & amp;T Wireless OK'd
WASHINGTON -- Justice Department antitrust regulators cleared the way Monday for Cingular Wireless LLC's $41 billion acquisition of AT & amp;T Wireless Services Inc., a crucial step toward creating the nation's largest wireless telephone company.
Under an agreement with the Justice Department filed in federal court in Washington, Cingular must divest itself of the new combined company's assets in 11 states.
Atlanta-based Cingular is a joint venture between BellSouth Corp. and SBC Communications Inc. The merger would give it 47.6 million subscribers, topping Verizon Wireless, the current market leader with 40.4 million customers as of midyear. Together the two companies have about 70,000 employees, but layoffs are expected.
Vindicator staff/wire reports