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| Triumph Group Reports Third Quarter Results | ||||||||
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WAYNE, Pa.--(BUSINESS WIRE)--Jan. 27, 2003--Triumph Group, Inc. (NYSE:TGI) reported today that for the three months ended December 31, 2002, net sales were $143.3 million, compared to $149.3 million for the three months ended December 31, 2001, a four percent decrease. Net income for the three months ended December 31, 2002 was $7.9 million, or $0.50 per common share, versus $11.8 million, or $0.75 per common share for the prior year quarter. For the first nine months of fiscal 2003, net sales were $446.9 million, compared to $464.3 million for the first nine months of fiscal 2002, a four percent decrease. Net income for the first nine months of fiscal 2003 was $28.0 million, or $1.76 per common share, down from $34.9 million, or $2.19 per common share, in the prior year period. The nine month period ended December 31, 2001 included an after-tax special charge of $3.2 million, or $0.20 per common share ($5.0 million pretax), related to the write-off of the development expense on an aircraft program, which was deemed unlikely to go into production. All references to earnings per share herein are on the diluted basis. Richard C. Ill, Triumph's President and Chief Executive Officer, said, "We experienced significant reductions in shipments to our OEM customers and weak maintenance demand from the commercial airline industry. Our military business remains strong, but growth in this sector did not offset the results in the commercial side of our business." Continues Ill, "Our current financial condition is very strong and was enhanced by the significant cash flow generated in the quarter. Looking ahead, we expect commercial OEM build rates, airline maintenance requirements and military markets to remain at their current levels. We also expect our operating cash flow to remain significantly positive as we manage our way through a period of weaker demand." Triumph's Aviation segment operating income for the third quarter of fiscal 2003 was $18.3 million, compared to $22.4 million for the prior year period. Net sales for the quarter decreased four percent, to $132.6 million, from $138.5 million in the prior year quarter. The Metals Segment reported an operating loss for the third quarter of fiscal 2003 of $(0.9) million, compared to operating income of $29 thousand for the prior year. Net sales of $10.8 million for the quarter were unchanged from the prior year same quarter. Triumph Group, Inc. headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and industrial gas turbine components and accessories. The Company serves a broad, worldwide spectrum of the aviation industry, including commercial airlines and air cargo carriers, as well as original equipment manufacturers of aircraft and aircraft components and power generation equipment. The Company also distributes, processes and fabricates metal products. More information about Triumph can be found on the World Wide Web Site at http://www.triumphgroup.com. Statements which are not historical facts, including statements regarding prospects for OEM build rates, the outlook for maintenance and military business and cash flow expectations, are forward-looking statements under the provision of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties including statements regarding the outlook for continued opportunities for future growth. The company wishes to caution readers that several important factors could affect the company's actual results and could cause its actual results to differ materially from those expressed in any forward looking statements made by, or on behalf of, the company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in Triumph's reports filed with the SEC, including our Form 10-K for the year ended March 31, 2002.
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(in thousands, except per share data)
Three Months Ended Nine Months Ended
December 31, December 31,
------------------- -------------------
CONDENSED STATEMENTS OF
INCOME 2002 2001 2002 2001
--------- --------- --------- ---------
Net Sales $143,347 $149,297 $446,874 $464,256
Ongoing Operating Income 15,244 20,704 52,679 68,120
Special Charge 0 0 0 (5,044)
- - - -------
Operating Income 15,244 20,704 52,679 63,076
Interest Expense 2,987 3,453 9,257 9,673
Income Tax Expense 4,351 5,415 15,415 18,502
--------- --------- --------- ---------
Net Income $7,906 $11,836 $28,007 $34,901
========= ========= ========= =========
Earnings Per Share - Basic $0.50 $0.75 $1.77 $2.21
========= ========= ========= =========
Weighted average common shares
outstanding - Basic 15,836 15,778 15,830 15,782
========= ========= ========= =========
Earnings Per Share - Diluted $0.50 $0.75 $1.76 $2.19
========= ========= ========= =========
Weighted average common shares
outstanding - Diluted 15,887 15,844 15,939 15,925
========= ========= ========= =========
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(in thousands)
SEGMENT DATA Three Months Ended Nine Months Ended
December 31, December 31,
------------------- -------------------
2002 2001 2002 2001
--------- --------- --------- ---------
Net Sales:
Aviation $132,574 $138,485 $413,691 $428,007
Metals 10,773 10,812 33,183 36,249
--------- --------- --------- ---------
$143,347 $149,297 $446,874 $464,256
========= ========= ========= =========
Operating Income (Expense):
Aviation $18,282 $22,448 $58,922 $73,364
Metals (926) 29 (365) 242
Corporate (2,112) (1,773) (5,878) (5,486)
Special Charge 0 0 0 (5,044)
--------- --------- --------- ---------
$15,244 $20,704 $52,679 $63,076
========= ========= ========= =========
Depreciation and
Amortization:
Aviation $6,190 $5,288 $17,949 $15,016
Metals 485 371 1,269 1,114
Corporate 32 25 89 72
--------- --------- --------- ---------
$6,707 $5,684 $19,307 $16,202
========= ========= ========= =========
Capital Expenditures:
Aviation $8,120 $6,299 $22,038 $18,498
Metals 2,260 530 2,793 2,473
Corporate 86 22 112 35
--------- --------- --------- ---------
$10,466 $6,851 $24,943 $21,006
========= ========= ========= =========
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(in thousands)
Balance Sheet
Dec. 31, March 31,
2002 2002
--------- ---------
Assets
Cash $7,410 $6,913
Accounts Receivable, net 99,066 104,450
Inventory 203,421 182,102
Prepaids and Other 4,414 3,430
--------- ---------
Current Assets 314,311 296,895
Fixed Assets, net 195,090 176,061
Goodwill, net 257,609 250,410
Intangible Assets, net 32,061 34,947
Other 12,084 14,652
--------- ---------
Total Assets $811,155 $772,965
========= =========
Liabilities & Stockholders' Equity
Accounts Payable $37,918 $46,082
Accrued Expenses and Other 37,707 46,713
Income Taxes Payable 9,749 6,445
Deferred Income Taxes 4,238 4,635
Current Portion of Long-Term
Debt 9,991 11,295
--------- ---------
Current Liabilities 99,603 115,170
Long-Term Debt, less current
portion 169,161 146,961
Deferred Income Taxes and Other 56,278 57,333
Stockholders' Equity:
Common Stock, $.001 par value,
50,000,000 shares
authorized, 16,027,324 and
14,178,789 shares issued 16 14
Class D common stock convertible,
$.001 par value,
6,000,000 shares authorized, 0 and
1,848,535 shares
issued and outstanding 0 2
Capital in excess of par value 258,588 258,256
Treasury Stock, at cost, 173,260 and
210,210 shares (4,329) (5,252)
Accumulated other comprehensive
income (loss) 248 (3,156)
Retained earnings 231,590 203,637
--------- ---------
Total Stockholders'
Equity 486,113 453,501
--------- ---------
Total Liabilities and
Stockholders' Equity $811,155 $772,965
========= =========
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