RICHARDSON, TX – Titan Global Holdings announced record revenue of $122 million and a consolidated net operating loss of $24.4 million for the first quarter of 2008, up 75.4% and 75.8% year-over-year, respectively.
 
Titan’s net operating loss included $21.1 million in net writedowns for goodwill in its communications and global brands divisions, and an additional $4.4 million asset writedown in its communications division.
 
Titan’s electronics and homeland security division, which includes its PWB and EMS operations, recorded revenues of $6.8 million and net operating income of $574,000; revenue increased 20.6% compared to the first quarter of 2007, on the acquisition of Nexus Nano (now called Neo EMS).
 
Titan’s communications division recorded revenue of $22.3 million and a net operating loss of $18.7 million, a revenue decrease of nearly 9% and a loss increase of 99% year-over-year.
 
Titan says it has initiated a plan to revitalize its communications division during the second quarter.