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Non-Tech : TITAN CORP. -- Ignore unavailable to you. Want to Upgrade?

To: Angler who wrote (1057)	11/7/2002 9:19:53 AM
From: chojiro	Read Replies (1) \| Respond to of 1080

Like Rodney Dangerfield, "Can't get no respect." But it will come. Seems to me that they are milking the shareholders dry. *No, I'm not short TTN, yet. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Pro forma results are from continuing operations and exclude $1.5 million from the amortization of purchased intangibles, deferred compensation of $22.4 million, virtually all of which is from the previously announced merger of Titan Systems into Titan, and one-time charges of $46.7 million primarily related to the exit from certain commercial information technology operations and facilities consolidation costs also associated with the previously announced merger of Titan Systems. In the prior year, pro forma results also exclude the amortization of goodwill. A reconciliation between pro forma results and results in accordance with Generally Accepted Accounting Principles (GAAP) is attached to this release. Net loss from continuing operations in accordance with GAAP for the third quarter of fiscal 2002 was $33.5 million or $.43 per share (diluted) compared to a net income of $2.9 million or $.04 per share (diluted) in the same period last year. Net loss of $225.3 million, or $2.89 per share reflects a charge of $191.8 million net of tax for discontinued operations primarily related to Titan Wireless which the Company previously announced that it intends to exit, and certain other commercial operations that have been sold or are in the process of being sold or wound down. This compares to a net loss of $38.8 million, or $.61 per share in the same period last year, which included goodwill amortization of $2.5 million, and a loss from discontinued operations net of tax of $41.7 million.