Titan Corp. net income for the third quarter dropped to $1 million, down 40% from the $1.7 million reported for the same three months last year. Revenue was $35.8 million, up 16% from the $30.9 million over the same period last year.
For the nine months, Titan reported net income of $4.1 million on revenue of $103.8 million, compared with a profit of $6.3 million on revenue of $90.5 million over the same period last year.
Titan President Gene Ray said this year's decreases in earnings have been caused by "pressure on margins across the defense industry (and) slowdowns in various defense areas." Those trends will continue through the company's fourth quarter, Ray said.