Titan’s Posts a Profit on Increase in Sales

Titan Corp., which relocated its headquarters this month from Encino to San Diego, announced increased sales and a profit for its third quarter ended Sept. 28.

The company, which makes military software and computer systems for the government and defense contractors, reported sales of $24.3 million, up 25% from last year’s third quarter. Net income was $851,000, or 6 cents a share, contrasted with a loss of $387,000 for the same period a year earlier.

For the nine months ended Sept. 28, the company reported sales of $72.5 million, up 20% from the same period last year. The company had a net loss for the period of $10 million, or $1.08 per share, down from a profit during the same period a year ago of $2.4 million, or 16 cents.

The nine-month loss was a result of discontinued operations, according to Eric Iwafuchi, Titan’s controller. He said improved sales for the third quarter stemmed from growth in a Chatsworth-based subsidiary, Severe Environment Systems, which makes computers used in areas with high radiation.

The relocation of Titan’s headquarters leaves Severe Environment Systems as the company’s only operation in the San Fernando Valley area.