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| Triumph Group Reports First Quarter Fiscal 2006 Results |
WAYNE, Pa.--(BUSINESS WIRE)--July 29, 2005--Triumph Group, Inc. (NYSE:TGI):
Triumph Group, Inc. (NYSE:TGI) today reported that net sales from continuing operations for the first quarter of the fiscal year ending March 31, 2006 totaled $177.7 million, a seven percent increase from last year's first quarter net sales from continuing operations of $165.4 million. Net income for the first quarter of fiscal 2006 increased one hundred fifty-one percent to $7.2 million, or $0.45 per diluted common share, versus $2.9 million, or $0.18 per diluted common share for the first quarter of the prior year. During the quarter, the company generated $1.1 million of cash flow from operations. The Aerospace Systems segment reported net sales for the quarter of $134.1 million, a twelve percent increase over the prior year quarter's sales of $119.4 million. Operating income for the current quarter increased forty-three percent to $16.2 million, compared to $11.3 million in the prior year period. The Aftermarket Services segment reported net sales for the quarter of $44.2 million, compared to $39.7 million in the prior year period, an eleven percent increase. Operating income for the first quarter of fiscal 2006 was $1.4 million, compared to $1.3 million for the prior year period, a seven percent increase. Richard C. Ill, Triumph's President and Chief Executive Officer, said, "We are very pleased with the first quarter results and with the strong operational and financial performance across our businesses. The fundamental driver to our improving performance was revenue growth, all of which was organic, combined with enhanced operating leverage as a result of these higher operating rates. Based on the strength of our markets, solid backlog and strong balance sheet, we see continued momentum across our operations for the balance of our fiscal year." As previously announced, Triumph will hold a conference call today at 10:00 a.m. (EDT) to discuss the fiscal 2006 first quarter results. The conference call will be available live and archived on the company's website at http://www.triumphgroup.com. An audio replay will be available from July 29th until August 5th by calling (888) 266-2081 (Domestic) or (703) 925-2533 (International), passcode #737351. Triumph Group, Inc., headquartered in Wayne, Pennsylvania, designs, engineers, manufactures, repairs and overhauls aircraft components and accessories. The company serves a broad, worldwide spectrum of the aviation industry, including commercial and regional airlines, air cargo carriers, as well as original equipment manufacturers of commercial, regional, business and military aircraft and aircraft components. More information about Triumph can be found on the Internet at http://www.triumphgroup.com. Statements in this release which are not historical facts are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995, including statements concerning the company's expectations for growth in the fiscal year. All forward-looking statements involve risks and uncertainties which 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 Annual Report on Form 10-K for the fiscal year ended March 31, 2005.
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(in thousands, except per share data)
Three Months Ended
June 30,
-------------------
CONDENSED STATEMENTS OF INCOME 2005 2004
--------- ---------
Net Sales $177,697 $165,353
Operating Income 13,729 6,447
Interest Expense and Other 3,187 3,257
Income Tax Expense (Benefit) 3,373 1,085
--------- ---------
Income from Continuing Operations 7,169 2,105
Income from Discontinued Operations 0 754
--------- ---------
Net Income $7,169 $2,859
========= =========
Earnings Per Share - Basic:
Income from Continuing Operations $0.45 $0.13
Income from Discontinued Operations $0.00 $0.05
--------- ---------
Net Income $0.45 $0.18
========= =========
Weighted average common shares outstanding - Basic 15,906 15,860
