RTI Announces Delay In Filing Form 10-Q For Q2; Reaffirms 2013 Guidance

(RTTNews) - RTI International Metals, Inc. (RTI) announced it has filed a Form 12b-25 notifying the SEC that it will be delayed in filing its financial results for the second quarter of 2013 on Form 10-Q. The delay is due to the previously announced and ongoing review related to a correction of the company's accounting methodology that impacts the timing of revenue recognition related to certain energy market projects.

RTI International said, based on the results of the ongoing review, the current estimate for the cumulative correction is an increase in net sales of approximately $15.6 million and an offsetting adjustment to cost of sales of approximately $16.1 million.

RTI's current estimate for total preliminary net sales for the three- and six-month periods ended June 30, 2013 is approximately $201 million and approximately $391 million, respectively, and preliminary operating income for the three- and six-month periods ended June 30, 2013 is approximately $20.3 million and $32.7 million, respectively.

The company reaffirmed its guidance for full year 2013 sales approaching and possibly exceeding $775 million, and full year operating income likely reaching the higher end of a range between $65 million and $75 million.