Bobby D. O'Brien, President, said, "While near-term demand outlook remains unclear, Boeing has recently announced an expected first flight for the Boeing 787 prior to the end of 2009 and first commercial delivery during the fourth quarter of 2010. Achievement of these milestones could mark the beginning of a period of growth in production rates throughout the commercial aerospace supply chain. Overall industry outlook continues to support a long-term favorable trend in demand for titanium products. We continue to emphasize cost control initiatives and operational flexibility in this environment while maintaining positive cash flow with no indebtedness and cash and borrowing availability under our bank credit agreements of approximately $360 million."