========= =========
Earnings Per Share - Diluted:
Income from Continuing Operations $0.45 $0.13
Income from Discontinued Operations $0.00 $0.05
--------- ---------
Net Income $0.45 $0.18
========= =========
Weighted average common shares outstanding -
Diluted 16,006 15,935
========= =========
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(dollars in thousands, except per share data)
BALANCE SHEET
June 30, March 31,
2005 2005
--------- ---------
Assets
Cash $5,471 $4,844
Accounts Receivable, net 122,966 127,942
Inventory 226,250 217,234
Deferred Income Taxes 5,422 5,422
Prepaid Expenses and Other 3,275 3,887
--------- ---------
Current Assets 363,384 359,329
Property and Equipment, net 233,101 234,123
Goodwill 273,588 273,476
Intangible Assets, net 54,406 56,227
Other 13,748 14,560
--------- ---------
Total Assets $938,227 $937,715
========= =========
Liabilities & Stockholders' Equity
Accounts Payable $62,767 $65,211
Accrued Expenses 60,353 75,598
Income Taxes Payable 4,569 2,922
Current Portion of Long-Term Debt 1,692 1,740
--------- ---------
Current Liabilities 129,381 145,471
Long-Term Debt, less current portion 166,422 156,042
Deferred Income Taxes and Other 109,148 109,539
Stockholders' Equity:
Common Stock, $.001 par value, 50,000,000
shares authorized, 16,027,324 shares issued 16 16
Capital in excess of par value 259,575 259,448
Treasury Stock, at cost, 119,160 and 123,160
shares (2,958) (3,057)
Accumulated other comprehensive (loss) income (476) 306
Retained earnings 277,119 269,950
--------- ---------
Total Stockholders' Equity 533,276 526,663
--------- ---------
Total Liabilities and Stockholders' Equity $938,227 $937,715
========= =========
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(dollars in thousands)
SEGMENT DATA Three Months Ended
June 30,
-------------------
2005 2004
--------- ---------
Net Sales:
Aerospace Systems $134,146 $119,416
Aftermarket Services 44,160 39,741
Other 0 7,730
Elimination of inter-segment sales (609) (1,534)
--------- ---------
$177,697 $165,353
========= =========
Operating Income (Loss):
Aerospace Systems $16,216 $11,309
Aftermarket Services 1,356 1,266
Other 0 (3,153)
Corporate (3,843) (2,975)
--------- ---------
$13,729 $6,447
========= =========
Depreciation and Amortization:
Aerospace Systems $5,525 $4,697
Aftermarket Services 2,374 2,071
Other 0 760
Corporate 32 43
--------- ---------
$7,931 $7,571
========= =========
Capital Expenditures:
Aerospace Systems $1,917 $2,060
Aftermarket Services 3,065 881
Other 0 7
Corporate 14 26
--------- ---------
$4,996 $2,974
========= =========
FINANCIAL DATA (UNAUDITED)
TRIUMPH GROUP, INC. AND SUBSIDIARIES
(dollars in thousands)
Non-GAAP Financial Measure Disclosures
Earnings before Interest, Taxes, Depreciation and Amortization
("EBITDA") for the three months ended June 30, 2005 was $21.7 million
with a margin of 12.2%. EBITDA for the three months ended June 30,
2004 was $14.0 million with a margin of 8.5%.
Management believes that EBITDA provides the reader a good measure of
cash generated from the operations of the business before any
investment in working capital or fixed assets.
The following definition is provided for the non-GAAP financial
measure identified above, together with a reconciliation of such
non-GAAP financial measure to the most directly comparable financial
measure calculated and presented in accordance with GAAP.
Three Months Ended
June 30,
-------------------
2005 2004
--------- ---------
Earnings before Interest, Taxes, Depreciation and
Amortization (EBITDA):
Income from Continuing Operations $7,169 $2,105
Add-back:
Income Tax Expense 3,373 1,085
Interest Expense and Other 3,187 3,257
Depreciation and Amortization 7,931 7,571
--------- ---------
Earnings before Interest, Taxes, Depreciation
and Amortization ("EBITDA") $21,660 $14,018
--------- ---------
Net Sales $177,697 $165,353
--------- ---------
EBITDA Margin 12.2% 8.5%
========= =========
CONTACT: Triumph Group, Inc., Wayne SOURCE: Triumph Group, Inc. |
